Assessing Growth Opportunities for UK Rental Car Industry: A Report

This report examines the growth opportunities for the rental car industry in the UK, with a focus on Enterprise Rent-A-Car. It investigates the current market trends, identifies strategies for enhancing growth, and analyzes the impact of changing market dynamics. The research includes a literature review, exploring the industry's revenue, growth rates, and the influence of tourism. Furthermore, it assesses the importance of leadership skills in gaining a competitive edge. The report also incorporates a self-reflection element, evaluating the research process, identifying assumptions, and proposing areas for improvement, including an analysis using Kolb's learning cycle. The study aims to provide a comprehensive understanding of the rental car industry's potential in the UK market and offer actionable insights for business development.

Crafting your future
professional practice
and research

Table of Contents
Title of the Project...........................................................................................................................1
Introduction......................................................................................................................................1
Element 1: Research Essay..............................................................................................................2
Element 2: Self Reflection...............................................................................................................4
Element 3: Personal Development Plan..........................................................................................7
C: Personal objectives:............................................................................................................10
REFERENCES..............................................................................................................................11
Books and Journals....................................................................................................................11

Title of the Project
To identify the growth opportunity for rental car industry in UK.
Introduction
The present study initiates to determine the growth opportunity for rental car industry within
UK to increasing the performance. Therefore, changing trends and the external environment
basically aids to the growth of a lot of threats and opportunities for the immense number of
businesses which have to be identified in respect to further utilising the advantages in such a way
that the business can avail the opportunities before their rivals. In this present analysis the study
is based on rental car industry and this sector mainly comprises over vehicle rent al and taxi
businesses. The UK car rental marketing is going through a phase of evolution through
developing popularity and innovation diversifying the market place. The growing leisure tourism
industry and the developing range of tourist within the UK are expected to drive the car rental
market within the area of UK. However, UK is the developing country where are requirement of
rental car is high as people are hiring car for long as well as short term purposes, therefore, the
growth of rental car business within UK is high. For effective understanding over the subject,
Enterprise Rent-A-Car is select, thus it is an American rental car company which has its
headquarter is in Clayton, Missouri, United States in GreATER St. Lousi. With handling the
operations of rental car the company is also oversees the commercial fleet management, used car
sales and the commercial truck rental services. The company was founded in the year of 1957 by
the efforts of Jack Taylor. In this present study, secondary research has been implement as the
source of information collection to support the investigation in right manner. In addition to this,
the further concern is encompassing over self-reflection and the personal development plan in
respect to increase the areas where there is a lack of performance. There are assorted tools of
critical evaluation which has been implemented to evaluate the competitive changes in the
environment, trends and changes with application of appropriate tools and techniques.
Research Aim
To examine the growth opportunity for increasing the performance of rental car company
in UK. A study on Enterprise Rent-A-Car.
Research Objectives
 To understand the growth opportunity for rental car industry in UK.
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 To identify the strategies for improvising growth opportunities for rental car industry in
UK.
 To determine the changes and trends that effects on rental car industry and its growth.
 To explore types of leadership skills and their significance importance in gaining
competitive edge.
Research Questions
 What is growth opportunity for rental car industry in UK?
 What are the strategies for improvising growth opportunities for rental car industry in
UK?
 What are the changes and trends that effects on rental car industry and its growth?
 What are the different leadership skills and their significance importance in gaining
competitive edge?
Element 1: Research Essay
Literature review is defined as the most imperative aspect of the project which aid the
investigation in the direction to enhancing personal recognition in relation to the specified
subject. This section of investigation is based on secondary sources as in his information
accumulation is based over books, journals articles and so on.
According to Katare and Mutreja (2020), The car rental and leasing industry renders
operating leases and rents cars and the light commercial vehicles to both consumers and
commercial clients. Over the past few decades through 2020 to 2021, the revenue of the car
industry is expected to grow at a compound annual rate of 0.4 percent to reach at the £15.1
billion. The overall recovery of the global economy in the past decades performed an imperative
role in the progression of the travel business. Therefore, the developing trends and consumers
interest within travel is increasing the car rental market when businesses are rendering positive
services and output. The global car rental market had a market size of 64.47 billion in the year of
2018 and opportunities are dignified developing through a compound annual growth rate
(CAGR) of 11.53% during the forecast period 2019-2025. Increasing growth of travel and
tourism within UK has create wider opportunity for the rental car industry in UK, thus, the
developing travel helps the industry to growth within the market and gain higher growth.
