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Every business has a vital role in marketing its success. Effective marketing signifies the key success of the business in every corner of the world. If the business is run in different parts of the globe it faces several challenges. The contemporary marketing issue is also part of the marketing challenges that the business is facing while operating across the world. The contemporary issues in the marketing section of the company can only be seen when the company is functioning in the changing global economies. This report throws light on contemporary marketing issues and innovations with a deep understanding of the business marketing theory. The report also highlights the marketing process knowledge in the context ofEnterprise Rent-a-Car," which is a contemporary business founded by Jack Taylor in 1957. Along with this, the report consists of a famous marketing strategy model which is the marketing mix.
Marketing mix or other crucial marketing concept can have a major influence on the success of the marketing practices, mainly with the orientation to consumer satisfaction (Lahtinen, et. al. 2020). The marketing mix denotes to four Ps of business marketing that are product, price, place, and promotion. When these components are appropriately aligned then they can subsidize consumer satisfaction by meeting their client's expectations or needs.
Product- The well-designed product of a company, which meets the customer expectations or needs, plays an important role in meeting customer satisfaction.
Price- The price of the product should be affordable or competitive, and it must be aligned with a consumer's perceived value of a product.
Place- This element of the marketing mix signifies the destination of the product or services of the company at which the consumer is purchasing or consuming an organisationoffers with satisfaction.
Promotion- An effective promotion can raise consumer attentiveness towards the product or services of the company while creating positive client perceptions.
The key marketing concepts like customer relationship management (CRM) or segmentation, which can affect client satisfaction, are followed by the Enterprise Cars. Customer relationship management of the case company focused on forming a lasting relationship with the consumers, understanding their preferences or needs, as well as modifying marketing events to meet particular necessities (Juanamasta, et. al. 2019).
This will result in increased client satisfaction or reliability. Segmentation includes dividing market in the smaller teams of clients with a similar preferences or requirements. By targeting particular sections with marketing actions, which meet particular needs, Enterprise Cars can develop consumer satisfaction or develop the effectiveness of marketing practices (Minaee, et. al. 2021).
Figure 1: Customer satisfaction
A client satisfaction approach contains offering the consumers guarantees and warranties (Nguyen, 2019). Warranties assist as the agreement in which product will accomplish as assured and some practice of compensation will be provided to consumer.
The marketing mix or another key of a marketing theory plays an important role in consumer satisfaction. An organization should align its promotion, product, place and price actions to meet the expectations or needs of the company’s target market or utilize the methods like CRM or segmentation to create strong relations with the consumers or increase client satisfaction.
Marketing defines how any business can create its value from the perspective of consumers while building a strong customer relationship to attract more new customers and value from its customers in return (Hoffman, et. al. 2022). It is done within a proper framework and steps to effectively achieve the marketing goals of the company. The marketing process is comprised of five steps.
Figure 2: The marketing process
Such steps are described as under:
A final stage of marketing procedure is to assemble the necessary resources to carry out the marketing strategy, convert the plan into action, or apply control over it. For the execution of a marketing strategy, the case company needs to form a marketing business. Enterprise Rent-a-Car Company should hire several specialists accountable for carrying out product improvement, marketing study, consumer service, promotion, etc.
For example, Enterprise Rent-A-Car targets a broad range of consumers including both personal and business renters. Some of the major points that Enterprise's target consumers enjoy include:
Convenience: Enterprise offers a wide range of rental locations across the world, making it easy for customers to find a rental location close to where they need it. This is particularly attractive to business travellers who are often on the go.
An organization creates its iconic image by providing high-quality services, and this helps to spread awareness of the company through a word of mouth.
Figure 3: Enterprise Cars Logo
The marketing process in the contemporary business context involves several steps to understand, attract, retain and satisfy the target market (Othman, et. al. 2021). These steps are:
The marketing mix is a framework that helps businesses understands how to effectively market their products or services (Hanaysha,et. al. 2021). It consists of four key elements: product, price, promotion, and place. Enterprise Rent-A-Car effectively uses the four elements of the marketing mix to reach and serve their customers. By offering a wide range of vehicles at competitive prices, promoting their services through a mix of digital and traditional marketing, and having a large network of locations, they are able to meet the needs of a diverse customer base. In relation to Enterprise Rent-A-Car, the following is how each element of the marketing mix can be applied:
Figure 4: 4Ps of marketing mix
When emerging new product or service, marketing mix elements are employed as follows:
Product- The product design, features, quality and branding are all carefully considered to meet the needs and preferences of the target market.
