Contemporary Issues in Marketing: Understanding the Marketing Process and the 4Ps of Marketing Mix
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This report discusses the significance of marketing in business activities, the marketing process, and the 4Ps of marketing mix. It includes a case study of Enterprise Rent-A-Car and its marketing strategies. The report concludes that marketing is the most significant tool for promoting products and services.
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Contemporary issues in marketing
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Table of Contents INTRODUCTION..........................................................................................................................2 MAIN BODY...................................................................................................................................3 CONCLUSION...............................................................................................................................7 REFERENCES................................................................................................................................8
INTRODUCTION Marketing is a tool which outlines various advertising strategy that every organisation utilize to implement to track and target market for its product and services. An effective marketing requires a marketing plan with detailed measures and strategies and its expected outcome which will be undertaken for a certain period and its effects while initiating the measures of marketing plan. At present, the marketing considered to be the most significant tool for encouraging the promotion of a products and services. In the contemporary business world, there are many standing issues relating to marketing which affects the business productivity and its product and services due to poor marketing approach(Ahmad2018). The contemporary marketing has set its standard at global level and has impacted global economics. Marketing created a curiosity in the market which influence the customer to try the product or services offered in market. Marketing tool helps in designing effective action plan for an organisation win order to promote their goods and services in a targeted market. To support this report an Enterprise rent -A-Car is taken toillustrate relevant knowledge and understanding of the marketing process and understand different concepts of marketing mix and their implications on new products and services in the contemporary business context. MAIN BODY A preposition of marketing Marketing signifies a process or an activity which assist a company to promote the practices of buying and selling of various products or services. Marketing covers business activities of buying , selling, advertising or delivering goods or products to customers. Marketing is a critical task, to initiate effective marketing professionals are hired by giant corporations. There is a separate independent cell of marketing in corporationswhich targets the market and audience to seek their attention by advertising. Marketing also involve endorsement in which celebrity is hired to promote products and services in stylish way which easily catch the attention of audience. Celebrity endorsement elevated the reputation ofproduct and gets effective exposure with the help of digital media. The significance of marketing in business activities depends on ascertaining customer preferences and developing better products or services with reasonable pricing to meet consumer expectations(Gesualdi 2019). A product is commercialised
with the object to reach product to customer therefore it is very imperative to develop effective marketing plan to promote products and services in market (Gopal2021). Marketing Mix It refers to assessment of product or services and customers expectations. Marketing mix comprises of four Ps which includes different factors which ascertain the consumers desire and want in respect of product and services when marketing is initiated. It assists how a product or service can be perceived or perform in the market. In the competitive market how a product can make its stand with other products and whether the product can make effective intersection with the customers( Jenner,2018). A hypothetical explanation on marketing mix. The factors involved in marketing are customer's preference, market trend, marketing strategy, products or services and process of marketing. The idea of marketing mix is to illustrates the routs which a company may use different advertising strategies to connect with their customers. A company while proceeding with marketing needs to identify the correct collection of elements which enable them to gain benefits against their competitors in market. The collection of this factors are the four Ps of marketing mix by way of which a company can control and provides worth to its targeted customers. The application of important factors of marketing mix can built strong customer base for a company by following the essential factors which together fulfiltheorganisationaltargets.Aproductisacommoditywhichiscommercialisedby introducing it in market to meet the customer needs and the brings profit to an organisation. A company introduces a product for customer in consideration of monetary value(Kim and Kim 2018). Marketing mix assist in finalizing the product value at which it can be offer to the customers and the market. For introducing a product in market company needs to spend huge money for its promotion and marketing. Companies are more focused in the advertising which can compel the market and the customer to attract towards the product and infuse customer to buy the product. Therefore a company needs to take due care and cautions when introducing its product in the market. Proper marketing plan and strategies needs to be apply in order reach product to the customers(Kitchen2020). Introduction to product and service
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For a business its product and services are its revenue generation source, a product or services are essential for business and without them no business can survive. Products are the commodity which are tangible in nature whereas services are the intangible which has no shape. The company produces its products at large level which can meet the market demands. The other thing the company needs to consider is the promotion and distribution productsor service to maintainthedemandandsupply(TsengandLu2018).Marketisuncertainandfullof competitions , a company needs to take care of its competitors and adopts unique business plan which could bring profit to the company. Company can produce a product but to make it consumer friendly it neds to follow creative and smart strategies to make customer preference, it can only be done by effective marketing and advertising which gives bring a affirmative output. Similarly, there is a company named Enterprise Rent-A-Car which offers rental services of car at local level, the company offers different models of cars, the rental charges are varied from the type of car which the customer wish to choose. The same company also offers business solutions fortechnical vehicles. It claims to give best rental services with wide varieties of options to its customers. Enterprise Rent -A-CAR emerged as global enterprise in the car rental segment business. Application of 4Ps in Marketing Mix to the selected product and services. Marketisaspacewherebusinessenterprisescanintroducetheirproductfor commercialisation, market welcomes all the products but the success of a product entirely depends upon its marketing and reputation in the market. The performance of the protect can be measure by the customer acceptance. Even after mass production and distribution a product can not survive in the market if its marketing and promotion is not affirmative(McNaught2021). Considering the tough competitive market there are range of products which are offered by different organisations at different rates, the quality and price of product varies from brand to brand. Generally, local product is not preferred by the customer because of low recognition on the other hand a company which has a worldwide reputation has a less chance of its product failure because such companies have strong customer and financial base which helps in maintaining the stability of the company(Yuruk-Kayapinar2020). Therefore, marketing plays very significant role in success of product or services, in the same way Enterprise Rent-A-Car needs to adopt effective marketing strategies including essential factors of marketing mix which
