Principles and Practices of Marketing

This presentation provides an overview of the principles and practices of marketing, with a specific focus on the SOSTAC model. It includes a case study of Tesla and its global market presence, as well as a situational analysis and strategies for achieving business objectives. The presentation covers topics such as political, economic, social, technological, legal, and environmental factors that can impact marketing strategies. It also discusses the importance of segmentation, targeting, and positioning in marketing tactics.

PRINCIPLES AND PRACTICES OF
MARKETING

TABLE OF CONTENTS
 Introduction
 Task 1
 Task 2
 Conclusion
 References

INTRODUCTION
 SOSTAC is marketing model that is utilized by organization for knowing key elements which
can influence business activities
 The chosen company is Tesla that’s large multinational automotive sector firm.
 It has presence in many countries which expands operational scale of dealing.

TASK 1
 The particular task focuses on objective and situational factor of this model
 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
 There is different political norms that does not allow company to conduct manufacturing
process.
 lack of awareness about benefits regarding e-car features
 Low political support in nation as they discourage production of electric vehicle by
foreign company

Economical Factor
 Economic opportunities such as obtaining of raw material, labour resources, etc.
 Increasing prices of fuel serves the biggest challenge to industry
 Demand does upside for e- vehicle when fuel value increases

Social Factor
 Market has become aware about conservation of resources
 Company consumes renewable resources which enhances its demand
 SOSTAC model enterprise get assistance in determining particular situation which can
positively or negatively affect functioning (What is SOSTAC methodology? 2018)

Technological Factor
 Low Carbon footprint is appreciated by businesses which enhances demand
 Growing uses of embedded technology in auto mobile reduce the carbon footprint
 The educational, acceptance level & affordability play important role in accomplishing
business objectives
 Replacing obsolescence of technology with advanced devices helps business to get desire
objective.

Legal Factor
 Electric vehicle are safe, user-friendly usable and reliable to market need to proof by
company to legal terms and condition of South Carolina
 With changing time it becomes crucial for business to cope up with enhanced
requirement of government.
 Tesla adhere all this corporate norms and condition which can be positive sign for it to
develop presence in nation.

Environmental Factor
 Increasing concern regarding natural resources affect both positive & negatively
 It needs to adhere this prevailing situation in favourable manner
 SOSTAC model is widely utilized by firm to get knowledge regarding key issues that can
affect its objective

TASK 2
 SOSTAC model of marketing helps business to determine strategy which can fulfil its
current business objectives
 Tactics as being digital tool examine segment which can aid company to target segmented
market through using marketing mix

Strategy
 It refers to the approach company make for fulfilling its established business subjective.
 To have presence in new global segment company can choose mostly used plan by multinational
organization
 Segmentation, Targeting and Position (STP) is acquired by firm for moving towards success.
 It is done by modifying plan of marketing according to their lifestyle, demographic factor, etc.
 Converting strangers into visitor who can lead prospect in customer

Tactics
 It covers specific tool of digital mix which can plan to attain objectives of marketing plan.
 The current report focuses on product, place, and price of Tesla
 Being a global operator in auto mobile industry essential for Tesla to specify each step for
achieving result in the best manner

Place
 It aids company to get awareness about the area where it wants to continue its operational
activities.
 Standardization is multinational approach that minimizes cost with unique market
approach implementation (Marcial, 2021).
 It advertises more in selected place for gaining positive result in effectual pattern.

Price
 Price being critical influencer of decision-making regarding purchase regarding
commodity need to give most preference.
 The adoption strategy should be so trenchant for price element of marketing mix.
 Tesla should match its price with competitors serving same market.

Product
 Product is base for all additional activities business carry out by Tesla
 This should combine both global and local marketing so that all unique characteristics of
can be known by prospects in every industry product formulation and creating awareness.

CONCLUSION
 From the above report it can be concluded that SOSTAC approach is very effective in
achieving company's objective
 The present case study has given emphasis on macro factors for situational analysis and
accomplishment of objectives
 The strategy and tactics has also been mentioned in report.

REFERENCES
Books and Journals
 Bing, C. and Peng, C., 2021, March. Construction of power data products based on STP theory. In IOP Conference Series: Earth and Environmental Science (Vol. 680,
No. 1, p. 012035). IOP Publishing.
 Cooper, R. J., 2020. Pestle and mortal: the demise of community pharmacy in the UK. International Journal of Pharmacy Practice. 28(3). pp.205-206.
 Marcial, V. F., 2021. Marketing mix de servicios de información: valor e importancia de la P de producto. Bibliotecas. Anales de investigación. 11(4). pp.64-78.
 Perera, R., 2017. The PESTLE analysis. Nerdynaut.
 Pourmohammadi, K and et.al., 2020. A comprehensive environmental scanning and strategic analysis of Iranian Public Hospitals: a prospective approach. BMC
research notes. 13(1). pp.1-7.
 Rahman, A. and et.al., 2020. Political Marketing Communication in Building Brand Awareness towards Young Voters. International Journal of Communication
Research. 10(3). pp.286-295.
 Rui, X., 2019. Service marketing research based on sostac structure-Belfast Zoo. European journal of economics and management sciences. (3).
 Rui, X., 2019. Service marketing research based on sostac structure-Belfast Zoo. European journal of economics and management sciences, (3).
Online
 What is SOSTAC methodology? 2018. [online]. Available through: <https://www.antevenio.com/usa/what-is-the-sostac-methodology/>