Roles and Responsibilities of Marketing Functions in Tesla
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Added on 2022/12/27
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This report examines the roles and responsibilities of marketing functions in Tesla, including market research, customer satisfaction, managing marketing budget, and developing marketing strategies.
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Contents Contents...........................................................................................................................................2 INTRODUCTION...........................................................................................................................1 TASK 1............................................................................................................................................1 P1. Detailed identification and evaluation of the roles and responsibilities of the marketing functions in general......................................................................................................................1 P2. Examination of the roles and responsibilities of marketing function to wider organisation context of the firm that has been mentioned above.....................................................................3 TASK 2- In PPT..............................................................................................................................4 P3. Evaluation of the concept of marketing mix and its related aspects that various companies use so as to compare them with the company that has been mentioned above...........................4 TASK 3............................................................................................................................................4 P4. Formulating a precise plan of marketing for the above mentioned company.......................4 CONCLUSION................................................................................................................................7 REFERENCES................................................................................................................................8
INTRODUCTION Marketing is one of the most essential factors in each and every business firm that is operational in the market as it helps the company to gain advantage over other competitors by working in an effective and efficient manner so that it can increase the value of the enterprise in the long run(Breibauer, Brücker and Jäger, 2018). Tesla is a firm that is incorporated in 2003 and is geographically located in United States which deals in providing clean energy and electric vehicles to the society and thus it has captured a larger share in the market as compared to its other rivals that are operational in the similar market. In this report there is a brief examination of the roles and responsibilities of the functions of management in separate and in overall organisational context. Apart from that this report also includes formulation and evaluation of an appropriate, accurate, and precise marketing plan for the above mentioned firm so that it can help the company to grow and prosper in the market as a whole by improving its current positioning in the industry in which it is operating. TASK 1 P1. Detailed identification and evaluation of the roles and responsibilities of the marketing functions in general There are a number of different functions of marketing that contributes in the working of the firm and for a company like Tesla which is operating in the market on such a huge scale it becomes even much more important for them to analyse and examine each and every aspect of the marketing function so that it can add value to the organisation in the long term. There are different functions of marketing that starts from buying of raw materials to selling of the finished product with the aim of achieving the desired rate of growth and profitability at the same time that can help in improving the performance of the individuals that are working in the enterprise. Since whole world slowly and gradually understanding the importance of maintain a sustainable environment and as a result there is a shoot up demand of electric vehicles that Tesla provides which further leads in the increased revenues for the company in the market. Marketing functions makes it easier for big firms like Tesla to make necessary changes and adjustments in order to improve the existing product so that the new evolved product can carter the needs, requirements, and demands of the society and that too in an effective and efficient way. Different
roles and responsibilities of marketing function with reference to Tesla are explained in detail below- Market research-Market research is considered the first step towards setting up a business firm because it is very essential to analyse and evaluate the environment of the industry in which one is planning to operate so that appropriate adjustments can be made well before the incorporation of the company so that it can compete with other firms effectively. While doing market research managers does a detailed examination of the current, past, as well as the future trends of the industry so that it can give an overview of the situation of the market and its environment that can be used at a great extent to take an advantage over other organisations. Since Tesla is operational in the market which is highly competitive and dynamic in nature and thus it becomes very important to analyse the trends that are going on in the industry in order to survive in the industry in a better manner which can subsequently help in increasing the level of sales and can increase the profitability level too within a short time period(Burtles, 2016). Customer satisfaction-Each and every business firm that is operating in the market irrespective of the industry in which they are working focuses on giving the highest level of satisfaction to its customers so that it can directly benefit their sales and profitability which can further improve their value in the market. The owner of Tesla which is Elon Musk keeps the satisfaction level of its customers their first priority and as a result the overall efforts of the