Contemporary Issues in Marketing

This report discusses the significance and nature of marketing mix in the marketing procedure with a case study on Enterprise Cars. It explains the marketing process, concept of marketing mix, and how it is employed when a new service or product is developed. The report also covers the subject of contemporary issues in marketing.

Contemporary issues in
marketing

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Marketing process..................................................................................................................3
About the company.................................................................................................................3
Concept of marketing mix......................................................................................................4
When a new service or product is established, how the marketing mix is employed............7
Significance and nature of marketing mix in the marketing procedure.................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Marketing knowledge combined with technological and sociocultural changes, provides
solid evidence that marketing perspectives from the past, conventions, and practices are not at all
satisfactory. Modern concerns in marketing is a wide-ranging, latest, and leading-edge resource
for a comprehensible understanding of current issues in marketing. By combining theory with a
practical perspective, it consistently address common challenges in the world of marketing
(Alshehadeh and El-Qirem, 2022). The report is prepared on the case study Enterprise Cars
explaining the significance and nature of marketing mix in the marketing procedure. Enterprise
Rent-A-Car is a continuing victory story. It was originated in 1957. It is one of the biggest
transportation solutions supplier worldwide. The report analyses the marketing procedure in the
modern business perspective. It analyses the marketing mix concept and illustrate how it is
employed when a new service or product is developed.
MAIN BODY
Marketing process
The business should find out a manner to ascertain unsatisfied customer requirements and
bring out that products for markets which fulfil those requirements. This is basically what
concept of marketing implies. This procedure of performing so can be demonstrated in a
structure of stages that are as follows. The situation is examined to determine the opportunities,
the formulation of strategy for proposition of value, strategic decisions are to be made, the
implementation of plan and monitoring the results. The marketing process basically includes four
stages- analysis of situation, marketing strategy, marketing mix decisions and implementation &
control.
About the company
Enterprise Rent-A-Car is a continuing victory story. Its supervisory philosophies and
modest early development revolve around individual integrity and honesty. The company believe
in solidification of community one step at a time. It work for its customers as if they were its
family. Its wide-ranging network, taskforce and service offerings today positioned Enterprise as
one of the major transportation solutions suppliers worldwide. It provide customers onsite and
airport car rentals, exotic car rentals and van rentals. The Flex-E-Rent division offers business

resolutions for long period commercial vehicle and specific fleet requirements that includes
climate-controlled vehicles and barrier-free minibuses. Through its linkage or provincial
subsidiaries, the company employs over 100,000 people, it operates over 10,000 offices
worldwide, serves more than 90 countries and owns 2 million vehicles. In the UK, Enterprise has
offices and vehicles within 10 miles of 93% of its population. The company play a vigorous role
in sustainability, not only because it makes sense for business, but because company trust in
creating the world a healthier place for generations in future. Due to its scale, it is uniquely
positioned to raise modernisation, drive research and test market-driven solutions (Devi, 2022).
Concept of marketing mix
The marketing mix is described by the utilisation of marketing techniques that integrated
with many components to enhance and strengthen the brand of product and assist in sale of the
service or product. Businesses with product-base need to develop strategies for selling its
products, and developing a marketing mix is one of them. The concept of marketing mix is the
collection of marketing tactics utilised to encourage and sell products and services in the market.
It is regarding placing the product and determining whether it is sold in the accurate place, at the
accurate price, at the accurate time. Products are sold as per marketing and advertising tactics.
The marketing mix consists of mainly 4P's that are product, place, price and promotion. In the
business realm, the marketer considers all 4Ps to formulate a marketing strategy. But today's
marketing mix progressively comprises few additional P's for significant developments.
Product: It is a commodity manufactured or developed to meet the requirements of a group or
an individual. Products can be tangible or intangible, as they can take the form of commodities or
services. A product's life cycle changes from growth to maturity to decline, so it is crucial to
conduct thorough research before development. The products have a specific life cycle that
comprises growth stage, maturity stage, and declining sales stage. It is crucial for marketing
managers to reinvent the product to encourage demand once the product reaches a stage of
declining sales. It must create a unique effect in the customer's mind that is different from the
products of rivals (Kim and Kim, 2018). Value for Enterprise Car customers can be delivered in
a number of ways, including: Preparation and pre-purchase training by sales representatives, etc.
Corporate automobile marketing managers have an opportunity to set their total value

