For this project, your group will serve as a marketing team that was recently hired by Tesla, Inc. to create a marketing plan for their new model of the 2023 Roadster. Throughout this course, your group will apply what is covered in class and make decisions about the previously mentioned company and product including objectives, marketing strategies, and evaluating marketing performance. The marketing plan should last for a one-year span (i.e., 2023), so make sure to take that into account when determining the timing for different aspects of the marketing plan. Company Snapshot
• Brief Company History
• Sales History
• Current Marketing Mix (Product, Price, Promotion, and Distribution Situation Analysis (SWOT Analysis)
• Strengths are internal core competencies (such as having award-winning product designers on staff) that give it a competitive advantage o Ex. Building strong customer connect through value-added services o Ex. Robust technological capabilities that enhance new product development
• Weaknesses are limitations inside the company (such as lacking production capacity for higher output) that might hamper its ability to achieve objectives o Ex. Dependence on Americas for majority of revenue increases business risks o Ex. Decline in revenue
• Opportunities are situations outside the company (such as unexpectedly high demand for a product the company can produce) that can be favorable for the product’s marketing o Ex. Positive outlook for global hot drink market o Ex. Strategic collaborations and agreements
• Threats are possible barriers outside the company (such as new competitors) that might prevent it from achieving its goals Marketing Objectives
• Marketing objectives state what is to be accomplished through marketing activities and can be given in terms of product introduction, product improvement or innovation, sales volume, profitability, market share, pricing, distribution, advertising, or employee training activities.
• List and discuss at least 2 that are based on the SWOT Analysis, are measurable (allows for progress to be tracked and compared against benchmarks), and specify a time-element (i.e., 6 months, one year, etc.).
• Ex. Sell 500 units per quarter over the next year.
• Ex. Increase the company’s market share by 5% over the 6 months.
• Ex. Introduce two new products over the next year