Business 4004 - Marketing: Understanding Marketing Mix Application

This report provides a comprehensive overview of the marketing procedure and the marketing mix, focusing on the 4Ps (Product, Price, Place, Promotion). It delves into the meaning and concept of marketing, emphasizing the importance of understanding consumer needs and wants. The report uses Enterprise Rent-A-Car as a practical example, illustrating how the company applies the marketing mix to its car rental services, considering factors like pricing strategies, service offerings, and promotional activities. The analysis covers the company's product and service offerings, pricing based on market competition, strategic placement in various locations, and diverse promotional methods, including deals, travel partnerships, and customer rewards. The report concludes by highlighting the significance of marketing in business growth and the crucial role of understanding customer needs and market dynamics.

Business 4004 1

Table of Content.
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Task..................................................................................................................................................1
LO1: Present a knowledge and understanding of the marketing procedure in the present-day
business context...........................................................................................................................1
LO2: Demonstrate understanding of the conception of the marketing mix and explicate how
this is working when developing a new merchandise/service.....................................................1
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
The term marketing mix can be defined as the process that involves various aspects of
marketing. There are four P's in the process of marketing mix. These four P's includes the
product, price, promotion and place. The marketing is the process through which the
management of the company can increase its sales by using different techniques. A good
marketing technique would result into increase in the profits of the company. This also involves
that the management must formulate a marketing mix plan for the organisation so that it can be
easily executed in the organisation(Deepak and Jeyakumar, 2019). The marketing offers the
goods to the potential customers. The customers than gets attracted by the advertisement and the
needs of that specific product that is produced by the manufacturer in the factory. This report
would discuss about the marketing aspects of the company Enterprise Rent A Car. This is a
company who leases the cars in the country. The founder of the company is Jack Taylor who
established it in the year 1957. the company was initially started with only seven cars.
MAIN BODY
Task
LO1: Present a knowledge and understanding of the marketing procedure in the present-day
business context.
LO2: Demonstrate understanding of the conception of the marketing mix and explicate how this
is working when developing a new merchandise/service.
Meaning and concept of marketing
The marketing is the process to increase the sale of the company by selling its products
in the marketplace. The process of marketing involves various persons. These persons are
responsible for increasing the present day sale of the company. Nowadays, the marketing is done
on online platforms like social media. The company now uses the technique of digital marketing
for increasing its sales in the company. Moreover, it is also required that the company would also
need various types of advertisement that would attract the customers to purchase the products
and the services that are being offered by the business. Hence, advertisement plays an important
role in increasing the sales of the company. Moreover, an effective plan for marketing would
play an important role in the procedure of marketing(Dost, et.al, 2019).
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Meaning of marketing mix
The marketing mix involves various types of fields in it. It basically involves the four P's
in it namely price, product, place and the promotion of it. It is mainly dependent on the internal
and the external factors of the market. The marketing mix involves a detail about the marketing
of the product. The marketing mix takes the needs and wants of the consumer for producing the
adequate products in the market. This is basically used to encourage the goods or services in the
market by attracting the individuals to buy it.
A brief for hypothetical explanation of 4Ps in the marketing mix.
The four P's of the marketing mix is the product, price, place and promotion. All these
four P's are very essential for the procedure of the marketing in any of the organisation. This
means that in the absence of any one P the process of marketing would be incomplete. These are
mainly the external and internal factors that directly impacts the sale of the company. It mainly
consist of all the things that a institution can do to find out the needs and wants of its goods or
services in the present market place. These P's helps in marketing for preparation and
performance of the management in the market. Moreover, by the aid of the marketing mix, the
manufacturer get the better understanding of the demand of the product in the market. Hence, it
helps the manufacturer to produce the desired product in the market. This would as a result
enhance the sale of that specific product in the market(Grewal, et.al, 2020).
The effectual marketing mix would help in creating a good relationship between the
company and its existing and potential customers in the market. It would also assist the
organisation in creating a demand for the product in the market. Moreover, a product is mainly a
offering that is being offered by the company to the individuals. The product is a thing that has
some value and need to the individuals. Further more, the product can be classified into two
categories. These two categories includes the services and the goods. The goods are the tangible
products that are being produced in the company. For instance, mobile phones, books, copies,
etc. are the examples of the goods. The services are the intangible goods that are being produced
for the use by the customers in the market. The examples of the services includes the internet
recharge, Netflix plan, etc. Moreover, both the goods and the services are sold for the monetary
value by the manufacturer in the market. Marketing mix aid in assessing the product that the
company offers to consumers, at what price, at what place and how to attract tailored in the
market(Lim, 2021).
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Introduction of product and service
The product & services are primary element for any business concern and in the absence
of it no business can grow in the marketplace. The goods are referred to as the touchable items
that can be used, acquire and consume by the individuals. The main aim of the goods is to sell
them to its end users. The service are referred as the non-touchable items which arises from the
needs of the individuals. The institution usually adopts the mass manufacture, promotion and
