Contemporary Issues in Marketing: The Importance of Marketing Mix in Enterprise Rent-A-Car

This report discusses the importance of marketing mix in Enterprise Rent-A-Car, a company providing quality cars, trucks, and vans. It includes an explanation of marketing, 4Ps marketing mix, and its application to the selected product/service. The report also includes a SWOT analysis and situational analysis of the company. The promotional activities of the company are also discussed.

BSc (Hons) Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
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Contents
INTRODUCTION..........................................................................................................................3
MAIN BODY................................................................................................................................3
Explanation of marketing ..........................................................................................................3
An explanation of marketing mix...........................................................................................5
A brief theoretical explanation of 4Ps marketing mix...........................................................6
Introduction of product/service.............................................................................................8
Application of 4Ps marketing mix to the selected product/service.......................................9
SWOT ANALYSIS ...................................................................................................................10
CONCLUSION ...........................................................................................................................11
REFERENCES ............................................................................................................................12
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INTRODUCTION
The term marketing mix includes the various types of areas which focuses on the
comprehensive marketing plan which can increase the position of the product. The marketing
mixes us the foundation of every business which is required by the business and the
organizations to use the various strategies and tactics for promoting the marketing in their
organization and also by which they can achieve a well-known position in the market which
can help the organization to encourage their products and services through different
customers and targeted market. This report will include the various types of marketing mix
along with their components and application to various departments (Foroudi and Melewar,
2021). Marketing is considered an important part of any business and organization by which
they can make their customers aware about the various policies and features of their products
and services so as to make it more understandable and clearer by them. This report will
include the enterprise-rent a car, which is a company providing quality of cars, trucks, vans
with various technologies and features as well Which was founded in 1994, having around
420 branches across the UK making it one of the biggest fleets in the market of UK so that
the customer satisfaction and various other targeted objectives can be achieved.
MAIN BODY
Explanation of marketing
The term Marketing is an activity which is used to show off the company’s products
and services, it is referred to the process of exploring, creating and delivering the value which
are used to meet the needs of the target market. When it comes to its comparison with
traditional concepts of business such as selling, marketing is a much more extensive activity
which comprises of many processes which involves market segmentation which goes all the
way to providing after sales services to target customers. The main aim of marketing is to
identify the major audience for the products of a firm and devise strategies and techniques to
satisfy this segment in the best way possible. The purpose of marketing is to make people
engaged and interest about the product and service, so that the better understanding and better
quality of the product can be promoted to the customers. The marketing pertains to the all
aspects of providing better experience and value to the customers so that the sales can be
increased , this is the most important concept of business, including the product development,
distribution methods , sales and various tools of advertising too. The marketing is a broad
concept which is the key part by which the customers can be attracted. As the marketing of
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products and services is increasing day by day, The various business and the organization are
taking part in effective marketing techniques, so that they can create a well known reputed
position in the market.
(Fraser-Arnott, 2020).
Figure 1 Marketing process ((Marketing Process: 5 Steps of Marketing Process, 2022).
 Understanding the market place and customer needs and wants-
It is important for any business firm to take proper examination about the market in
which the business is being operated, this will help in identifying the existing competitors and
their unique selling price in the market. On the other, it is important for Enterprise-rent a car,
to know about the needs of their customer and what they are demanding and serve them
according to that.
 Designing a customer driven market strategy-
In this, company will look out for the customer group who it will target, like they are
producing for the children or youngsters. This will support them in making appropriate
strategies as per their behavior and preferences. The Enterprise-rent a car should know about
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the type of product they should offer to the relevant customer group to bring maximum
satisfaction.
 Constructing an integrated marketing plan that delivers superior value-
Different types of concepts are used in this process like production, product, selling
marketing societal. All these concepts are taken together to design an effective marketing
plan, in order to attract maximum customers for the business.
 Build profitable relationships- Rent a car, must focus on making its relationship
better with their customers, to increase the loyalty of the business and improving the
profit of the firm.
 Capturing Value from customers- It is not possible for the company to establish
itself a good brand. To achieve this, it necessary for the organization to fulfill their
duties and obligations towards their consumers.
An explanation of marketing mix
The term Marketing Mix refers to an important part of marketing. It includes the
opting of those activities which are taken by the companies to promote the buying and selling
of their goods and services. The aim of Marketing Mix is to deliver the best of their potential
to the customers through their various strategies and tactics which are opted by the marketers.
Marketing Mix is a great tool for the acceleration of business and various activities related to
the functions and operations of the business and the organization which can help them to
maintain a well-known position in the market. The term Marketing Help in understanding
what the product or service can offer to the customers. It also Helps in preparing a
successful product offering, which helps with effective planning, developing and executing
effective marketing strategies. Which can encourage the enterprise make use of their
strengths and avoid unnecessary costs.
A brief theoretical explanation of 4Ps marketing mix
The term marketing is a broad concept which is used by the marketers to increase
their marketing skills and various other activities which can help them to grow their business
(Frynas and Yamahaki, 2019). The term marketing is an effective tool which has many
components these are the four essential components which are involved with the production
to selling the goods to the customers. The 4 Ps of Marketing are described below.
