Contemporary Issues in Marketing: Importance of Marketing Mix and its Application to Rent-a-Car

This report discusses the importance of marketing mix in promoting brands and achieving financial goals. It also applies the 4Ps marketing mix to Rent-a-Car and its services.

Contemporary Issues in Marketing

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
A Statement of Marketing: -........................................................................................................1
A Statement of Marketing Mix: ..................................................................................................2
A brief hypothetical explanation of 4Ps marketing mix .............................................................2
Application of 4Ps marketing mix to the selected product and services:....................................3
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................5

INTRODUCTION
Marketing mix refers to a operation which emphasize all the elements which are required
to promotes the brands of an organisation. Marketing techniques help to full fill customer's
requirement in order to achieve profit. Using different tactics help to reach wider consumers and
find out the things that really matters for the company's betterment. It is very difficult to compete
in a competitive market so it is required to use tactics and promote the brands for survival.
Marketing mix helps organisation to grow and achieve success by implementing various
strategies to promote the products. This report will make the reader familiar with the importance
of marketing mix within marketing process. All the marketing and promotional tool used by
rent-a-car are discussed in order to meet customer's need.
MAIN BODY
A Statement of Marketing: -
Marketing includes all the actions which are done to promote the brands in order to make
profit. Marketing involves communicating about the benefits and values of products which meets
the requirements of consumers. It includes promotion, selling, designing and innovation to target
the goals to make profit. Through marketing an organisation make consumer familiar of benefits
of products to make them believe that they are selling better products than other companies.
Marketing not only helps organisation to generate profits but it is also used by schools and
hospitals. Marketing helps to stimulate brand awareness to target the goals and achieve success.
This procedure makes company stand with the competitors and to hold a good position in
international market. Through marketing sales can be increased only if the process is well
performed and brand is promotes as required. Implementing different strategies and tactics in
marketing makes easier to target financial goals. Advertising techniques are very crucial to
promote brands and make company earns profit. It is a process kick off when the product is
manufactured and ends when it reaches to consumers. Marketing makes companies perform
better and achieve the goals before the time. There is requirement of planning and implementing
strategies and making channels for distributing the products. Marketing needs skilled
representatives who can represent the product in such a way which make customers buy
products as attracting customers towards the products is very crucial to enhance the productivity
and sales.
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A Statement of Marketing Mix:
To increase product visibility and sale various marketing tools are required and all these
marketing tools are captured by marketing mix. Marketing mix consists four key elements-
promotion, product, price and place. This includes demands of consumers and what are the
factors involved in failure where companies can not full fill the requirements of consumers. It
helps to find out the ways to advertise the products to and make consumers belief that why their
products are better than others. Marketing strategies are required to meets the requirements of
consumers in order to attract them. Companies need to prioritize customers demand to make
them purchase the products which increases sales. Out dated products can not get sold easily
because advanced featured products are already existing inn the market.
A brief hypothetical explanation of 4Ps marketing mix
Marketing process is used to promote the brands and make strategies to achieve financial
goals. This procedure consists 4Ps which are promotion, place, price and place. This four part
help companies to grow and diversify and make companies to achieve goals. This includes all the
internal and external elements which affects the marketing of products. It helps to analyse
customer's requirements and key factors for the betterment of the company. Implementing the
strategies makes survival easy in high competitive market. Company need to chose the place
which is accessible to customers so consumers can get the product easily.
Marketing strategies helps to target the goals and make channels for the distribution. It is
really helpful to maintain the quality and satisfy customer's demand. There are lots of effort
required to plan such strategies and implement these strategies while marketing. It is very time
consuming because it only looks very easy to do but practically it is very complex. To reach the
goals different tactics are used to make company better than other competitors.
Companies make strategies to manufacture goods with minimal price in order to make
consumer belief that they are getting the products at the best price and quality. This make
consumer attract towards products and increases sales. Financial goals can only achieved if
consumers are getting the quality products, thus need to maintained. High prices always lead
loosing customers and it deceases sale. Companies need to make product with low
manufacturing cost but also need to maintain the quality. Cost of the product need to compared
with other brands who are launching the same products to compete well.
Introduction of product and service:
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companies need to provides quality services to build customer's belief and make profit.
Marketing tactics helps business to grow and expand to improve company's profitability.
Strategies implemented to improves services are analysing consumer's data, innovates new
products, finding new markets, diversify distribution channels and meet the demands of existing
customers. Product and service improvement is a process used to make the existing customers
belief that products they are purchasing are really beneficial for them. Improving services makes
good market image of the company (LOUR DES DE ROSE, 2021). Manufacturing new products
according to customer's demand make them purchase the products. In order to attract customers
it is very crucial to improve quality, simplify work processes, less waste, reduce cost and
improve customer satisfaction. To increase the production level organisations need to perform
promotion activities and make distribution channels. Promotion makes consumers familiar with
the benefits of products and boost sales. Enterprise rent-a-car gives various kind of services to
consumers for example if a consumer is looking for rental services company provides car so
consumer may take advantage of this. This company also make strategies to earn profit by
attracting customers towards the product. Promotion present the product in front of customers in
