The product mix is the total composite of products offered by a marketer to the consumers. There are two types of products that a marketer may offer to the consumers under the system of marketing mix and these are individual products and product lines. Individual products as the very name suggests that these are individual items offered by the marketers and are not similar to the other items displayed on the shelf. On the other hand a product line is a group of products within the product mix that are closely related. The similarity may be due to the fact that the products function in more or less similar fashion or are priced under the same price range or they are regularly sold to customers of the same group. In order to make a detailed understanding of the marketing mix as seen in the case of Wal-Mart here, it is better to analyze the four elements of the marketing mix and how they affect the development of the organization.
Product
Product means those items which the marketer offers to the consumers visiting his shop. These products are systematically chosen by the marketer by going over the responses and behavior of different consumers. The product is put on sale so that the consumers would know it at once and would come repeatedly to purchase it. At Wal-Mart stores the consumers have the choice of wide variety of products at a very attractive price. It is also the product which the consumers have enough time to go over it in detail or else those products that are bought at instant notice. For the latter part the products ought to be branded ones for the consumers to recognize it the moment they see it on the shelf. At Wal-Mart the consumers are attracted towards items by the display on the bill board. Those items that are for immediate requirement is prominently placed where the customer can get there with ease. Those items that are essential yet not required often are kept slightly away yet the consumers can easily locate it as the billboards would indicate. The strategy adopted by Wal-Mart is to get the maximum customers towards it store through these methods which are essential for keeping its business afloat.
Place
All products are kept in stores with their prices prominently displayed giving the consumers the easiest way to choose from. Many products at Wal-Mart are kept keeping in view the priority the consumers have for them. Some of the items or product mix is kept ready to be packed away when consumers purchase them vide online submission. If so what sort of shopping centre these online purchasers are likely to make. Questions like this can go a long way in finding out the exact nature of consumer behavior and Wal-Mart with its experienced employees keeps good track of all this minutest detail so very necessary for carrying on its business in the rapid track system. In this way it can also be ascertained whether the consumers prefer going to specialized shops for purchasing certain items or whether they need to be informed and made to understand by capable sales force. The latter is especially so where new machineries or new products has to be demonstrated before the consumers initially. Wal-Mart has a strong backing of sales personnel who are experienced in demonstrating all the items present in its store. And lastly it always keeps an eye open at its competitors and sees whether there is a possibility of some customers shifting loyalty due to some extraordinary offers that the competitors may bring forth into the market to gain attention. An understanding of the psychological process by which attitudes are changed provides in sight into when and how attitudes are likely to guide behavior (Bagozzi, Gurham-Cauli and Priester, 2002).
Price
Price is one of the most important factors other than immediate necessities that induce the average buyer into purchasing any product or item. At Wal-Mart all items are displayed prominently with their price attached along with it. Most items are bought from the manufacturers and wholesalers in bulk and kept in the warehouse and hence Wal-Mart always has the advantage of giving out part of the discounts or price incentives on bulk purchases to the end consumers. This strategy actually works wonders for the consumers are quite aware that the products bought from Wal-Mart are cheaper than the competitors products. Again, the organization too benefits due to the fact that it can count on repeat visits by those very customers who had earlier got a product at a much cheaper price. At times many items are bought not for the price factor, but being very expensive that gives the consumers some kind of social status. Here, slight increase in price is not easily seen or cared for and can add to the profits of the organization. In all cases, Wal-Mart has to be extremely vigilant in keeping careful watch over the price of the competitors such that a slight change or variation may upset its vast customer base.
Promotion
One of the best ways to promote a product is through word of mouth to spread. Most organizations attain their goodwill status by this way only. Although other types of promotion are there and sometimes prove to be quite useful when the customers have to be informed in relatively short period of time then organizations go in for advertisement in TV, hold exhibitions and make the best of the media with paid advertisement.
There are various novel ways of promoting an item or product and Wal-Mart has done the promotion by keeping trained sales staff for distributing of brochures or by giving demonstration. It is through innovation that business finds ways to generate more value from existing resources (Nicholson, 2009). At Wal-Mart the people are friendly and in turn the management gives the staff at the counters or is in continuous touch with the customers excellent support. A good management model means marketing and business strategies become aligned and stay aligned and thus paving for the flexibility to grow in economy and achieve business goals (Srinivasan, 2009). Besides, Wal-Mart uses other types of billboard advertisements as well as hoardings with special offers on the cards to entice new and old customers alike.
Special discounts, gifts or complementary products are received by customers during season time or during Christmas. For an organization of its size Wal-Mart can never be caught in a complacent position for its very survival depends upon the frequency of the customers from it large customer base. Sometimes the best way for the success of a particular product to be launched would to time the launch according to consumer preferences or taste. For this elaborate study of the consumers mind, attitude, preference, tastes would have to be studied in order to make the sales promotion really fruitful. Packaging the product is another way of promoting a product. Consumers upon seeing the neat packaging may make repeat visits to the shop for the very reason that the product purchased is very neatly packed or made easy to carry.
