BMP4004 Marketing Report: Contemporary Issues and the Marketing Mix

This report provides a comprehensive analysis of the marketing mix, focusing on Enterprise Rent-A-Car. It begins with an introduction to marketing and its significance in achieving business goals, highlighting the importance of adapting to changing marketing trends. The main body delves into the marketing mix, explaining its components (product, price, place, and promotion) and their application to Enterprise's services. The report examines how Enterprise implements the 4Ps to enhance customer satisfaction, covering pricing strategies, distribution channels, and promotional activities. The conclusion summarizes the key findings, emphasizing the importance of marketing mix in ensuring long-term sustainability. The report uses academic sources to support its analysis.

Contemporary issues in
marketing

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Marketing Mix - .........................................................................................................................2
Brief explanation of Marketing mic with its principle - ............................................................2
Introduction of product and services - ......................................................................................3
Implementation of 4 p's marketing mix to the chosen products and services. ...........................3
CONCLUSION................................................................................................................................5
References:.......................................................................................................................................5

INTRODUCTION
Marketing is the commercial activity which is being done with setting an enterprise
business goals as well as aims that tends to profitability and long term sustainability in the
marketplace. This is being implied that marketing is the department which is assigned for
promoting business and its product, along with that as in current secenerio it is analysed that
marketing trends and methods are updating on regular basis so it is important for company to
follow that methods and have competing benefits. This department is liable for spreading
awareness in the marketplace about goods and its benefits(Bolton, 2022). They have to promote
goods in a good way so that the they can present a short content with basic details of product
that how it is good for users and why should users should go for the particular brand. In this a
little bit relation with the research and development team as they study the marketing conditions
and changing trends and share all the relevant details to them so they can go for that as well as
can have a profit from that information. This report is based on company Rent A Car which
provides cars and vans on rent to people. The company has varied kinds of cars as they can
choose any kind of model. In this report will cover the marketing mix and its concept in detail
form. Further it will explain these principles on the services and products of the entity.
MAIN BODY
Marketing is the explained activity, undertaken by the company. The reason of promoting
and selling their goods and services in the targeted market. It is a broad concept which covers
different operations and actions just as market research, advertising and many others. The aim of
marketing is to a target buyers of a some market and create them aware about the products and
offers of the company provides. The final goal of all business is to maximize its profits and
marketing is the main technique to attain it. Therefore, it is very essential for the coordination
and the production of all factors which shows the company(Lahtinen, Dietrich and Rundle-Thiele,
2020). This enables an industry to make a positive brand value along with that spread awareness
regarding the business it deals in. marketing capable the business to communicate the users
about their goods and why they must select that particular brand. Unique functions and services
should be highlighted as they assist them to differentiate the commodity and services from other
brand and add competitiveness over the rivals. Marketing enables in introducing and managing
good connections among the business and the audience. Customer engagement in the affairs of
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the company assists the management to know the requirements appropriately and serve the
users in a developed way. Content marketing, adverting, video marketing and many other these
are some of methods which is used to promote services of the company. Industry have started
using online medium for the marketing of their goods. In instance, enterprise Rent A Car has
their own website for the purpose of promoting their services.
Marketing Mix -
It refers to the a set of marketing instruments, utilised by the business in command to
attain the goals aspired, in a some market. Factors are as product, price, place, and promotion are
the soul of marketing mix and assist in promoting goods and services in the targeted market. It
aids an industry to analyse the appropriate and valuable mixture of various factors to reach the
set of aims. just as a company makes goods after researching of requirements of buyers. Further
the company sets the cost of its commodity purchasing power of the uses who are interested to
buy the goods of that brand(Stead and Hastings, 2018).
Brief explanation of Marketing mic with its principle -
As been discussed in above section, marketing mix has four factors just as 4 p's of
marketing mix. These principles assist a company to act and attain the wanted outcome. By
implementing all of them company for the improvement of its operations in the market and
industry. In the early 1950 the explanation of four elements of the market counted in
preferences. It is implemented in company with the aim of achieving goals with success as the
application of the concept is quite impressive(Rauschnabel and et.al.2022). Company further
expanded the theory of four p's to seven p's and gain the factors like people, process, and
physical evidence. Thus, the organisation basically utilise the main concept for four principles
which is discussed in below :
 Product - It is the main source in which the company deals. For a goods to be
successful, it should satisfy the marked audience. It can be either tangible or intangible
goods that complete a needs and wants of buyers. Whether they sell customized pallets
and wood products or provide luxury suit. It is peremptorily that they have a clear hold
of exactly what the commodity is and what creates it specific they can successfully sell
it.
 Price – It refers to how much the company will sell the goods for. When introduced a
cost , companies must consider the unit cost value, marketing value and distribution
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expenses. Organisation must also consider the price of competing goods in marketplace
and whether their proposed cost of point is enough to present a reasonable alternative for
buyers(Solimun and Fernandes, 2018).
 Place - It refers to the distribution of the goods. Key consideration considers whether the
