Marketing Mix Strategy of Enterprise Rent-A-Car

This report explains the marketing process and 4Ps marketing mix strategy used by Enterprise Rent-A-Car. It also discusses the success of the company's marketing activity with reference to customer satisfaction. The report covers the subject of Contemporary Issues in Marketing for the course code BMP4004 under BSc (Hons) Business Management.

BSc (Hons) Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
Submitted by:
Name:
ID:
1

Contents
Introduction p
An explanation of marketing process p
A brief theoretical explanation of 4Ps marketing mix p
A Brief introduction of product/service (Enterprise Rent-A-Car) p
Application of 4Ps marketing mix to the Enterprise Rent-A-Car
p-p
Product p
Price p
Place p
Promotion p
An explanation of success of marketing activity of Enterprise Rent-
A-Car with particular reference to customer satisfaction p
Conclusion p
References p
2

Introduction
The following report is made to show the marketing and marketing process used by
a company and how the firm make use of marketing mix for decision-making and
smooth running of the business. By paying attention to all its elements, a business
can multiplies its possibilities of a product being recognized and bought by
customers. Marketing refers to the human activity, set of establishment, process for
creating, communicating, delivering and exchanging offerings that have economic
value for customers, clients, partners and the whole society. Enterprise Rent-A-Car
is taken into consideration for this report. It is an American car-rental agency,
founded in 1957 by Jack C. Taylor, earlier known as, 'Executive Leasing Company'
which is headquartered in Clayton, Missouri. This firm provided economic to luxury
cars to its consumer for different purposes that are mentioned below.
An explanation of marketing process
The process which involved customer satisfaction created in terms of value is known
as marketing process. It includes the process and ways of creating some economic
value to satisfy customers. It is a string of steps and results created by company in
order to satisfy the customers, which starts from the recognizing the customer's
wants and goes to making of strategy, decision and execution and then deriving the
results. It basically consists of 5 steps which are discussed below:
1. Understanding the customer's needs and wants: The first stage is to identify
the local area or targeted area of marketing and the needs of customer and
how much he/she is willing to pay for their particular need or want. This
involves understanding of that unique product or service which will be
welcome by the consumers for a certain price, that will not be a burden on
buyer, but also provide decent profit to the organization. This step helps to
take decision of what kind of strategy will be applicable on product and
pricing(Abakouy, En-naimi, Haddadi and et. al., 2019).
2. Develop a basic strategy: After recognizing the target area and the customer
wants, the company has to make strategies in order to stand in the market.
These strategies can be formed by analyzing the level of wants of the
customers in the targeted area and what its competitors already have to give
a tough competition to existing enterprises. For making a impregnable
strategy, the selected enterprise can make use of the different marketing
3

strategy and models which are available for thoroughly examine the and the
demand and supply of a market(Deepak and Jeyakumar, 2019).
3. Make a decision: When the enterprise made a marketing plan, the next step is
to formulate decisions regarding which ways and methods has to used for
promotion has to be done, at what date product has to be launched and how
to develop the product in future. At this point, company conclude the
information collected from strategies and decisions which will built the
company's efficiency(Ihejirika, Goulding and Calvert, 2021).
4. Execute a plan: Now the chosen firm has identified the target area, develop
strategies and taken decisions, now its time to execute the plan or
decision(Hockenberry, 2019). The corporation should keep its plans simple to
make it understandable by all the managers and employees and can easily
accomplish the plan.
5. Deliver the results: Product of the company has been launched, now its a time
for the results of the product and the strategies which has been made. The
results tells the firm, which decisions or the strategies has to be changed for
the development or improvement.
A brief theoretical explanation of 4Ps marketing mix
Marketing Mix is a model which indicates what area has to be focused as a part of
marketing plan. It is referred as a tools of marketing which is are the 'set of marketing
tools' used by an organization to achieve its marketing objectives in that target area.
It mainly consists of 4Ps which are discussed below:
1. Product: The first in the 4Ps is the product which represents the product or
service provided by an organization. To effectively market a product or
service, the firm should keep a view if their product is competitive enough
from the other existing firms to win the battle in the industry(O’Sullivan and
Ngugi, 2022). A full fledge product either fills a space in a marketplace or
provide a distinctive experience that strikes demand, which ultimately lead to
increase profit margin of an enterprise.
2. Price: It is the cost or value of the product that is paid by the customers. It is a
most critical element in marketing mix a s it signifies the survival and profit-
making of the firm(Helmold, 2022). During marketing of product, it is essential
4

to fix a price which indicate the market trends and is affordable to customers,
and at the same period of time is profitable to corporation. While designing the
pricing policy, corporation must keep in view the willingness of customer to
spend on a particular product or service and also pay attention to the other
competitors to make strong customer base.
3. Place: It tells the target market and the distribution method so that it can reach
to potential buyers without any hurdles(Eti, 2020). The distribution strategy
must be made unique and strong to outreach as much as customers in the
market to stand different and weighted in the industry.
4. Promotion: It is an key element in the marketing mix, promotion is the activity
which anticipate a firm to make its product or service to be acknowledged as
much as it can(Parra-Lópe and Martínez-González, 2022). An organization
should use a effective method to promote its product or service because
launching a product is not enough, to reach the customers making a strong
promotion strategy is essential.
A brief introduction of product/service (Enterprise Rent-A-Car)
Enterprise Rent-A-Car is a largest car rental agency of America, which is
headquartered in United States, which mainly focus on the local rent car market,
specialized in car renting to the customers who demand a substitution cars as a
consequence of an misadventure, stealing and any special occasions. The company
take its initial entry in 1994 in Europe. It rents a broad variety of vehicles which range
from normal cars to luxurious vehicles, it also rents commercial cargo vans, pickup
trucks and box trucks under the Enterprise Truck Rental Brand.
Application of 4Ps marketing mix to the Enterprise Rent-A-Car
Product
In marketing scheme, the commodity is not viewed as a tangible product, but viewed
as how it providing value to the customers. The chosen firm is providing value in
many methods such as, funding plans to buy a product, convenience of availability,
quality assuring brand name,physical product, installation and repair services and
many more. The mentioned main aim is providing service related to renting car, as
clear by the name. It provide rental cars to the customers who needs a replacement
car due to-
 a miss-happening, mechanical affair or theft.
5

