Global Business Marketing Answers | Assessment Answer

Answer:

Tesla Model 3 and the Product Features


Tesla Australia deals with the manufacturing and selling of all luxury electronic products, along with electric automobiles and battery parts through B2C marketing strategy. This B2C model is referred to as Business-to-Customer marketing tactic that include promotion of product and related service among the customers (Stone, 2016). Tesla model 3 can be considered as the latest creation of the company in the year 2016 that involves automation, integration of telecommunication, and robotics features. The prime target within the market for this product is the youth, who always tries to explore the latest and popular product introduced in the market (Birk, 2015).

The said model 3 offers five seated facilities with four door openings and provides the necessary comfort and financially affordable to its customers in every aspect. Being Tesla’s one of the cheapest model, it can be afforded by every class of people, and that this model acquire production which is larger in number compared to its previous model. One of the significant advantages of this design that have potential to attract the mass towards it is the efficiency is the ‘battery’ that have long durability and standing power (Zheng, Zheng, Jiang and Ren, 2015). To draw the attention of its targeted market, the model also paid attention on its look by providing short front and overhanging rear, with a glass roof and a storage space at the bonnet. Along with the external appearance, it has also focused on some of its internal features like a spacious cabin, central touch screen facility, and flexibility option. The configuration of model 3 is fully based on custom based designed, which was not available in the former model (Birk, 2015). The present report further analyses the marketing strategy, PESTLE analysis and competitive analysis which is crucial for the present contemporary business environment.

Strategic Analysis of Economic, Political and Socio-Cultural Environment

Nowadays due to rise in the price of fuel, sustaining a car is a problem for every customer. On the other hand, Tesla provides an alternative source of energy that is chargeable battery, making its demand higher in the market (Zheng, Zheng, Jiang and Ren, 2015). This will certainly help in the economic growth of the company with increased attractiveness and sales. Australia being one of the major economic capitalists in the world, it has the opportunity to expand its business here after America. Additionally, with the rapid growth of the developing countries and their economies, the company also get a chance to increase its revenue keeping the view of these markets (Chen, and Perez, 2015).

The political environment refers to the effect of the climate and the approach of the political parties that ultimately affect the business related operations. Tesla has politically established its principal markets in Australia such as taxation, employment and customer rights, and business legislation, and hence it has least political tension for its economic development (Crane, 2015). It has to responsive towards the political factors affecting their business industry. For example, government focus on environmental protection laws which stress on producing eco-friendly cars strictly meeting the emission levels, which is a supportive factor for Tesla. Similarly, the Australian open government provides various loan schemes for research of new and latest car technology (Crane, 2014).

The socio-cultural environmental is the prior aspect of Tesla before entering to its target market. Being the producer of the electric car, Tesla has the chance to satisfy the Australian customers who these days prefer electric cars than the fuel cars (Chen, and Perez, 2015). Customers are more willing to spend their money on qualitative electric cars to improve their social status. The increase in the wealth gap between the higher class and middle-class people have become a threat to the company (Mangram, 2012). In addition to the upper class, the middle class is another important source of revenue for the company.

Competitive Analysis

Besides having several key features and attractive looks, Tesla model 3 has to survive in the market from its competitors. There are several other electric cars available in the Australian market including Tesla. Tesla model 3 provides 346 km battery backup per charge and have 5 seated facilities. It is designed in such a way that; it can attain safety rating of 5-star (Fontaínhas, Cunha and Ferreira, 2016). The price is a little high with more efficiency and it cost is around $100000. One of its major competitors is Ford Focus Electric which costs around $37665 but provides around 122 km range per charge, and this limits its competition (Crane, 2014). BMW i3 Electric car is another it’s tough competitor which price is $63990 and has a range of 190km per battery charge which is very less as compared to model 3, but despite the high price and low range people desire to buy this model (Birk, D., 2015). Another prime competitor of Tesla is Mitsubishi i-MiEV Electric car having cost approximately $48800 and gives a range of 150 km per charge. Being cost efficient, it does not provide sufficient range as that of model 3 (Fontaínhas, Cunha and Ferreira, 2016).

