BMP4004 - Marketing Mix: Nature and Importance in Marketing Process

This report provides an overview of the marketing mix and its importance within the marketing process, focusing on the 4Ps (Product, Price, Place, and Promotion). It begins by defining marketing and the various types of marketing strategies, such as influencer marketing, keyword marketing, an...Read More

BSc (Hons) Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of
marketing mix within the marketing
process
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Contents
Introduction 3
An explanation of marketing 3
An explanation of marketing mix 4
A brief theoretical explanation of 4Ps marketing mix
4
Introduction of product/service
6
Application of 4Ps marketing mix to the selected
product/service 6-7
Product 6
Price 6
Place 7
Promotion 7
Conclusion 7
References 8
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Introduction
Marketing process refers to the finding out current marketing possibilities,
treads and threats, then pitching potential customers. Marketing mix is the most
important process of marketing (Li and Peng, 2021). Marketing mix is the tools used
by the companies in order to promote its products. For preparing this report, chose
organization is Enterprise Rent – A – Car, it was founded in 1957. it's headquarter is
in Clayton, Missouri, US. The enterprise is having more than 100000 employees,
along with more than 10000 branches across the world. They have a fleet of around
2 million vehicles. This file includes the about definition of marketing and marketing
mix along with this 4Ps of marketing mix is being discussed. Lastly, the application of
marketing mix is performed in context to Enterprise Rent – A – Car.
An explanation of marketing
Marketing is the way though which companies can make there products and
services popularize. There are certain way, tools and techniques through which the
marketing can be performed (Flaherty, Domegan and Anand, 2021). Marketing helps
creating brand awareness, this leads in attain focus of the customers. There are
various types of marking which are stated below -
 Influencer marketing – Influencer marketing a a kind of social media
marketing, whenever a company wants to make it's product popularize or
wants to make promotion they use this type of marketing. Social influencers
are the one who help them in making there product popularize, they are the
one who have lot of followers and their followers use to trust the. They
recommend it's followers about the product and get paid by the company for
advertisement their product.
 Keyword marketing – The customers use to look after the words or
keywords mentioned over internet at the time of searching anything. For this
the companies are focusing more towards search engine optimization in order
to showcase it's products at the top of the page. With the helps of algorithms
the sites of company is showcases upon first page with helps in generating
traffic for company.
 Viral marketing – Viral marketing is a sales techniques used by companies, it
includes collecting viral information about the product or services from
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different sources then converting it into meaningful content and then finally
sharing it on different online platforms which also includes emails.
 Content marketing – Content marketing refers to creating relevant video or
articles and sharing it to different online as well as offline platforms, through
which large customers can be engaged.
 Guerilla marketing – In this type of marketing the companies uses face to
face interaction with the customers in order to make it's product or services
get promoted. The companies having low budget and have to focus on small
groups of people uses this type of marketing strategy.
 Outbound marketing – In this type of marketing the companies make
interaction with low potential customers using cold calls (Rambocas and
Pacheco, 2018). Along with this traditional marketing tools are used to make
promotion which included advertisement on TV, newspapers, brochures,
magazines, print advertisement and so on.
 Inbound marketing – This marketing is used to help the potential customers
to reach out the company using different marketing tools. By identifying the
needs and wants of the customers companies make content or blogs
according to it and start showcasing it to customers, with this social media
platforms and search engine optimization are used by the companies to
generate more amount of traffic and leads for them (Gupta, 2020).
 Green marketing – Green Marketing is a marketing used by the companies is
order to promote environment sustainability. The companies are now fulfilling
the social responsibilities like using sustainable methods of production along
with this they are involved in recycling of the products. The companies has
started avoiding the products which are hazardous for environment.
An explanation of marketing mix
Marketing mix is tools or techniques through which the product or services of
the organization is promoted. It is a strategy made by the company to make sales of
the product of services at right place with effective price using effective promotional
ways to attract large customer base (Gunawardane, 2020). E. Jerome McCarthy has
firstly introduce the concept of 4Ps of marketing in last 1960s, which includes
product, price, place and promotion. In order to get better understanding about the
customers taste and preferences 7Ps marketing mix was introduced in late 1970s
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which was refined by Booms & Bitner in 1981. Under this three P's where
additionally added, which are physical evidence, people and process.
A brief theoretical explanation of 4Ps marketing mix
 Price – Deciding prices of the products is the most challenging task for
companies as it affects the demand and sale for the product (Sridech and
Peanmunkung, 2019). If the prices of the product is higher then customers will
not purchase it and if the prices are low then loss may occur for company.
Price is the range at which the company agrees to sell it's goods or services.
Many factors are being taken into considerations while deciding the prices of
any product or services. This includes the cost incurred while manufacturing
the product, fixed cost, variable cost, maintenance charges, distribution and
advertisement expenses.
 Place – Place is the location where organizations are selling it's products.
That is way companies has to decide the place where lot of gathering takes
place. It also the distribution network with whom the company is selling it's
product, in case of services the expenses incurred on distribution channels
got replaced with maintenance charges. Now the companies are using digital
platforms for making sales of their products, with this they are able to save a
lot of unnecessary cost incurred at the time of distribution.
 Product – Product is defined as thing which can be touched and feel, it
includes services too. For service providing organizations it's services is their
product. The uniqueness in companies products help them in achieving
competitive advantages. With this in order to make sales of the product in an
effective manner it is very crucial to know each and every single detail about
the product.
