Contemporary Issues in Marketing: Exploring the Concept of Marketing Mix in Enterprise Rent-A-Car
Verified
Added on  2023/06/09
|8
|2396
|51
AI Summary
This report discusses the concept of marketing and contemporary issues faced by businesses. It explores the marketing mix and its four elements: product, price, promotion, and place. The case study of Enterprise Rent-A-Car is used to illustrate the implications of marketing mix in contemporary business.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Contemporary Issues in Marketing
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Contents INTRODUCTION...........................................................................................................................1 MAIN BODY...................................................................................................................................1 Concept of Marketing..................................................................................................................1 Concept of Marketing Mix...........................................................................................................2 Brief Explanation of 4Ps marketing Mix.....................................................................................2 Implications 4PS of Marketing Mix in selected Enterprises.......................................................3 CONCLUSION...............................................................................................................................5 REFERENCES................................................................................................................................5
INTRODUCTION Marketing is an activity, which company perform to promote their product and services. Through marketing company will get the position in the market as, their product and services are known by the customers. Marketing is done through; advertising, promoting, selling product and provide services to customers and to others. It is not an easy process to perform, it require efforts, patience and most importantly financial sources. To do the marketing, company faces many issues, these issues are as a result ofchanging inglobal economies and it is known as contemporary issues. These are such issues which restricted companies to perform the marketing activities and harms the companies operation. In this report, marketing process will be discuss in the context of contemporary business and the concept of marketing mix will also presentable in this report(Chakraborty, and Jha, 2019). To understand the concept of marketing and issues related to it, an enterprise is taken which is an executive leasing company of a car name as “Enterprise Rent-A-Car, founded by Jack Taylor at St. Louis in 1957. In the starting of an enterprise they have only 7 cars but, they had a belief in their plan and ideas of providing rented cars for the people which helps them in their movement. MAIN BODY Concept of Marketing Marketingisan activitywhichcompaniesareusingto dothepublicityoftheir manufacturing products and services they provide in market. It is a process of making companies product and services available to every customer and to make the products and services popular and known to each and everyone in a market. It can be done through; advertising, promoting, selling etc. Through concept of marketing, companies will get to know about consumer's behaviour and their requirements. Every private company whether it is small or big, strong or weak, they usually prefer to do advertising of companies product. It is really helpful for new start-upstointroducetheirproductsandgivetheirpresenceinthecompetitivemarket. Nowadays, when there are so many branded companies and even they are doing marketing of theirproductsandservicesitmeans,thisprocesswouldreallyhelpthemto 1
grow(Ergashhodjaeva, 2018). So, to make themselves grow in a market and be a competitor of big enterprises, even small companies are performing this process of marketing. Concept of Marketing Mix Marketing Mix is a set of actions or strategies, which companies use toendorse their products and services in the market. In the concept of marketing mix various stages are included which would get done by the companies to make their product & service valuable and attractive. In Marketing Mix process generally there are four Ps, which is related to Price, Product, Promotion and Place. However, these days this concept of marketing mix is expanded day by day and more Ps are getting involved such as; Packaging, Positioning, people and even politics can be taken in this process. Brief Explanation of 4Ps marketing Mix. Elements of marketing mix influence each other. They helps companies to make plans and also handled it effectively, which gives success to the company. However, if these elements were not used properly according to the plan then, it would give a failure to the company from which it is really difficult to overcome. Marketing mix requires a lot of research and observation of market that, what other branded companies are using. New start-ups for success keep an eye on other branded companies which use marketing mix in its best manner. Marketing mix main aim is to identify the internal as well as external factor of business environment. It gives an idea to company about the choice of consumers, price of the product , demand and supply etc. Marketing mix includes 4Ps which individually assist the company in growing. First P of marketing mix isProduct,it is a commodity in which the company deals in a market. It includes two component in it, first is Goods which are tangible in nature and the requirements of the consumer, company decided first before starting the business that, with what good they want to start their business, for example; company which deals with cars and bikes are goods of that company. Another one is Service, it is an intangible product which is given by the company to satisfy the need of customers. Mainly companies are goods provider or services provider, for example; mobile internet company provide their services to the customers(Gbadamosi, 2019). Second P isprice, after deciding the product for a business company can fix the price of product, after doing research in a market. Third one isPromotion,it is the most important part of marketing mix and the main function of the companies to make their product common in a 2
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
