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Marketing Mix Essay

1224 words - 5 pages

Walmart's Marketing Mix PAGE \* MERGEFORMAT 5
Running head: WALMART'S MARKETING MIXWalmart's Marketing MixUniversity of PhoenixWalmart's Marketing MixFour elements are integral factors in the marketing mix. These four elements, or otherwise known as the "four P's," of a marketing mix are product, place, price and promotion. This paper will discuss what the "four P's" of marketing entail. The paper will also discuss Walmart, a retail giant, and how the "four P's" of marketing impact the development of Walmart's marketing strategy and tactics.Walmart"Walmart is the world's number 1 retailer, with more than 4,800 stores, including 1,475 discount stores, 1,750 combination discount and grocery stores (Walmart Supercenters in the US and ASDA in the UK) and 540 warehouse stores (SAM's Club)." (Walmart, 2009). Walmart was founded in 1962 by Sam Walton and went public in 1972. By 1988, Walmart had opened its first supercenter. By 2005, Walmart had over 1.6 million associates working for them. The success of Walmart has been partly due to its brilliant marketing of its product and its name. Walmart used the "four P's" to help boost itself up and over its competitors.The Four P's"The marketing mix is the set of controllable, tactical marketing tools that the firmblends to produce the response it wants in the target market." (Armstrong & Kotler, 2005). The elements of the marketing mix are called the "four P's." These "four P's" are tools to help the company influence the customers to buy their product or services. The marketing team can control the "four P's" in order to make the best marketing mix for the product or services they are trying to sell. The team can "tweak" the mix with more promotion and a cheaper price in order to maximize the optimum marketing. Walmart has become one of the top leaders in the marketing mix and using the "four P's" to its advantage.Product. The first of the "four P's" is product. A product is an item or service that satisfies the public or the consumer's wants or needs. Walmart started an initiative promotion called "Buy American." This promotion encouraged its consumers to buy only American-made products. This helped portray the Walmart image of consumer goods that were of good, solid quality. Today, Walmart has over one million products varying from music downloads, clothes, furniture, food, oil change service and pet supplies. The marketing of these products has been done in a general marketing theme that sweeps all these products under one umbrella. By now, most consumers know that one can find just about any product at Walmart at a reasonable price, which is the marketing ploy of Walmart's Everyday Low Pricing promotion for its products.Place. Place is one of the "four P's" in the marketing mix. Place is in reference to where the customers buy the products and getting the product to the consumers. Walmart has built much of its empire by placing its stores in small towns increasing its convenience to its customers...

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