Mgt 401

Topics: Marketing, Marketing strategy, Marketing plan Pages: 4 (1467 words) Published: June 24, 2013
Final Exam
MGT/401
May 20, 2013
David Rubenstein

Final Exam
For any entrepreneur, marketing is an important component for the success of all businesses. Marketing can be identified as the process in which any business informs, satisfy and keep possessions of its customers. It is the main ingredient to bringing in customers to increase profits for a business. Many may think that marketing is as simple as advertisements and promotions but in the real business world to be successful, marketing is a bit more complex. A business needs a solid marketing plan to succeed and also to show the investors the company is able to return the investment the investors have given. For an entrepreneur to master the marketing skill the individual must understand the marketing mix. Marketing mix is the combination of the elements of marketing and what roles each element plays in promoting your products and services and delivering those products and services to your customers (about.com). Elements of Marketing Mix

The marketing mix has four elements and until recently there have been a few new added elements which are referred to the 4 ps or the 7 ps of marketing mix. The 4 ps of marketing are product, place, price, and promotion and the additional p’s are process, people and physical evidence. When looking at it from a business sense of view it make a lot of sense because even though the added p’s can be explained in the original 4 ps, they each can stand alone. For instance process can be looked at as the protocol used by businesses for the marketing strategies and people can be seen as what they used to explain in debt the product or services. Last but not least physical evidence is what most consumers today go by which shows firsthand that a product or services does work. Product is the product and services offered to your customer, and how they are different from the competitors’ products. Businesses also have to make sure when offering a product to their customers it...
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