Principles and Practices of Marketing: SOSTAC Model with PESTLE Analysis, STP, and Marketing Mix Strategies

PRINCIPLES AND
PRACTICES OF
MARKETING

TABLE OF CONTENTS
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
TASK 1.......................................................................................................................................................3
TASK 2.......................................................................................................................................................5
CONCLUSION...........................................................................................................................................8
REFERENCES............................................................................................................................................9

INTRODUCTION
SOSTAC is marketing model that is utilized by organization for knowing key elements which
can influence business activities. In modern world, competition has increased so it is essential for
firm to adopt proper model for gaining advantages. Tesla is large multinational automotive sector
firm. It has presence in many countries which expands operational scale of dealing. The current
report will give emphasis on SOSTAC model with usage of PESTLE analysis, STP and
marketing mix strategies.
MAIN BODY
TASK 1
The particular task focuses on objective and situational factor of this model. In addition
to this, objectives refers to where company want to be? Situation identification also takes place
which aids firm to identify where the company is right now (Rui, 2019.). There are several
places where organization has presence but in many nations it is unavailable to cover global
market. South Carolina is region in which Tesla does not operate due to several political, social,
cultural, economical, technological and legal factors (Rahman and et.al., 2020.). PESTLE
analysis provide assistance to organization for determining influencing elements that can affect
its business & corporate strategies:
Political factor
Tesla is large multinational automotive manufacturing firm which has presence in several
nations due to its strategic business approach. In specified nation there is different political
norms that does not allow company to conduct manufacturing process. The challenging factor for
Tesla is lack of awareness about benefits regarding e-car features. It does not enjoy political
support in nation as they discourage production of electric vehicle by foreign company. Recently
nation has focused on manufacturing and sale of this type of auto mobile products. It identifies
present situation of mentioned firm which impact its business objectives.
Economical Factor