Tesla Marketing Strategy: Applying Sustainability Measures
Question
Task :
Examination of the marketing strategies of the company: In this section you must describe the marketing strategy of the company. This includes an identification and description of the market segments that it aims to reach, a description of the product(s), promotion, distribution, pricing, and positioning.
The company target several markets with different marketing strategies namely:
- Market segment (luxury? market, product(s), promotion, distribution, pricing, market positioning.
- Market segment (e.g. institutional market universities, schools, restaurants..); product(s) e.g. vans so and so, promotion…, distribution, price, marketing positioning.
Identification of key principles of sustainable marketing and management practices within the company. Identify six sustainability principles (half should reflect management sustainability).
Be careful not to mistake activities (e.g. creation of wind farms and hydro power) with the principles. A principle of sustainability is e.g. Recycling. In this section you should identify the principles. Define them or explain them with literature (what does recycle encompass? what does it mean?) Provide reference.
I have provided articles in the previous assignment (which I hope this time you use them). The article by Kumar and Christodoulopoulou (2014) identifies explicitly some sustainability principles that pertain to either the social or ecological dimension. If you review the sustainability report of the company you chose, it will certainly provide you with other activities that reflect on sustainability principles. For example, a balanced workforce (in terms of ethnicity origin or gender) suggest a sustainable management principle ‘ respecting cultural differences’ since the decision is under Human Resources.
A ‘green supply chain’ or ‘preserving the environment’ principle of sustainability would suggest activities such as installation of solar panels or Aeolic power generation.
Response, by the company, to the identification of sustainable principles.
(In this section you must provide evidence of how the company is meeting or not the sustainability principles you described above). You must review the sustainability report of the company. For example, a company I reviewed in class indicated, among their highlights, they had 32% of women in ‘top leadership positions’.
Evaluation of the success, or otherwise, of the company’s sustainable marketing strategy.
In this section, you must evaluate the sustainability work conducted by the company. One way to do this is:
To compare the objectives specified in the sustainability report (related to the various sustainability principles you identified above) and the level they have achieved. For example, Carbon dioxide reduction, which should be under an ecological sustainability principle, may have been achieved 90%. Regarding the principle of leadership equal opportunity, the company may report 32%, etc.
Another way to complement this analysis is to compare how much emphasis they put the various dimensions of sustainability. For example, some companies may emphasize more the social rather than the ecological dimension of sustainability. Therefore, you may indicate the company does not seem to have a balanced ‘triple bottom line’. In all the sections you must provide evidence of your analysis. You cannot just write a sentence without demonstrating any support. You may use of sources other than the sustainability report of the company (which is biased to show the positive aspects). For example, Amazon and JP Morgan have been on the news, several months ago, accused of paying low wages to its employees. Other companies have been accused publicly of condoning the use of child labour or sweatshops by buying products from unethical suppliers (see e.g. Nike on the news in 1990s).
Answer
Introduction
Management within an organization is the major facet of functioning that is required to be followed. An organization specially one that is associated with manufacturing operations are convinced in the present day operations to intend in development of sustainable opportunities in their business. Hence, it is inferred in that tesla marketing strategy the organizations try to develop, select and implement certain effective areas in their management and marketing functions. Involvement of the business in the present day concept has allowed for integrating sustainable measures for the organization to contribute in different aspects of businesses. Therefore, potential involvement of the business development is liable to bring together the purposes of the business. The tesla marketing strategy chooses a manufacturing company named Tesla. The organization invests in manufacturing cars that belong to the next generation amenities.
Background to the company
The company Tesla is one of the largest car manufacturing companies in the world. The company is mainly involved in the manufacturing of electric sports car. In addition, the company Tesla motors has gained more than $30 million in the year 2004 (Bot et al. 2019). Moreover, in the year 2008, the company has introduced its first electric sports car by which the company has attracted most of the customers. The authorities of the company Tesla Motors has also made a speed test of the electric cars and the result is more than 244 miles with a single charge. On that note, it can be said that the company has developed the electric cars with modern technologies. It has been evident in this marketing strategy for tesla that the electric car can go upto 96 km within 4 seconds. The lightweight fibre technology has helped the company Tesla to manufacture the high speed cars (Yushkevich et al. 2016). Therefore, it can be said that the latest technologies have helped the manufacturing department of the company to develop the electric cars in an effective way. The price which has been setted by the authorities of the company Tesla is more than $34000 in the year 2017. On the other hand, the company Tesla has mainly used the tesla motors marketing strategy like segmentation, targeting and positioning. With the help of aforementioned strategies, the authorities of the firm have helped the company to develop a competitive advantage. Apart from the marketing strategy, the authorities of the firm have also used the long-term innovative model in order to develop latest technologies of cars. In addition to this, the marketing strategy for tesla has helped the company to develop a strong market position in the international market as well as in the local market.
