The Nature and Importance of the Marketing Mix within the Marketing Process
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This article discusses the importance of marketing mix in the marketing process, with a focus on the 4Ps: product, price, promotion, and place. It also provides an application of the marketing mix to Enterprise Rent-A-Car, a global car rental company.
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Contemporary Issues in Marketing Title: The nature and importance of the marketing mix within the marketing process.
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Table of content Introduction Main Body An statement of marketing An statement of marketing mix A brief hypothetical explanation of 4Ps marketing mix Introduction of product and service Application of 4Ps marketing mix to the selected product and service Conclusion References Introduction: Marketing mix is the basic structure for starting a business, it is also a process which is deals
with the areas of focus in the plan of the marketing. Effective marketing touches a broad range as sticking to fixation on one message. It oblige to control marketingof imitative in terms of price, product , promotion and place which offers to meet the desired demand of a customer in particular. Marketing is an important tool which is useful in promoting an item to the buyers in the market. There are certain issues faced during promoting the product is that to understand the requirement of the local customer regarding the item. (Rust., 2020.)The contemporary marketing issues affect on change in global economics. The manufacturer is offering and influencing the customers to purchase an individual item, by observing the people regarding their needs in the totally. There are set of rules and regulations, activities and plan of action aremaintained by the organisation to successfully promote the product and the services in the market. Enterprises Rent- A-Car is a executive leasing company, and the founder is Jack Taylor at St. Louis in 1957. He started this business with a belief that thepublic will give a positive respond to the concept of hiring auto mobiles and in the beginning he just had 7 cars to give the shoppers. Main Body An statement of Marketing: Marketing is refer to the set of activities that under takes to promote the buying or selling of a product or services by a company. It also relationship that this maintained by the organisation between the client and the retailer. Marketing is determined in advertising, selling and delivering of the product to consumer and the other business. This is also responsible for searching, anticipating and observe the requirement of the customer with the profit. The modern marketing gas two different meaning according to the people, who use the particular term in majority. The first meaning explains the importance of marketing in selling, promoting and encouraging the person always is viewed and discussed as business activities.(Quach, et.al., 2020.) Secondly, the success of the company is reliable on the identification of the customers need, developing good products, pricing , distributing and motivating the customer to effectively use and buy the product. Without promoting the item in the market people will not be aware about the production of the product. The plans of marketing should be made effectively that the name of the brand is know to every individual in the society. An statement of Marketing mix: Marketing mix is know for planning the promotion of the product in multiple areas of
direction, and it a complete part of marketing plan. The basic structure for the marketing is classification that are price, product. placement and the promotion. It is useful in the upliftment of the product and the services provided by the organisation in the market and sell it. It can be influenced but depends on the exterior and the interior environment in order to meet the needs and demands of the buyer, the company uses many different marketing strategies.(Ferrell,., 2021.) A academic brief explaining the 4Ps of marketing mix: These are the major sources that are involved in the marketing of the goods and the local services. The factors included in the same are price, place, product and promotion of goods and services, these are explained as the internal and external factor in overall business environment. The mentioned sources all in totally are enough in for a company to fulfil the requirement and desire of the customer. They are the blueprints which guide in making plans for marketing, these are also described as the conceptual planning that permits the producer to identify the requirement and the choice of the consumer. The cost should be compatible with the placement of the product. (Lahtinen,.2020)Effective marketing mix help in creating a strong bond of chain between the customer and producer. It even guides the company to built a combination of thoughts and items that will wisely manage the organisational planning to complete the production of the required goods in the market. A product is something which is offered by a company to fulfil the needs of the customer and their desire. Product is further explained in two categories that are goods and services. In this goods represents as the tangible products and the services represent as intangible products. Price is the monetary values of the products offered by the company.Marketing mix help in determining what offers can be made to the customers, at what price to be sold and how and where to attract the buyer. Introduction of product and service: Product and services are two major factors in any business, they play a crucial role in the growth of the business in the market. The product is considered as a tangible item which is displayed in front of the customers in the market for getting the attention of the buyers. Where as, the service is an intangible item that arises from the output of the different individuals. The company usually adopts mass production, promotion and distribution to achieve higher economics of scale, lower production cost and achieve profitability. Each company makes its own different selling proposition to meet the customer needs and unique manner to make the product available in the market. Price is associated with the perceived value by the customers, the cost of the item should in proportion to the value of the product. The promotion of the goods should be in such as a
