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Marketing Essentials - TESLA

   

Added on  2021-02-20

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Marketing Essentials

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Roles and responsibilities of marketing function..................................................................1P2. Interrelations of marketing with other organisational units...................................................5TASK 2............................................................................................................................................6P3. Comparison of various ways by which marketing mix is applied to the chosen organisation......................................................................................................................................................6TASK 3............................................................................................................................................9P4. Marketing plan.......................................................................................................................9CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONMarketing is characterised to important tool which comprises understanding ofmarketplaces addition to customers demands, formulating strategies and building profitablerelations (Baack, Harris and Baack, 2013). Marketing essentials is among those concepts thathelps managers of business to deal with activities related to manufacturing and distributinggoods or services. Business entities advertise addition to promoting their products by usingdistinct marketing channels in order to attract large customer scale as to satisfy market needs andattaining organisational objectives. To understand the marketing essential concept, TESLA isselected which is a automotive company situated at California, United States. The reportdiscusses about marketing roles and interrelation with other functional units. It also compareways in which marketing mix elements are used to achieve business objectives. Furthermore, itinvolves a basic marketing plan for the respective business. TASK 1P1. Roles and responsibilities of marketing function.Definitions and marketing concepts:Market: It is a specific location where people gathers in order to purchase together withselling provisions or other commodities. At such location, parties meet to perform exchangeactivities for information, products, currencies or other combinations. Marketing: It involves activities or actions that are undertaken by a person ororganisation in order to promote as well as sell goods in the competitive market. Marketingencompasses advertising, selling together with delivering demanded products to potential clientsor other businesses (Baines, Fill and Page, 2013) . Marketing is consumer oriented, legal process,interacting business activity, economic function, social process and managerial function that aresome of nature of marketing. Marketing concept is based on incorporated market, target market, profitability andrequirements of customers. It emphasises on finding accurate products for customers rather thenfinding appropriate customer for specific product. The concept is considered as belief that helpsfirms to analyse customers’ needs together with framing rational decisions so to beat thecompetition and attaining success in increasing customer satisfaction. The managers of TESLAhave adopted the marketing concept. It is classified in further following concepts:1

Production Concept: Under such concept, customers prefer those products that havequality along with cheap prices. TESLA managers concentrates on mass distribution, highproduction efficiency together with low costs so to produce good quality products and makingproducts available to increase supply.Product concept: According to product concept, it is believed that market audiencesfavours those products that have innovative feature, performance as well as high quality.Production managers of TESLA considers the concept and manufacture such products that areeasily accessible as well as adds value on them by making improvements overtime. Marketing concept: The concept focuses on goal achievement rather than enhancing salesvolume. If the marketers of the company are not able to understand consumer needs, marketaudience will not purchase organisational products despite of their high quality.Selling concept: As per selling concept, organisation have to integrate selling togetherwith promotional efforts so to sustain in competition. Marketers of TESLA constitutes effectivepromotional tools to boost wide sales (Blythe, 2012). Societal marketing concept: According to this concept, an entity should first determineneeds, interests addition to preferences of target market and later deliver satisfactions as per thepreferences. The marketers of selected business implements strategy in such manner that deliversappropriate customer values that improves whole society well-being together with maintainingthe wellbeing in ethical manner. Current trends in marketing:In present time, numerous trends are prevailed in the market. Current trends in UKmarket are relationship marketing, interactive video context, social media marketing andincreased personalised recommendations. With the help of such trends, marketers of TESLAadvertise organisational products so to inform customers about the products and engagingcustomers that benefits in enhancing profit margins.Future trends in marketing:As the market is attaining growth and development, the upcoming trends includes Beacontechnology, content marketing, chatbots, artificial intelligence and industrial marketing. Byimplementing Beacon Technology and industrial marketing, TESLA marketers will be able toforecast future needs of customers and accordingly can frame strategies to appropriatelytargeting customers and earning high revenues.2

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