In conclusion it can be stated here that the four Ps are of utmost importance for the organization in realizing its targeted growth. Besides, Wal-Mart is so huge that it has become a household name and is usually referred to as one stop shop for all items to be purchased. The product mix offered by it are available in greatest varieties at its depot and number of almost similar products or product line is perhaps the very best that a consumer can get. The marketer has always maintained a culture where the products are sold as per consumers needs and at the lowest price.
Product
Product means those items which the marketer offers to the consumers visiting his shop. These products are systematically chosen by the marketer by going over the responses and behavior of different consumers. The product is put on sale so that the consumers would know it at once and would come repeatedly to purchase it. At Wal-Mart stores the consumers have the choice of wide variety of products at a very attractive price. It is also the product which the consumers have enough time to go over it in detail or else those products that are bought at instant notice. For the latter part the products ought to be branded ones for the consumers to recognize it the moment they see it on the shelf. At Wal-Mart the consumers are attracted towards items by the display on the bill board. Those items that are for immediate requirement is prominently placed where the customer can get there with ease. Those items that are essential yet not required often are kept slightly away yet the consumers can easily locate it as the billboards would indicate. The strategy adopted by Wal-Mart is to get the maximum customers towards it store through these methods which are essential for keeping its business afloat.
Place
All products are kept in stores with their prices prominently displayed giving the consumers the easiest way to choose from. Many products at Wal-Mart are kept keeping in view the priority the consumers have for them. Some of the items or product mix is kept ready to be packed away when consumers purchase them vide online submission. If so what sort of shopping centre these online purchasers are likely to make. Questions like this can go a long way in finding out the exact nature of consumer behavior and Wal-Mart with its experienced employees keeps good track of all this minutest detail so very necessary for carrying on its business in the rapid track system. In this way it can also be ascertained whether the consumers prefer going to specialized shops for purchasing certain items or whether they need to be informed and made to understand by capable sales force. The latter is especially so where new machineries or new products has to be demonstrated before the consumers initially. Wal-Mart has a strong backing of sales personnel who are experienced in demonstrating all the items present in its store. And lastly it always keeps an eye open at its competitors and sees whether there is a possibility of some customers shifting loyalty due to some extraordinary offers that the competitors may bring forth into the market to gain attention. An understanding of the psychological process by which attitudes are changed provides in sight into when and how attitudes are likely to guide behavior (Bagozzi, Gurham-Cauli and Priester, 2002).
Price
Price is one of the most important factors other than immediate necessities that induce the average buyer into purchasing any product or item. At Wal-Mart all items are displayed prominently with their price attached along with it. Most items are bought from the manufacturers and wholesalers in bulk and kept in the warehouse and hence Wal-Mart always has the advantage of giving out part of the discounts or price incentives on bulk purchases to the end consumers. This strategy actually works wonders for the consumers are quite aware that the products bought from Wal-Mart are cheaper than the competitors products. Again, the organization too benefits due to the fact that it can count on repeat visits by those very customers who had earlier got a product at a much cheaper price. At times many items are bought not for the price factor, but being very expensive that gives the consumers some kind of social status. Here, slight increase in price is not easily seen or cared for and can add to the profits of the organization. In all cases, Wal-Mart has to be extremely vigilant in keeping careful watch over the price of the competitors such that a slight change or variation may upset its vast customer base.
Promotion
One of the best ways to promote a product is through word of mouth to spread. Most organizations attain their goodwill status by this way only. Although other types of promotion are there and sometimes prove to be quite useful when the customers have to be informed in relatively short period of time then organizations go in for advertisement in TV, hold exhibitions and make the best of the media with paid advertisement.
There are various novel ways of promoting an item or product and Wal-Mart has done the promotion by keeping trained sales staff for distributing of brochures or by giving demonstration. It is through innovation that business finds ways to generate more value from existing resources (Nicholson, 2009). At Wal-Mart the people are friendly and in turn the management gives the staff at the counters or is in continuous touch with the customers excellent support. A good management model means marketing and business strategies become aligned and stay aligned and thus paving for the flexibility to grow in economy and achieve business goals (Srinivasan, 2009). Besides, Wal-Mart uses other types of billboard advertisements as well as hoardings with special offers on the cards to entice new and old customers alike.
Special discounts, gifts or complementary products are received by customers during season time or during Christmas. For an organization of its size Wal-Mart can never be caught in a complacent position for its very survival depends upon the frequency of the customers from it large customer base. Sometimes the best way for the success of a particular product to be launched would to time the launch according to consumer preferences or taste. For this elaborate study of the consumers mind, attitude, preference, tastes would have to be studied in order to make the sales promotion really fruitful. Packaging the product is another way of promoting a product. Consumers upon seeing the neat packaging may make repeat visits to the shop for the very reason that the product purchased is very neatly packed or made easy to carry.
In conclusion it can be stated here that the four Ps are of utmost importance for the organization in realizing its targeted growth. Besides, Wal-Mart is so huge that it has become a household name and is usually referred to as one stop shop for all items to be purchased. The product mix offered by it are available in greatest varieties at its depot and number of almost similar products or product line is perhaps the very best that a consumer can get. The marketer has always maintained a culture where the products are sold as per consumers needs and at the lowest price.
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