company are also directed towards making the best product for the citizens so that it can help them to maximise their satisfaction level without hampering the environmental factor. Thus for attracting customers Tesla gives different type of discounts and offers to its customers which directly affect the sales of the enterprise and also helps to attain and achieve the desired objective and that to within a limited time frame. Managing marketing budget-Budget is of great importance and thus every firm appoints a team of experts that can formulate a perfect budget for the company which can lead to reducing and minimising the cost, wastages, and unnecessary expenditure that is incurred in the activities that are performed in the organisation and thus making the company profitable in the long run. Since Tesla is working on a huge scale and thus it becomes very crucial to use the available resources effectively and thus it employs a team which is talented and experienced enough in this
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regard and that team formulates an accurate and precise budget for the company which helps it in reducing the overall cost of operating. Developing marketing strategies-Developing effective strategies that can help the firm to grow and prosper in the current market circumstances that are highly pervasive in nature is very crucial since it helps in increasing the level of sales and profitability and that too in a limited time period. Tesla’s department of marketing does a detailed research on all the aspects that are currently prevailing in the market like change in trend and after analysing and evaluating all the factors in detail it formulated appropriate strategies that can be implemented and used for the smooth functioning of the organisation. Making accurate strategies that can work in favour of the company is one of the major reasons for such a huge success of Tesla in the industry in which it is working(Counts, 2020). P2. Examination of the roles and responsibilities of marketing function to wider organisation context of the firm that has been mentioned above All the functions of marketing are not only limited to a specific task but also affects other departments too and their working so it is very crucial for every firm to analyse all the aspects in detail so that it can add value to the company in the long run. All the departments are closely related with each other and every department contributes in the working of other by supporting the activities that are performed in it. Tesla is a firm which is operating in almost every part of the country as well as world and it is only possible because all the departments are focused on a single goal and thus as a result all the activities are directed towards the same making the organisationmoreprofitablein theindustry.Inter-relatednessofvariousdepartmentsare explained below in a systematic manner- Marketing and Human Resource department-The role of the HR department is to appoint talented individuals from a pool of alternatives that are present in front of them. The function starts from recruitment process and ends on selection process as in the former applications of various persons are received and in the latter process the best suitable one is selected after a rigorous process of selection and Tesla appoints a team of experts so that the selected individual can helps the company to grow in the market. Marketing function is inter-related with HR department since it promotes the organisation in the market so that a number of people can be attracted towards the enterprise so that the process of selection can become easier(Gash, 2016).
Marketing and Finance department-The department of finance possesses a lot of value in the current market situation as it helps in allocating the funds of the company in an effective manner so that it can fetch higher returns in the near future. Tesla’s marketing and finance departments are inter-related with each other as the former helps in gathering a large number of stakeholders so that it can directly affect the profitability in a positive way while the latter shows the true financial position of the company in which stakeholders are interested. Marketing and IT department-The department of information technology is very important in the present time as it compared the technology that is presently use by the firm with the one that is available in the market so that the latter one can be used instead of the existing technology so that cost can be reduced which can increase the profitability of the organisation. Marketing department of Tesla is related with IT department as it examines the different technology and the other determines that it is worth using or not(Grewal, 2018). TASK 2- In PPT P3. Evaluation of the concept of marketing mix and its related aspects that various companies use so as to compare them with the company that has been mentioned above TASK 3 P4. Formulating a precise plan of marketing for the above mentioned company A report that includes all the factors that both directly as well as indirectly affects the working of the company is termed as a marketing plan. A marketing plan for Tesla is formulated below in a systematic and sequential manner- Marketing plan BasisDetails Vision Mission The vision of Tesla is to provide products to the society that is environment friendly and also carters the needs of the society and its citizens. The mission of Tesla is to make the automobile industry more electric based rather than fuel
based(Keong and Dastane, 2019). Marketing goals and objectivesTo increase the captured market share percentage from around 25% to 40%. To make enough products so as to fulfil the needs of every citizen. To bring new and innovative measures that can help in better utilisation of the available resources. To make products that is according to the budget level of majority of the customers. Marketing strategyProduct- Tesla makes their products according to the needs of the society as well as the trend that is followed in the market and also does all the detailing of the product in itself only so that it can reduce any chances of misinterpretation. Price- Tesla operates at a competitive price level so that customers of all income groups can afford their products. Promotion- It mostly uses advertisement for its promotion since it gives the company a mass reach(Pantano, Bassano and Priporas, 2018). Physical Evidence- It keeps the environment of all its stores very adequate and precise so that it can act as a tool to increase sales of the company. People-Teslafocusesmainlyoninternal training and development of its employees so that they can interact with customers in a better way. Processes- Tesla uses artificial intelligence and
