The Nature and Importance of the Marketing Mix within the Marketing Process

This report discusses the marketing mix and its importance in the marketing process. It explains the 4Ps of marketing mix and their application to Enterprise cars, a car rental agency. The report covers the product, price, place, and promotion strategies used by the company. It also includes an introduction to marketing and marketing mix, along with a brief theoretical explanation of the 4Ps marketing mix. The subject is BSc (Hons) Business Management, and the course code is BMP4004.

BSc (Hons) Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
Submitted by:
Name:
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Contents
Introduction p
An explanation of marketing p
An explanation of marketing mix p
A brief theoretical explanation of 4Ps marketing mix
p
Introduction of product/service
p
Application of 4Ps marketing mix to the selected
product/service p-p
Product p
Price p
Place p
Promotion p
Conclusion p
References p
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Introduction
Marketing refers to the process of creation, exploring and delivering goods
and products so that organisations can effectively satisfy the demands of their
targeted customers (Morgan and et.al., 2019). The business environment analyse
the demands of targeted audience so that they can offer customized products which
results in growth and success. This report is based on Enterprise cars which is
American car rental agency. It was founded in 1957 by Jack C taylor and it is
headquartered in Missouri, United States. In this report will include about marketing
concept which is used by organisations. Products and services are described which
satisfy the requirements of customers. Marketing mix is discussed in this report
along with marketing strategies.
An explanation of marketing
Marketing is responsible for the advertismenet and promotion of goods and
products. Organisations should analyse the market environment with the help of
research and development so that they can understand the current market trends.
Organisations should track the operations of their employees so that they can
maintain accuracy which results in development and growth. marketing strategies
should be used by organisations so that they can capture large market area in
desired manner. Marketing can effectively establish the brand image in market so
that organisatiion can higher revenues (Kotler, 2021). Markets involves two factors
buyer and seller who communicate and interact with each other. Marketing
operations should be tracked so that managers of organisation should eliminate
mistakes and errors. Promotion should be carried out in best possible manner so
that brand company can increase their brand awareness among people. Different
marketing tools should be involved in operations so that acquiring market area
become easier for an organisation. Different traditional methods which organisations
generally use in their operations are hoarding, advertising and newspaper and many
more. Some of the digital tools include social media platforms such as Facebook,
Instagram, twitter and you tube which organisations use.
An explanation of marketing mix
Marketing mix refers to the marketing plan which organisations use in order to
offer their services. It captures broad range of area in effective manner which is
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essential for achievement of goals and targets. It includes price, products, promotion
and place which are used as tactics. External and internal environment should be
analysed so that effective marketing can be done. (Stead and Hastings, 2018). The
first P is product which refers to the elements which are offered by organisation in
order to satisfy the requirements of the customers. Organisations should focus on
the quality of their products and goods so that they can retain and attract their
customers in best possible manner. The next P refers to price which customers
willingly pay against the products and services which they use. Organisations should
set their prices according to the quality of products so that they can attract large
number of audience. Affordable prices should be offered by organisation so that
customers can easily buy goods and products which results in higher revenue
generation. Organisations should make effective decision so that they can easily
satisfy the requirements which results in establishment of brand image. Place refers
to the region which organisation select for the offering their products and services to
their targeted audience. Place is essential element of marketing mix which should
consider the effective reachability of the audience (Blut, Teller and Floh, 2018). The
fourth P of marketing mix refers to promotion which involves public relations,
advertising and other promotional strategies which are used by organisations in
order to attract large number of audience.
A brief theoretical explanation of 4Ps marketing mix
Marketing mix can be defined as all the activities that are undertaken by the
organization in order to promote the goods and the services in the market. It
facilitates the organization to promote their brand value in the eyes of the customers.
Marketing mix mailing includes four P's of marketing that are discussed below:
Product:- Product is the first part of the marketing in which the organization
represent the product or services to the customer through which they can satisfy
their needs (Berkowitz, 2021). It is very important for the managers and the leaders
of the organization to analyze the needs of the customers and accordingly they
should deliver the products and services into the market. The production department
should focus on adding necessary features in the products or the services through
which they can give a competitive edge in the market.
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Price: It is another part of the marketing mix in which the organization has to decide
the price of the products or the services that they are offering to the customers in the
market. It can also be defined as the value that the customers want to pay in return
for the goods and the services. Pricing should be decided after the analyzing of the
competitive price through which the organization can gain more share in the market
and the customers can also easily attract to the business (Heller, 2020).
Management department ensures that they should set the price of the products
through which they can easily cover out their expenses or cost.
Place: Place can be defined as the area in which the organization has to make the
products and the services available in the market. It is very important for the
organization to consider each and every part of the particular place through which
they can deliver their products and the services (Purohit, Paul and Mishra, 2021). It
also includes the distribution channel like wholesaler retailers through which they can
easily deliver the products to the ultimate consumer in the market. Organizations
have various options in order to deliver the products into the market such as they
can open their stores or select an effective distribution channel through which they
can send their goods into the market.