Demonstration of the body of knowledge
Principles of sustainable marketing: It has been identified in this marketing strategy for tesla that the authorities of the company Tesla has used the principles of sustainable marketing in order to maintain corporate social responsibility within their business process (Lyyra and Koskinen, 2017). The principles of sustainable marketing mainly includes the reduction of waste, plan for longevity and cost leadership strategy.
Reduction of waste- The reduction of waste strategy will mainly help the authorities of the organisation Tesla to maintain sustainability of the environment. In addition it is discussed in this tesla marketing strategy; the reduction of waste system must be developed by the authorities of the firm in order to maintain a positive business environment within the organisation tesla. In the same context, this strategy will also help the firm to maintain the corporate social responsibility within its business market. On that note, it can be said that the company Tesla will also be able to improve its lead generation process by maintaining a sustainable environment (Akakpo et al. 2019).
Plan for longevity- In order to plan for longevity, the authorities of firm Tesla can use low cost manufacturing process. However, the electric cars technology is comparatively higher as compared to the other companies car manufacturing process. On that note, the authorities of the firm must try to develop cost cost advertising strategy (Sussland, 2017). With the help of this strategy, the company will be able to advertise their products and services over the local market as well as international market with low cost. In this situation as discussed in this tesla marketing strategy, the online promotional strategy will be appropriate for the company Tesla by which the firm can promote their latest designing cars at a reasonable price.
Management practices of the company: The identified management practices within the company Tesla mainly includes engagement with workers and reward strategy.
Engagement with workers: The authorities of the company Tesla has cooperated with the workers in order to motivate them in an effective way. In addition, the authorities of the firm has also involved the employees in the decision making process. The involvement of employee’s decision making process has helped the firm Tesla to develop new ideas for the firm (Lyyra and Koskinen, 2017). In the same context, the employees have also got self-motivated with the help of this strategy. On that note, it can be said that the proper management practices have helped the firm Tesla to develop new innovations in an effective way.
Reward strategy: The authorities of the firm Tesla has used an effective reward strategy in order to help the employees to develop their performance. With the help of this strategy, the authorities of the firm Tesla has motivated the employees in an effective way (Yushkevich et al. 2016). This strategy has also helped the firm to develop the performance of the employees.
Explaining theory under concept of sustainability aligning it with the company
Attaining sustainability in the business is important and holds effective liability for the development of the opportunities. Exploitation of the opportunity in the present is not only considerable for the present form of task. Development of the business has also been aimed to be planned in the present stature to ensure that the opportunities in the businesses are also available for the future (Sun et al. 2016). This is a method of sustainability development and integration of the sustainability in the present form of marketing theory. Business opportunities are produced by the liability for the involvement in the commitment of the functioning holding for development of the operations in the common manner. In order to bring about sustainability issues in the marketing functions of businesses the Tesla has ensured that they offer the business as well as the target market a greater ground of opportunities.
The theories of marketing through ensuring sustainability
The concept of sustainability works upon the standard theories that deal with the marketing functions. Most of the organizations including Tesla follow one important model that is 4ps of marketing in order to place their marketing functions on terms. However, on the other hand, the businesses have entitled involvement of the common facets of business assuring that the context builds liability for the concept of deriving the mediator for the range of business opportunities. Implementation of the 4Ps of marketing is liable to give away differential context of the marketing helping in inducing sustainability in the same.
Place: In order to ensure that the product of the organization is placed at the right segment of the market, the organization Tesla has attributed its operations based on the market segmentation through inducing the sustainability in the same. The market segmentation and placing of the product is an important liability of the business that needs to be carried out through ensuring that the market place enhances the sustainability of the business (Bawa et al. 2017).
People: Understanding the target market of the company is also a part of marketing function of the organization. The organization Tesla in order to develop an effective market for their products, allow the opportunities for the business to grow over time. They put into function the sustainability opportunities in order to ensure there is covenant structure for ensuring the involvement of the fact that liability is held under as a measure to have improvement of the business over time. The liability of the facts of efficient marketing functions of the organization is that it applies certain legit operations to hold the business of the organization fruitful in the market for over the years.
