In the business world, having a wide range of skills is essential to be a successful and flexible employee. Among the most important skills to have are business knowledge, market recognition, customer focus and strategic thinking. Business knowledge is the understanding of how a business works, from the basics of accounting and finance to the more complex aspects of marketing and operations. Market recognition is the ability to identify trends in the market and understand how they can be used to benefit your business.
Customer focus is the ability to understand customer needs and develop strategies to meet them. Strategic thinking is the ability to think ahead and plan for the future. Lilach Bullock is a highly respected entrepreneur who has been featured in Forbes as one of the top 20 women influencers on social media, was crowned Social Influencer of Europe by Oracle, and was listed as the number one influencer in the UK by Career Experts. She has also received a Global Women Champions Award for her outstanding contribution and leadership in business.
Marketing is all about putting the right product in the right place, at the right price, at the right time. To do this effectively, you need to figure out what customers want and identify where they shop. You also need to figure out how to produce the item at a price that represents value to them and get it all together at the critical moment. If you're wrong on just one element, it can spell disaster.
The 4 Ps of marketing are a model for improving the components of your marketing mix, which includes price, product, promotion and location. This helps you define your marketing options so that your offer meets specific customer needs or demands. It doesn't really matter in what order you define them, which is why you can find them quoted in different orders than the one used before. To successfully market your products and services, you may need to improve your skills or improve the skills of your team members.
Other models that have been developed over the years include Boom and Bitner 7Ps (sometimes called extended marketing mix) which include people, processes and physical design decisions. Through promotion, you'll spread the word about your product with an effective marketing campaign that resonates with your target audience. A good way to understand 4Ps is through the questions you need to ask to define your marketing mix. To decide where is the best place to market and sell your product, you should consider researching the physical or digital places where your target audience buys and consumes information.
Consider whether individual members of your team have the business skills needed to run a successful marketing campaign. Another approach is Lauterborn 4Cs which present the elements of the marketing mix from the perspective of the buyer rather than seller. Performance advertising, digital marketing, brand management, social media marketing, content marketing, marketing strategy, content development, content management, campaign management, ad management, meta ad manager, meta advertising, marketing optimization, digital analytics are some of the tools used by marketers to achieve their objectives. The seven Ps are a further elaboration of the five Ps which add considerations of processes that define customer experience and physical evidence that target market needs to see in order to become a customer. In conclusion, having knowledge about business operations as well as market recognition, customer focus and strategic thinking are essential skills for any marketer looking to succeed in business.