The Marketing Mix at Wal-Mart Inc. MBA 6012 – Section 102 Unit 1 – Assignment 1 02/24/2013 Marketing is essential to any type of company. In order to be successful in marketing‚ a firm must achieve the optimal marketing mix. While for the most part‚ Wal-Mart Inc. has been successful in marketing‚ there are some areas which could use improvement. Their marketing mix‚ much like in other companies‚ consists of the four P’s. All-together‚ Wal-Mart Inc. has done well in marketing. To begin
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BSBMKG502B - ESTABLISH AND ADJUST THE MARKETING MIX Assessment Task 1 – Work Based Knowledge Test 1. What are the characteristics of the products and/or services in your business? Ans. I am working in . We are selling burgers as well as fries and soft drinks. But recently we start selling frozen coke and ice cream‚ which Mc d was selling and now we are making good money. 2. How do these products and/or services relate to the market they are in‚ and to the immediate competitors? Ans. We have
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Marketing Mix The marketing mix for a product is a major factor in influencing whether a business can sell it profitably. The marketing mix is made up of seven interrelated decisions − the 7Ps. The four key ones are product‚ price‚ promotion (including advertising and packaging) and place (where and how a product will be sold to consumers). The other 3Ps largely relate to marketing services – people‚ process and physical evidence. Consumers require the right product. This might be an existing
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The marketing mix is often considered as the center of a marketing strategy. It is defined by Kotler and Armstrong (2010:84) as ‘the set of controllable‚ tactical marketing tools that the firm blends to produce the response it wants in the target market.’ These tools are; Product‚ Price‚ Place and Promotion‚ which are commonly known as the ‘4 Ps.’ A combination of these four components offers the ability to create a successful marketing mix that will produce the desired results. This essay will first
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term marketing mix was first used in the late 1940s by Neil H. Borden (NetMBA‚ 2007). The original marketing mix introduced by Borden consisted of product‚ planning‚ pricing‚ branding‚ distribution channels‚ personal selling‚ advertising‚ promotions‚ packaging‚ display‚ servicing‚ physical handling‚ and fact finding and analysis. Later E. Jerome McCarthy grouped the parts into the four P’s of marketing known as product‚ place‚ price and promotion (NetMBA‚ 2007). “A typical marketing mix includes
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A)Marketing Mix variables (The 4 P ’s of Marketing) The major marketing management decisions can be classified in one of the following four categories: * Product * Price * Place (distribution) * Promotion These variables are known as the marketing mix or the 4 P ’s of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market. The marketing mix is portrayed in the following diagram: The Marketing Mix
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4. Marketing Mix There are four elements of marketing mix: product‚ price‚ promotion and place. All of the four elements are indispensable in every stage of purchasing process. They can affect customer‚ cost‚ communication and other factors during the launching period. (Banting & Ross‚ 2010) (Don E. Schullz‚ 1993) 4.1 Product Marketing Happy Food Time is a new magazine‚ which has the mix contents of recipes‚ meal ideas‚ food and extensive restaurant reviews and general food related articles. This
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300 1 LEARNING OBJECTIVES After reading this chapter you should be able to: LO1 Creating Customer Relationships and Value through Marketing INNOVATION AND MARKETING AT 3M: HOW DISCOVERING STUDENT STUDY HABITS LAUNCHED A NEW PRODUCT David Windorski‚ a 3M inventor‚ faced a curious challenge—understanding how college students study! Specifically‚ how do they read their textbooks‚ take class notes‚ and prepare for exams? After finding the answers‚ he needed to convert this knowledge into a product
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Marketing Mix The marketing mix is essentially about meeting the needs of the customer. Companies must make determinations about what “works” and what does not “work”. In order to assess where the company stands with their product or service‚ a marketing mix that is focused on the customer will help in addressing the changes that should be made. Companies can address such things as the packaging of the product or service. Warranties can be
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Marketing Mix A Marketing Mix is the combination of product offering used to reach market for the organization. The marketing mix comprises the product (what the actual offering comprises)‚ Price (the value exchanged for the offering)‚ promotion (the means of communicating that offering to the target audience‚ promotional mix) and distribution (also known as place‚ the means of having the offering available to the target audience). The Marketing mix is also known as the four Ps and which are as
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