Mkt 421 - Walmart Marketing Mix

Marketing Mix

MKT 421

June 23, 2015

Marketing Mix

        The marketing mix focuses on the customer requests and desires. Even though a client did not include in the marketing, the buyer is the core value of the marketing mixture contour. "The customer should be the target of all marketing efforts" (Perreault & McCarthy, 2005, p.38).   Advertising is the primary component of the entire promotion strategy. When making the right choice for the new merchandise or services that required on business that has to decide the target market.  The customer used the merchandise or creates them to purchase the product. How do they expect to obtain the product and the price they pay to have the merchandise?

Product

         The merchandise quality and the buyers need or wants is not essentially a corporeal asset. Perhaps additional information or benefits because of a service provided. For example, Wal-Mart, the Staff provides consumers’ great service to make them feel valued customers. A new way to considered about the artefact is to "define the product as every want-satisfying attribute a consumer receives in making an exchange" (Kinnear & Bernhardt, 1990, p. 267). Other product decisions such as quality, packaging, accessories and features also have to be determined and solved. In retail locations such as Wal-Mart, another dynamic that goes into the product selection is that of rotation or consistent changing. Wal-Mart is a large seller of clothing which frequently changes because of trends and weather; so, Wal-Mart has to plan the timelines for each product change. Essentially, the goal of the manager is to provide a product that will fulfill the desires of the customer from the target market it has identified as its core benefactor.

Place

         Convenience for the customer is a large aspect in determining the right product; therefore it only makes sense that the place also be a deciding factor in the marketing mix. Wal-Mart has multiple retail locations to meet the customer wants for convenience. Also, Wal-Mart has opened up smaller retail outlets to bring their product to areas that may have limitations on the amount of land. Moreover, the place does not refer to a physical structure such as building and channel of distribution. Channels of distribution make possible the flow of a product or service to a consumer or user. The place is combinations of logistics include storing, transporting, and the merchandise.  Sales via the internet and delivered right to your door-steps is a good example.  These how channels of distribution play a significant factor in providing the right product in the right place (Perreault et al., 2005).

Price

         Pricing refers to the value of the product not the cost of the product.  It is important to consider the competitions pricing for the product. Use this as a basis for applying the cost of the product, but then also evaluating what additional value can place on the exchange makes the product even more desirable. As in the previous example of the Wal-Mart door greeter, for the target market this friendly exchange may be the determining factor for why the target market buys Wal-Mart's products versus another clothing retailer.