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Budget rent a car Budget Rent a Car International Inc.,

41 Marlowes, Hemel Hempstead, Herts. Hp1 1ld.

Tel. 0442 218027

Fax. 0442 230757

Type of business: vehicle rental

Applications invited: yes

Availability: North-West England and Scotland

Company established: 1966

Number of outlets in the UK: company owned 41, franchised 119

Number of outlets worldwide: 3,300

Working capital: £50,000

Liquid capital requirement: £75,000

Initial franchise fee: £25,000

On-going fees: management services fee 71/2%, marketing/advertising levy: 2 1/2%

Typical outlet, projected turnover: year 1 ― £150,000, year 2 ― £240,000, year 3 ― £300,000

Typical outlet, projected profit/(loss):

year 1 ― (£20,000), year 2 ― break-even, year 3 ― £10,000-£20,000

Period of contract: 5 years

BFA membership: full

Marketing and advertising Key Vocabulary

Advertising ― any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor.

Advertising agencies ― specialists in planning and handling mass selling details for advertisers.

Advertising managers ― managers of their company’s mass selling effort in television, newspapers, magazines, and other media.

Branding ― the use of a name, term, symbol, or design — or a combination of these — to identify a product.

Comparative advertising ― advertising that makes specific brand comparisons using actual product names.

Competitive advantage ― means that a firm has a marketing mix that the target market sees as better than a competitor's mix.

Competitive advertising ― advertising that tries to develop demand for a specific brand rather than a product category.

Competitor analysis ― an organized approach for evaluating the strengths and weaknesses of current or potential competitors' marketing strategies.

Cooperative advertising ― middlemen and producers sharing in the cost of ads.

Copy thrust ― what the words and illustrations of an ad should communicate.

Corrective advertising ― ads to correct deceptive advertising.

Direct marketing ― direct communication between a seller and an individual customer using a promotion method other than face-to-face personal selling.

Direct type advertising ― competitive advertising that aims for immediate buying action.

Facilitators ― firms that provide one or more of the marketing functions other than buying or selling.

Indirect type advertising ― competitive advertising that points out product advantages ― to affect future buying decision.

Institutional advertising ― advertising that tries to promote an organization’s image, reputation or ideas ― rather than a specific product.

Macro-marketing ― a social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society.

Market ― a group of potential customers with similar needs and sellers offering various products ― that is, ways of satisfying those needs or a group of sellers and buyers who are willing to exchange goods and/or services for something of value.

Market development — trying to increase sales by selling present products in new markets.

Market-directed economic system — the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.

Market growth ― a stage of the product life cycle when indus­try sales are growing fast ― but industry profits rise and then start falling.

Market maturity ― a stage of the product life cycle when in­dustry sales level off — and competition gets tougher.

Market penetration ― trying to increase sales of a firm's present products in its present markets — usually through a more aggressive marketing mix.

Market segment ― a relatively homogeneous group of cus­tomers who will respond to a marketing mix in a similar way.

Market segmentation ― a two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

Marketing concept ― the idea that an organization should aim all its efforts at satisfying its customers — at a profit.

Marketing ethics ― the moral standards that guide marketing decisions and actions.

Marketing management process ― the process of (1) plan­ning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans.

Marketing mix ― the controllable variables that the company puts together to satisfy a target group.

Marketing plan ― a written statement of a marketing strategy and the time-related details for carrying out the strategy.

Marketing programme ― blends all of the firm's marketing plans into one “big” plan.

Marketing research ― procedures to develop and analyse new information to help marketing managers make decisions.

Marketing research process ― a five-step application of the scientific method that includes (1) defining the problem, (2) analysing the situation, (3) getting problem-specific information, (4) interpreting the data, and (5) solving the problem.

Marketing strategy ― specifies a target market and a related marketing mix.

Mass marketing ― the typical production-oriented approach that vaguely aims at “everyone” with the same marketing mix.

Micro-marketing ― the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.

Packaging ― promoting and protecting the product.

Pioneering advertising ― advertising that tries to develop primary demand for a product category rather than a specific brand.

Place ― making products available in the right quantities and locations ― when customers want them.

Primary demand ― demand for a general product idea, not just the company’s own brand.

Product advertising ― advertising that tries to sell a specific product.

Product life cycle ― the stages a new product idea goes through from beginning to end.

Promotion ― communicating information between seller and potential buyer to influence attitudes and behaviour.

Target market ― a fairly homogeneous (similar) group of cus­tomers to whom a company wishes to appeal.

Target marketing ― a marketing mix is tailored to fit some specific target customers.

Telemarketing ― using the telephone to “call” on customers or prospects.