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According to Keerthana (2019), a car rental business has been developing at a very fast
rate and is increasing through many opportunities. Hence, begin a business in car rental is quite
easy but making profit from its operations is quite challenging in nature. There are multiple ways
that can effectively be opt by rental car industry to gaining suitable opportunity within UK. Thus,
the suitable strategies involve personalized experience, marketing strategy, focus on equality, be
consistent with the pricing strategy and so on. However, these are termed to be the effective
approaches that can widely implement by the rental car industry within UK to enhance the
operations of the business. Businesses within the rental car industry within UK needs to use
suitable businesses strategy after analysing the growth strategies of the rivals. In addition to this,
Enterprise Rent-A-Car is operating at a wider level and for increasing growth opportunities
within the business the company needs to implement effective pricing strategy in which the
business needs to render their facilities within less cost, therefore, this will be significant for the
business in increasing sales and revenue and enhancing the opportunity within market to grow.
According to (Tracy, 2019)in the increasing competitive market, the growth of business is a
challenge and businesses are putting significant efforts in the manner to implementing suitable
straggles to attain growth and success. As changes and the trends are continues arising with the
changing preferences of the buyers. However, UK is a highly developed country, where people
are preferring own vehicles to moving out and making their purpose possible, thus this terms to
be the most effective changes that affects the growth and development of the business. Less
competition within market, customer’s expectation over high safety, rate expectation of the
employees and so on. However, changes within market needs and demands also has direct
impact over the operations of the business.
Research Methodology:
Research methodology is recognised as the most important aspect of the investigation as it plays
an important role in assisting the entire project in the right direction to gain possible results. the
selection of methodology is based on an important aspects like qualitative and quantitative
investigation work. in the context of the present investigation work based on the aspect of
finalising the growth opportunities for rental car within UK qualitative investigation will be
implementing by the researcher as it is effective in providing descriptive evaluation with the help
of analysing concept theories and models that are encompasses over the specified subject. in
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addition to this there are two source of Data collection like primary and secondary source of
information accumulation. Here in in the specific area, secondary research is being implemented
by the researcher as it is effective in providing descriptive evaluation with the help of developing
theoretical perspective and in this information evaluation is based on books, journals, articles and
so on (Yang, Ming, Ma and Huo, 2017).
Element 2: Self Reflection
Analysis of the journey:
What happened?
The present study explores the knowledge and recognition in relation to the aspect of
analysing the growth opportunities for rental car business in UK. Therefore, the study is
imperative in exploring business as well as academic skills which aid benefit to attempt future
projects effectively. For the suitable assessment of the study, secondary sources of data
collection like books, journals, articles are implemented to conduct literature review. My major
concern was over completion of the entire project within the provided time duration.
What assumptions did you make?
The major assumption that were made via this project were connected to the knowledge
enhancement about the aspect of business growth opportunity for rental car within UK. In
addition to this, the another assumption is related with the way of changing the environment
aspects which has been kept persistent. In addition to this, the existence of issues and
uncertainties in external aspect. Hence, the existence of novel coronavirus has also created
higher issue for business where they have facing challenges related to decreasing operations and
so on. Therefore, here businesses are needs to develop suitable strategies and approaches to
overcome the issues and reduce its bad effect.
What does this show about yourself and your skills?
In the effective execution of the study the key need is relay over the researching ability
therefore, this is effectively required throughout the project as it helps in gathering suitable
information to drawing valid and reliable outcome. The study helps me in analysing my data
collection ability which helps me throughout the project in the manner to gathering significant
information related to the specified subject to reaching at the key results. In addition to this, the
effective implementation of analytical skills is there to assist the interpretation of the data in such
a way to reaching at the significant results.
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What are the alternative ways of looking at the problems?
In this existing research, secondary research is being implemented to gather potential data via the
support of books, journals, articles and so on. Therefore, here is different alternative tool that can
be implement in respect to gather reliable data. Thus, I could have been use primary research
where I can use questioner to gather specific data via the views evaluation of the stakeholders. In
addition to this, I can also use interview in which I can gather information from the managers of
the business associated with rental car industry. However, these are the potential alternative
solutions to drawn suitable resultsv (Niessen, Weseler and Kostova, 2016).