Promotion: Promotion is the last and the most important part of the marketing mix
through which the organisations promote and advertise the goods and the services
into the market. It facilitates the organisations to increase their sales by undertaking
various promotion activities which results in more generation of profits for the
companies (Kumar and et.al., 2019). Promotional activities are generally undertaken
by the marketing departments through which they are able to promote the values of
the brand in the eyes of the customers. Promotional activities include various
components such as advertising direct marketing and the sales promotion. These
types of techniques are used by the organisations and the business firms in order to
promote their products and the services through which they become able to increase
their profitability in the market.
Introduction of product/service
The service which Enterprise cars provides are very effective for customers
as they provide rental cars. Transportation facilities are provided in affordable prices
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so that customers can easily travel from one place to another (Talib, 2019). They
also provide replacement services against mechanical repairs, accidents, thefts and
technical errors in car. People can easily travel throughout the local places with the
help of these services. It covers many areas like Canada, United States, Germany,
Spain, UK and Ireland. It provides various types of cars such as exotic vehicles and
economy cars which are highly preferred by the targeted customers. They also
includes pickup trucks, commercial cargo vans and box trucks. They have expanded
their services in nearly 100 countries which help them in increasing their revenue
generation. They have initiated their online services through websites and
application which assist them in acquiring large market area in effective manner.
They have hired talented and skilled people for providing services so that they can
fulfill their wants and needs (Wahyuningdyah, Susilowati and Kurniasari, 2019). They
repair car which help large number of people in getting effective services in lower
prices. Enterprise cars also offer used cars for sale, commercial fleet management
and other rental operations which are highly required by the targeted audience.
Application of 4Ps marketing mix to the selected
product/service
Product
A good or service offered by the company is referred to as a product. For a product
to be appealing to the consumers, it must satisfy their demand(Lahtinen, Dietrich
and Rundle-Thiele, 2020). Enterprise Rent– A -Car provide renting and leasing
services of cars to its customers. The company is well established and known for its
excellent services. Enterprise Rent– A -Car took advantage of the trend of renting
cars and set a company which became a success.
Price
The amount for which a good or service is rendered by the company to its customers
is referred to as price(Lim, 2021). Enterprise Rent– A -Car has used and aged cars
for rendering to its customers and thus have a high maintenance cost. Repairs of old
cars are also high. It has maintained a decentralized, entrepreneurial and
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professional minded team. Professionals charges a good amount for their services.
All this makes the company to charge high from its customers thereby falling the
burden on them.
Place
The place is the market where the company intends to sell and deliver its product
which is ready to use(Mintz and et.al., 2021). According to the market strategy of
Enterprise Rent– A -Car, the company is trying to enhance its existence in airports.
Further the company is planning to expand its business in international market for
growth. Canada, United Kingdom and Ireland are some countries where the
company has already explored the market and was quite successful. This gives them
a confidence to explore more international markets.
Promotion
Promotional strategies adopted by the company to expand its business or to make
people aware of its products is known as promotion. This includes advertising, door
to door selling, public relations, etc. In this digital age, the company, Enterprise
Rent– A -Car, is making use of online platforms for making promotions such as
social media. This helps the company target today's youth. This will create
awareness among them and will be helpful for the company to grow as it is the
youth, generally, who prefers to take renting and leasing services. Young adults
generally prefer driving rather than traveling in public transports.
Conclusion
From the above report, it is concluded that marketing mix is quite significant in
the marketing process. Marketing is selling and promoting the products to various
customers. The four P's, often known as marketing mix, is significant for marketing of
products to promote growth of the business. It helps the company to understand the
basic concepts of marketing and applying those to establish an identity of a new
product in the market or to help maintain the position of the old ones. The company
is a success and is expected to flourish in the future too. The company could further
make profits by bringing some changes in its business strategy like accepting one
way car rentals, increasing its presence in airports, reducing cost through cost
effective techniques, etc., which help attract more customers.
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References
Blut, M., Teller, C. and Floh, A., 2018. Testing retail marketing-mix effects on
patronage: A meta-analysis. Journal of retailing, 94(2), pp.113-135.
Kotler, P., 2021. Marketing 4.0 do tradicional ao digital.
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.
Lim, W.M., 2021. A marketing mix typology for integrated care: the 10 Ps. Journal of
Strategic Marketing, 29(5), pp.453-469.
Mintz, O. and et.al., 2021. The right metrics for marketing-mix
decisions. International Journal of Research in Marketing, 38(1), pp.32-49.
Morgan, and et.al., 2019. Research in marketing strategy. Journal of the Academy
of Marketing Science, 47(1), pp.4-29.
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.
Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the
balance right. In Social Marketing (pp. 29-43). Psychology Press.
Talib, O.A., 2019. The Rolle of Service Marketing Mix in Non-Profitable Organization
An Exploratory Study Upon a Sample From Mosul Hospitals. TANMIAT AL-
RAFIDAIN, 38(123 following).
Wahyuningdyah, R.Y., Susilowati, M.W.K. and Kurniasari, W., 2019, October.
Strengthening Marketing Mix Performance to Enhance the Competitiveness of
Tourism MSMEs Using Importance Performance Analysis Approach. In 2019
International Conference on Organizational Innovation (ICOI 2019) (pp. 359-
364). Atlantis Press.
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