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Category: Business and Industry
Date Submitted: 07/02/2013 05:15 PM
Wal-Mart Marketing Mix
Jennifer Ferrell
MKT/421
AGBM1010C
Melissa Usry
February 29, 2012
All companies are in business to make money. All go through the process of supplying the public what they need. Wal-Mart is no different from other companies when it comes to making money. Wal-Mart uses the marketing mix commonly called the four Ps: product, place, price, and promotion to its fullest potential when making money (Perreault, Cannon & McCarthy, 2011).
Nothing plays a more important role in any company’s than how they handle marketing. Before the company reaches the marketing it must first do research to develop its marketing strategy. To ensure the company makes the correct decision for marketing, a formal approach must be taken. The formal approach involves a five step marketing approach (Kotler &Keller, 2009).
In any marketing strategy one must do research to make the right decision for the company. Therefore, first one must define the problem. When the problem is defined the company will have different alternatives to choose from. Second, the research plan must be developed. The research plan will help the company choose what data to collect and use. The company identifies what is needed the company starts to collect first and secondary data to be analysis’s relevant to data to make an informed and decision before presenting the data. Finally, the company takes marketing action. The company decides and makes recommendations reguarding which action to implement and evaluates the results (Perreault, Cannon & McCarthy, 2011).
Data can come from many sources. For instance, companies can get data from surveys. Wal-mart has a survey number on the receipts the cashier hands to each customer after purchase. Through research companies find their customers age, location, and demographics.
Product
No marketing mix will have success without the product. Product can be defined as a physical product massed produced and manufactured. Service, the...