Page 4: Product development
Product development strategies have helped Enterprise to develop services in a market where it was already an established and profitable business. This was considered to be a medium risk strategy. Examples of Enterprise’s product development include its unique ‘Pick-up’ service. This helped to lead the market in this product offering.
Enterprise’s Flex-E-Rent service (a long term vehicle rental solution designed to meet the growing needs of today’s businesses) and its Business Rental Programme (offering customers a bespoke programme with special pricing) are examples of product developments. These have widened its service range to improve the customer experience and strengthened its brand identity.
Factors in the external environment affect decisions about product development. These are things taking place outside the business that influence decisions within the organisation. Governments around the world are committed to reduce global warming through more ecofriendly technologies, while consumers are looking for different mobility solutions. Enterprise therefore created WeCar, a membership car-sharing programme which offers customers a car at an affordable hourly rate. It typically uses fuel-efficient vehicles or hybrids to help address concerns about the environment. Car sharing or hourly car rental can also help to reduce the number of cars on the road. In this way, WeCar members help to contribute to a cleaner environment.
Having the ability to respond quickly to the external environment with new products and services is a benefit of being a privately-owned business. Enterprise allows employees to make decisions at a local level and has created an entrepreneurial spirit within the organisation. This means that strategies are constantly reviewed to ensure that Enterprise remains the market leader. New avenues of business are explored and researched. Underlying all of these changes are Enterprise’s founding values. These are Enterprise’s driving forces behind growth and include values such as:
- ‘Our brand is the most valuable thing we own.
- Great things happen when we listen...to our customers and to each other.
- Customer service is our way of life.’
As a result, Enterprise’s activities are polycentric. This means that some services are only offered in certain markets. For example, Rent-A-Car is operated in all markets globally. WeCar is operated in the UK and the USA and Flex-E-Rent is only available in the UK.