Social, Ethical, and Legal implications

Product cycle is the process that any given product of a company has to undergo before the sales can be effected in the market. It normally involves various processes that may vary from one item to the other. In this regard, there is always the need for the product strategy where there is a plan that facilitates the analysis of the nature of the market that the firm intends to sell its goods. Moreover, it is essential when it comes to the prospect of facilitating the effective ways in which given items can be sold in a manner that that can reach out to an increased number of customers satisfying their needs and generating increased profits.

In this context, the company that is covered is Tesla Incorporation. It is a US company that has managed to specialize in the manufacture of the electric vehicles, solar panels, and energy storage devices and is based in California where it was established in 2003. The company has been availing the electric cars, residential panels and the lithium-ion energy storage devices among others (Tansel, 2016). The product strategy that has been adopted by Tesla since its inception is to facilitate the mechanisms that ensure that the aspects of product life cycle are well addressed for the sake of ensuring that the various products that are manufactured end up getting the excellent introduction to the target markets in such ways that facilitate the earning of increased profits.

Product life cycle of Tesla Incorporated

There are four distinct steps that are always used for the sake of facilitating the description of the product lifecycle of Tesla that include introduction, growth, maturity and decline stage.

Initial Introduction Stage

The first stage that the management of Tesla focuses on is the one where the emphasis is put on the idea of developing a product that is based on the high engineering and technology requirements where the emphasis is put on the idea of ensuring that the target markets are ready for such a product. This is the state where the company normally ensure that there is the adoption of the better pricing strategy for the sake of making the product affordable. In addition, the placement and location issues are addressed at this juncture. The management of Tesla has been working hard to ensure that the new products are well manufactured and promoted for the sake of reaching to various people that are within the target markets (Wisner, Tan and Leong, 2017).

Product Growth

The product growth activities of Tesla are built on the success that is witnessed in the previous stage. In the same regard, there are numerous efforts that are made by the company to ensure that changes are made on the products for the sake of meeting the merging consumer demand. In addition, Tesla has to continue enhancing its diversification strategy where it has to ensure that it focuses on the other lines of related products to facilitate the growth aspects at the global stage. However, it has to be realized that already the company has been making strides in the electric car, lithium-ion and solar panel categories that can build the foundation for future diversification and growth.

Maturity Level

Tesla has been operating in such a way that makes it hard for it to facilitate many changes to the products that are already in the market. At this stage, the main motivation of Tesla is to make profits and make its operations to become sustainable moving into the future. It will be noted that this is the stage where the company has already captured a given market share and has already taken the lead against the competitors. At this stage, various factors like differentiation of the products and diversification are always regarded as being critical in ensuring that Tesla becomes the undisputed market leader.

Declining Sales

The last step in the life cycle is characterized by the declining of sales. At this stage, the company may make decisions of determining the production of a given product because the sales have deteriorated or maybe differentiate to ensure that they become additionally attractive to the consumers (Pride et al., 2017). The price at this juncture tends to remain the same. Tesla at this stage always aims at coming up with the new products that are based on the prevailing states of technology as a way of facilitating the differentiation strategy.

Metrics to Determine Success or Failure of the Market Activities in Tesla Incorporated

Tesla is operating at a time where the cost of information has reduced significantly. It is becoming hard to interview people and get the information due to various inconveniences that are making firms to resort to the use of technology. In this regard, Tesla may get the responses on its website or the verified social media platforms.

One of the most vital metrics is capturing the new customers that have managed to visit the website. In such a case, the management will get the information that will necessitate the understanding of the number of those who visited which may end up facilitating the market performance as well as the other prevailing activities.

The management should also focus on the use of the system that shall manage to show the total number of the website pages that have been visited by any given client. In such a case, Tesla shall get the data that will necessitate the determination of the specific pages that the largest number of people have viewed where the information regarding the organization’s performance.

Another formidable alternative is the use of the rate of transformation mechanism where individuals are allowed to comment on the organization’s website. It is a framework that will enable Tesla to know and understand the exact feeling of the customers regarding the products on offer or the organization as a whole vi either the positive or negative comments.

A print Media Method and Non-Print

Print media normally refer to the mechanism in which a given company can decide to advertise its products based on the printed documents that include newspapers, magazines and the catalogs among others. It is a mechanism that facilitates the idea of reaching to the masses where there will also be future references.

Non-print on the other hands is a new way of doing business where the social media platforms like Facebook can be utilized. In the modern world, it will be noted that the largest proportion of promoting products is based on the improved state of technology (Wisner, Tan and Leong, 2017). This is a situation that has been reducing the overreliance on the paperwork.

In the same regard, Tesla has to focus on the use of the selected non-media platforms based on the low costs, speed, convenience, and efficiency. They will ensure that there are enhanced mechanisms of communicating.

Three Elements of the Product and Promotion

Direct Marketing

This is a mechanism where companies focus on enthusing that they deal directly with the financial consumers of their products. The fact that Tesla has been working tremendously hard to manufacture and sell electric cars and other products indicate that there has to be the use of the direct distribution mechanism across the country and beyond (Tansel, 2016). It is a strategy that is used to compliment the idea of having various middlemen undertaking the selling obligations.

Media Strategy

It has to be noted that organizations are currently operating in the competitive and dynamic business environment that requires them to advertise and send the right messages to the intended audiences. In this case, Tesla has to ensure that there is the adoption of the non-print media for the sake of reaching an increased number of the potential buyers.

Public Relation Strategy

References

Pride, W. M., Ferrell, O. C., Lukas, B. A., Schembri, S., Niininen, O., & Casidy, R. (2017). Marketing principles. South Melbourne, Vic. Cengage.

Tansel, A.K. (2016). Marketing Report on "Tesla Motors": Marketing Audit, Segmentation & Targeting Analysis and Analysis of Product/Brand Strategy and Positioning. New York: GRIN Publishing,

Wisner, J, Tan, K and Leong, K. (2017). Principles of Supply Chain Management: A Balanced Approach. New York: Cengage Learning.