BUS105 Marketing Essentials-Tesla Company Product Marketing

What is a concept A concept is a general idea that encapsulates an abstract notion. Your marketing textbook is entirely written to focus on the many concepts that contribute to a basic understanding marketing. In a single chapter or lecture we cover numerous concepts!

The following are some example some of the many concepts you could find applicable to your presentation. PLEASE NOTE: These are just some examples. This list serves to provide clarity to your thinking of how a concept can be connected or applied to your marketing highlight. There are numerous concepts that could be applicable to your marketing highlight topic, you do not have to use example from this list. I encourage you to look beyond this short list of examples. There are also many more points that could be discussed and applied within each one of the examples provided below.

Example Concept	Potential example points to discuss with within that concept
Target Audience	Discuss how your marketing highlight segments it target audience
Branding	You could discuss the type of brand your highlight focuses on; the attributes of your brand and how that relates to the target audience; brand equity
Price	You could discuss the pricing objective and why it is appropriate; other factors that might be influencing the price (e.g. competition, economy)
Consumer behaviour	You could discuss the consumer decision making process in relation to your marketing highlight; high/low involvement; draw connections to internal, social and situation influences
Integration marketing communication (IMC)	You could discuss the IMC mix used and why it is appropriate for the target audience; the functions the IMC mix uses to accomplish communication objectives; creative appeal
Innovation	You could provide a definition of innovation and discuss how your marketing highlight reflects the definition
Differentiation	You could discuss the concept of differentiation, why it is important and how your marketing highlight differentiates itself from the competition
Product lifecycle	You could discuss what point in the product lifecycle your marketing highlight may reflect; how the product lifecycle influences the marketing strategy that support your highlights
Societal marketing	If fitting, you could discuss the type of societal marketing strategy your marketing highlights reflects.

Answer:

It was started in the year 2003 by a group of engineers. The company specializes in the production of electric-cars and clean energy generation and storage equipment and machines, e.g. lithium oil storage battery and solar panels. It is one of the most developing and growing car companies in America especially since the production of the first Roadster sports car that became very popular and famous in most American countries (Rimmer, 2014). However, to achieve that, the company has to have focused on a lot of product and service marketing to its customers. Marketing is basically the exercise of notifying your customers about your product or service and convincing them why they should have it instead of another product. Marketing may include things like advertising, product promotion among others.

Tesla Marketing

Tesla has always been marketing its products in many different countries. It has opened selling and marketing stores in different locations and countries as well as opened new manufacturing and production outlets. The company’s marketing plan is a diverse process, i.e. there is online selling and marketing, advertisements in the social media platforms, television shows and radio channels, open market product promotion to name a few. To say the least, Tesla has been able to compete with its competitors simply because of its product quality, variety and differentiation (Cheong et al, 2016). These three facts have also helped it to achieve its marketing plan and strategy to date.

Marketing Concepts

Marketing concept focuses on the improvement and development of a product or service brand to fit the customers’ known and unknown interests, needs and wants. Basically, it can be said to be a process of ensuring perfect brand presentation to a customer with an aim of impressing the target customers and satisfy their needs and wants to and beyond their expectation. However, apart from focusing on the customer interests, marketing concept also focuses on increasing sales, optimize profits and beat rival competition for the business organization.

Examples of Marketing Concepts

Some of the marketing concepts include (Kehinde et al, 2016): PRICE This is the cost that a customer has to pay for the product or service. In that case, it is one of the most crucial aspects that consumers consider before purchasing a product. Every organization must ensure that its product or service is realistic as much as possible. The price should be able to attract customers and also earn profit for the company. This is simply because it is mostly the first impression aspect that will hit the customer. The organization should always make sure that the price difference between the competitor’s product prices is realistic as well. As for Tesla Inc., the company has always been pricing its products according to their quality, value and cost of production. However, the company also considers how unique and recent the product is. In other words, the company’s prices are usually high but worth for the product or service itself.

Product Quality

This concept focuses on the value of the product or service to the customers or the ability of a product to meet the customer’s needs. It can be used by an organization to attract more customers. Additionally, it can be used to build product brand trust, increase return on investments as well as increase customer retention. All of these either focus on customer need satisfaction or organizational success and objective achievement. PRODUCT DIFFERENTATION This is basically the uniqueness and variance offered by the product to the customers. This is achieved by use of different, modernized and improved technological methods and equipment. Product differentiation is a concept that will help the customers be able to differentiate a product or service from another based on either quality, price, packaging, physical appearance among other things. In the case of Tesla motors, its products are pretty different simply because it produces and manufactures electric cars and clean energy generating and storage equipment. This is different from other car companies who mostly produce cars that rely on gas.

Product Life Cycle

This represents the process that a product undertakes from its inception to its disposal or introduction into the market. It can indicate how popular or valuable a product is to the consumers. In this cycle, the organization has to ensure that the engineering process, design development, manufacturing process and resource allocation and usage process are effective and efficient for the production of good quality product or service. This is a marketing concept that will help focus on the quality and appearance of the product or service. Tesla motors has always had effective product life cycles and that’s the reason why its product quality and appearances are very attractive and creates customer loyalty.

Production Method Innovation

This concept will basically focus on production on a different and unique product or service. Innovation relates to creativity. Therefore, through innovation a product or service will be able to achieve product differentiation and uniqueness. Additionally, an organization will have a variety of products for customers to choose from which will increase their need satisfaction. Tesla Inc. product and services are considered to be unique and different from its competitor’s products. When it comes to branding, quality, appearance among other things. The concept of innovation basically helps a business focus entirely on meeting the customers’ needs as much as possible.

Social Marketing

Social marketing relates to doing advertisements and promotions on the social media platform, e.g. in Facebook, Instagram, twitter, Pinterest to name a few. This concept focuses on reaching out to large numbers of current customers to update them on product or service development strategies and to potential customers to introduce them to a new or better product. Through social marketing, organizations have chances to share information with the customers and receive comments from them as well especially about their needs and wants and what they expect in future. Tesla does social marketing in most of the social media platforms like Twitter, Facebook and Instagram. It is therefore able to communicate to its customers about anything.

References

Cheong, T., Song, S. H., & Hu, C. (2016). Strategic Alliance with Competitors in the Electric Vehicle Market: Tesla Motor’s Case. Mathematical Problems in Engineering, 2016. Rimmer, M. (2014).

Tesla Motors: Intellectual Property, Open Innovation, and the Carbon Crisis. The Australian National University College of Law, Canberra. Kehinde, O. J., ADEGBUYI, O., Akinbode, M., & Borishade, T. T. (2016).

Marketing Concept And The Satisfaction Of Consumer Needs: The Nigerian Consumers’ Experience. Researchjournali’s Journal of Marketing, 4(1).

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