Describe elements of the marketing mix, including product, place, price and promotion and then explain how each of these elements impacts Wal-Mart's marketing strategy and tactics. How is each element implemented?© BrainMass Inc. brainmass.com March 4, 2021, 9:44 pm ad1c9bdddf
Wal-Mart: An analysis of marketing strategies and tactics with focus on the different elements of the marketing mix
Admittedly, marketing is perhaps the most pervasive business concept in our personal lives - it permeates every moment of it. We begin our day sipping our favorite coffee from Starbucks. We go to work attired by designer brands such as Armani. We prefer getting our lunch from McDonalds. We go to Wal-Mart for almost everything that we need. We drive around in our Honda or Ford. We even brush our teeth with a brand - Colgate. The point is brands are everywhere, every moment in our lives. Another point is that these companies and many others have been successful in managing the different marketing elements.
An effective marketing mix of product, pricing, promotion and place ensures that the discount center such as Wal-Mart achieves its goals and objectives. The rationale behind this is that we all know that a retailer will survive the competition only if it can attract a steady flow of customers. The buying public therefore has to know of the organization's existence, its location and the various goods and services it has to offer. Advertising, promotion and publicity - or any combination of these three activities - would help to build traffic flow and increase revenues for all lines of the retailer.
The Marketing Mix
The term "product" refers to tangible, physical products as well as services. For a retailer, product means the merchandize it carries and the services provided by its tenants inside any of its stores. Here are some the product decisions to be made:
• Brand name
• Auxiliary and services
For a retailer, the following are the pricing decisions:
• Pricing strategy - the retailer can use different pricing strategies such as skim pricing or price discrimination or lowest price. On the other hand, some companies use value pricing.
• Seasonal pricing
Distribution (Place) Decisions
Distribution is about getting the products to the customer. A retailer must identify the most effective location to ...
The solution describes the marketing mix using the four P's.