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Marketing and Management - Assignment

   

Added on  2020-05-11

14 Pages3674 Words98 Views
Running head: MARKETING AND MANAGEMENTMarketing and managementName of the studentName of the universityAuthor note

1MARKETING AND MANAGEMENTIntroduction Marketing plays an important role in gaining competitive advantages for thecontemporary business organizations. Thus, in order to gain the competitive advantages in themarket, contemporary business organizations initiate effective marketing strategies. This alsohelps them in staying ahead in the competition. In the process of initiation of effective marketingstrategies, one of the key aspects being considered is the marketing mix (Leonidou, Katsikeas &Morgan, 2013). Marketing mix refers to the various mediums of the business organizations, withthe help of which, they can gain competitiveness in the market. Moreover, marketing mix refersto the factors, which helps the organizations in attracting the customers. Thus, initiation of theeffective marketing strategies in adhering to the marketing mix of the organization will help theorganization in having holistic approach in targeting the customers. Traditional approach to the marketing mix consist of four elements namely, price, place,promotion and place, which are to be considered by the business organizations in operatingeffectively in the market. However, in the current business scenario, the aspects for the businessorganizations are rapidly emerging and the existing 4Ps of marketing mix is not enough to coverall the emerging aspects (Singh, 2012). Thus, for the contemporary business organizations, theexisting 4Ps of marketing are being modified to 8Ps of marketing. In 8Ps of marketing, the addedelements are the physical evidence, process, people and partnership.This report will discuss about the effective implementation of marketing strategies inadherence to the 8Ps of marketing for the Tesla Inc. all the 8Ps of marketing mix for Tesla willbe discussed here in this report. In addition, recommendations will be provided in accordance tothe identified issues.

2MARKETING AND MANAGEMENTCompany profile In the current business scenario, organizations having innovative approach and having theaccess to the latest and futuristic technologies are having more market potential compared to theorganizations incorporating traditional and conventional approach. This phenomenon made Teslaan overnight sensation in the existing automobile market. Tesla was being founded in 2003 inview to change the existing business scenario with the use of renewable energy ("About Tesla |Tesla", 2017). Currently, they are having vast and diverse product portfolio ranging from solarchargers, super chargers batteries to electric vehicles. However, the introduction of electricvehicles made Tesla hugely popular in the global market ("Tesla’s Competitive Advantages — 5Big Ones", 2017). This is due to the reason that, they had able to change the common perceptionof the market around the electric cars. The models namely model S, model X and Model 3 can becompared and are superiors in few aspects compared to the conventional vehicles. Moreover, thefuture proposed offering from Tesla such as electric semi truck will help them to create hugeopportunities in the global market. Evaluation of 8Ps of marketing of Tesla As discussed earlier, for the contemporary business organizations such as Tesla, it isimportant to determine their 8Ps of marketing mix. In this case, the model S will be taken toevaluate the marketing mix. The following sections will discuss about the different elements ofthe marketing mix for model S.Product Products of Tesla are their key source of gaining competitive advantages in the market.This is due to the reason that, model S is electric sedan with having features as par or superior to

3MARKETING AND MANAGEMENTits conventional competitors. According to the business principle of Tesla, their vision is tochange the perception of the customers regarding the electric vehicles. Hence, they haveintroduced model S with having all the relevant features being required by the target market.Moreover, the model S is being designed to give it a sporty stance. In addition, the engine is alsobeing tuned to have superior acceleration compared to the conventional competitors. The rangeto be covered in a single charge is also being enhanced. Thus, model S is racier, sporty andluxurious even being an electric car (Team, 2017). This is helping Tesla in promoting theirproduct as a worthy competitor in the market along with being a vehicle running on renewableenergy (Mangram, 2012). Price In terms of initiating pricing strategy, Tesla involved an innovative approach. This is dueto the fact that, model S and model X are being touted as premium offerings. It helped them togain an exclusivity among the customers by operating in the niche market (Wood, 2017).Moreover, the premium pricing of model S helped them to gain the capital needed for furtherdevelopment of the model 3. Thus, the one the one hand, premium pricing helped them to gainthe required customer awareness about the product and on the other hand, it helped them to raisethe fund for further development (Keller, 2017). Place The innovative marketing approach is visible in their distribution policy also. Accordingto the business policy of Tesla, the new products such as model S are in the requirement of modemarket exposure and awareness (Kanagal, 2015). Thus, unlike their competitors, they have optedfor small stores in various shopping malls for displaying their products along with having

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