Marketing Mix Strategies Comparison: Tesla and Lucid Motors Analysis

This report provides a comprehensive analysis of the marketing mix, focusing on a comparative study between Tesla and Lucid Motors. The introduction highlights the importance of marketing in achieving business goals. The core of the report delves into the elements of the marketing mix—product, price, place, promotion, people, process, and physical evidence—comparing the strategies employed by Tesla and Lucid Motors. The comparison covers product specifications, pricing strategies, geographical locations, promotional methods, employee training, technological advancements, and store ambience. The report critically analyzes these elements, highlighting the strengths and weaknesses of each company's approach. The conclusion emphasizes the significance of a well-executed marketing mix in improving market positioning, while also acknowledging the potential risks of improper implementation. The report references academic sources to support its findings.

Marketing
Essentials

Table of Content
Introduction
Marketing mix
Comparison
Conclusion
References

Introduction
Marketing is one of the most crucial aspects in each business as it helps in achieving the
goals and objectives of the company and that too with full accuracy and within a limited
time period. In this presentation there is a detailed evaluation and comparison of the
different tools of marketing mix and comparison of different companies and their
application style with each other which helps them to increase their profitability and the
level of growth in a short time period.

Marketing mix
Marketing mix is a very crucial aspect as it involves various tools and techniques so as
to improve the present conditioning of the firm in the market that can help it to attain
the desired goals and objectives and that too within a limited tome frame making the
company profitable in the industry in which it is operational. Since Tesla is a
multinational firm which is operating on a huge scale and thus it becomes much more
important for it to analyse all the factors of marketing mix that affects the working of
the firm in both direct as well as indirect way so that it can add value to the
organisation in the long run. Tesla’s comparison with Lucid Motors is elaborated
below in detail-

Comparison
Basis Tesla Lucid Motors
Product It lays more attention on the specifications of
the product so that it can cater the needs of the
prospective customers that are prevailing in the
current market scenario.
Lucid motors makes the product
according to the needs, requirements,
and demands of the prospective
buyers and also provides all the
necessary details about the product
in itself so that it can reduce any
chances of miscommunication.
Price Tesla strikes a balance between providing
quality products and budget of the customers
and it keeps its prices above premium and it is
the strategy that is used by it in the market.
Since there are many competitors of
Lucid motors and thus because of it
the company uses competitive
pricing strategy so that it can capture
a larger share in the market.

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Basis Tesla Lucid Motors
Place Tesla is one of the biggest firms and is
operational in almost every corner of the world
and is also well located and that makes it easily
accessible to the customers. Since the company
focuses on rich class group so it locate its store
at a place at which maximum number of people
are in rich in class so that it can help the
company to increase its sales.
Lucid motors are geographically very
well located as it does s detailed
examination of the area in which it is
planning to locate. All the stores of the
firm are located at a place that enjoys
maximum footfalls of the customers
so that it can directly impact the
performance of the firm in a positive
manner.
Promotion Tesla uses intensive advertisement of its
products and services that it renders in the
society so that it can help in capturing a larger
market proportion in the industry.
Lucid motors uses social networking
as the means of promoting its products
since it is cheaper and also provides a
mass reach to the customers that are
able and willing to purchase the
product.

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Basis Tesla Lucid Motors
People Tesla gives training and development sessions
so that the staff can be trained in an effective
and efficient manner so that it can help in
improving the overall performance of the
company in the long run.
Lucid motors arranges different
workshops for the individuals that are
working with the company so that it can
directly help in attainment of the desired
goals and objectives of the enterprise.
Process Tesla uses advanced technology and artificial
intelligence so that it can help in optimum
utilisation of the available resources and can
add value to the firm by cutting down its
expenses.
Lucid motors update its technology on a
timely basis and discard the one that
becomes obsolete so that it can reduce
unnecessary expenditure and can add
market value in the organisation.
Physical
Evidence
Tesla keeps the ambience of each of its store
intact so that it can help the customers in
maximising their experience that can ultimately
helps in the company in increasing its sales.
Lucid motors maintain its store hygiene
and its ambience in good condition
which attracts the customers and thus
resulting in improvement in the existing
level of sales of the company.

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Critical Analysis- It can be analysed from the above that Tesla is a much bigger firm as compare
to Lucid motors but the latter also enjoys a considerable amount of share in the market. Both
the companies tries to maximise the level of satisfaction of their customers by using different
tools and techniques that are discussed above and it can be said that both have done a pretty
good job in attracting a large number of buyers.

Conclusion
It can be concluded from the above that it is very important to analyse all the aspects of
marketing mix since it can help a company to increase and improve its positioning in the
market but at the same time it carriers the potential to damage and disrupt the conditioning
of the firm if not used in an appropriate manner.

References
Uzunboylu, N., Melanthiou, Y. and Papasolomou, I., 2020. Hello Brand, let’s take a
selfie. Qualitative Market Research: An International Journal.
Vuignier, R., 2017. Place branding & place marketing 1976–2016: A
multidisciplinary literature review. International Review on Public and Nonprofit
Marketing. 14(4). pp.447-473.
Wawira, P. L., 2016. Marketing strategies and performance of large hotels in
Nairobi County (Doctoral dissertation, University of Nairobi).

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