Action:
What actions would you take to improve?
Here are different actions related to the project assessment like time management, ability
of data collection and so on that would be improve. Therefore, I have been recognition with the
support of this study that, suitable assessment to time management is important and the weakness
of time management can be developed by me to categorise the activities of the research with
specified time to complement the project within provided time duration. In addition to this, I
have also been concerning over fulfilling the shortcomings of data collection via using different
sources of primary and secondary study to gather most effective data.
How can you learn from what has happened?
I am happy and blessed to get an opportunity to execute an analysis over such a big area,
therefore, from the analysis of the study I have been recognising that the resources are limited
and this is the major learning of mine. Therefore, the sources are needs to be select properly for
the accumulation of suitable information and generating possible results.
How would you respond if this happened again?
The analysis can be done via the support of implementing Kolb’s learning cycle,
therefore, the assessment of the model is associated as under:
Concrete Experience: In the existing study, the key experience was relay over the use of
secondary sources to gather relevant information.
Reflective Observation: With the execution of the project, I have also been seen that, primary
research can be recognised as best alternative tool to gather relevant data to support the
investigation effectively (Tsaknaki, 2017)
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Abstract conceptualisation: This aspect of Kolb’s reflective cycle denotes the overall learning
through this experience by the journey. With the assistance of the study, I have been realising
that suitable use of resources is required to gather valuable information to generate significant
results. The use of primary research was not made in the project due to the time limitation as the
provided time for the analysis is less.
Active experimentation: The active experimentation in this investigation is that, here I can use
both primary and secondary research to gather most relevant data to reaching at the key results.
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Element 3: Personal Development Plan
A: Personal analysis:
Strengths Opportunities
The effective communication and the conflict
management are the two important strength of
mine as these are effective for me to attain the
objectives in more liable manner. Therefore, I
can use my effective communication ability to
make people understand about my thoughts
and I will be abler to reflect my views. In
addition to this, the conflict management
ability is also imperative in conducting my
leadership operations effectively and managing
the operations effective to attain the sited
objectives.
There is an effective opportunity to enhancing
the recognition about the different associated
concepts and theories which would be
imperative in contributing towards the basic
learning objectives.
Furthermore, there is also an effective
opportunity to improvise the existing skills and
implement them to attain future personal and
professional goals in more liable manner
(Prasad, 2017).
Aspirations Results
The short term aspiration is to enhance
recognition about the chosen study area and
analyse the growth opportunity for the rental
car business in UK.
The medium term aspiration is to attain
effective academic records and gain higher
appreciation.
The long term aspiration to get effective career
opportunities and placement that are significant
for enhancing personal and professional
development.
The results will be measure via analysing the
past experience with the future achievements
as my communication skills was good and that
helped me in delivering my thoughts to the
team mates and attain proper results within
facing any sort of issues.
B: Setting goals:
What do I want What do I have to What support How will I Target date for
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to learn? do? and resources
will be required?
measure my
success?
review of results?
Problem solving
skills
For improvising
the conflict
management
skills, I will have
to focus on
learning the
different conflict
management
methods and
techniques in
which speaking,
learning and
listing are involve
The major
concern will be
on enhancing the
creative thinking
and also develop
the innovative
skills of
generating ideas,
thus this will be
supportive in
making suitable
decision within
the conflict
situation (Lee and
Lee, 2018 ).
I can effectively
be measure my
skills and ability
via commanding
the team mates in
suitable manner
and the suitable
affect over the
colleagues and
supervisors may
also results in
delivering my
enhanced ability.
5/12/2020
Time
management
ability
This can be
improvising and
learn via
attending
seminars where
time management
can be taught
effectively.
The support of
laptop and
internet can help
me in attending
the seminaries
online and
suitable team
working will also
helps me in
improving the
time management
ability.
I will need a team
where I can
manage the work
and analyse the
past project
completion time
with the future
task.
The enhancing
skills can be
reviewed via
analysing the
desired time of
10/12/2020
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the task and the
completion
duration of the
task.
Effective
leadership skills
For improvising
the leadership
ability, different
leadership
theories will be
learnt and analyse
the characteristics
which match with
the existing
abilities.