proposition apart from that of their rivals thanks to the variety of ways that product concepts can
be understood.
Spotting Opportunities - Enterprise Car conducts market and customer surveys to identify client
demands that can be satisfied with current and acquired resources.
Design and Test - Products are created based on what Enterprise Car can provide in terms of
value proposition and what customers are seeking for. The customer value proposition,
regulatory requirements, business automotive capabilities and resources, chances for
differentiating positioning, and profitability are the primary factors to be taken into account
while designing and testing a product.
The introduction of the enterprise automobile, includes choices for pricing, messaging, channel
management, and the development of infrastructure for after-sales support.
Product Lifecycle Management for Enterprise Car Products: After a product is introduced,
businesses must oversee its progression through the introduction, growth, cash cow, and decline
stages.
Products - general recommendations
 Enterprise Car may try to build whole new product lines or add new brands to already
existing product lines.
 Enterprise Car can come up with strategies to reinforce and improve the value of current
brands in order to increase their market share.
 Enterprise Car reserves the right to stop selling any products that are not profitable or
don't stand out enough from the competition.
 Enterprise Car may attempt to rearrange existing branded products within the line.
Price: It is a very crucial factor in defining marketing mix. The price is fundamentally what a
consumer compensates to take satisfaction from it. It is the most crucial factor in any marketing
plan as it defines the survival and profit of a company. Even a small adjustment in the product
price can have a large effect on the whole marketing tactic and significantly affect the demand
and sales for the product in market. While assessing the product’s price some of the aspects that
should be kept in mind includes price of rivals, list price, location of customer, mark-downs,
terms and agreement of sale (Lim, Jee and De Run, 2020). Enterprise Car may determine mark-
ups depending on anticipated profit because it uses a cost-based pricing approach and is aware of

what it costs to produce a product. An aggressive dynamic pricing strategy might not work.
When introducing new products with negative or extremely low profit margins, Enterprise Car
can utilise market penetration pricing approach to establish a footing in this industry. Pricing
strategy based on competitiveness in the market. In order to enhance profitability, Enterprise Car
is concentrating on matching the prices of its rivals and lowering operating expenses.
The company can select the pricing tactics as shown below:
 High brand recognition: The market's high appreciation for enterprise automobile brands
enables them to fetch a modest premium over rival brands.
 Innovative Product: Due to its cutting-edge characteristics, this product is regarded as
innovative given the state of the market. A modest premium price not only draws
attention to a product's characteristics but also deters competitors from joining the
market. High premium prices may entice new competitors and lower profitability.
Place: Location or supply is a very crucial element in marketing mix tactic. Products should be
placed and distributed where they can be effortlessly reachable to potential customers (Madeira,
2019). The collection of procedures used by Enterprise Car to supply its goods to clients is
referred to as a location or distribution channel. Installation services, product quality control,
buying lot reduction, generating product purchase chances for specific clients, and delivering
information about products to customers are just a few of the many functions that sales channels
provide.
Promotion: This is a process of marketing communication that assist companies promote their
products and their features in the market. It's the most costly and most important element of
marketing mix that assist in grabbing the customers' attention and convince them for buying
product. Most marketing managers utilise promotional strategies to promote products and reach
general or targeted audiences. Promotions may comprise of direct marketing, individual branding
and promotions (Mwau and Wibasuri, 2020). A promotional mix, often known as an integrated
marketing communications plan, integrates all of Enterprise Car's available promotional
methods. They are public relations, personal selling, direct marketing, personal selling, and
advertising. Enterprise Car has access to all five forms of communication, including existence,