dispersion to achieve high incomes along with the lower production costs and accomplish the
profitability in the market. The company Enterprise Rent-A-Car offers the customer for the local
and airport rental, sharing of the motor vehicle, peculiar car hire. This is also supplying the
business solution including the LCVs, primal quantity disciplined vehicles(Mahmoud, 2018).
Application of 4Ps marketing mix to the chosen product and service
In relation to Enterprise Rent-A-Car, its selling mix plan of action are discussed below:
Product: The is defined as the goods and service which are institution that offers the
customers. A product must fulfil the consumer demand for making it purchase by the
manufacturer. Products are used with goods and services which includes material like clothing,
grocery items, furniture, services.
Enterprise Rent-A-Car sells a large variety of the service of the rental cars. This would
also includes the local and airport lease, temperature possessed vehicle, accessible mini buses,
motor vehicle sharing, etc. Enterprise Rent-A-Car is a component of St. Louis-based Enterprise
Holdings that is also very personal and runs the Alamo Rent-A-Car brands and National Car
Rental. This also provides the specialised fleet needs that includes the HGVs. Moreover, the
Enterprise Rent-A-Car is a constituent of the biggest conveyance solution provider at the global
level. It initiated with only seven cars in St. Louis and now it has a accumulation of two million
transport cars all over in 7900 locations in 100 countries(Ndofirepi, Farinloye and Mogaji, 2020).
Price: The price refers to the amount that is being paid by the consumer for the product it
purchases from the manufacturer. This is the key value for the product that is being produced in
the factory. The price of the product mainly depends upon the quality of the product. If the
quality of the product is high, then its price will also be high and the vica- versa. Moreover, the
product is the main essence of the organisation on which the whole business of the form depends
in an organisation. The whole proceedings are done only for the product. These proceedings
includes the marketing, selling, etc. in the company.
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The Enterprise Rent-A-Car formulates to the pricing that is being based on the
competition in the market. This is because as it is important for the grocers in the nation. This
institution is ensured that price must not become a reason for tailored to choose any other
institution for renting the car. Hence, the institution is using top class cars and also offers the
high satisfactory prices for the car services given by the company to its customers.
Place: The place plays an important role in the marketing process. The place must be
easily accessible by the customers of the company. There is the high probability of the purchase
of the goods if the location is prime in the state. This is because the customer would only go to
that place that is easy for him to purchase the product in the market. This is includes acts and the
operations through which the goods are being moved by the manufacturer to the customers of the
product(Nikbin, et.al, 2021).
The Enterprise Rent-A-Car offers its services in the whole United Kingdom. The places
includes the Ireland, Germany, Spain, United State and Canada. It employs the employees more
than 100000 individuals which operates more than 10000 branches at the global level. It is also
providing the service of car sharing on hourly basis to its customers.
Promotion: The last P of the marking mix is the promotion. It requires that the product
is being produced in the company must be promoted in the marketplace. The promotion of the
product can be done by the advertisements. These advertisements are now also done on online
platforms by the company. The online platforms includes the social media platforms such as
Instagram, Facebook, etc. The promotion of the product would help the company in increasing
its potential customers. This would result into the enhancement of the incomes of the
organisation by the increase in the sale of the products in the market. The promotion can be done
by the online advertisements by the organisation. The promotion would help the company to
grow and prosper in this competitive market.
The company Enterprise Rent-A-Car gives various deals, promotions and also provide for
the travel partners on car along with hiring the van. The company also provides various rewards
to its customers on using the car services that is being used by them. These rewards do help the
company in promoting the business of the company in the market. The selected company also
uses various cash backs that are being given to them on the use of the services of the
organisation. This has increased the sale and the revenue for the company. This is because the
company would get more potential customers by this along with the existing customers in the
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nearer future. It also do various promotional emails to its customers in order to increase the sale
of the company in the market(Thabit and Raewf, 2018).
CONCLUSION
The above report concludes about the marketing procedure. This report summarises about
the concept of the marketing that is being used in the organisation. It also explains about the
different P's that are used in the marketing procedure. It also explains about the company
Enterprise Cars who leases the cars to its customers in UK. This report also concludes about the
different internal and the external factors that affects the growth of the company. It also outlines
the importance of understanding the needs and the wants of the customers of the company. This
also concludes that the promotion plays an essential role for the growth of the company by
increasing the sale of the product in the market. It also summarises about the key principle of
price and place in the concept of marketing mix.
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REFERENCES
Books and Journals:
Deepak, R.K.A. and Jeyakumar, S., 2019. Marketing management. Educreation Publishing.
Dost, F., et.al , 2019. Seeding as part of the marketing mix: word-of-mouth program interactions
for fast-moving consumer goods. Journal of Marketing, 83(2), pp.62-81.
Grewal, D., et.al , 2020. The future of technology and marketing: A multidisciplinary
perspective. Journal of the Academy of Marketing Science, 48(1), pp.1-8.
Lim, W.M., 2021. A marketing mix typology for integrated care: The 10 Ps. Journal of Strategic
Marketing, 29(5), pp.453-469.
Mahmoud, T.O., 2018. Impact of green marketing mix on purchase intention. International
Journal of Advanced and applied sciences, 5(2), pp.127-135.
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.
Nikbin, D., et.al , 2021. Marketing mix strategies during and after COVID-19 pandemic and
recession: a systematic review. Asia-Pacific Journal of Business Administration.
Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case
study. International Journal of Social Sciences & Educational Studies, 4(4).
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