Marketing Mix Strategy

Marketing Mix Strategy Week #2
      Wal-Mart a well- known corporation was founded in 1962 by James Walton and Sam Walton in Rogers, Arkansas. Sam Walton was franchising for Ben Franklin’s variety store and came up with the idea of discount retailing after the war. There   are approximately 5,000 stores in ten countries with 3,000 in the United States.   Wal-Mart is known as a profitable company with profits of 14.7% compared to Costco and Target with earnings of 9.4% and 10%.   For many years, Wal-Mart has been more profitable than its rivals. Target and Wal-Mart have been operating successfully whereas   K-Mart and Woolworth have failed in their operations and declared bankruptcy.   K-Mart has merged with Sears to bring both the struggling stores to remain in competition with other retailers.
      This paper will present the 4 P’s; known as the marketing mix and Wal-Mart a retail organization will illustrate these categories. The marketing mix includes product, price, place (distribution), and promotion. These marketing concepts are important factors when establishing a product or service to the consumer.
      A particular product is important when meeting the requirements and core objectives of the consumer. Marketing involves a product that a particular customer would want. Many of the product lines carry the Wal-Mart name along with other brand names in their inventory. Commodities consist of home goods, furniture, garden, pharmaceutical goods, retail, and a variety of food items.
      Pricing and profitability allowed Wal-Mart to be competitive in the market because large volumes were purchased and sold at discount prices. The company was an innovator in information systems, logistics, and human resource practices. Lower costs and higher productivity resulted from these strategies that provide reduced cost and higher profits. A driving force in cost saving was implementing a tracking system that scanned products using bar codes and scanning devices....