Price: The company product pricing has been aimed to be developed in order to attract a large number of customers to their products. The organization Tesla always conduct businesses based majorly on the research and development opportunities. Therefore, high quality of the products is ensured. This is one way that makes their business sustainable over the years (Eagle et al. 2017). Advent of new technologies and processes will not be able to degrade or blacklist their products but will enhance their scope of manufacturing over time. Hence, sustainability will be ensured.
Product: The product based manufacturing operations of Tesla includes liability of the profitable market functions. The organization Tesla takes into consideration the development of the projects that is products where the ability to bring new instances of supplies is large (Lim, 2016).
Analysing present situation of Tesla
The present situation of Tesla has been found to be highly profitable in the market. as a result to this, the organization has been able to repetitively encountering success in their market and supply chain functions. On the other hand it is discussed in this tesla marketing strategy that the opportunities that are produced for the Tesla to develop new products such as cars running on electric fuel and other technologically sound products through implementation of Artificial Intelligence. Very recently in the year of 2018 the organization Tesla has achieved the license to manufacture car running on electric fuel (Mpuga, 2017). Hence, it has become one of the very few organizations to manufacture and market such vehicles. The organization Tesla has been found to be successfully running its operations with very less instances of downfall in its history. This has been enabled by the organization and a benchmark has been achieved due to the initiative taken by the organization to remain in match with the new technology. Hence, the matter of sustainability has been effectively taken into account for the organization in order to effectively create the methods of functioning holding the impacts of such development and methods of development (Machado et al. 2017). Major sustainable resources have also been put into function by Tesla that is renewable in nature. This has put the organization ahead of many in the target market of car manufacturing.
Conclusion
The tesla marketing strategy has successfully handled the evidences of effective manufacturing functioning that regards the development of the business. The organization Tesla has been assessed in the report where the major instances have been boar by the sustainability measures it applies not only in manufacturing but also in marketing functions. This has efficient lead the organization Tesla to be a high and profitable position in the market. Tesla marketing strategy assignments are being prepared by our marketing assignment help online experts from top universities which let us to provide you a reliable assignment help online service.
References
Akakpo, A., Gyasi, E.A., Oduro, B. and Akpabot, S., 2019. Foresight, organization policies and management strategies in electric vehicle technology advances at Tesla. In Futures Thinking and Organizational Policy (pp. 57-69). Palgrave Macmillan, Cham.
Bawa, I., Peter, E. and Ndakwesu, H.M., 2017. Expanding Agricultural Sector Frontiers in Nigeria via Application of Marketing Principles: An Issue for Sustainable Development. Journal for Studies in Management and Planning, 3(9), pp.64-76.
Bot, M., Verhagen, O., Caan, M., Potters, W., Dilai, J., Odekerken, V., Dijk, J., de Bie, R., Schuurman, R. and van den Munckhof, P., 2019. Defining the dorsal STN border using 7.0-Tesla MRI: a comparison to microelectrode recordings and lower field strength MRI. Brain Stimulation: Basic, Translational, and Clinical Research in Neuromodulation, 12(2), p.587.
Eagle, L., Hamann, M. and Low, D.R., 2016. The role of social marketing, marine turtles and sustainable tourism in reducing plastic pollution. Marine pollution bulletin, 107(1), pp.324-332.
Lim, W.M., 2016. A blueprint for sustainability marketing: Defining its conceptual boundaries for progress. Marketing theory, 16(2), pp.232-249.
Lyyra, A.K. and Koskinen, K.M., 2017. With software updates, Tesla upends product life cycle in the car industry. LSE Business Review.
Machado, C.G., de Lima, E.P., da Costa, S.E.G., Angelis, J.J. and Mattioda, R.A., 2017. Framing maturity based on sustainable operations management principles. International Journal of Production Economics, 190, pp.3-21.
Mpuga, P., 2017. Sustainable marketing at Safaricom Limited: The power of a good strategy. African Journal of Marketing Management, 9(6), pp.70-85.
Sun, Y., Garrett, T.C. and Kim, K.H., 2016. Do Confucian principles enhance sustainable marketing and customer equity?. Journal of Business Research, 69(9), pp.3772-3779.
Sussland, W., 2017. The Platform of Agile Management: And the Program to Implement It. Routledge.
Yushkevich, P.A., Pluta, J., Wang, H., Wisse, L.E., Das, S. and Wolk, D., 2016. Fast automatic segmentation of hippocampal subfields and medial temporal lobe subregions in 3 Tesla and 7 Tesla T2-weighted MRI. Alzheimer's & Dementia: The Journal of the Alzheimer's Association, 12(7), pp.P126-P127.
