7p's of Marketing

Executive Summary

The study was conducted on SiXT car rental company in the. The basic idea of the study was to analyze the internal and external market audit. The study was to know the current situation of the company and how is it running, and what are main factor that drove this company to success.

PESTLE and TOWS were used to find the major strength, weakness, and other aspects of business.

Company Profile

Sixt is a car rental company established in 1912 by Martin Sixt in Munich. It has been expanding branches all over the world it has expanded its branch in over 100 countries and 4000 location and still expanding. Because of its well-known service provided by it, it is well known as the 5^th largest car rental company. On today’s context sixt is actually owned by number of people where 57% of it owned by the SiXT family. It currently the largest BMW car rental in the world as they have collaborated with BMW

Stakeholders

Stakeholders are referred to the factors that are directly and indirectly related with the business

Internal Stakeholder

Internal stakeholders are referred to the ones that are within the organization and can be controlled, influenced by the organization.

-Employee

An employee is referred to a person who works for an organization as per designated area. It can also be described as a person who provides services to an organization on regular basis in exchange for money.

-Manager

Manager is generally referred as a person who looks after a huge department of an organization. In other words it is described as an individual who is responsible for looking after the department if any problem occurs it is reported to him\her and is rectified accordingly.  

External Stakeholder

External stakeholder are referred to ones that aren’t controlled cannot be controlled by an organization.

-Customer

Customer is a term used for an individual / business that buys products from an organization. Businesses are mostly trying to get more customers by advertisement, contracts and others to attract more customers.

-Supplier

Supplier refers to a business which sells product and services to other businesses. They may also be called contractors.

-Shareholder

Shareholders are referred to person, company, others who owns a share of a company. They finance an organization, It depends on how the company runs that decides the value of shares of a company.

Advantages and Disadvantages of Stakeholders

Advantages

Stake holders are directly and indirectly related to the business however it plays huge role in making decision to a business. They help the business to make decision, know the risks, make better strategies, better managed relationships, others. They help the business in many ways increase transparency and lead to a decision making.

Disadvantages

It is often time consuming for the stakeholders to meet all their interest at once. It is hard to focus on one particular important stakeholders group which might lead loss of important inputs. Not all stakeholders have good decision making abilities which might lead to indecisive situations.

Six Market Module

1. Customer Market

This market is usually filled with buyers, wholesalers, intermediates, retailers and final customers. They are most important part of the business without customers there are no business to run, retaining them will be quite vital for the business. Market changes directly influences the customer result in business transaction.

2. Influence Market

This market includes stakeholders such as third party customers which are influenced by the customers, advertisement and others. They could be anyone of any profession influenced from anyone even from the rival group you are competing against. It may add more customer or decline the sales.

3 Referral Market

This market is generally consists of referred person by friends, customers , others. It is very common to find referred customers come to visit.

4 Supplier Market

Suppliers market generally referred where business come to collect the goods, services , other from the suppliers in order to resale the goods. This market usually ends with a good relation between the buyer and seller as they have to work with each for a long time.

5 Employee/ Recruitment Market

This market generally consists of talented, well educated, skilled people as they are chosen by the organization to work for them. Generally skilled people are chosen by the organization as they generally search for innovative ideas to take their organization to a higher place.

6 Internal Market

This type of market generally applies to customers and employees within the organization. They are forced to have good harmony among each other so they can work together and achieve mission together.

7 “P”s of marketing

Price

Price refers to the amount money that the customer is willing to exchange it goods and service that he desires. Price should be always be seen as a good value for money which most of people go for lesser priced good that is fair enough to be paid for the good that he thinks it’s worth the value. Customers are always happy to pay less for any good that gives good utility that is derived from consuming the commodity. Sixt should be providing better prices than its customers and there should be no hidden prices

Place

Place refers to the location where the good/services are made available to the consumers. The location must be carefully selected as the type of product that they are trying to sell. They should be choosing locations where the target market finds it easier to access the products. For car rental companies they should place their service station near airports, car repair centers and places where people are more likely to rent cars for their needs.

Product

Product refers to the commodity that a consumer uses to get/consume the utility contained in it. Product should meet the consumers’ expectations or if it fail then consumer will not tend use the same product again so they will try find a substitute for it. Product in car rental refers to different types of cars as older people will tend to hire luxuries cars where young people will try hire fast sports cars and people with less money will get small fuel efficient cars.

Promotion

Promotion refers to the awareness campaign that the company uses to let the people know about the products. Promotion uses techniques such as Advertising. PR, Sales, Promotion, Personal Selling, others that are used to increase the sales of a product. It is also a medium to give a message to the public that they would use to attract people by giving information to urge them to use / buy the commodity.

People

People refer to the persons that the organization is reliant on such as employees, managing director and etc. All the work cannot be done by one person, therefore they need to hire provide jobs to people who are able to perform the work that needs to be done, They are a part of the organization, performing as an organ of a body to keep the firm in good profitable condition.

Process

Process refers to the service of an organization that done to delivering the product to the customer and is a part of what the customer pays for. The process of what a product goes through before it delivered to the customer. How the good is presented/ delivered to the customer also gives the background of the firm where the products are manufactured, sold.

Physical Evidence

Generally physical evidence consists of the evidence of an organization where they have performed / given their service to. It relies on physical evidence to show the customers about the service.

Recommendation

Sixt has been doing a very good job in car rental services. There are few areas of the industry specially the customer service. Most the people complain about their rented cars being expensive and sometimes cancelling the reservation at the last moment. This looks to be a serious problem in the organization as they need to strict with rules and regulations. They should use updated information in order to avoid long traffic jams, as many had to wait for a long time for them to be picked up. The prices of the rental cars charged should be straight as there are a lot of hidden charges while hiring the car.

References

BusinessDictionary.com, (2014). What is a manager? definition and meaning. [online] Available at: http://www.businessdictionary.com/definition/manager.html#ixzz39LnS1Gux [Accessed 3 Aug. 2014].

Investorwords.com, (2014). What is Employee? definition and meaning. [online] Available at: http://www.investorwords.com/1696/employee.html#ixzz39Lec6Uom [Accessed 3 Aug. 2014].

Karkhanis, S. (2014). Advantages and disadvantages of Stakeholder Analysis. [online] Business Transformation and SAP Guide. Available at: http://www.karkhanisgroup.com/consulting/management/project-management/stakeholder-management/163-advantages-and-disadvantages-of-stakeholder-analysis.html [Accessed 3 Aug. 2014].

Review Centre, (2014). Sixt Car Hire www.sixt.co.uk. [online] Available at: http://www.reviewcentre.com/reviews76707.html#Reviews [Accessed 3 Aug. 2014].

Small Business - Chron.com, (2014). Advantages and Disadvantages of Stakeholders. [online] Available at: http://smallbusiness.chron.com/advantages-disadvantages-stakeholders-32179.html [Accessed 3 Aug. 2014].