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 Product - The term product refers to an object or something which is ready to be opt
by the customers and they also agreed to pay the amount for the same. The product is
the basic term which is used by the organization so as to lure the customers, which
can help the business and organizations to make their customers more and more
satisfied in terms of their wants and achievements.
 Price – The term price is a thing or an amount which is ready to be paid by the
customers in order to purchase the goods and services. Price is a basic tool which is
required to purchase or to promote any other objects in the organization. The price is
that tool or a strategy which is opted by the business and the organization to sets a
target for their customers to purchase the specific commodity or an object. According
to marketing, The Barter system was considered as Marketing in which the products
and services were exchanging terms of goods so as to promote the marketing. The
products and services were exchanged without the involvement of monetary
transactions. As along with time, the marketers and the businesses has developed the
techniques of promoting marketing within the organization so as to perform the
activities and functions more effectively and efficiently (Issock, Mpinganjira and
Roberts-Lombard, 2021).
 Place - The term place is referred to that area or location in which the prepared or
finished goods would be placed so as to make it easier and more convenient at the
time of the order. For e.g. The Warehouse is the perfect place for keeping the goods
safe and danger free so as to make them ready to deliver at the time of selling. There
are a lot of damages such as loss by fire, loss by theft and other damages which can be
occurred to the goods when they are prepared. In order to keep them safe and danger
free, the warehouse is provided so as to keep the products free from any problem.
Also, it reduces the cost of transportation if the warehouse is near to the production
area, which can make it easier and more convenient to make the goods available for
the customers (LAASCH, 2022)
 Promotion - The term promotion is an activity which is basically used to encourage
and increase the reputation of the brand or a product. The promotion is a part of an
effective marketing system which is the most important activity through which the
customers can be known and aware about the product or the brand. There are a lot of
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promotional activities which can be opted to promote the product and services offered
by the business and the organization such as, advertisement, Sales promotion,
personal selling, Door to Door selling etc. These activities can help the marketers to
promote the goods effectively.
Figure 2 4 P's of marketing mix (The 4Ps of Marketing, 2018).
Introduction of product/service
Enterprise Rent-A-Car is an current success story. The guiding principles, and humble
beginning, revolve around personal honesty and integrity. The company believe in
strengthening the gathering one at a time and Serving the customers as if they are a family
by rewarding hard work. These things are as true today as they were when the company
company was founded in 1957. The mission of the company is to be the best transportation
service provider in the world. To exceed the customers' expectations for service, quality and
value. To serve the communities as a committed firm citizen. The company take an active
role in sustainability, not only because it’s smart for the business, but because they believe
in making the world a better place for future generations. Because of the size, they are in a
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unique place to Foster invention , advance research and test market-driven solutions. The
enterprise- car rent-a-car is also a well reputed company which provides the best of its service
to the customers, so that they can gain the trust and loyalty of the customers by providing the
effective services so as to make their life easy and convenient.
Situational Analysis of Rent-a car -
 Political Factor- Operational activities of Rent-A-Car is expanded in a vast range due
to its global presence. Maximum percent of the business is being conducted outside
market of the country, which almost gives 37% of total sales. But many political
intervention is affecting the working of the company at global level like situation of
trade war between China and US.
 Economical Factor- Various type of economical changes in the market, also affect
the business of Rent-a car. Like changes in the control of capital, policies related to
the currencies or imposition on laws for doing trade activities. Rent-a car has
experienced severe change in pricing policies in its different growing market like
USA which has great impact on the earning of the company.
 Social Factor- Rent a car is continuously following the growing health concern
among the people, for this company has changed its production structure in providing
nutritious food items to their customers. Company is concentrating on the production
of healthy bars with less quantity of sugar.
 Technological Factor- With technological advancement company brings beneficial
changes in its outputs, it also declines the total production cost of the company. Use
of online marketing is making easy for Rent-a car to reach maximum customer and
keep them informed about their new products.
 Environmental Factor- Company is working in various environmental programs to
create the awareness about the safety of natural surrounding. Rent-a car is
functioning in decreasing the carbon footprint with the support of United Nation.
 Legal Factor- It is important for the company to follow the rules and regulations and
other norms so as to flourish in the long run.
Application of 4Ps marketing mix to the selected product/service
 Product
The term product is referred as the representation of the items that satisfies the needs and
wants of the customer, The product seeks to solve the problems of the consumer because it
consider the customer as the integral part of the market. The enterprise provides the
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intangible good i.e. a service which aims at creating a bridge between customers and
transportation facilities.
 Price
The price is defined as the amount that is offered by the customer in order to purchase the
goods and service so that the marketing system can be promoted. The enterprise uses the
customer based values so that it can create the effective pricing policies so as to provide the
best of its quality to the customers.
