Essay on Nike: Car Rental Agencies

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Consumption

Demand: In Cyprus, there are three major ways to move around the island; by car hire, taxi or by bus. While all three are ideal, the most advisable way from the three is car hire. The road network around the island is in great condition and it is quite easy to find your way around. It is also possible to get car rental agencies from the airports and throughout the cities in Cyprus. The car rental agencies vary from international to local with luxury car rental and cheap car hire services. It is even possible to get car hire service from some hotels for your own convenience. Therefore, the main customers in Cyprus are the tourist and the local resident.

Market share by sector: S&P noted that Enterprise Holdings, operating through its subsidiaries, the Enterprise Rent-A-Car, Alamo Rent A Car, and National Car Rental brands, is "the world's largest car rental company, with over $12 billion of revenues in fiscal 2009," and "operates the largest global fleet of passenger vehicles and trucks." The rating agency also cited the positive impact of the National and Alamo brands, which helped to grow their "on-airport market share to its current approximate 33% from a previous 8%." Enterprise Holdings is now the largest airport car rental company, compared with major competitors.

Enterprise Holdings, Inc. through its regional subsidiaries, owns and operates more than 1 million cars and trucks, the largest fleet of passenger vehicles in the world today, under the Alamo Rent A Car, Enterprise Rent-A-Car and National Car Rentalbrands. As North America's largest and most comprehensive car rental company, Enterprise Holdings also operates a network of more than 7,600 car rental locations in neighborhoods and at airports worldwide, and leads the industry with more than a third of all airport business in the U.S. and Canada.

Substitutes:

There are many substitutes available for the car rental industry. From a technological standpoint, renting a car to go the distance for a meeting is a less attractive alternative as opposed to video conferencing, virtual teams and collaboration software with which a company can immediately setup a meeting with its employees from anywhere around the world at a cheaper cost. In addition, there are other alternatives including taking a cab which is a satisfactory substitute relative to quality and switching cost, but it may not be as attractively priced as a rental car for the course of a day or more. While public transportation is the most cost efficient of the alternatives, it is more costly in terms of the process and time it takes to reach one’s destination. Finally, because flying offers convenience, speed and performance, it is a very enticing substitute; however, it is an unattractive alternative in terms of price relative to renting a car. On the business segment, car rental agencies have more protection against substitutes since many companies have implemented travel policies that establish the parameters of when renting a car or using a substitute is the best course of action.

Contractual

Business practices and Business culture

It is worth paying attention to the following points at business meetings in Cyprus: * Try to arrive for a business appointment promptly at the time specified. * A brief but firm handshake is the accepted custom at the start and end of a meeting. If you have to leave in the middle of the meeting, leave with a handshake. * At a meeting in rural areas, you can look forward to a warm reception. * Cypriot dress is casual. Nevertheless be careful to dress properly for a business meeting.
For men - a suit and tie. For women - dignified dress. * At a business meeting in Cyprus, remain in this dress even if the weather on the island is relatively warm.
Don't remove a jacket or tie before your colleague does so. * It is important to refer with respect to the religious beliefs of the local residents. * All business
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