market. Last P of marketing mix isPlace,this element assist business to find a best place for their products. In business it is important to research about the area where the company believes that, it is best for their product and services. These are Four elements of marketing mix, which plays significant role in success of the company(Lim, 2021). An enterprise which got selected for this reportto understand the concept of marketing mix is an Enterprise Rent-A-Car. It is an enterprise which provides their car on rental services to the customer's. They provide this rental service in local areas, for airport, also provide motor vehicle, van etc. They are the part of largest transportation solutions provider in the world. Implications 4PS of Marketing Mix in selected Enterprises The components of Marketing Mix are very essential to perform the business activities. Each element has different role and every role is necessary for business to achieve the target. Marketing mix is a plan and also its a procedure to meet with consumer desires and helps the company to achieve its goals. Marketing Mix plan of Rent-A-Car Enterprises, are given below; Product-It included goods and services in it, which would get provided by the company in demand of the customer's. According to the customer preferences, companies decided to deal with products. It generally mean, a thing which is the requirement and need of customer's and for the company its a services for them to provide those goods to customer's. For example; company deals in clothes, furniture, groceries etc. These items are the goods which is available in a company,provided to the customer's. Enterprise Rent-A-Car, is a company which deals with rental cars. They have a large business in rental cars, motor cycles(Nwankwo and Richards, 2020).They provides their services with the rental cars at local areas and for the airport. Their company becomes the biggest transportation solution supplier in the world, company started with only seven cars. Now they are dealing with two million transport vehicle in around 100 countries and in 7900 different locations. It got happened because, at right time they choose a right product to deal with. After them there are so many companies which are doing the same business of rental service provider. It is really important for the business entities like an Enterprise Rent-A-Car, to choose that product which is in demand in a market. Price-It is the most important component to decide in marketing mix. The whole planning is depend on prices of the available products. If customer's didn't like the price, the 3
whole marketing mix concept got failed(Pinarbasi, 2019). Companies decided prices of product by observing the prices of their competitor and also to cover up their cost of production. Whole economy of the company can be decided by this factor. An Enterprise Rent-A-Car, has different approach towards price, because they provide high class vehicles for transportation. Customer's approach them to get the high class facilities by hiring the world best car and vans which fulfil the desire and utility of consumer's. Enterprise decided their prices with observation of their competitors. Price would never an issue for the enterprise, customer always get satisfied as they know the supreme services of company. Place-To start a business it is really an important factor to decide a place, where they feel that will get a chance to capture the market. Most of the companies take it as an opportunity to decide a place and start their business there. Business growth is dependent on place like, a company decided to deal with groceries product in a rural areas, chance of success get increase because there will be more demand of groceries there and there were no supplier of it(Rhine,and Pension, 2022). Rent-A-Car enterprises, expand their business with zero, now they capture almost half of the world places. They started with UK and now they expand their service provider in Ireland, Canada, Germany, Spain, USA etc. They use this component there which they think it will be better for their business growth. Because of largest rental service provider in a world for them it is easy to find a place and also capturing the market. Promotion-This last factor of marketing mix is use by a company to promote their services and goods. Companies used this to give an idea of the product in the market. Nowadays, it is an essential part of a business, each and every businesses whether its small or big all of them believes in doing the promotion of their brands products(Rudawska,2018. It can done by various ways, every company with their innovative thoughts promote their brands like, some companies were doing advertisement of their products. There so many ads on television which promote different-different companies, even in ads the companies promote their products with the help of famous personalities like an actor, dancer, it really influence the customers and they make their mind set to use that product. 4
Enterprise Rent-A-Car, use different kind of promotion techniques, which attracts customer's. It gives rewards to their customer's by hiring a vehicle from their company(Stead, and Hastings, 2018). They use many different and attractive policies which helps customer's in fair like they give 10% offer on advance payment. They have a club, through that club they promote their company and also invite their customer's in club parties and also provide them offers on different occasions. CONCLUSION Marketing Mix is an essential process for business to perform. It genuinely helps businesses in their growth and also give an idea about the customer like and dislikes. Every business is dependant on customer's and only the customer's will give growth to businesses. So, it is really necessary for every business to take care of customer's need and demands. This process of marketing mix helps businesses to make their own customer's. In the above report, concept of marketing got explained precisely and what contemporary issues businesses got faced. Apart from this, concept of marketing mix with detailed explanation of 4Ps got discussed above. An enterprises Rent-A-Car which deal in rental services of car, motor bike, vans etc. through this organization concept of marketing mix got explained, and it also come to know about the Rent- A-Car process of marketing mix. REFERENCES Books and Journals: Chakraborty, A. and Jha, A., 2019. Corporate social responsibility in marketing: a review of the state-of-the-art literature.Journal of social marketing. Ergashhodjaeva,S.J.,2018.Genesisoftheconceptoftheessenceofinnovative marketing.Theoretical & Applied Science, (3), pp.113-119. Gbadamosi, A., 2019.Contemporary issues in marketing: Principles and practice. Sage. Lim, W.M., 2021. A marketing mix typology for integrated care: The 10 Ps.Journal of Strategic Marketing,29(5), pp.453-469. Nwankwo, S. and Richards, D., 2020. Contemporary issues in entrepreneurship marketing: Sustainability, ethics, and social responsibility. InEntrepreneurship Marketing(pp. 337- 358). Routledge. Pinarbasi,F.,2019.ContemporaryIssuesandChallengesinMarketingEnvironment Worldwide.HandbookofResearchonManagerialThinkinginGlobalBusiness Economics, pp.22-40. 5
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Rhine, A. and Pension, J., 2022. The Engagement Edge. InBusiness Issues in the Arts(pp. 183- 199). Routledge. Rudawska, E. ed., 2018.The sustainable marketing concept in European SMEs: Insights from the food & drink industry. Emerald Group Publishing. Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the balance right. InSocial Marketing(pp. 29-43). Psychology Press. 6