Key Elements of Marketing Function: Tesla, Inc. Report

This report provides a comprehensive analysis of Tesla, Inc.'s marketing function. It begins with an introduction to the importance of marketing in achieving business goals, particularly in the context of Tesla's electric vehicle and clean energy business. The report delves into the key elements of the marketing function, including the 7Ps of the marketing mix (product, price, promotion, place, people, process, and physical evidence), and how these elements are applied within Tesla. It also examines the interrelationship between the marketing function and other organizational units, such as human resources and finance. Furthermore, the report outlines the key roles and responsibilities of the marketing function within Tesla, including market strategy, marketing information systems, and monitoring the marketing environment. The analysis includes an evaluation of Tesla's strategic marketing plan, providing a detailed and coherent overview of the company's approach to achieving its marketing objectives. The report highlights how Tesla leverages its marketing strategies to build a strong brand image and increase its customer base in the competitive market of electric vehicles and sustainable energy solutions.

Marketing essentials

Table of Contents

INTRODUCTION
Marketing plays major role in the growth and fulfilment of goals and objectives in the
market. This assist the business towards the target market that need to be convers under the
market essentials and how the business could impact the level of marketing. The main motive of
marketing is to promote product and services of the company in the marketplace so that business
can develop high level of customer base in the market with the effective growth and fulfilment of
goals and objectives. Marketing tools and techniques could attract the customers to buy the
product and services of the business provide effective growth. This report is based on Tesla, inc.
it is an American electric vehicle and clean energy company base on Palo Alto, California. Tesla
is one the most successful electric passenger car. Company has 70757, employee turnover and
US $31.536 revenue turnover. This report includes information about key elements of marketing
function and its relationship with other functions of the organization. Also this includes roles and
responsibility of the marketing function and how it helps the business to gain customer base in
the market. Also this explains the key roles and responsibilities of marketing function and how it
impact organization at wider context. Also this explains the evolution of the strategic plan to gain
better objectives in the market.
MAIN BODY
Activity 1
A critical analysis and evaluation of the key elements of the marketing function and its
relationship with other functional units of an organisation:
Marketing function assists the business to gain better objectives and provides insight about
the marketing research. Marketing function of the business focuses on potential of product and
services in the market and also provides insight about the objectives can be gained. Product and
services of the business promote by the marketing function to gain better objectives and
proficiency in the market. This helps the business to build brand image in the market and provide
better growth and fulfilment of objective to provide better growth. Marketing function has
relationship with the other functions of the organization so that provides impose to the market
with the fulfilment. Typical marketing function provide better assessment to the product
development market development and growth of the business in the marker. In the context of
Tesla, marketing function of the company focus on the effectiveness business development in the
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market. It provides strategic development to the business and increases its customer base in the
market. Marketing plan of the company is to focus on the level of proficiency to provide better
objectives in the market. Below is the key elements of the marketing function is explained in the
context of Tesla.
Key elements of marketing function:
There are various key elements of the marketing function that provides strategic
development to the product and services of the business. Also this provides insight about the
proper growth and development of the marketing goals and objectives to be fulfilled in other to
gain effective growth and profitability. Marketing element includes 7ps of marketing that known
as marketing mix. This helps the business to develop effective product strategy for the business
so that effective growth of the product and services can be achieved in most appropriate manner.
Marketing mix is foundation model of the business that helps to gain better objectives and
growth in the market so that business can fulfil its needs and wants in most appropriate manner.
In the context of Tesla, marketing mix of the company provides insight about the strategic plan
of the business to promote product and services in the marker and increase the level of
profitability. Below is explanation of marketing mix in the context of Tesla.
Marketing mix of Tesla:
Marketing mix refers to the set of actions and tactics that helps the business to gain better
understanding of market demand of product and services and how business can provide strategic
decision about its product and services. All the elements of the marketing mix influence each
other to enhance the level of business growth and proficiency in the market. They provide
effective business plan to the business and helps to handle it in most appropriate manner. all the
element of marketing mix influence the level of customer buying decision making and growth in
the market. Below is detail discussion of marketing mix element of the marketing in the context
of Tesla.
Product: This refers to the physical product and service that offer by the business in the
market. Product is commodity or services that company offer to the customers to gain better
growth and proficiency in the market. In the context of Tesla, their products are fully electrical
vehicles, energy generation and storage system. Also they maintain the solar electricity of for the
better development and effectiveness of the proficiency. The company also run super power
stating that helps its business to attract the high level of customer base. The product and
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delivered half of million vehicles in 2020. This helps the business to gain high level of customer
base and development of the business in the market.
Price: This refers to the value of the product and services that customer willing to pay to
the company. This explains the value of the product in the market and how much customer is
attract to the price strategy of the business. The price of the product should correlate to its value
in the market. In the context of Tesla, its price strategy can be describes as the premium price
strategy. The vehicles of the Tesla is expensive and premium, however customer of the Tesla
willing to pay prices to drive electric vehicles. Tesla price strategy can be planed as expansive
strategy that can helps to gain effective customer that focus on the luxury product to gain
effective.
Promotion: It is refer to the promotion of the product and services through the advertising
via, TV, radio, and social media. Promotion of the product and services provide information to
the customer so that effective growth can be fulfilled in most effective. In the context Tesla,
company focus on the word to mouth strategy of promotion and that helps its business to gain
better objectives and growth in the future. Promotion of the product and services of the Tesla on
the social media channels can help the business to reach out the customers across the world.
Place: It is the market position where the business sale their product and services in most
effective manner. place is the where the product and services are available for the customer and
that helps the business to gain effective growth in the market. In the context of Tesla, company
sale their product and services in many countries and that provide its business to access to the
customers.
People: These are the individual who is involved in the marketing process of the business.
