Business marketing and its principles can be extremely helpful to students in their working lives. One of the key aspects is the importance of marketing and its functions for business. This aspect allows students to better understand what marketing goals are within a business environment and what benefits marketing strategies can bring to a company. Understanding the goals that marketing can fulfill in a business is critical for students to develop the right marketing strategy. This aspect is extremely useful for students’ work life as it allows them to view marketing as an integral part of running a business and plan it early in the development of a product or service.
The second key aspect is an overview of tools that allow companies to assess the value of a product or service to the consumer. This principle is critically important because a product or service has value only when people are willing to pay for it. For students, this aspect is extremely valuable as it allows them to develop ideas that have realistic applications. At the same time, this principle is applicable to the working life of students as it will allow them to position their product or service in relation to real consumers and articulate potential value. They will be able to more realistically assess the prospects of their product or service within the business environment, shaping their characteristics according to the needs of the market and consumers. Additionally, this aspect identifies the importance of taking competitors into account when developing products or services, as well as marketing strategies.
The third key aspect is marketing segmentation. This principle allows to group consumers depending on their needs and response to marketing strategies. This aspect is extremely useful for students, as it allows them to first of all determine the target groups that are the primary consumers of a product or service. Additionally, the application of the principles of marketing segmentation allows students to choose marketing strategies and tools in their work life depending on the target group, which makes marketing effective.