Principles Of Marketing Assignment Sample

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Introduction Of Principles Of Marketing

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Marketing plan

Executive summary

Tesla is undergoing numerous modifications in order to suit the demands and expectations of its customers. The company has developed electric cars, which are in high demand among customers. This will be a huge benefit for the company in the long term in this area, as they will be able to generate a lot of income.

Objectives

  • To raise Tesla's new product sales by 30% by the end of the year 2022.
  • In the next ten months, improve the customer experience by 40%.
  • To enhance profitability by 20% by the end of the year 2023.
  • To gain market share by 40% by the end of the year 2023.

Segmentation, targeting and positioning

  • Segmentation

Psychographic, behavioural, geographic, and demographic segmentation are the four types of segmentation. Tesla must concentrate on all segmentations in order to make new products available to customers on a regular basis. It is critical that the company creates items that meet the wants of its customers, as this is a critical aspect. Customers desire appealing car models, which Tesla's new product will be unable to deliver, which is why it has been upgraded.

  • Targeting

Because they are uninterested in ecologically friendly items, the company's target market will not be the younger generation. The company's loyal customers will be the target, as will those who recognise the importance of making the world a better place to live, which is a vital component for the organisation. The upper class is willing to pay a premium for electric vehicles because they value the company's ambition.

  • Positioning

Because of the materials used in the product and the improvements that have been made to the product so that it can match the consumers' lifestyles and wants, the cost is premium (Swanson and LaLuzerne, 2018). When clients are informed about the company's environmental conservation efforts, they will be able to profit more in the long run.

PESTLE

  • Political factors

The government is also encouraging electric automobiles globally, which presents Tesla with a wonderful potential to expand its market share and develop quicker. There are new worldwide trading agreements that have emerged, which may be a fantastic reason for the company to expand, and the government of the origin country is unstable, which can make the expansion process run more smoothly.

  • Economic factors

Because of the current global scenario, economic stability is a concern for Tesla, but the cost of batteries has decreased, which can be used as a benefit for Tesla's product (Hasan, 2018). There is a decrease in renewable resources, which can be an excellent way to promote their products and boost profit margins.

  • Social factors

Customers or the global population want a low-carbon lifestyle, which is why Tesla's electric automobiles will appeal to them. There have been numerous advancements made to Tesla's electric cars in order to meet the requirements and expectations of customers, which is a significant aspect for the corporation.

  • Technological factors

Technology is changing at a rapid pace, which are both a threat and an opportunity for Tesla because it allows them to improve their performance (Sadchenko and et.al., 2020). Because of the company's strong internet popularity, it should invest in technology to improve its operations.

  • Legal factors

Tesla has patent protection for its global expansion, which is a fantastic opportunity for them as well as its reputation in the market. The company's energy use is regulated in order to provide the best possible service to its consumers in all ways.

  • Environmental factors

The company is particularly concerned about the environment, which is why they have a better trash disposal plan, which raises their market standard. Climate change is also an opportunity for the corporation because they play such a large role in it.

 

 

SWOT

  • Strengths

Tesla has the ability to develop environmentally friendly products, which is a significant benefit in order to maintain a long-term market presence. There is a reduction in the cost of batteries and renewable resources, which is a significant benefit to the company's production.

  • Weaknesses

The organization's inability to reach clients for delivery on a regular basis poses a serious threat. This gives competitors an advantage over the organisation. Tesla is currently in a lot of debt, which may prevent them from having a bright future in the market.

  • Opportunities

Customers are becoming more concerned about environmentally friendly items, which present a tremendous potential for the organisation (Hasan, 2018). Another element that could help Tesla easily grab the market is the self-driving features that company has developed.

  • Threats

Tesla's competitors are powerful in the market, and they supply customers with features that electric cars lack. The youthful generation does not value electric car models or the concept of environmentally beneficial products, which could pose a significant challenge to Tesla.

Budget

Particulars

Amount

Direct Materials

£800.00

Labour

£550.00

Production

£700.00

Marketing and advertising

£550.00

Other costs

£400.00

Total

£3,000.00

 

 

Investment Techniques

Tesla intends to use venture capital to fund the new product that the company has developed in order to improve its efficiency. Because the market is becoming more competitive, the company will need to adapt its operations and take the necessary steps to expand. Tesla's client base and portfolio are strong, and the product's advantage is also strong, therefore the company will make this decision so that it can function correctly and meet consumer expectations on time.

Monitoring and Evaluation

Tesla has competent and experienced staff, but they must be monitored and controlled because the corporation is unable to reach out to customers on time. It is critical that manufacturing and operations occur on time so that the company may run more efficiently and achieve a higher position in the global market (Korinyev and Martynenko, 2017). There must be transparency in the organisation, which Tesla has, since it improves working conditions and motivates employees to work hard on the company's new product.

 

REFERENCES

Books and Journals

Hasan, A.E., 2018, November. IMPORTANCE OF MARKETING RESEARCHES IN FORMATION OF COMMODITY MARKET. In Economic and Social Development (Book of Proceedings Vol. 2/4), 55th International Scientific Conference on Economic and Social (p. 129).

Korinyev, V. and Martynenko, D., 2017. THE SYSTEM OF MARKETING PLANNING AT THE ENTERPRISE AND ITS FORMATION PRINCIPLES. Scientific Journal of Polonia University. 23(4). pp.52-61.

Sadchenko, ? and et.al., 2020. Marketing tools in stimulating innovative activity of enterprises. International journal of management. 11(6).

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