Exploring 4Ps : TESLA

Tesla Motors, now known as Tesla Inc, is an American-born public limited company. It is involved in energy storage products and has connections to the automotive industry. Tesla Motors was founded by respected co-founder J.B. Founded on July 1, 2003, by Strobel, Elon Musk, Ian Wright, Mark Tarpenning, and Martin Eberhard.

PRODUCT:

Tesla Motors is an independent automaker that offers a wide range of products made from the latest technology. It adheres to a B2B model which encourages partnership with other companies by supplying products as well as services and also the B2C model by offering luxury, family, and mass-market vehicles. It is a well-known distributor, manufacturer, developer, and designer of eco-friendly products and also offers related services to other automotive companies. The major product manufactured by this international corporation is an electric sedan powered by a battery. Besides this, it also produces sustainable energy technologies and supercharging stations.

PRICE:

At the end of the fiscal year 2017, Tesla Motors posted revenues of 11.76 billion US$ with its net income at 2.24 billion US dollars and total assets of 28.66 billion US dollars. Tesla Motors initially decided to target wealthy buyers making a conscious decision to capture larger markets later on with lower pricing. Hence at its onset, it adopted a premium pricing strategy and maintained high prices for its premium products. This was for a niche market that was more interested in high quality products with the latest technology irrespective of their price range because they could easily afford such products. Later on, the company launched affordable products keeping in mind the midscale general consumers. She wanted a large share of the consumer market, so she adopted an affordable pricing strategy. She was very successful because she was able to sell more products and make higher profits and profits.

PLACE:

 in Athens, GreecTesla Motors serves customers worldwide through its US headquarters in Palo Alto. It has an extensive in-house sales and distribution network that includes stores in Asia, Europe, Australia, Korea, Dubai, and North America. One of Tesla’s largest EV markets is China, and in October 2017, it was set to open a manufacturing plant in Shanghai after signing an agreement with the Chinese government. As of May 2017, the international company had eight stores in Canada, including cities like Montreal and Ontario. Tesla established a base in San Carlos, California, and then opened stores in Los Angeles and Manhattan.

By October 2016, there were 260 stores in the United States alone. In June 2016, an in-store store opened in Los Angeles. In the United States, several galleries and stores are opening up in malls to maximize brand awareness. Tesla Motors has its own website to sell products to interested customers. The company seeks to reach consumers directly through fulfillment centers and stores. Checks and service are provided at our own service stations. The manufacturing facility is located in Fremont, California. Other assembly plants are scattered throughout, such as Gigafactory 1 in Nevada and the Giga plant in Buffalo, New York. Instead of using the usual dealer system, Tesla has decided to sell its vehicles through the company’s online portal and showroom. One of the important R&D departments is located.in Athens, Greece.

PROMOTION:

In 2017, Tesla Motors approved a budget of $52 for marketing purposes and used word of mouth and referral programs to attract buyers. The company has adopted a unique strategy to promote its products to customers. The multinational is also using press releases and public relations teams to build positive brand awareness. As part of our PR activities, charging stations on highways and charging ports in shopping malls, hotels, and restaurants bear the Tesla brand name. To get public attention, Tesla leveraged social platforms. He is active through websites, blogs, and forums, so he uses the online platform for marketing purposes.

Whenever we launch a new product, we always go through word of mouth. More than 150 videos have been uploaded to his official YouTube channel, and nearly 364,000 subscribers showcase the car’s outstanding features. The latest information and specifications, technical specifications, security measures, warranties, and new software are regularly updated on the official website for interested customers. Tesla uses its Facebook page for maximum profit and has over 2.2 million followers. This social network regularly hosts discussions about various products and technologies. The company has over 1.73 million followers on its Twitter account and is also successfully communicating with fans through Twitter. CEO Elon Musk is the face of the company and actively participates in several interviews and talk shows. It helps to gain positive brand awareness and memory.