 Place
The term place refers to the geographical location in which the product or the service is been
provided to the customers of different segments of the market. The place is an important topic
so as to ensure that the organization is locating the products and services in the areas and
places that are easy and convenient for the customers to reach. The place of Rent-a car is
focused at providing best car services to its customers in the areas which are quite effective
and easy in the reach pf customers, so that the proper and appropriate service can be provided
to the customers.
 Promotion
The term promotion is the most effective tool in the marketing mix, Promotion is considered
as the most important activity which provides the information and brand image of the product
and services to the various customers. The promotional activity are opted by every business
and organization so as to promote their product and services by making them aware about the
product or service which has been offered by the firm. The business spent huge amount Of
money on the promotion of their products such as, advertising, sales promotion, personal
selling, public relations and direct marketing as well. The Rent-a car is promoting their
services with the help of advertising and various other communication channels such as
newspapers, television etc. by which the customers are getting more aware about the cars and
services that has been offered by the companies. The company is also taking active
participation in various campaigns so as to make it more clear and understandable about the
qualities and facilities providing by the company to make the people live more easy and
conveniently.
SWOT ANALYSIS
Strength
The company is good at providing the best of
Weakness
The revenue of the company are
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its transportation facilities to the customers
so as to make the lives easy.
Offering rental cars so as to satisfy the needs
and wants of the customers.
Being effective and efficient in providing
best of its services to the customers.
unpredictable and are very hard to be
estimate as it depends on the customers
preferences.
The industrial operations fleet expansion
were altered in the short term, creating an
effect on the company.
Opportunities
The company focuses on the delivery and
various other logistical services so as to meet
the current needs of the customer.
The technological up gradation has increased
the competition in the industries and reduced
the operator's margins up to an extent.
Threat
The issues faced by international tourism
and other air travel has caused the volatility
in the revenue of the company.
Limited number of staff causing various
effect on productivity and other functional
ability which can act as a threat to the
company.
CONCLUSION
The above report went into detail with many complex topics such as the marketing
and its components such as marketing Mix which are basically used to promote the goods and
services through various activities. in this report the marketing mix and its components were
described which are referred as the most important tool to promote the goods offered by the
business or an organization. Furthermore, The Rent- a car is taken for giving the detail about
the brand. Along with that, the 4 Ps were also described with the context of The company as
these activities can help the business to make people more aware about their products and
services.
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REFERENCES
Books and Journals
Foroudi, P. and Melewar, T.C., 2021. CORPORATE BRAND SIGNATURE
MANAGEMENT. Corporate Brand Design: Developing and Managing Brand Identity.
Fraser-Arnott, M., 2020. The marketing mix in parliamentary library websites. Journal of
Library Administration, 60(8), pp.875-888.
Frynas, J.G. and Yamahaki, C., 2019. Corporate social responsibility: an outline of key
concepts, trends, and theories. In Practising CSR in the Middle East (pp. 11-37).
Palgrave Macmillan, Cham.
Issock, P.B.I., Mpinganjira, M. and Roberts-Lombard, M., 2021. Investigating the relevance of
the traditional marketing mix across different stages of change: empirical evidence
from household recycling. Journal of Social Marketing.
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LAASCH, O., V GREYSTON’S BAKERS ON A MISSION TO SCALE OPEN HIRING®. y IP address
192.168. 10.4 on 2022/04/05, p.970.
Lahtinen, V., Dietrich, T. and Rundle-Thiele, S., 2020. Long live the marketing mix. Testing
the effectiveness of the commercial marketing mix in a social marketing
context. Journal of Social Marketing.
Liu, Y.L., 2021. MARKETING MIX PLUS DIGITAL PLATFORM INNOVATION IN
PHARMACEUTICAL INDUSTRY: WHERE WE ARE AND HOW TO MOVE FORWARD
UNDER COVID-19. In 30th International Conference of the International Association
for Management of Technology: MOT for the World of the Future, IAMOT
2021 (pp. 991-1002). Liu, Y.L., 2021. MARKETING MIX PLUS DIGITAL PLATFORM
INNOVATION IN PHARMACEUTICAL INDUSTRY: WHERE WE ARE AND HOW TO
MOVE FORWARD UNDER COVID-19. In 30th International Conference of the
International Association for Management of Technology: MOT for the World of
the Future, IAMOT 2021 (pp. 991-1002).
Marketing Process: 5 Steps of Marketing Process, 2022 [online] available through
https://www.iedunote.com/marketing-process
Mitterfellner, O., 2019. Fashion marketing and communication: Theory and practice across
the fashion industry. Routledge.
Oates, C.J., 2020. Sustainability Marketing: Products, Fairtrade, and Greenwashing. The
SAGE Handbook of Marketing Ethics, p.226.
Online referencing
Smith, P.R. and Zook, Z., 2019. Marketing communications: Integrating online and offline,
customer engagement and digital technologies. Kogan Page Publishers.
The 4Ps of Marketing, 2018 [online] available through
https://expertprogrammanagement.com/2022/03/4ps-of-marketing/
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