Recommendations

Tesla model 3 is one of the cheapest models of Tesla, and its actual price will be declared in the coming year 2017. Its price is a presumed to be comparable with respect to its competitors. Furthermore, it also needs to focus on the pricing strategy for economic growth such as to increase the market size. The company should either use market-based pricing or value-oriented pricing or both of them (Cornell, 2016). In market-based pricing, the company should analyze its competitor's pricing and accordingly sets its price. While in value-oriented pricing, the company fix price taking into account the exact and observed price of the product. Moreover, Tesla should also focus on the market situation and customers view regarding the price (Charles, 2013).

Distribution strategy is the most important aspect marketing mix in any business. In the present context, customers are aware of the location through which Tesla automobiles go through and where it can be accessed. Two principal places in the distribution strategy of Tesla include dealerships and retailers that needs to be maintained within the scope of networking and excellent communication/ information flow. Dealerships are the location where most of the sales deal and the transaction is to be done (Mangram, 2012). Tesla sells most of its cars through the dealership to the targeted market, which is also considered to be one of the most important aspect of their marketing strategy. Importnatly, there are retailers, where the company’s automobiles, its spare parts are sold. These areas need to be managed by the company such as to reduce the impact of disruptive technology and offer seamless service to their customers (Voigt, Buliga and Michl, 2017).

Promotional strategy is the most important criteria for marketing and sales of Tesla. It includes various principles as to how to interact and communicate with the target market. It can be through personal selling through dealerships and also through direct selling. Also sales promotion by giving discounts and deals attract customers (Abdulsater, 2014). Advertising through social or mass media is another important means of development.

References:

Abdulsater, A., Balasubramanian, A., Wang, B., Madani, F., Mansour, M., & Talla, R. (2014). Technology Road Map for Tesla Motors Sedan EV. In Planning and Roadmapping Technological Innovations (pp. 215-238). Springer International Publishing.

Birk, D. (2015). Tesla Motors, Inc. Market Analysis and Definition. Retrieved from https://www.content.grin.com/document/v309705.pdf Dated 28 Sep 2016.

Charles, T. (2013). Competitive Strategies and Government Policies: The Automobile Industry (Tesla Motors). Docs. school Publications. Retrieved from https://www.oboolo.com/business-market/management/case-study/competitive-strategies-government-policies-automobile-industry-tesla-motors-84240.html Dated 28 Sep 2016.

Cornell, B. (2016). The Tesla Run-Up: A Follow-Up with Investment Implications. Journal of Portfolio Management, Forthcoming. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2818536 Dated 28 Sep 2016.

Crane, D. A. (2015). Tesla, Dealer Franchise Laws, and the Politics of Crony Capitalism. Iowa L. Rev., 101, 573.

Crane, D. A. (2014). Tesla and the Car Dealers' Lobby. Regulation, 37, 10.

Donada, C., & Perez, Y. (2016). Editorial: Electromobility at the crossroads. Int. J. Automotive Technology and Management, 16(1), 1.

Fontaínhas, J., Cunha, J. and Ferreira, P., 2016. Is investing in an electric car worthwhile from a consumers' perspective?. Energy. Retrieved from https://www.sciencedirect.com/science/article/pii/S0360544216306922 Dated 28 Sep 2016.

Mangram, M. E. (2012). The globalization of Tesla Motors: a strategic marketing plan analysis. Journal of Strategic Marketing, 20(4), 289-312.

Stone, M. (2016). Business to business competitive marketing: Practice and literature. Journal of Customer Behaviour, 15(1), 3-14.

Voigt, K. I., Buliga, O., & Michl, K. (2017). Key Learnings: How to Start a Pioneering Business Model?. In Business Model Pioneers (pp. 213-215). Springer International Publishing.

Zheng, K., Zheng, Z., Jiang, H., & Ren, J. (2015, November). Economic analysis of applying the used EV battery to commercial electricity customer. In 2015 5th International Conference on Electric Utility Deregulation and Restructuring and Power Technologies (DRPT) (pp. 2100-2103). IEEE.

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