Therefore, in this
different
leadership skills
are analysed like
autocratic,
democratic,
participative,
authoritative and
so on.
Supportive
direction via the
experienced
supervisors and
the cognitive
skills which can
develop the
process of team
building and team
assessment
effectively.
Suitable
coordination and
collaboration
among the team
members and also
reducing the
chances of issues
and conflicts.
Therefore, this
will help in
enhancing
leadership ability.
15/12/2020
Team
management
skills
This can be
improvising via
studying the
different team
management
theories and the
effective
I will have to be
concern over
determining the
critique factors
which are
provided by the
authors and
Suitable resources
in the manner
involves the
theoretical
knowledge about
the team
management
22/12/2020
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formulation
methods (Nebel,
Schneider and
Rey, 2016)
(Nebel, Schneider
and Rey, 2016)
(Clark, Van
Kerkhoff, Lebel
and Gallopin,
2016).
writers. theories and the
suitable
evaluation of the
different stages
that helps in
developing
suitable teams.
C: Personal objectives:
Short term goals( Next 6 months)
My short term goals are based on my subjective knowledge, thus in upcoming 6 months I will
be completely focusing over developing knowledge and idea in relation to the chosen subject
area as I will be focusing on developing the project knowledge to attain success in the college
projects and attain appreciation by my supervisors, mentors and higher authorities.
Medium term goals (Next 2-3 years)
My medium term goals are based on academic growth, managing funds for the future
requirements and developing management and leadership ability to attain future growth.
However, in the upcoming 2 to 3 years’ duration my major focus will be on attaining effective
academic records via establishing connection with the team mates, co-students, supervisor and
the mentors. I will have to concern over resolving the issues which affects the completion of the
thesis programs. I will be concern over arranging cash and capital via performing internship
programs or any other part time jobs. In addition to this, I will work on my leadership ability to
performing any job role in leadership programs to gain path for achieving progression of career
path (Akkermans and Tims, 2017).
Long term goal (Following 3-5 years)
My long term goals are highly dependent over my future earnings and the experience
enhancement with the support of gaining master’s degree. Therefore, in coming 5 years my
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major focus is to get an effective placement with higher package within a reputed company. In
addition to this, I will be focusing over gaining master’s degree with good grades.
REFERENCES
Books and Journals
Tracy, S.J., 2019. Qualitative research methods: Collecting evidence, crafting analysis,
communicating impact. John Wiley & Sons.
Akkermans, J. and Tims, M., 2017. Crafting your career: How career competencies relate to
career success via job crafting. Applied Psychology, 66(1), pp.168-195.
Nebel, S., Schneider, S. and Rey, G.D., 2016. Mining learning and crafting scientific
experiments: a literature review on the use of minecraft in education and
research. Journal of Educational Technology & Society, 19(2), pp.355-366.
Nebel, S., Schneider, S. and Rey, G.D., 2016. Mining learning and crafting scientific
experiments: a literature review on the use of minecraft in education and
research. Journal of Educational Technology & Society, 19(2), pp.355-366.
Clark, W.C., Van Kerkhoff, L., Lebel, L. and Gallopin, G.C., 2016. Crafting usable knowledge
for sustainable development. Proceedings of the National Academy of
Sciences, 113(17), pp.4570-4578.
Lee, J.Y. and Lee, Y., 2018. Job crafting and performance: Literature review and implications
for human resource development. Human Resource Development Review, 17(3),
pp.277-313.
Prasad, P., 2017. Crafting qualitative research: Beyond positivist traditions. Taylor & Francis.
Tsaknaki, V., Fernaeus, Y., Rapp, E. and Solsona Belenguer, J., 2017, June. Articulating
challenges of hybrid crafting for the case of interactive silversmith practice.
In Proceedings of the 2017 conference on designing interactive systems (pp. 1187-
1200).
Niessen, C., Weseler, D. and Kostova, P., 2016. When and why do individuals craft their jobs?
The role of individual motivation and work characteristics for job crafting. human
relations, 69(6), pp.1287-1313.
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Yang, R., Ming, Y., Ma, J. and Huo, R., 2017. How do servant leaders promote engagement? A
bottom-up perspective of job crafting. Social Behavior and Personality: an
international journal, 45(11), pp.1815-1827.
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