 Promotion – Promotion refers to make the customers aware about the
products and services offers by the companies. In order to seek attention of
the customers it is important to make promotion. Companies makes
promotion by checking at which level of product life cycle, product lies. When
the product is about to launch more amount of promotion is conduced as
compare to stage at which product is growing rapidly. Their are various
modes of promotion which includes, word of mouth, direct marketing, email
marketing, internet marketing, public relation. Now a day mostly companies
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are using social media marketing in order to make promotion as it's cost
effective, along with this a lot of time could be saved.
Introduction of product/service
Enterprise Rent – A – Car is a leasing company which provides cars on rent.
It is the largest car rental company of US. The company have now expended it's
operations into airport market too (El Gaml and et. al., 2022). The places where they
are availing it's airport facilities are United State, United Kingdom, Canada,
Germany, Ireland and Spain. In it's other vertical that is Enterprise truck rental they
are providing cargo vans, box trucks and pickup trucks on rent. This company was
established in 1957 and was founded by Jack C. Taylor. It's headquarter is in
Clayton, Missouri, United States. Presently, company is having 9500 cars which they
provide on rent, in approximately 100 countries. For this particular file the chose
product of the company is Vans. 7 to 15 passengers capacity vans are available with
the company. With this cargo vans are also available with company, which is used
for transporting heavy items.
Application of 4Ps marketing mix to the selected
product/service
Product
Enterprise Rent – A – Car have 7 to 15 passengers capacity vans available
with them. 7 passengers Minivan is a perfect van for family trip having 7 room of 7
people in it (Sookhtanlou, Dehghanpour and Bagheri, 2020). 8 passengers Minivan
is mostly preferred by the large group both for family and business groups. 12
passengers van is perfect for convenient large road trips. 15 passengers Van is the
most convenient kind of van which is the best alternative of buses. Compact Cargo
Van is a air conditioning, automatic and FM radio installed van, having capacity of
two passengers. It is perfect to carrying small among of luggage and lastly, the
company have Cargo Van, which is low rate cargo van to make product deliver
easily.
Price
The price of each van depends upon the distance, location, type and for how
many days an individual want's to rental the van. For longer distance high prices will
be charged and for shorter distance less cost is charged. 15 passenger van is
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charges at highest range as more number of facilities can be availed by the
customers.
Place
The places at which the company is providing it's rental facility are Atlanta,
San Francisco, Chicago, San Diego, Dallas, New York City, Denver, Orlando,
Houston, Las Vegas, Alabama, Alaska, Arizona, Arkansas, California, Colorado,
Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Lowa,
Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire,
New Jersey, New Mexico, Wyoming, Wisconsin, West Virginia, Washington DC,
Virginia, Vermont, Utah, Texas, Tennessee, South Dakota, South Carolina, Rhode
Island, Puerto Rico, Pennsylvania, Oregon, Oklahoma, Ohio, North Dakota, North
Carolina and Los Angeles.
Promotion
There are certain promotions tools and techniques used by Enterprise Rent –
A – Car is order to attract new customers and to retain the existing customers. They
provide 20% on rentals at weekend days. Special discount offers are provided to the
people related to military, government and Veterans. Rewards point are also
provided at the time of refer and in case an individual is having paid membership of
company. With the help of rental points instant discount can be availed to the
customers. The company is having a data base of it's existing customers so they use
to connect with them through emails. With this they make deliver any important offer
or message to it's customers, even discount offers are also disclosed while sending
emails to it's existing customers. With this loyalty points are also being provided to
the customers.
Conclusion
From the above file it can be concluded that, marketing is they way through
which the products and services of the product can be promoted. It is importance to
make promotion of the product because only producing product is not sufficient to
make sales. For making the companies product sale it is important to make the
customer aware about the product or services which they are offering. With this
marketing mix is tools or techniques through which the product or services of the
organization is promoted. Basically there are 4Ps of marketing that is price, place,
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promotion and product. Price determines the cost at which the product is available.
Product refers to the goods or services produced by the company to sale it to
customers. Place refers to the area at which the sales of the goods or services is
going to take place and finally promotion refers to the make the customers aware
about the product or services that the company is producing.
References
El Gaml, A. and Hasouna, A.G., 2020. The Marketing Mix and its influence on the
Egyptian Brands performance in the Local Market.
Flaherty, T., Domegan, C. and Anand, M., 2021. The use of digital technologies in
social marketing: a systematic review. Journal of Social Marketing.
Gunawardane, G., 2020. Health Care Marketing Mix: Planning Health Care
Marketing Strategy for Each Segment/Niche. World Scientific Book
Chapters, pp.227-258.
Gupta, K., 2020. Role of 4c's of marketing mix in building trust to achieve brand
loyalty in case of fastener's industry: a PLS-SEM approach. International
Journal of Public Sector Performance Management, 6(5), pp.587-604.
Hidayat, C., Gantina, D. and Boediman, S.F., 2022. The effect of marketing mix to
the customer loyalty in the lodge at Jagorawi Golf & Country Club,
Karanggan West Java, Indonesia. In Current Issues in Tourism,
Gastronomy, and Tourist Destination Research (pp. 327-333). Routledge.
Li, Y. and Peng, Y., 2021. Influencer marketing: purchase intention and its
antecedents. Marketing Intelligence & Planning.
Rambocas, M. and Pacheco, B.G., 2018. Online sentiment analysis in marketing
research: a review. Journal of Research in Interactive Marketing.
Sookhtanlou, M., Dehghanpour, S. and Bagheri, A., 2020. Market Structure Analysis
and Marketing Methods of Cornelian Cherry Product with Emphasis on the
Role of Brokers in Kaleybar County.
Sridech, S. and Peanmunkung, N., 2019. Marketing-Mix-Factors Affecting the
Selection of Domestic Airlines Services at U-Tapao International Airport
(Rayong-Pattaya). Available at SSRN 3327661.
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