 Wants to make short journey or business trip.
 need a car in a town for business purpose.
Price
Enterprise Rent-A-Car has deeply observed the market area and spending nature of
the potential customers and hence made a effective pricing strategy. The price is a
bit higher than the other in the industry, but offers superior customer's service to the
customers so that they can willingly pay for the worth. The customers are super
satisfied with the service that's why this organization is reaching the heights in the
market.
Place
Enterprise Rent-A-Car is headquartered in United States, with more than 9000
'home-city' locations and 419 airport locations. It begin to expand its business and
now covers airports in United States, Canada, the UK, Spain, Germany and Ireland.
The distribution mix has taken a new concept with emergency of E-commerce
retailing and supremacy of players like Amazon.
Promotion
The selected corporation use five tools for communication which are Advertising,
Sales Promotion, Personal Selling, Public Relations and Direct Marketing. It also
uses Social Media Advertising and have accounts on Linked-in with 232k followings
Facebook with 500k followings, Instagram 24k followings, Twitter with 39k followings.
It has its own website as www.enterprise.com with a huge number of monthly
organic traffic, the website offers all the facilities. The said organization has its own
application for both IOS users and android users. By promoting on these platforms
the selected company is gaining attention of lots of people and they are also getting
aware of the honest and on- time services through the reviews of the users and
hence the customer base is becoming stronger and stronger day-by-day.
An explanation of success of marketing activity of Enterprise Rent-
A-Car with particular reference to customer satisfaction
The mentioned enterprise's success story is very encouraging and motivating
especially for those who are planning to do long-term business. Jack C. Taylor
started the company in 1957 with only 7 cars, at the beginning organization offered
long term leasing. However, the company entered in rental business in 1962. in
starting the long term renting was more thought-provoking than profitable, after
6

facing a number of challenging years, it begin to display profits. Organization's
success majorly depends on customer satisfaction and employee motivation. Taylor
motivates its employees by providing them training, good perks and many other
things and encourage them to give their best in the company. Talking about the
customer's satisfaction, it can be said that Enterprise Rent-A-Car has deeply
understand the customer's requirements as it successfully satisfy their customers by
providing on-time services on reasonable costs and hence make the customers
happy. The company have thoroughly studied the customer needs and wants and
provide them services as per demand , it also have knowledge of how to play with
their services in a particular market trends and environment. It solve the problem of
the people who doesn't have any vehicle or are in a urgent need of a vehicle for a
event, business trip or any other reasons, by providing such solutions, the company
attracted the people worldwide and gradually make a higher place in the industry.
And as a result of their hard-work, nowadays Enterprise is a biggest corporation that
give complete conveyance and transportation solutions. The mentioned firm has
reached up to 85 countries with more than 7,600 locations, operating the largest feet
of vehicles worldwide. It has 1.7 million cars and trucks under the umbrella of 3
famous brands: Enterprise Rent-A-Car, Alamo Rent-A-Car and National Car Rental.
Conclusion
From the above report, it can be said that, the chosen company is a worldwide
successful American company which provide replacement rental cars on various
purposes that are mentioned above. This report shows the marketing strategy made
from the use of marketing process, which is useful in engaging the customers and
making a strong client-business relationship. Marketing helps in identifying the
expectations of customers and when customer is satisfied, he/she get attracted and
attached to the company which ultimately results in building reputation and profit-
margin of the organization. The report also conduct marketing- mix strategy used by
the chosen enterprise which covers all the 4Ps and shows that the Enterprise has
providing its services very effectively and cover a huge range of customers
worldwide. It has promoted its service through all social media platforms and gather
good following there. It has its own website where all the services are provided
through online mode. When talking about the pricing strategy, the firm has covered
economic as well as luxury services for all kind of people. By the use of these
7

marketing strategies, the corporation is touching heights of success and by providing
maximum satisfaction to its customers, it is attracting more and more customers day-
by-day.
8

References
Abakouy, R., En-naimi, E.M., Haddadi, A.E. and Lotfi, E., 2019, October. Data-driven
marketing: how machine learning will improve decision-making for
marketers. In proceedings of the 4th international conference on Smart
City Applications (pp. 1-5).
Deepak, R.K.A. and Jeyakumar, S., 2019. Marketing management. Educreation
Publishing.
Ihejirika, K.T., Goulding, A. and Calvert, P., 2021. Rethinking academic library use of
social media for marketing: Management strategies for sustainable user
engagement. Journal of Library Administration, 61(1), pp.58-85.
Hockenberry, T., 2019. Embrace marketing ideas to impact change
management. The Journal for Quality and Participation, 42(1), pp.19-21.
O’Sullivan, H. and Ngugi, I., 2022. Marketing Mix. In Encyclopedia of Tourism
Management and Marketing. Edward Elgar Publishing.
Helmold, M., 2022. Marketing Mix. In Performance Excellence in Marketing, Sales
and Pricing (pp. 95-103). Springer, Cham.
Eti, I.A., 2020. Theoretical Inspection And Rethink of Marketing Mix. Available at
SSRN 3685642.
Parra-López, E. and Martínez-González, J.A., 2022. Service Marketing Mix.
In Encyclopedia of Tourism Management and Marketing. Edward Elgar
Publishing.
9