Murillo_3.5 - Marketing Plan_Checkpoint

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3.5 - Marketing Plan: Checkpoint 3.5 - Marketing Plan: “Checkpoint” Oscar E. Murillo 31 OCT 2021 Embry-Riddle Aeronautical University MKTG 311 1 | P a g e

3.5 - Marketing Plan: Checkpoint Marketing Plan Components Service of Choice: TESLA’s Electric Vehicles I. Executive Summary II. Current Marketing Situation Tesla is well known for not investing, researching, or spending resources on any sort of marketing strategy. It highly depends on word of mouth and social media to gain popularity and potential customers. When it came to segmenting the market, the firm didn't ask which part of the market was the most fuel-conscious; instead, it questioned which segment would enable the company to create long-term and innovative model vehicles. If you're looking for high-performance vehicles, the preferred area is the smaller volume, cost-independent market that allows you to develop a brand identity while setting premium pricing and generating large unit gross margins by targeting the wealthy and affluent who are willing to spend more on their automobiles. Tesla has been selling entirely electric luxury SUVs for the last several years, and the vehicle has done well in the market, with the company delivering a record-breaking number of vehicles in 2017. One of Tesla's most important benefits is the company's unique position in the car manufacturing sector. Tesla does not just sell cars, but it also offers technology, according to the company. 'The only beautiful car that can accelerate from 0 to 100 miles per hour in three seconds without using a drop of oil,' according to the company's marketing materials. (Hitesh, 2019) 2 | P a g e

3.5 - Marketing Plan: Checkpoint a. Market Needs b. The Market i. Market Demographics Tesla owners are often older. According to available data, the median age of a Tesla Model S or Model X owner is little less than 54 years old, compared to 38 for the overall US population. Model X owners on average are 52 years old, whereas Model S owners on average are 54 years old. These conclusions corroborate those of the Teslarati survey. This study's error margin is +/-2.5 percent. (Hedges, 2021) ii. Market Growth Trends c. The Company i. Mission According to Tesla’s website, their mission is creating a sports car that seemed to have the greatest potential of being competitive with its gasoline counterparts and to expedite the introduction of sustainable transportation by bringing appealing mass market electric vehicles to market as soon as feasible. (Tesla, 2021) ii. Product Offering iii. Positioning d. Competition i. Direct Competition ii. Indirect Competition 3 | P a g e

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3.5 - Marketing Plan: Checkpoint III. Threats and Opportunities Analysis a. Strengths i. Leading innovation A high level of craftsmanship has gone into the design of Tesla's vehicle. When engineers build electric vehicles, they take into consideration a broad range of variables in order to provide their customers with a high level of comfort. ii. Best in-class Electric Cars Tesla has left behind every other brand in the race of the finest electric cars. When compared by their range, Tesla’s electric cars have proven to be the best covering maximum distances. The recent comparison shows that Tesla occupies the top three places in terms of range. The Tesla Model S can travel up to 600 kilometers on a single battery charge; leading over the Opel Ampera, with a range of 520 kilometers. b. Weaknesses c. Opportunities d. Threats IV. Objectives and Issues a. Increase Sales While Tesla’s main marketing efforts highly rely on customer satisfaction and word-of-mouth, a comprehensive marketing plan could prove to be of benefit to 4 | P a g e

3.5 - Marketing Plan: Checkpoint the company. With a formidable marketing strategy, TESLA has the potential to grow exponentially, leading to increased exposure and overall sales. b. Build Brand Awareness In recent years, Elon Musk, and his companies (TESLA and Space X) have been consistently discussed in mainstream social media and news platforms, yet only a relatively specific audience has taken up the time and effort to research on products and services provided by these firms. Despite the general population having heard TESLA or Space X mentioned on occasion, developing a strong marketing strategy has the potential to help turn these companies into household brands. c. Grow Market Share d. Launch New Products or Services e. Target New Customers f. Enter New Markets Internationally or Locally g. Enhance Customer Relationships V. Marketing Strategy a. Value Proposition 5 | P a g e

3.5 - Marketing Plan: Checkpoint b. Critical Issues c. Financial Objectives d. Marketing Objectives e. Target Market Strategy f. Branding g. Marketing Mix i. Product ii. Pricing iii. Place/Distribution iv. Promotion 1. Advertising 2. Public Relations 3. Direct Marketing v. Web Plan 1. Website/Internet Sales Goals 2. Website/Internet Marketing Strategy vi. Service vii. Sales Plan 1. Sales Strategy 2. Sales Process VI. Action Programs VII. Budgets 6 | P a g e

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3.5 - Marketing Plan: Checkpoint a. National Marketing i. Banner Ads b. Local Marketing i. In-store Marketing ii. Point of Purchase Marketing c. Public Relations i. Public Events ii. Sponsorships iii. Press Releases iv. Webinars v. Conferences vi. Client Events d. Social Media i. Twitter ii. Facebook iii. Instagram e. Online Marketing i. Blog ii. Website f. Traditional Advertising i. Online ii. Print iii. TV 7 | P a g e

3.5 - Marketing Plan: Checkpoint iv. Radio g. Web Marketing i. Pay Per Click ii. Search Engine Optimization h. Market Research i. Surveys/Questionnaires ii. Observations i. Sales Campaigns i. Coupons ii. Discounts iii. Loyalty Programs iv. Contests v. Price Match Guarantees vi. Holiday Promotions j. Other Marketing i. Business Cards ii. Signage VIII. Controls 8 | P a g e

3.5 - Marketing Plan: Checkpoint References 1. Kotler, P.T. Armstrong, G. (2018). Principles of Marketing. Pearson Education. Kindle, 17 th edition. 2. Hitesh, B. 2019. Marketing Strategy of Tesla. Marketing 91. Retrieved from - https://www.marketing91.com/marketing-strategy-of-tesla/ 3. Hedges, et al. 2021. TESLA OWNER DEMOGRAPHICS: INCOME, AGE, GENDER AND MORE. Hedges & Company. Retrieved from - https://hedgescompany.com/blog/2018/11/tesla-owner-demographics/ 4. 9 | P a g e

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