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Business

Market Strategy Marketing Channels Implementation and Monitoring

Market Strategy Marketing Channels Implementation and Monitoring

New Customer Segments

One of the new customer segments for Tesla’s market strategy is individuals living in metropolitan cities. The company will provide value to this segment by offering many charging ports in the cities to ensure customers do not have to queue to charge their Tesla cars. The second segment is long-range drivers. The company will provide value to this segment by offering Tesla cars with a large battery capacity that can be recharged within a short time. The company will also provide value to long-range drivers by using high-quality materials to produce the batteries so that they do not overheat. The batteries will also be modified based on the maximum speed of each Tesla car so that they do not discharge fast since that could limit convenience for the customers within this segment. The third customer segment will be young, middle-income individuals between 25 and 35 years. The company will provide value to customers in this segment by personalizing and customizing the Tesla cars based on the customers’ needs. The company may add unique features to attract customers within this segment based on the customers’ suggestions and feedback. Do you need help for completing your assignment ? We offer assignment help with high professionalism.

Marketing Mix for New Customer Segments

Products

The charging ports in the Metropolitan areas will be distributed based on the number of Tesla car owners within an area to create convenience for the customers within the region. The batteries for long-range drivers will be designed to withstand long drives without overheating. The company will use high-quality material to produce the battery to ensure durability. The Tesla cars designed for middle-income individuals aged between 25 and 35 years will include unique features that are considered appealing to the customers within the segment. The features will be revised constantly based on the customer’s suggestions and feedback to create a competitive advantage. The company will also allow the customers to specify any customizations and personalization they may want.

Price

The company will set low prices for customers across the three segments. However, price adaptations will be applied for middle-income young customers and long-range drivers based on their product specifications. For example, customized and personalized cars will cost more than ordinary Tesla cars. The price of cars targeting long-range drivers will also vary based on the battery capacity and durability.

Distribution

The company will use warehouses to distribute its products. The warehouses will be located at least one kilometer from the production point to facilitate the movement of the products from the production plant to the warehouse. The company will also distribute its products through showrooms located in urban centers. The showrooms will only include Tesla cars, spare parts, and batteries. In addition, the company will also use licensed car sellers and dealers to distribute its products.

Traditional Promotion

One of the traditional promotion approaches that the company will use to market its products is flyers. The flyers will be distributed to car yards in different locations to inform potential customers about Tesla’s products and their advantages. The company will also use television and radio advertisements to market its products to customers in various locations. The advertisements will include a short description of the product, where to find it, and the price.

Online Promotion

The company will use its social media platforms for online promotion. Content marketing will be used to create awareness of Tesla products and their prices. The main content that will be displayed on the social media platforms will be photos of various Tesla products and educational videos describing the advantages of the products and where to purchase them.

Marketing Implementation

The marketing plan will be organized by market. The company will focus on the marketing needs of each customer segment to attract more customers within the segment. For example, when marketing to long-range drivers, the message will emphasize the batteries’ large storage capacity and durability. The marketing message that will be used when marketing to middle-income young people will emphasize the price of the products and the company’s offer to customize and personalize the cars. The marketing manager will be responsible for marketing decisions. They will create the strategy that will be used to complete marketing activities and develop a marketing team that will implement the marketing strategy.

Marketing Communication Channels

Channel Target Market Advantages Disadvantages
Direct mail Long-range drivers

Middle-income young customers

 ·         Cost-effective

·         Messages can be personalized based on the target audience.

·         Enables a business or company to solicit feedback from the target audience (Cross, 2019)

·         Enables a company to build trust with the customers.

 ·         The target audience may ignore the mail if it is perceived as spam.

·         The target audience may find direct emails annoying, thus limiting customer reach.

 
Radio Individuals living in metropolitan cities ·         Enables a company to target individuals in a specific geographical area by using the radio channels within the geographical area’s frequency reach.

·         Enables a company to create a mental image of a product because the advertisements include sound and a narration of the product or service.

 ·         Limited attention from listeners, especially if the advertisement interrupts an interesting conversation.

