Tesla Marketing
Tesla has always been marketing its products in many different countries. It has opened selling and marketing stores in different locations and countries as well as opened new manufacturing and production outlets. The company’s marketing plan is a diverse process, i.e. there is online selling and marketing, advertisements in the social media platforms, television shows and radio channels, open market product promotion to name a few. To say the least, Tesla has been able to compete with its competitors simply because of its product quality, variety and differentiation (Cheong et al, 2016). These three facts have also helped it to achieve its marketing plan and strategy to date.
Marketing Concepts
Marketing concept focuses on the improvement and development of a product or service brand to fit the customers’ known and unknown interests, needs and wants. Basically, it can be said to be a process of ensuring perfect brand presentation to a customer with an aim of impressing the target customers and satisfy their needs and wants to and beyond their expectation. However, apart from focusing on the customer interests, marketing concept also focuses on increasing sales, optimize profits and beat rival competition for the business organization.
Examples of Marketing Concepts
Some of the marketing concepts include (Kehinde et al, 2016): PRICE This is the cost that a customer has to pay for the product or service. In that case, it is one of the most crucial aspects that consumers consider before purchasing a product. Every organization must ensure that its product or service is realistic as much as possible. The price should be able to attract customers and also earn profit for the company. This is simply because it is mostly the first impression aspect that will hit the customer. The organization should always make sure that the price difference between the competitor’s product prices is realistic as well. As for Tesla Inc., the company has always been pricing its products according to their quality, value and cost of production. However, the company also considers how unique and recent the product is. In other words, the company’s prices are usually high but worth for the product or service itself.
Product Quality
This concept focuses on the value of the product or service to the customers or the ability of a product to meet the customer’s needs. It can be used by an organization to attract more customers. Additionally, it can be used to build product brand trust, increase return on investments as well as increase customer retention. All of these either focus on customer need satisfaction or organizational success and objective achievement. PRODUCT DIFFERENTATION This is basically the uniqueness and variance offered by the product to the customers. This is achieved by use of different, modernized and improved technological methods and equipment. Product differentiation is a concept that will help the customers be able to differentiate a product or service from another based on either quality, price, packaging, physical appearance among other things. In the case of Tesla motors, its products are pretty different simply because it produces and manufactures electric cars and clean energy generating and storage equipment. This is different from other car companies who mostly produce cars that rely on gas.
Product Life Cycle
This represents the process that a product undertakes from its inception to its disposal or introduction into the market. It can indicate how popular or valuable a product is to the consumers. In this cycle, the organization has to ensure that the engineering process, design development, manufacturing process and resource allocation and usage process are effective and efficient for the production of good quality product or service. This is a marketing concept that will help focus on the quality and appearance of the product or service. Tesla motors has always had effective product life cycles and that’s the reason why its product quality and appearances are very attractive and creates customer loyalty.
Production Method Innovation
This concept will basically focus on production on a different and unique product or service. Innovation relates to creativity. Therefore, through innovation a product or service will be able to achieve product differentiation and uniqueness. Additionally, an organization will have a variety of products for customers to choose from which will increase their need satisfaction. Tesla Inc. product and services are considered to be unique and different from its competitor’s products. When it comes to branding, quality, appearance among other things. The concept of innovation basically helps a business focus entirely on meeting the customers’ needs as much as possible.
Social Marketing
Social marketing relates to doing advertisements and promotions on the social media platform, e.g. in Facebook, Instagram, twitter, Pinterest to name a few. This concept focuses on reaching out to large numbers of current customers to update them on product or service development strategies and to potential customers to introduce them to a new or better product. Through social marketing, organizations have chances to share information with the customers and receive comments from them as well especially about their needs and wants and what they expect in future. Tesla does social marketing in most of the social media platforms like Twitter, Facebook and Instagram. It is therefore able to communicate to its customers about anything.
References
Cheong, T., Song, S. H., & Hu, C. (2016). Strategic Alliance with Competitors in the Electric Vehicle Market: Tesla Motor’s Case. Mathematical Problems in Engineering, 2016. Rimmer, M. (2014).
Tesla Motors: Intellectual Property, Open Innovation, and the Carbon Crisis. The Australian National University College of Law, Canberra. Kehinde, O. J., ADEGBUYI, O., Akinbode, M., & Borishade, T. T. (2016).
Marketing Concept And The Satisfaction Of Consumer Needs: The Nigerian Consumers’ Experience. Researchjournali’s Journal of Marketing, 4(1).
Talk to our expert to get the help with Bus105 Marketing Essentials-Tesla Company Product Assessment Answers from Assignment Hippo Experts to complete your assessment on time and boost your grades now