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advanced technology so that it can save money, time, and effort and also reduce the cost of operating at the same time. STP frameworkSegmentation- Tesla properly segments and makesdivisionforallitsproductsthatit renders in the market according to the area in which it is operating so that it can help in maximising its sales and that too within a short time frame. Targeting- Tesla mainly focuses on catering the needs of upper middle and rich class group that gives high importance to the quality of the product. Positioning- Tesla uses experiential positioning that creates an emotional bonding between the buyer and the company(Perez Zamora, 2019). Strategies to achieve marketing goals and objectives Tesla does a detailed examination of the area in which it is operational and then allows different types of discount and allowances on its products which attracts a large number of customers andthusmakingthecompany profitable in the long run. Tesla uses latest technology and also upgrades it on a timely basis so that the cost of operating can be reduced which can help in maximising the profitability level of the enterprise. Tesla also does a research before opening up a store in a region so as to evaluate that if a new
product is launches will it fetch good sales or not(Siegel and Worrall, 2018). Monitoring and Controlling strategiesKPIs-Financialkeyperformance indicators prove beneficial for Tesla as ithelpsthecompany’smanagersto analyse the true financial position of the firm so that appropriate measures can be implemented in the organisation. Balanced scorecard- It is a technique that helps Tesla to examine that all the effortsaredirectedtowardsthe attainment of the desired goals or not (Prins, Bulte and Pilot, 2018). SWOT analysisStrength: Teslahave adopted innovation and encouraging culture. Itoffersbest inclass electronic cars. Itdominates various market throughits offerings. It works with cross sell and Weaknesses: Tesla have faced manufacturin g compliances. Its production rates have decreased due to limited supply of batteries in market. There islot on his shoulders to
diversification method. give his hundred percent to the company Opportunities: Launching pick up trucks that have huge opportunity for development. Adopting battery production technology in house. Threats: Tesla faces aggressive competition from various fuel vehicles. Because of highly complex engineering of innovative vehicles, its cars have exhibited major flaws. PEST AnalysisPoliticalfactors:As Tesla runs in various countries,therepoliticalinstabilityimpacts negativelyonoperationsoftheentity. However, political parties have made various trade regulation through which it performs easy import and export of required resources and products. Economic:Factorincludingchangesin business cycle impacts on Tesla as it have to modify its strategies so to work in context to pertaining business stage so that all operations are performed effectively.
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Social: Attitudes and preferences of customers plays huge role in impacting performance of Tesla as the company satisfy its target audience with innovations. Technological: Advancement in technology is oneoftechnologicalfactorthatimpacts diverselyonTesla.Atsametime,ithave adoptedtechnologiesincludingArtificial intelligence, Search engine optimisation, etc and so on to work with advanced programmes. Budget Evaluation- It can be evaluated that Tesla is one of the biggest firm which is currently operating in all over the world by giving quality products to its customers. Apart from this it can be evaluated that it is performing exceptionally well in the industry and is placed well ahead of all its competitors that are operating in the similar market conditions(SANTOVAC, 2020). CONCLUSION From the above it can be concluded that marketing is an important factor for every business firm since it can help the company grow while at the same time it can damage and disrupt the value of the company if not analysed in an impactful manner. Apart from that it can be concluded that a marketing plan is a must for a company like Tesco as it is operating on a large scale and it helps the company to increase its level of sales and profitability within short time period.
REFERENCES Books and journals Breibauer, A., Brücker, J. and Jäger, J., 2018.Emerging Market Multinationals in Europe: Implications for a Smart Location Policy. Fachhochschule des BFI Wien. Burtles, J., 2016.Principles and Practice of Business Continuity: Tools and Techniques Second Edition. Rothstein Publishing. Counts, C., 2020.Core curriculum for nephrology nursing. Lulu Press, Inc. Gash, J., 2016.Coaching Creativity: Transforming Your Practice. Taylor & Francis. Grewal, D., 2018.Retail marketing management: The 5 Es of retailing. Sage. Keong, L. S. and Dastane, O., 2019. Building a sustainable competitive advantage for Multi- Level Marketing (MLM) firms: An empirical investigation of contributing factors.The Journal of Distribution Science.17(3). pp.5-19. Pantano, E., Bassano, C. and Priporas, C. V., 2018.Technology and innovation for marketing. Routledge. Perez Zamora, M., 2019. Marketing Communications Plan for Jolla Oy. Prins, G. T., Bulte, A. M. and Pilot, A., 2018. Designing context-based teaching materials by transforming authentic scientific modelling practices in chemistry.International Journal of Science Education.40(10). pp.1108-1135. SANTOVAC, B., 2020.Marketing communication models and surveillance economy(Doctoral dissertation, Masarykova univerzita, Ekonomicko-správní fakulta). Siegel, L. J. and Worrall, J. L., 2018.Essentials of criminal justice. Cengage Learning.