are 4Ps to meet the company's target and goals. The marketing mix important factors are as follows: Product:it is a commodity which are created by the company for consumers. A product is a need which fulfil the market demand. A market space is a window where various verities of product are offered for certain priceand customer is free to buy any thing as per his/her preference. The term product includes various items such as, food items, cloths, furniture,cell phones and services etc. In case of Enterprise Rent-A-Car, it provides rental services of cars locally along with drivers. The services which it offers are, airport rental services, well maintained vehicles including, minibuses, motor vehicles, different segment cars and vans.This company is situate in ST. Louis which is London based firm. It also offers specialised and customised vehicles such as HGVs. Its a leading transportation solution service provider across the globe. The history of Enterprise Rent-A-Car is not rich , it has begin its rental service business with seven cars and subsequently it has develop its market and business. Now it has the assets worth of two million and has spread its operations in hundred countries. Price:it is the most significant factor of Ps which decides the value of product. Company decides the price for its product and offers to the customer. Price is a consideration which needs to be paid by the customer for the value of the product(Palmatier and Steinhoff2019). There are various factors which company follows before deciding the price for its product and service. The company also offers certain schemes and discounts at certain times for its customer to sell out its products and services which are left. Whereas, Enterprise Rent-A-Car determines its price by considering the market competition and its service provide proficiency. Considering the status of the Enterprise Rent-A-Car, which is recognised at global platform and it is operation in 100 countries effectively. This makes clear that this company has no price issues because it provides lavish experience to its customers. The company offers top class services by offering up market segment cars to its customers. Place:it refers to location of business establishment including other branches where the company operates it business activities. Place is also one of the essential factors which covers in marketing mix. It is a beginning point from where the the product take shape and from there itself it reach to the market(Wacker and Samson2021). The movement of product from its creation to delivery to the customer.
Enterprise Rent-A-Car is UK based firm which offers its services throughout the world. The workforce employed in this firm are nearly 100000 people which are deployed at 10000 branches all over the world. It offers rental car service which a sharing options and charge on hourly basis. Promotion :the last important factor of marketing mix which directs an organisation to bring more concern in respect of company's products and services. Effective use of this factors enables company to built its brand strong and reputed. It is a tool which is essentially needs to follow by the company with the view to promote its product and service to the market and to bring in the knowledge of customer. Promotion must be effective and compelling which must create a buzz in the market. There are various process and modes by way of which a promotion can be made, it includes digital promotion, social media promotion, public promotion, individual selling, mouth to mouth promotion and many more which helps making product popular. Thus, promotion play an important role in promotion which compel the customer to buy the product and services. Enterprise Rent-A-Car offers deals and schemes which is a part of promotion, it has established association with other travel service providers who promote each other. The another effective waypromotionisgivingdiscountsonridesorondigitalpayments.Developingdigital application also bring easy access with customer . The company can make direct connection with its customer whoever subscribe to their application. Tie up with hotel and clubs also helps in promotion which elevates the reputation the company. In this way promotion helps in elevating the entire business which is a inseparable part of the marketing. CONCLUSION From the above report it can be concluded that marketing play very significant role in exposing the products and service of an organisation to the customer.Marketingis the documental plan of operations which a company designs for advertising its product or services and its impact on the growth of the company. Marketing mix is another essential tool which provides four factors which help in marketing and promotion of an organisation. These factors are also know as 4Ps of marketing mix. Therefore, it can be concluded that marketing is the most significant tool for promotion of product and service.
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REFERENCES Books and Journals Ahmad,N.,2018.TowardadvancingdebatesonIslamicmarketing:arenewed perspective.Journal of Islamic Marketing. Gesualdi,M.,2019.Revisitingtherelationshipbetweenpublicrelationsandmarketing: Encroachment and social media.Public Relations Review,45(2), pp.372-382. Gopal, A., 2021. Evolution of Marketing Concepts Post Covid-19.Issue 3 Int'l JL Mgmt. & Human.,4, p.1540. Jenner, M., 2018. Netflix Marketing: The Binge and Diversity. InNetflix and the Re-invention of Television(pp. 161-182). Palgrave Macmillan, Cham. Kim, M.S. and Kim, J., 2018. Linking marketing mix elements to passion-driven behavior toward a brand: Evidence from the foodservice industry.International Journal of Contemporary Hospitality Management,30(10), pp.3040-3058. Kitchen, P.J., 2020. Marketing communications. InA reader in marketing communications(pp. 1-9). Routledge. McNaught, D., 2021. The state of the nation: contemporary issues in Indigenous language education in Taiwan. InTaiwan’s contemporary Indigenous peoples(pp. 128- 146). Routledge. Palmatier, R.W. and Steinhoff, L., 2019.Relationship marketing in the digital age. Routledge. Tseng, P.H. and Lu, C.S., 2018. Contemporary issues and challenges for the Taiwanese maritime industry. InMaritime business and economics(pp. 188-200). Routledge. Wacker, J.G. and Samson, D., 2021. Beyond supply chain management: jointly optimising operations/supplyandthemarketingmix.OperationsManagement Research,14(3), pp.451-466. Yuruk-Kayapinar, P., 2020. Basic Marketing Strategies and Marketing Mix in Small-Scale SportsEvents.InPrinciplesandPracticesofSmall-ScaleSportEvent Management(pp. 147-173). IGI Global.