Principles and Practices of Marketing

This presentation discusses the application of the SOSTAC Model for Tesla in New Zealand. It covers the situational analysis, objectives, strategy, tactics, action plan, and control in marketing. The presentation provides insights into how Tesla can improve its performance and profitability in the New Zealand market.

Principles and Practices of
Marketing

Table of Content
 Introduction
 Situational analysis
 Objective
 Strategy
 Tactics
 Action
 Control
 Conclusion
 References

Introduction
SOSTAC Model is the one of the finest marketing model because it is helpful in easily planning
the strategies for marketing plan and campaign. SOSTAC model covers each and every elements
like situation, objective, strategy, tactics, action, and control which are needed in business plan or
marketing plan. The report outlines all the elements of the SOSTAC Model in context of the Tesla
in New Zealand. Tesla Inc. is the American company based in Palo Alto , California.

Situational analysis
The first element of SOSTAC Model is situational analysis where general description about
the organization and its macro or micro environment using the analytic tools is analyzed.
PESTLE analysis of the macro environment of the New Zealand in context of Tesla is
conducted to analyze the impact of factors like political, social and other macro environment
factors of country in marketing practices of the Tesla and also to analyze how Tesla can
improve its performance and profitability by acquiring the opportunities.

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The situational analysis of Tesla cover various factors which are mentioned as:
• Political
• Economic
• Social
• Technological
• Legal
• Environmental

Objective
In SOSTAC Model the second element is objective where the goals and SMART objectives of
the organization are set with particular deadline to acquire them.
Tesla has entered the new market of New Zealand with SMART objective criteria to
ensure that its objectives are clear not vague so that firm can achieve credibility. The SMART
objective of Tesla is “Tesla will increase the sales by 10% till 2023 to acquire the electric
vehicles market of New Zealand.”

Strategy
In the SOSTAC Model the third element is strategy which refers to the plan of action
that a organization uses to achieve the objective. Strategy is build with combination to attract,
convert, close the customers and then promote.
Tesla's strategy to enter the Market of New Zealand will be Market development
strategy. This strategy is the growth strategy used by the organization when company wants to
put its products and service in the new market where the product has earlier no existence of
serving the customers among that country. Market development strategy is appropriate strategy
for the Tesla to set its foot in New Zealand for long run and also to successfully acquire its
objective with high profitability

Tactics
The fourth element of the SOSTAC Model is tactics, this element covers the specific
marketing mix elements and the approaches of marketing in the product and service of the
organization to acquire specific market segment recognized in strategy section.
Tesla to nourish its market development strategy in regard to accomplish the
objective at right time with rise in revenue and brand image need to have particular tactics to
communicate with target customers and to analyze various factors of marketing mix in New
Zealand. This will help the Tesla in retaining customers for long period of time.

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The tactics of Tesla are :
Marketing mix tactic and highlighting the approaches
• Place
• Price
• Product

Action
The another element of SOSTAC Model is Action, it is the fifth element where the action
plan is developed to practically implement the strategies, tactics and other factor in order to enter
new market or develop something new product.
Tesla action plan includes a complete structure to achieve the objective while entering the
new market of New Zealand. Action plan of Tesla focuses on to fulfil the purpose of entering the
market with sustainability and to reduce the carbon emission through there products and services in
New Zealand.

Control
The last element in SOSTAC Model is the control, a factor that analyze and measure the
performance and execution of the action plan developed in above stage.
Tesla uses various performance tools like Key Performance Indicator to measure its
success of market development and penetration on the grounds of New Zealand. Tesla is
highly backed up by the political and law suits of the New Zealand because of its hybrid
electric motor vehicles and other solar and renewable energy appliances and raw materials in
the production of the products and services.

Conclusion
It is concluded from the above framework of SOSTAC Model it is observed that this model is
not only good with planning marketing plan but also help in implementation of the plan.
SOSTAC Model is efficient and effective in planning the objectives and action plan for the
organization to achieve its goals and to develop in new market with effective marketing
strategy and tactics. Hence, SOSTAC Model is best in getting sales, attracting new visitors,
meeting deadlines, setting objectives and controlling the issues regarding the development of
new market or product.

References
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Castañeda-Ayarza, J.A. and Godoi, B.A., 2020. Macro-environmental influence on the development of
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Ciappi and et. al., 2019. Computational investigation of the flow inside a Tesla turbine rotor. Energy.
173.pp.207-217.
Helmold, M., 2019. Tools in PM. In Progress in Performance Management (pp. 111-122). Springer,
Cham.

References
Kumar and et. al., 2020. A big data driven framework for demand-driven forecasting with effects of
marketing-mix variables. Industrial marketing management. 90. pp.493-507.
Matidza and et. al., 2020. Use of digital marketing in estate agency industry in Malawi. E-Learning
and Digital Media. 17(3).pp.253-270.
Palmatier, R. W. and Crecelius, A.T., 2019. The “first principles” of marketing strategy. Ams
Review.9(1). pp.5-26.
Sharma, S. and Bumb, A., 2021. Marketing at the Bottom of the Pyramid: Overcoming the Challenges
through MICMAC Analysis. Journal of Global Marketing.pp.1-16.

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