Those who are involved in the selling process of the product and services are the people and
these individual helps the business to increase the level of effective customer base. In the context
of Tesla, there are various people who is involved in the buying and selling of the product and
services in the market and that helps the business to gain better objectives and growth in the
marketplace.
Process: It describe the series of the action that business undertake in order to complete
the process of selling the product and services of the company. This process helps the business to
drive the product and service to the customers so that they can gain better sale and high level of
customer base. In the context of Tesla, there are various action and process that company follow
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to deliver the product to the customer and this process of the company is cost effective for the
business.
Physical evidence: It is the brand image of the company that customer follow in order to
buy the product and services in most effective manner. Product and services needs brand image
to attract the customers and make them buy those product and services in the market. In the
context of Tesla company focus on the building positive brand image so that they can attract the
customer and gain better objectives.
Interrelationship of the marketing function to the other functions of marketing:
Marketing and human resource:
Human resource is play vital role in the development of effective customer base and
growth of the business in the market. Human resource helps the business to gain better objectives
and growth of the company in the market. Human resource department of the business to
marketing of the product and services so that effective growth can be achieved in most
appropriate manner. Marketing and human resource department of the business work together to
achieve the common goals of the business.
Finance and marketing department:
Finance department of the organization focus on the funding and inflow and outflow of
the funds in the business. They provide the funding to the other department of the business so
that all the resources can be achieved by the firm. Finance department also provide funding to
the marketing department and that helps the marketing manager to deal with the product and
services promotion expenses. Also marketing department works on the effectiveness of product
promotion in the market so that actual growth to the product and services can be provide in most
effective manner. sale of the product and servic4es enhance the level of funding in the business
so that finance department can work in most appropriate manner.
An explanation of the key roles and responsibilities of the marketing function and how these
relate to the wider organisational context.
Marketing department of the business focus on the effective growth and fulfilment of
needs and wants to gain. Marketing involves the growth and responsibilities of the business
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organization to provide better opportunity to gain better growth. there are sources of the
information to provide business effective growth and fulfilment of goal and objectives. There are
various goals and objectives of the growth of the business. Below is the explanation of roles and
responsibilities of the marketing function of Tesla:
Market strategy: Marketing function Tesla focus on the making effective marketing
strategy that promote its business in the market and increase the level of customer base.
Marketing function of the company play the role of making appropriate strategy of marketing
after analysing the market condition and provide effective solution to deal with the competition
in the business. For the effective growth and enhancement of goals and objectives marketing
manager of the company focus on the appropriate solution of the problems that business face in
the market and how it enhance the level of effectiveness in the market.
Marketing information system: Information system in the marketing function helps the
marketing team of Tesla, focus on the effective market planning and information generation so
that the company can target the customer segment which is effective for its business. Also this
provides the insight about the goals and objectives that marketing function follow for the
business growth and achievement of industry standards. for the achievement of effective goals
and fulfilment of organizational goals and objectives company can perform the activities and the
task in most appropriate manner so that effective growth can be fulfilled by the organization.
Monitoring marketing environment: Analysing and monitoring the marketing
environment is one of the major responsibility of the marketing function and that provides the
insight about the appropriate growth and fulfilment of actual growth. for the betterment of future
objective marketing manager of Tesla focus on the well being of the marketing objectives and
analyse the market condition to fulfil the need and want in most appropriate manner. for the
better growth and fulfilment of organizational objectives company can enhance the level of
effectiveness and growth in the market so that effective growth and fulfilment of needs and
wants can be achieved.
An evaluation of a detailed, coherent and strategic marketing plan for a product for chosen
organisations that applies to the 7Ps to achieve the business objectives.
Marketing strategic planning of the product for the Tesla is the new Tesla model S, this model of
the company expected to be in the market by the end of the year and this product of the
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organization has new features and enhancement in the working. Below is the use of 7ps of the
product to achieve the business objectives in the market:
7ps of Tesla model S:
Product: Tesla model S, is the latest model of the company with the innovative features
that attract the customers base and increase the level of business market growth. this model of
the business has various feature that other models not have and this innovative creative feature
can helps the business of Tesla to attract high level of customer base and increase growth in the
market.
Price: Tesla model S, this model is expected to have high rates rather than other product
in the market. The expected price of the product is $ 79,990 starting. This is higher and provides
luxury comfort to the customers. This product is included in the hybrid and electric car segment.
This price strategy attracts the higher income base customers and this helps the business to
increase the level of profitability.
Place: Tesla model S, will available in many countries with the high income growth and
company is planning to launch this model in India as well. This helps the business of Tesla to
increase the level of customer base.
Promotion: For the effective promotion of the product Tesla use digital marketing of the
company that helps the business to attract the high level of customer base and increase the level
of demand in the market.
People: There are many people who is involved in the process of buying and selling of
this model in the world and those provide effective strategic growth to the company so that
effective growth can be achieved in most appropriate manner.
Process: Marketing and distribution of the Tesla model S, will include many processes in
the domestic market and international market of the business.
Physical evidence: brand image of the company helps the business to gain effective growth
in the sell of Tesla model S.
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CONCLUSION
From the above information it can be understand that there are various tools and techniques
of the marketing that helps the business to provide effective growth in the market. Marketing mix
of the company provides the effective strategy that helps to gain effective customer base and
growth in the market. Effective growth of the business in the market company should use
effective marketing strategy that provide business effective growth and proficiency in the
market.
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REFERENCES
Books and Journals
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