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manner that the item should out stand from the other products in the market and are the most correct choose. The main decision is that where the product should be sold and how to be made available to the customers in the best managed manner (Shokrani,., 2019.). Enterprises Rent- A-Car offers the clients with rental cars for local and airport facility, the company even provides sharing of vehicles, van and car hiring. It even provides business solution for any sort off technical issues faced by the clients and minibuses. This brand was developed as a worldwide leader in the car rental business. An application of 4Ps marketing mix to the selected product and service: As explained earlier, marketing is all about pricing, distribution, product and plan for promotion of an organisation in order to establish or carry out and achieve the targeted market. The marketing mix is interlinked with both action and the solution for fulfilling the requirements of the customers needs and desire. It works as a helper in the business professionals to analyse what are the demands of the customer and the what they require from the company and what steps to be taken to fulfil the needs and demands of the clients. In relation with the Enterprise Rent – A- Car, its marketing mix plans focus on following subheads which are: 1.Product:It is a good and services that the company offer to the customers. A product should fulfil the demand of the customer and the choices for which they are willing to pay. These are involved with goods and services that includes materials like clothing, grocery items, furniture, services. Concept of goods are broad and it just not only include natural items but even includes the people, experience, places, business information and many more. (Purohit., 2021)Enterprises Rent-A-Car provides with a large variety of the cars for rent. It includes local and airport rental services, temperature controlled vehicles, accessible minibuses, sharing of the motor vehicle, car and van hiring. The enterprise is a part of a St. Louis based holding which also operates the Alamo Rent-A-Car brands and National car rental. It even provides specialised comfortable andluxurious cars including SUV'S, HGV'S. This is the biggest organisation working as the transportation solution supplier in the world. The business was started with only seven cars in the beginning in St. Louis and now it has a collection of more than two million transport in over 7900 locations in 100 countries. 2.Price:It is considered as the key element in marketing mix because it dictates a company's survival and profit earned. This is the consideration that the company gets in return of their
services provided to the customers. The price showcase how much profit does the company earn will selling the product to the clients. The pricing of the product, the marketing cost and the expense required to distribute the product should be kept in the mind of the company. There should also be the idea of the product of the opposing party in the market for the same business. The price kept by them is reasonable to the product offered to the clients, so that more (Lahtinen,.2018,)people are able to use the item available in the market.Enterprise Rent-A-Car approaches to the pricing was based on competition as it was necessary to the grocers. This company is ensure that price never become a reason for customers to choose any other company for rent car. So, the company is using top class cars and offer high satisfactory price for the services. This cost is include the maintenance cost, labour cost and machine cost 3.Promotion:It is another P in the 4p's of the marketing mix, it is one of the essential element in the company, as the promotion of the product will determine the usage of the product as more the promotion of the item, more will be the selling as the society will get aware about the new product in the market. There are various ways in which the promotion can be done by the company, that are by digital marketing, putting banners, selling the product straight forward. The promotion of product should be done at the right time and place where people will be willing to purchase the items. Enterprise Rent-A-Car give the many deals, promotion and provide travel partners on car and van hire. It gives the many rewards when hire a car with this and use one of the high rated travel partners. Travel partners are helpful in the earning miles, points and more after hiring a car. Travel partners are flying blue for me, Marriott rewards and Virgin Atlantic flying club. It gives an offer for example save 10% when pay which means that pay for cars in advance and save 10% and it can get cancelled for free up to 3 days. It also gives the car club membership and provide 5% discount for club members. It provides many deals such as Email offers and tips for getting the lowest prices on car and van rentals. 4.Place:This is one of the most important factor in the determination of the marketing mix and it is called as the distribution. It is a way of providing the customers their product and the services. It is the area where the product is manufactured and than dispatched to the customers. Enterprise Rent-A-Car offers its service in entire UK and also provides their services in Ireland, Germany, France, Spain, United State and Canada. It provides there services over 7900 locations in 100 countries. It has employees more than 100000 people which operates more than 10000 branches in worldwide. It is provide car sharing and offers
hourly car rentals.(Filbert., 2018.) Conclusion: From the above report, it is understood that the marketing mix helps and guides the company in its working manufacture. Its objectivity is to fulfil the requirements and the desires of the customers. It is important for an organisation to provide the goods and the services to the clients on time, with reasonable pricing of the item. The implementation of the 4Ps, will increase the production of the product and will give a growth in the business. Therefore, it is concluded that the marketing mix is an essential element of marketing that plays a major role in the development of the business. REFERNECES
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Books and Journals Rust, R.T., 2020. Outside-in marketing: Why, when and how?.Industrial Marketing Management, 89, pp.102-104. Quach, S., Thaichon, P., Lee, J.Y., Weaven, S. and Palmatier, R.W., 2020. Toward a theory of outside-in marketing: Past, present, and future. Industrial marketing management, 89, pp.107-128. Ferrell, O.C., Hartline, M. and Hochstein, B.W., 2021. Marketing strategy. Cengage Learning. 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. Shokrani, M., Haghighi, M., Paricheh, M. and Shokrani, M., 2019. A comparison of statistical and decision-makingtechniquesinmarketingmixevaluation.JournalofManagement Development. Purohit, S., Paul, J. and Mishra, R., 2021. Rethinking the bottom of the pyramid: Towards a new marketing mix.Journal of Retailing and Consumer Services,58, p.102275. Lahtinen, V., Rundle-Thiele, S. and Dietrich, T., 2018, May. An Abstract: Do We Need to Imply a Full Mix? 4P Versus 1P. InAcademy of Marketing Science Annual Conference(pp. 445- 446). Springer, Cham. Filbert, A. and Anthony, W., 2018. The Impact of Marketing Mix of 4Ps (Product, Price, Place, and Promotion) towards Repurchase Intention with Customer Satisfaction as the mediator: In the Case of Uniqlo. iBuss Management,6(2).