pricing and differentiators of products, locations where customers may purchase things, and
lastly, how customers can use goods and services.
When a new service or product is established, how the marketing mix is employed
There are various stages to a marketing mix that will be effective that are as follows:
 Objectives and goals: Each marketing strategy has certain marketing objectives.
Additionally, be sure to have a deadline set for completing goals.
 Budgeting: How much is the business wishes to spend on product development, market
research, and product advertising?
 Choosing USP: Describing the advantages users acknowledged from utilising goods or
service. What certain problem is the business best at solving?
 Who is the target market: To communicate with an audience effectively, one must
understand who they are and how they prefer to do so. Make a thorough profile of ideal
client. Make sure to get sufficient consumer information to fully understand the potential
customer.
 Asking customer for assistance: Utilise their responses and the linguistic they utilised in
marketing materials. Company seem more likeable and welcoming to people.
 Defining product in brief: Taking the time to describe the particular attributes and
product value. Looking for special features that demonstrate value of product (Ndofirepi,
Farinloye and Mogaji, 2020).
 Knowing the sales channels: Identifying where product will be sold, i.e. which sales
channel will be used. The selection of channel of distribution influences valuing and
advertising conclusions. Relying on target individuals and product, key options are sales
to traders who then sell to retailers and then to consumers, direct sales to point of sale and
selling directly to customers.
 Developing a pricing strategy: There is a need to find clever ways to price differentiate
the products. Research competitors and making sure the company is not overcharging
customers. Considering how much target audience is willing to pay and how much it
would actually cost to make the product.

 Choosing promotion method: The target group should be aware of company product
range. Successful product promotion requires several elements (Solimun and Fernandes,
2018).
 Utilising Inbound Marketing: The 4P's of marketing form the foundation of marketing
tactic, but this marketing likewise plays an important role in development of marketing
mix.
Significance and nature of marketing mix in the marketing procedure
A marketing mix is a great tool for developing the correct strategy of marketing and
executing it through operational strategies. Evaluating the product, advancement, value, and
place plays an important part in whole tactic of marketing. Marketing mix tactic, on the other
hand, is closely related to placing, targeting, and subdivision. Finally, all the elements in the
marketing mix and protracted marketing mix interrelates (Subram, Khan and Srivastava, 2018).
CONCLUSION
From the above report, it is concluded that marketing begins with recognising consumer
requirements and ends with the delivery and promotion of the closing service or product. The
goal is to reassess customer requirements, communicate frequently, and develop a customer
retention strategy. Not every marketing is product oriented. Because customer service companies
are fundamentally different from companies based mainly on physical merchandises, they
frequently adopt a consumer-centric tactic that includes supplementary elements to meet unique
needs. Marketers frequently investigate customers who often effect tactics linked to products and
services. This also needs a strategy for interacting with consumers to collect feedback and define
the type of feedback they want.

REFERENCES
Books and Journals
Alshehadeh, A.R. and El-Qirem, I.A., 2022. The Relationship Between the Innovative Marketing
Mix Elements and the Firms’ Performance. In Digital Economy, Business Analytics, and
Big Data Analytics Applications (pp. 415-423). Springer, Cham.
Devi, S., 2022. Digital Marketing Mix Is A Facelift Of Traditional Marketing Mix. Elementary
Education Online. 20(2), pp.1916-1916.
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.
Lim, W.M., Jee, T.W. and De Run, E.C., 2020. Strategic brand management for higher education
institutions with graduate degree programs: empirical insights from the higher education
marketing mix. Journal of Strategic Marketing. 28(3), pp.225-245.
Madeira, A.B., 2019. Green marketing mix: A case study of Brazilian retail
enterprises. Environmental Quality Management. 28(3), pp.111-116.
Mwau, F.M. and Wibasuri, A., 2020, December. The Effect of Marketing Mix and Social
Media on The Admission Of New Students in Private Higher Education (A Case
Study of IIB Darmajaya Bandar Lampung). In Proceeding International Conference
on Information Technology and Business.
Ndofirepi, E., Farinloye, T. and Mogaji, E., 2020. 13 Marketing mix in a heterogenous higher
education market. Understanding the Higher Education Market in Africa, p.222.
Solimun, S. and Fernandes, A.A.R., 2018. The mediation effect of customer satisfaction in the
relationship between service quality, service orientation, and marketing mix strategy to
customer loyalty. Journal of Management Development.
Subram, K.S., Khan, M.N. and Srivastava, C., 2018. The Impact of Marketing Mix Elements on
Brand Loyalty: A Case Study of Construction Industry. Sumedha Journal of
Management. 7(3), pp.77-98.
Szolgayová, B., 2022. Adaption of Marketing Mix for Selected Country. In SHS Web of
Conferences (Vol. 135). EDP Sciences.