To research the marketing of company's product or service, the selected product and company is Tesla's electric car which they are launching with continuous improvement and increased capacity on the regular basis.
Tesla electric car is coming with different variants and capabilities. The company has launched several electric car models over the period of time. Model S is highly efficient and it reaches to the speed of 0-60 KMPH in just 2.4 seconds and in one recharge the customers can run the car for 370 miles and it is a high performance electric car.
It has high significance for the market as it enable to reduce the dependency of customers on the petrol and diesel and the environment protection become possible and global warming can also be reduced with this types of cars.
The pricing policy of the company revolves around providing the affordable and budget electric cars so that maximum number of people especially upper middle class segment of the market can buy such cars. The price determination variables for this product are its design, performance and utility for the customers.
The selected product is highly significant to the market as it generate solution for the problem of climate change and most important allow companies to develop sustainable product which is healthy for environment.
The promotional methods of Tesla are very unique when it comes to positioning its brand and products. In the current scenario, the company has focused on developing its brand value as highly responsible car brand and the first mover advantage in the field of electric car manufacturing with innovative features automatically promote company and Model S at the international level.
The company is targeting the customers who are environmental friendly and believe in buying the products which are not harmful to the environment. Further, the people who like to experience something different are also the part of company’s customer base. The customer segment for the company is upper middle class segment.
The traditional channel of distribution is followed by the company which include set up of physical stores and Tesla is also allowing its customers to book the car through its websites where customers can drive the car for 7 days or for 1000 KMs whichever is first and if customers like the performance then they can buy the car.
In Tesla the customer service is high and to improve the customer experience, the company has focused on installing more than 10000 charging points in different parts where this car is available. Tesla has also further established various customer service points where people can their cars repaired or serviced whenever they need to.
Product: Tesla Model S is equipped with high performance features which include the speed of 1-60 KMPH in just 2.4 seconds and the company provide charging stations which ensure the long term sustainability for the cars. The aerodynamics of the car is highly efficient which allow touching the speed of 163 KMPH. The product has quickest acceleration with adaptive air suspension. The product is different than its competitors as gains first mover advantage in electric cars.
Place: To improve the place mix in terms of improved service the company provide the charging stations worldwide which make them highly attractive and appealing products. Further, Tesla has its own flagship and dealer stores to sell its cars. The companies have its stores or presence in 29 countries worldwide which ensure its international presence.
Price: The price range of the car is highly reasonable which allow people to show interest in electric cars. Further, the advantage with Tesla’s electric car is that even the government is supporting the purchase of electric cars and provide subsidies to the customers and rebate on car loans for electric vehicles.
Promotion: It include the above the line promotion where the company has its presence on social media, digital platforms, YouTube marketing, blog as well as e mail marketing, television commercials, print marketing and positive word of mouth and website designing is part of promotional campaigns.
People: The staffs of the company are highly trained and experienced is terms of dealing with the customers. The satisfaction level of Tesla’s customers remain very high as they receive better customer service and the product performance remains high as per the perception of the customers.
Process: This element of marketing mix for Tesla is also highly impressive as the cited company is able to address the feedbacks of customers quickly and at the same moment help in improving the further service quality as well.
Physical environment: When it comes to Tesla, Elon Musk, founder of Tesla, is the biggest brand name in the world when it comes to innovation, creativity and risk taking approach. Elon Musk has become symbolism of innovation and it is enough for Tesla to create huge brand recognition and gaining the trust and confidence of customers.
Thus, all these marketing mix are perfectly aligned to each other as better product designing and aggressive promotion allow Tesla to create huge brand awareness and brand appeal whereas reasonable pricing and effective distribution strategy enable customers to take final purchase decision which is good for the customer base. Moreover, the elements like physical environment are something that supports the promotional campaigns automatically. As mentioned that Elon Musk has earned huge reputation in the market in terms of providing the sustainable and innovative products to the customers. This is something that enhances the level of physical environment and strengthens the position of cited organization. Other than this, the people and process elements are also interconnected to each another that enhances the customer base. The manpower at Tesla is highly skilled in their respective work and it compliments well with the process aspects. When the people are capable of providing better facilities then the process element improves automatically. Thus, Tesla has aligned all its seven elements of marketing mix and increases its customer base.
Environmental factors and impact on marketing mix:
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