a better way so customer get to know why to purchase this products and what are the benefits of
purchasing such products. Companies design the promotion activities by enlisting all the
qualities and benefits so they can attract customers. Promoting products contributes to create
positive image of the company in market. Promotion can be done by using various platforms
such as social media, magazines and newspapers (Amadi-Echendu, 2021).
Application of 4Ps marketing mix to the selected product and services:
Marketing of products includes selling promoting, distributing and selling of products so
companies can satisfy customer's needs (Borriero, 2020). Promotion gives the information to the
consumers to make them familiar about the new products and its benefits. Marketing-mix totally
depends upon 4Ps and these are described below-
Products- these items are manufactured by the company and sold to the consumers to
make profit. Companies need to sell good services and products for their market survival .
Products sold by company may be any furniture, books, toys, food items and machinery.
Services provided by companies includes hospital care facilities, restaurants services and hotel
facilities. Manufacturing products with minimum manufacturing cost is helpful to increase the
sale as customers get the product with best price and quality.
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Company such as rent-a-car provides many services like rental car services and they have
collection of inclusive cars having all the facilities to meet the customer's requirement. This
speciality is useful to make profit and diversification of the company.
Price- it is very crucial to minimize the manufacturing cost and improve the quality so
company can make products available at best price and customers can easily buy products.
Making profit margin is also compulsory for being financially stable and make company survive
in competitive market. Pricing plays an important role in satisfying customers and helps to
achieve financial goals.
Rent-a-car is an organisation which implement pricing strategies which are made on the
basis of existing market condition and provide premium quality product at the best price. They
offer products at the cost which is fair and worth for all the consumers. Products sold by the
company are already at the best price and it always attracts the customers towards rent-a-car.
That is why it is being a trust worthy company for so long.
Place- it is defined as supplying products to the wholesalers so that the product can be
easily purchased by consumers and it is so helpful for a company to diversify. Place is one of the
most important key factor of marketing-mix as it improves goodwill of the company and helps to
earn profit. A place need to be decided according to the crowd which increases the sale and make
company earn profit (Pop, 2019).
Rent-a-car is a company which is planning to start their branches in the market in order to
enhance the approach and so they can satisfy customer's need. It is also helpful to improve the
growth and expanding organisation. Opening branches will increase their productivity and
increase the sale.
Promotion: without promoting the products it is not possible to diversify the company
and make profits. As customers do not get familiar with the advantages and do not get the
purpose of purchasing products, it is very crucial to promote products in front of consumers.
Promotion can be done by using social media platforms, magazines, newspapers, articles and
advertising via television. Customer do not purchase products if they do not know about the
company and quality of product they ned to buy. Promotion helps to increase sales and make
profit which is helpful to achieve financial goals (Shaari and Salleh, 2018). Companies uses
different promotion techniques to make it better in order to attract customers. Celebrities are also
sponsored to advertise the products as customers admire their favourites and follow them. This
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make customers buy the same products which is being advertised by celebrities (Nepsha and et.
al., 2020).
As others rent-a-car also do so and perform different promotion activities so they can
offer discount to customers and make them belief that they are receiving a quality product with
the minimal price. To enhance consumer experience they are providing rental services to
consumers so they can get the vehicles on rent when required. These type of services make
consumers attract towards the company and make company ear their profit margin. Company
also look for launching new models of car with all the facilities which meets the customer's
requirements (Tseng and Lu, 2018).
CONCLUSION
From the above report it is concluded that marketing-mix concept was build up with the
purpose of making profit with the help of increasing productivity and building he trust of
consumers. It is crucial for an organisation to evaluates the key elements which plays major role
in earning profits and increases sale. There are various factors which are required to be focused
to expand the company on next level. Understanding existing market condition and pricing on
the basis of evaluation is compulsory for survival of organisation. Supplier or marketer need to
understand customer's demand and manufacture such products which are satisfying customer's
need. Promotional tools are required to design better promotion activities so customer get attract
with the product and purchase it.
REFERENCES
Books and Journals:
Amadi-Echendu, A., 2021. Contemporary Issues in Sustainable Operations Management.
In Responsible Management in Emerging Markets (pp. 187-214). Palgrave Macmillan,
Cham.
Amjad, T., 2020. Contemporary challenges in entrepreneurial marketing: development of a new
pedagogy model. Journal of Entrepreneurship Education, 23(3), pp.1-22.
BAKU, K., 2018. Contemporary & Ethical Issues In Marketing. May, 2018.
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Borriero, R., 2020. Voice commerce and contemporary marketing: characteristics and joint
applications.
Černikovaitė, M., 2019. The Impact of Influencer Marketing on Consumer Buying Behaviour in
Social Networks. Contemporary Issues in Business. Management and Economics
Engineering.
Flash, A., Photoshop, A., Alro, S.A. and Tulcea, A., 2020. Contemporary Issues in Business
Economics and Finance. risk, 60, p.136.
LOUR DES DE ROSE, V.J., 2021. Marketing Through Video Blogs--An Emerging
Trend. Journal of Contemporary Issues in Business & Government, 27(3).
Nepsha and et. al., 2020. Contemporary issues of digital economy and society. Higher education
in an information society environment.
Palazzo, M., 2019. Contemporary Issues in Branding.
Pop, N.A., 2019, September. Contemporary Directions in the Development of Romanian
Academic Marketing in Favor of Increasing the Performance of the Organization.
In Griffiths School of Management and IT Annual Conference on Business,
Entrepreneurship and Ethics (pp. 17-35). Springer, Cham.
Shaari, H. and Salleh, S.M. eds., 2018. Contemporary Research in Brand Management (UUM
Press). UUM Press.
Tseng, P.H. and Lu, C.S., 2018. Contemporary issues and challenges for the Taiwanese maritime
industry. In Maritime business and economics (pp. 188-200). Routledge.
Online:
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