Price- The price of the new product is determined based on the cost of production, competition, and perceived value to the target market.
Place or distribution- Decisions are made regarding the most effective channels for distributing the product to the target market, whether it be through physical stores, online sales or a combination of both.
Promotion- A promotional strategy is developed to effectively communicate the product to the target market and build awareness and interest.
Physical evidence- It refers to anything tangible or the physical presence of materials about the company's product and service, such as any resources needed to widespread an organization’s service and deliver its product.
Process- This component of the marketing mix is employed when large inner creativities are taken to maintain the product introduction, like comprising the sales person in a goal setting.
People- The Company should welcome an honest response from its employees about an organization which also encourage them to subsidize their passions or ideas to help a business develop or thrive.
By considering each of these marketing mix elements, the new product can be positioned effectively in the market and have the best chance of success.
Conclusion/Recommendations
Based on the above report it is concluded that the organizations that are running their business across the world are very much affected by their marketing practices. Marketing is a vast zone that creates the pathway for the company toward its success. When the business is operating in different parts of the globe it will face contemporary marketing challenges.
Each company has to market its products and services according to the country's preferences, cultures, and traditions. The marketer of an organization should follow the marketing process or align all its components to bring effective marketing and a large base of customers with good customer relations, customer value and their satisfaction.
References
Bartolacci, G., 2019. Are the 4 Ps of the Marketing Mix Still Relevant? (Online). <https://www.newbreedrevenue.com/blog/are-the-4-ps-of-the-marketing-mix-still-relevant> (accessed on 06 February 2023).
Darmawan, D. and Grenier, E., 2021. Competitive Advantage and Service Marketing Mix. Journal of Social Science Studies (JOS3), 1(2), pp.75-80.
Di Domenico, G., Sit, J., Ishizaka, A. and Nunan, D., 2021. Fake news, social media and marketing: A systematic review. Journal of Business Research, 124, pp.329-341.
enterprise.co.uk, 2023. Logo of the Enterprise Rent a car, (Online). https://www.enterprise.co.uk/en/home.html accessed on 10.02.2023
Hanaysha, J.R., Al Shaikh, M.E. and Alzoubi, H.M., 2021. Importance of marketing mix elements in determining consumer purchase decision in the retail market. International Journal of Service Science, Management, Engineering, and Technology (IJSSMET), 12(6), pp.56-72.
Hoffman, D.L., Moreau, C.P., Stremersch, S. and Wedel, M., 2022. The rise of new technologies in marketing: A framework and outlook. Journal of Marketing, 86(1), pp.1-6.
iEduNote, 2023. Marketing Process: 5 Steps of Marketing Process (online). <https://www.iedunote.com/marketing-process> (accessed on 06 February 2023).
Juanamasta, I.G., Wati, N.M.N., Hendrawati, E., Wahyuni, W., Pramudianti, M., Wisnujati, N.S., Setiawati, A.P., Susetyorini, S., Elan, U., Rusdiyanto, R. and Astanto, D., 2019. The role of customer service through customer relationship management (Crm) to increase customer loyalty and good image. International Journal of Scientific and Technology Research, 8(10), pp.2004-2007.
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, 10(3), pp.357-375.
Marketing tutor, 2023. Customer Satisfaction – Importance, Benefits, Examples & How-To (online)<https://www.marketingtutor.net/customer-satisfaction-importance-benefits-examples-how-to/> (accessed on 06 February 2023).
Minaee, S., Boykov, Y.Y., Porikli, F., Plaza, A.J., Kehtarnavaz, N. and Terzopoulos, D., 2021. Image segmentation using deep learning: A survey. IEEE transactions on pattern analysis and machine intelligence.
Nguyen, L.H., 2019. Relationships between critical factors related to team behaviors and client satisfaction in construction project organizations. Journal of Construction Engineering and Management, 145(3), p.04019002.
Othman, B.A., Harun, A., De Almeida, N.M. and Sadq, Z.M., 2021. The effects on customer satisfaction and customer loyalty by integrating marketing communication and after sale service into the traditional marketing mix model of Umrah travel services in Malaysia. Journal of islamic marketing, 12(2), pp.363-388.
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