·         A small audience is reached because the advertisements may be aired when the target audience is not tuned in.
Television Individuals living in metropolitan cities

Long-range drivers

Middle-income

Young customers

 ·         Offers wide customer reach

·         Reaches the target audience when they are most attentive, thus capturing the audience’s attention

·         It offers a company a visual personality because it can use unique images for advertising its products and services (Shahu, 2020).

 ·         Television advertising is expensive.

·         Limited guarantee that the target audience will see the advertisement.

 
Social media platforms Middle-income Young customers ·         Offers a company the opportunity to get customer insight through feedback and suggestions (Kreutzer, 2018).

·         Enables a company to develop a good relationship with customers by engaging in relevant conversations.

·         Cost-effective

 ·         Advertising on social media platforms is time-consuming because the advertisements must be carefully designed before they are posted.

·         Exposure to competitors.

·         High risk of a bad company reputation if there are negative comments about a company’s products or services.

Strategic Actions

Action Date for Completion Person/Role Responsible Standard/Metric
Creating the marketing message 25/4/2023 Jim Clown-Marketing manager Approval by the marketing team and company executives
Collecting potential customer emails 30/4/2023 Sharon Stein-Customer service manager Approval by the marketing manager
Designing radio advertisements 30/4/2023 Sandra Chan-Communications manager Approval by the marketing team and the company executives
Designing television advertisements 30/4/2023 Liam Sheldon-Graphic designer Approval by the marketing team and company executives
Designing social media advertisements 30/4/2023 Jim Clown-Marketing manager Approval by the marketing team and company executives
Contacting radio and television stations to sign an advertisement contract 1/5/2023 Jim Clown-Marketing manager Approval of selected radio and television stations by the company executives

Monitoring

Action Target Person Responsible Inter-measurement
Creating the marketing message 100 new customers per month Jim Clown-Marketing manager 15% increase in the company’s market share within one month
Collecting potential customer emails 10 new emails per week Sharon Stein-Customer service manager 8 direct email responses for every 10 direct emails sent per week
Designing radio advertisements 5 advertisements per day Sandra Chan-Communications manager 150 new inquiries about the company’s products per month
Designing television advertisements 5 advertisements per day Liam Sheldon-Graphic designer 150 new inquiries about the company’s products per month
Designing social media advertisements 3 posts per day Jim Clown-Marketing manager 50% increase in the company’s social media platforms followers
Contacting radio and television stations to sign an advertisement contract Signing a contract with 5 television stations and 5 radio stations Jim Clown-Marketing manager Contract renewal after the agreed period elapses

References

Cross, I. R. (2019). The direct effect: Creating Integrated Marketing Campaigns with direct mail. Advertising & Society Quarterly, 20(4). https://doi.org/10.1353/asr.2019.0032

Kreutzer, R. T. (2018). Social Media and social-media marketing. Social-Media-Marketing Kompakt, 1–19. https://doi.org/10.1007/978-3-658-21147-9_1

Shahu, K. (2020). Effectiveness of the advertisement through television. The Batuk, 6(2), 7–15. https://doi.org/10.3126/

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Question 

Complete Part C of the Strategic Marketing Plan. Remove all of the instructions and examples. Only include Part C.

Be sure to use the same company that is selected for week 2.

Market Strategy Marketing Channels Implementation and Monitoring

Market Strategy Marketing Channels Implementation and Monitoring

Under each area, include 3-6 elements.

Select a new customer segment and describe how you will provide value to each target market or segment.

Marketing Mix for New Target Markets

Determine adaptions for each new target market.

Products

Price

Distribution

Traditional Promotion

Online Promotion

Create the implementation for your marketing plan.

Describe how you will organize and implement the plan, such as whether it will be organized by market, geography, and who is responsible for marketing decisions.

Evaluate the marketing communication channels you will use to reach selected audiences. Include the Internet and traditional communication channels to convey key messages. Describe the advantages and disadvantages of each channel you select. Insert or remove rows as needed. Note: The target market is the new target customer identified at the beginning of Part C.

Develop specific activities required to implement the marketing plan. Identify the person or role who will be responsible for each action, when it will be complete, and what standard or metric indicates that the activity is complete.

Develop the measurement to identify how you know you have been successful with each strategic action. Specify the measures to track performance against goals. Identify standard reports from your online and traditional marketing efforts.