Marketing mix consists of four elements essential for an organization to plan the marketing strategies to produce and sell a product or service for the target market. The four elements, which are product, place, price, and promotion, are used to make sure the product or service selected will meet the needs of the customer. Walter is a leading retailer, which uses the four elements of the marking mix to ensure the implementation of new products will be effective in the market. Marketing MIX The four elements of the marketing mix, which is product, place, price, and promotion.
These elements are needed by organizations to implement new products, increase marketing strategies and tactics, and establish a competitive market with products and prices that meet the needs of the customers. By implementing marketing strategies, retailers, such as Walter can market new products and Increase the competitive edge In different markets. The Four Elements of Marketing Mix The marketing mix is the choices that an organization needs to make when establishing a new product or service to meet the needs of the customer (Mind Tools Ltd, 2013).
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The four elements of the marketing mix are known as product, place, rice, and promotion, and aid in the strategic planning of the new product or service of an organization. The first element is product, which is the physical Item or service the organization Is offering the customer. Every organization has a product unique to their target market. For example, the primary product at a bank is the money, the product of the grocery store would be the food, and the product for a clothing store would be the clothes.
When determining the product or service to provide to the customer an organization needs to ensure the needs of the customer are met wrought the features, design, packaging, customer service, and sales of the potential element of the marketing mix is place, which refers to the distribution channel needed to ensure the product or service is available to the customer (Perpetual, Cannon, & McCarthy, 2009). Once an organization has determined the product or service that will meet the needs of the customer; the organization determines the place, such as a retail store, transportation to the store, and storage of the product.
Multiple channels of distribution can be used by an organization to transport the products to the target areas for the customer. Another element is the price of the product or service, which is the amount an organization charges for a product or service. To entice the customer to purchase the product or service from a particular market or place, the price must be competitive. The organization may have to reevaluate the price if the product does not sell.
The last element is promotion, which provides the customer with the details of the product or service as well as the advertising of the product or service (Meek, Fulton. & Lush). The promotional element is important to allow the customer to understand the product or service that he organization is selling or providing. Also providing sale advertisements and coupons are helpful in promoting a product or service. About Walter and the Industry Walter is a retail store that was founded in 1962, by Sam Walton, in Roger, Arkansas (Walter, 2013).
The retail store provides a large variety of products and services to meet the needs of the customer, such as food, clothing, electronics, gardening, pet supplies, automotive supplies, toys, and home supplies. Walter is a leading retailer with more than 10,800 stores worldwide to meet the needs of the customer (Walter, 2013). How Marketing Mix Impacts Walter The four elements of the marketing mix impacts Walter’s development of the organization’s marketing strategy and tactics through analyzing the target market to learn the products that the customer needs based on the area and previous sales.
The element of place in the marketing mix impacts Walter’s marketing strategies allowing the organization to buy the product in large quantities from multiple distribution channels to assist with maintain low prices and the availability of the product. Meeting the needs of the customer by maintaining a low price of the reduce can be distributed to the public through promotion. The ability to promote the price of the products through advertising, online, and commercials is a valuable tool for the organization.
The Implementation of the Marketing Mix with Walter Walter implements the elements of the marketing mix in different stores based on some of the local retailers in various cities. For example, Walter implements the element of product by implementing products that will meet the needs of the customer in the local areas, and has featured products from local suppliers to promote items made in the U. S. A, and local colleges team attire and products.
The stores can monitor the sales to ensure the product is effective for the target market, or if the product should be replaced. Additionally, the element of place is implemented by the transportation of product from local distributors to reduce the cost as well as shipping large quantities of products to increase availability. The implementation of the element of price is vital to the sales of the organization. If the price of the product is overpriced, the product will not sale. The implementation of advertising, coupons, sales, and commercials.