company will sell the goods via a physical store front, online either both distribution
network just as online and offline. Whenever it sold in an outlet or store which type of
physical product placement does it get.
 Promotion – It is the fourth principle of the marketing mix which includes promoting
goods and services through traditional and non traditional form of advertising goods of
brands. It consider some modes that are as television, newspaper, digital media and
many others that is being used to advertise offers and other company activity to the
buyers. These digital media offers an ease to communicate with the people easily and
freely(Wang, 2021).
Introduction of product and services -
It is the factor which is the base of the company, the major item an industry deals in,
renting and leasing services are given by the enterprise RENT A CAR to its customers. Being
the huge transportation supplier in the worldwide, it has a broad range of transportation
accessible for its buyers. Car sharing, local and airport rentals are certain services given by an
industry. Users have a different of options accessible to them and can choose the transport
according to their wish, required and objectives. They are free to choose most suitable transport
for them. The company is providing a rental cars for people who are coming from another
country for visiting so they are providing a car and vans to them so that they can comfortably
move anywhere(Purohit, Paul and Mishra, 2021).
Implementation of 4 p's marketing mix to the chosen products and services.
The 4 p's of marketing helps the company to know the demand of their audience in a
better manner. These factors help an entity to analyse the targeted market and expand the
business by satisfying the demand of the users. The selected company try to reduce their costs
so that every one can able to afford the cost easily. Further discussed in below points.
Product -
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For Rent A Car services its product. They are serving some services by giving its vans, cars
and cargo on rental services. It is the most leading company in UK. In terms of giving rental
services. Giving rental services to its users at affordable cost along which raising customer
satisfaction with its products is main objective of company. According the customer satisfaction
with its goods is major aim of company also their choice is prime for company. They give
services of truck loading and with this for long trip services of prestigious cars so that they can
get harm . Also company provides a 8 , 12, 15 sitter passengers vans which is accessible with
the company. By including requirements and wants of buyers as well as their preferences will
leads for them to have a competing benefits in the company with the rivals.
Price -
The company is interested in following pricing strategy. They are serving lot of services at
reasonable cost. The prices of its services on the basis on the place traveller wants to move. The
costs of its services on the basis of days they rent a car or van. By giving cars and vans and
cargo on rent needs a large amount for maintaining cost. Which sometimes make complex for
company to manage as, values hold by an enterprises is good enough by huge groups of
customer(Strycharz and et.al.).
Place -
The Business is serving its offers across many nations. This tends them in accessing
travellers base and making brand awareness. They are designing a strategy to grow number of
airports as it is giving a huge revenue to company. It is more expensive to give car and van
services as it takes a huge maintenance cost, that impacts the revenue system of company. For
airports destination or any other places where client will leave is fixed, where they will go and
what transport they will hire is all planned. Rental of airport serves needed huge amount which
is not simple of another rivals to use(Ndofirepi, Farinloye and Mogaji, 2020).
Promotion -
The promotional schemes used by Rent A car is social media marketing referral and earn
and email marketing along with impressive and super exclusive offers. The company is sending
or providing essential details and content to users via email, to be connected with users.
With this, they are charging less cost from the users included in governing bodies or belongs to
military. If a users share regarding company and the new customers avail companies facility
then, the existing customer has possibility to earn point,which can be used by them to take
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discount. Digital media platform is cost effective and can reach out to huge customers in a short
span of time, this is why a company decided to utilise this social media platform for promoting
goods and services. They make an impressive message along with designer posters and
advertise that on their social media page like face book, Instagram and many others(Kumar,
Shankar and Aljohani, 2020).
CONCLUSION
It is concluded from the report that marketing is the commercial activity as well as the
trends for marketing goods and offers of the company are changing rapidly so it is important for
company to follow new trends for promoting goods and services. This is the department which
provides details to other functional areas such as what trends are people following along with
that they provide the information of customers requirements so that operations departments can
produce that good and serve it in marketplace. The above discus marketing mix stated the
concept of the principles how they are beneficial for the company as well as how they help
company to have long term sustainability in market. As been discuss in above report how
business set their cost according to the geographical areas and region.
References:
Books and Journals
Bolton, R.N., 2022. The convergence of sustainability and marketing: Transforming marketing to
respond to a new world. Australasian Marketing Journal, 30(2), pp.107-112.
Kumar, A., Shankar, R. and Aljohani, N.R., 2020. A big data driven framework for demand-
driven forecasting with effects of marketing-mix variables. Industrial marketing
management, 90, pp.493-507.
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.
Ndofirepi, E., Farinloye, T. and Mogaji, E., 2020. Marketing mix in a heterogenous higher
education market: A case of Africa. In Understanding the higher education market in
Africa (pp. 241-262). Routledge.
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.
Rauschnabel, P.A. and et., al., 2022. What is augmented reality marketing? Its definition,
complexity, and future. Journal of Business Research, 142, pp.1140-1150.
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.
Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the balance
right. In Social Marketing (pp. 29-43). Psychology Press.
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Strycharz, J., and et., al., 2019. Contrasting perspectives–practitioner’s viewpoint on
personalised marketing communication. European Journal of Marketing, 53(4), pp.635-
660.
Wang, C.L., 2021. New frontiers and future directions in interactive marketing: inaugural
Editorial. Journal of Research in Interactive Marketing, 15(1), pp.1-9.
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