Marketing Mix Of ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A

Posted by Zander Henry on Aug-22-2018

1. marketing mix

1.1. Understanding the marketing mix

• The marketing mix is an important set of marketing tools and characteristics that a firm uses to increase penetration in the target market groups
• Using the marketing mix strategically includes focusing on seven important aspects of marketing and branding for an organization, namely: product, place, price, promotion, people, process, and physical evidence

1.2. Importance of marketing mix

• The marketing mix helps a company choose and decide on a suitable marketing strategy
• The marketing mix also helps a company in resource and budget allocation to different aspects of the marketing strategy and product development
• The marketing mix also allows a company to choose the right and effective marketing tactics for its promotional needs

2. Marketing mix for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A

ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A is presented below:

2.1. Product

Product is one of the most important components of the ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A Marketing mix. The distinctive characteristics of the product by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A are:

2.1.1. Quality

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A procures raw materials from reliable and trusted suppliers only
• These raw materials are processed under carefully maintained environments to maintain high and consistent quality of the products
• High quality promise and delivery also provides ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A are relatively easy to use
• All products come with a user manual, which is easy to understand and which provides simple instructions for product use
• The consumers can also call the 24/7 helpline to understand details about product usage
• Also, retail representatives provide detailed instructions and explanations regarding the use of the product at the time of the sale

2.1.3. Portfolio broadness

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has a broad portfolio of products
• The broad portfolio helps ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A
• The broader product portfolio also adds more value for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A

2.1.4. Benefits of product consumption

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A offers functional benefits to consumers of the product use
• These functional benefits are promised and delivered – however, they are also delivered by other similar products
• The distinguishing aspect of ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A is its delivery of emotional benefits to the consumer
• Products manufactured and sold by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A promise consumers an ego boost, confidence, and security
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also promises fulfilment of psychological needs on product consumption
• These psychological needs include, for example, the need for empathy, the need for belonging, and the need of feeling loved.

2.1.5. Different SKUs

• The products by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A are available in different sizes
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has made use of different SKUs to increase market penetration
• Different SKUs can be brought and used as per the consumption needs of the consumers, and the target markets
• Through the production of different SKUs, ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has also increased the trial rate
• Different SKUs have also helped ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A improve its product accessibility

2.2. Price

ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A marketing mix focuses on a hybrid strategy for pricing to obtain maximum value for its products. The marketing mix ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A uses a combination of a number of techniques for pricing its products, which are detailed below:

2.2.1. Premium pricing

• By using premium pricing for some of its product ranges, ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A encourages favorable brand and product perceptions in target consumer groups
• Premium pricing for products also encourages a favorable quality perception of ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A products amongst consumers
• With premium prices, ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has successfully also made some of its product ranges exclusive by restricting sales and production. This, in turn, leads to a perception g luxury in consumption products
• Premium prices add a touch of privilege and high value in ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A products
• Using elements of premium prices in other product ranges has also allowed ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A to maintain significantly high profits and a consistent business growth

2.2.2. Psychological pricing

• Since ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
• With the use of psychological pricing, ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also successfully adds more value to its products from the point of view of customers
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also gains higher sales with psychological pricing
• Consumer purchase a higher amount of ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A products because of its use of psychological pricing
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A is able to penetrate different regional markets optimally with the use of geographical pricing
• For offshore locations, geographical pricing also allows ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A to cover shipping and customs expenses
• Geographical pricing also allows ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A to maintain consistent revenue growth by altering pricing in different markets based on local currency value

2.2.4. Bundle pricing

• For some product ranges, ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A is also known to use bundle pricing strategy popularly
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also uses bundle pricing during sales
• Bundle pricing increases the trial rate for consumers
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A experiences higher return on the cost of gaining a new customer
• With bundle pricing, ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A is also able to control costs and prices by lowering marketing and distribution expenses
• The use of bundle pricing also adds value to the umbrella brand name of ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A.

2.3. Placement

ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A places high importance on the placement of its products because it directly relates to accessibility for consumers.

2.3.1. Company-operated stored

• The company maintains stores operated by the management of ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A in all markets
• Company-operated stores give ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A higher control over operations as well as store layout and design
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also interacts directly with the consumers and gathers important details regarding consumer behavior and consumer feedback through company-operated stores
• The company operated stores also give leverage to ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A licensed stores also allow consumers to enjoy the various product offerings by the company
• Licensed stores also decrease the risk of financial and physical investment for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A in unstable markets
• Licensed stores have also given ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A high business growth, and a boost for rapid market expansion and penetration
• Through licensed stores, ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has also learned about local consumers and cultures
• Licensed stores and shops encourage sales of products by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A by aligning it with local cultural values
• Licensed stores also help ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A in localizing its product offerings to enhance brand equity and band image

2.3.3. E-commerce

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has developed a successfully operational website for online order placement and order tracking
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also encourages sales through social media portals, where the company takes orders through direct messages, as well as through a mini-shop model
• The company also stocks products with online retailers such as Amazon and eBay, as well as smaller local online retailers as well
• Online retailing, and using the internet to make sales has boosted the sales for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also places its products in supermarkets and hypermarkets across the country
• A large number of ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A

2.3.5. Partner agents

• In offshore locations, ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also makes use of partner agents for its products’ placement
• These partner agents are assessed and evaluated on strategic compatibility and reliance
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A contracts with partner agents in other countries and markets for its product placement to ensure quality control and terms of negotiation

2.4. Promotion

The marketing strategy for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also places high importance on the promotional tactics and strategies used. The promotional strategies allow the ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A to interact with the consumers and influence them directly. ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A uses a 360-degree approach in its promotional activities, and makes use of the following means of promotion:

2.4.1. Digital marketing

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has corporate profiles on all social media websites and portals
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A to understand the customers, their needs and demands
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A uses this feedback and incorporates it in its broader marketing and organizational strategy
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also maintains a corporate website – which highlights company information, product information as well as information regarding any ongoing campaigns and sales

2.4.2. Reward Programs

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has a loyalty card program for its customers
• The loyalty card allows customers to redeem points in exchange for products or other exciting gifts, as directed by the company
• Each purchase is entered into the loyalty card by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A on high valued purchases
• Frequent usage and purchase of products by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also has rewards against the loyalty card

2.4.3. Community Influencers

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A makes use of community influencers as its on-ground promotional efforts
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A identifies strong and confident individuals to be brand ambassadors in their communities
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A provides these brand ambassadors and community influencers with its product range and invites them to use it themselves to see benefits

2.4.4. Conventional marketing

• The company places advertisements in consumer-related magazines. This largely includes home decor, and home management magazines
• Magazine ads are not very frequent, but appear twice every quarter of the fiscal year
• In high-density locations, ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also makes use of out of house hoardings
• Hoardings increase visibility for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A and also work towards building stronger brand recall
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also produces TV advertisements
• All TV advertisements have an emotional appeal to them
• TV advertisements by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A have progressed to include a slice of life elements and characteristics
• TV advertisements by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also highlight the functional benefits of the product

2.5. People

The marketing mix of ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also places an essential focus on people development and people building. This is because ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A realizes the importance of employees in building strong customer relationships. ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A develops its employee and people by focusing on the following aspects:

2.5.1. Training

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A makes sure that all employees undergo regular training sessions for skill development and enhancement
• Trainings at ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A are not the only field related, but also focus on essential management and organizational skills
• Training sessions and activities at ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also identify with the employee's own needs of progression, development and growth
• All training sessions and activities designed and carried out by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A take into consideration business goals and objectives, as well as employee's personal goals and aspirations
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A, therefore, tries to develop the employee as an organizational member, as well as an individual
• All training is engaging, and hands-on so that employees do not only learn but also experience

2.5.2. Organizational ownership

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A works on strengthening the organizational commitment in its employees
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A builds employee loyalty so that people can reflect their optimal best at work
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also understands that satisfied employees will lead to happy and satisfied customers
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also includes employees in decision making at different managerial levels, and regularly takes their feedback for different projects and products – which also work towards building organizational ownership

2.5.3. Motivation building

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A employees are the face of the organization
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A distributes
• Another source of motivation is appreciation programs where management appreciates and acknowledges the work and performance of different employees

2.5.4. Succession planning

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A remains one of the leading players in the industry also because of its focus on succession planning
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A conducts succession planning for all managerial levels
• Succession planning is done through internal promotions as well as external recruitments to meet the needs and demands of the vacant job position at ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A
• Strategic succession planning has allowed ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A are clearly defined and communicated to the employees
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A makes sure that employees are well trained, and knowledgeable of all processes relates to operations
• All stages of operational processes focus on maintaining a high quality level and standard of the products
• Systematic process re in place for all operation – from procurement to the final sale of the products
• All operational processes are maintained, checked, and uploaded through the internal portal of the organization for supervisory purposes
• The use of online portals for operational processes also builds a strong backup for managerial purposes at ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A

2.6.2. People Management

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has also defined clear processes for people management through streamlining its human resource management department
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has defined guidelines regarding recruitment, training, compensation management, and performance appraisal of employees
• All people related processes are not only communicated to the management and supervisors, but also to employees to create a sense of transparency, and an environment of trust
• Progressive people management systems and processes have allowed ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also has defined policies and processes for managing and maintaining quality
• All products undergo triple quality checks to ensure that customers receive the best product
• In addition to quality checks at the production and distribution level, the management has also placed separate quality maintenance and quality check department
• The quality maintenance department has experts who make sure that not only the final product but also the processes involved in producing the product were infused with quality

2.6.4. Store management

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A manages store management through stringent and closely monitored policies and processes
• These processes relate to not only the floor and space design but also to the performance of the employees at the store
• The processes for store management also regularly monitor footfall and work on strategies to increase footfall through different tactics, and changes in the store design and store management
• The company also has a systematic process for customers who interact with the products and feel them before making the purchase
• The final sale at the store is also clearly defined – for the employees and the customers both
• Processes and policies are important for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A for maintaining quality of the products, and for ensuring that the company does not experience any unnecessary expenses and costs

2.7. Physical evidence

The physical evidence is also important in the marketing strategy for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A include:

2.7.1. Store atmosphere

• The store design and management for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A is exciting and creative
• The store atmosphere makes the customers feel relaxed and comfortable –so that they can interact with, and enjoy product offerings by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A at ease
• The store design is also important for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A because it controls the level and nature of experience and interaction that the customers have with the product and the brand
• With company-operated stores, it is easier for ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A to control and manage the store atmosphere to be able to positively influence customers and to be able to appeal to them emotionally

2.7.2. Packaging

• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has unique packaging, which is different from other players in the industry
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also has a vibrant touché to its packaging, which is regularly changed in terms of colors and patterns
• The logo for the company is simple, and recognizable by the consumers easily
• The brand logo has also become a symbol of confidence, ambition, and aspiration for consumers who use products by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A

2.7.3. Website design

• The website design is simple and easy to use
• ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of ELITE RENT-A-CAR - SPREADSHEET FOR STUDENTS A also has the brand logo, and is packaged similarly to the products offered by the company
• The design patterns, and color change on the website with changes to the product packaging to match various campaign needs and sale offerings