Elon Musk- Tesla

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Elon Musk- Tesla

Product Life Cycle

Telsa Motors is in the growth stage of the product life cycle and it is definitely changing the product life cycle in the car industry. For the most part cars are sold as completed products. Occasional maintenance, software updates or repairs are carried out to keep the vehicle running. Car makers introduce new models every four to seven years with minor functional and cosmetic changes around halfway through their life cycle. Like the smartphone, Tesla releases frequent software updates to improve and change the functionality of the cars they design and manufacture, which means that cars are continuously modified after the point of sale.

Marketing Mix

CONSUMER MARKET: Higher income families People who care about the enviroment People who live in suburbs and cities who need cars Younger people Target market: young people who are starting to drive who need cars but care about the environment

COMPETITION: Other companies who make efforts to make eco friendly cars Other car companies in general such as toyota or fordCompeting against other modes of transportation such as public transit

PROMOTION: Tesla gets a lot of business by advertising themselves as eco friendly and an innovator Tesla has a unique philosophy on advertising which is don’t do it. Let people talk about your product and draw hype

PRICE: Tesla’s price is more expensive because the brand is popular and costs more to manufacture Tesla’s product is unique so they can get away with making it more expensive

PLACE: sold at special tesla dealers. some gas stations have tesla battery chargers. tesla has special charging stations set up across the united states so you can drive across the country

PRODUCT: To create an entire sustainable energy ecosystem, Tesla also manufactures a unique set of energy solutions, Powerwall, Powerpack and Solar Roof. High quality electric cars Increases social status due to driving eco friendly cars

New Products

With the opening of the Gigafactory and the acquisition of SolarCity, Tesla now offers a full suite of energy products that incorporates solar, storage, and grid services making them the world’s only fully integrated sustainable energy company. Tesla is at the forefront of the world’s inevitable and much needed shift towards a sustainable energy platform. Unlike other solar systems that must be mounted on top of a traditional roof, these new panels are actually integrated within glass roof tiles, replacing a home's roof. Powerwall 2, a new version of the company's residential home battery. Tesla’s Newest model of car is the Tesla Model 3

Company History

Tesla was founded in 2003 by two Silicon Valley engineers, Martin Eberhard and Marc Tarpenning, who wanted to prove that electric cars could be better than gasoline-powered cars.The name Tesla is in the honour of the Serbian-American scientist, Nikola Tesla. In the April of 2003, the domain name of Teslamotors.com was bought. The company was officially incorporated on July 1st, 2003. In 2004, Tesla was in need of investors to continue its operations. The PayPal cofounder by the name of Elon Musk, was speaking at a conference at Mars Society. Eberhard and Tarpenning attended that conference and got a chance to meet Musk. Musk had already thought of the idea of building cars that were far superior to what the market produced. The Tesla guys’ pitch was successful and Musk finally decided that he was going to join in. In the first round, he invested almost $7.5 Million and became the chairman of the board.

Promotion

Tesla and CEO Elon Musk frequently make headlines with their ground-breaking products and publicity stunts. This is an organization that is well-known for having a $0 advertising budget, making marketers around the world both love and hate their creativity. Tesla uses social media in a creative, compelling way to build its brand and to continue to tell a powerful story about making dreams a reality. The car company uses Twitter and Instagram to connect with customers. Unlike other car companies who post more stylized, staged photos, Tesla opts for sharing photos and videos on Instagram of their products in-action, either driving or at events. This gives a really different look and feel. Tesla’s candid Instagram content lends to its brand being known for being authentic and open to connecting with followers and consumers. Tesla uses Twitter for customer engagement and customer service. Social listening is used to join conversations. Elon Musk is the influencer – the face of Tesla. When the CEO of a company builds his or her personal brand, it produces a lot of power for the company’s brand. Those personal brands help humanize the company brand, leading customers to feel connected and creating more opportunities for consumers to be inspired by the brand’s vision. Elon Musk - Tesla, the Boring Company and beyond. On Instagram, Musk reveals new products like the flamethrower and his Tequila. Even Musk’s mom comments on his Instagram posts, which only further humanizes all of Musk’s business brands. A CEO running his own Twitter sounds like a public relations nightmare waiting to happen. But from the public’s perspective, this makes the man behind the vision accessible. As Musk and Tesla have showed, being authentic is certainly one way to stand out.

Personal Finance

The tesla stock has recently gone down due to an interview where investors did not like Elon musk's answers about the difficulties tesla has been having This lead Elon to put some of his own money into his stock to boost it up Tesla’s stock has been affected by United States President Donald Trump’s tariffs on steel and aluminium

Social Responsibility and Corporate Ethics

Tesla has a mission with an emphasis on social responsibility; it strives to develop products that have both a societal and economic benefit. Analysts and consumers see this as an advantage in the marketplace. Telsa engineers hoped to build cars that would not require the trade-offs in power and comfort of electric cars in the past. The founders pledged that each new generation of cars would be increasingly affordable, helping the company work toward its mission: to accelerate the world’s transition to sustainable transport. In order to design and build luxury electric cars, Tesla invented a number of new technologies that it patented in order to protect its competitive advantage. In June 2014 the company announced that it was releasing access to all of its patents, making its technological advances open to competitors and inventors. From electronic cars to renewable energy. Telsa’s Solar Roof and Powerwall 2 is geared to move residential power generation to the next level.

Tesla's Mission

Tesla’s mission is to accelerate the world’s transition to sustainable energy. Since 2003, Tesla has broken barriers in developing high-performance automobiles that are not only the world’s best and highest-selling pure electric vehicles with long range and absolutely no tailpipe emissions but also the safest, highest-rated cars on the road in the world.

Entrepreneurial Traits

Elon musk has made a lot of sacrifices. He works 100 hours a week meaning he does not get to spend a lot of time with his family.

Elon Musk is a risk taker. He does things people say are impossible. He puts lots of his own money into his projects

Elon Musk is very determined. People have told him that the things he is trying to accomplish like getting to Mars are impossible but he doesn't care he keeps going and does his job. He has put a lot of his own money into his companies showing that he believes in them. Even when Tesla is going through a challenging time he stays committed and works twice as hard

Elon musk has an extremely strong work ethic and currently works more than 100 hours a week which is 14 hours or more per day. Elon cites his hard work for virtually all of his success and he sets the tone of hard work for the rest the employees at his companies

Elon Musk turns vision into reality. At first we were told that the Tesla cars would never sell but now you see them all over the roads. Within a few months he manufactured and sold 20,000 flamethrowers because he thought it was fun

Elon Musk is extremely ambitious and he is working on things that people continue to tell him are impossible such as getting to Mars or building eco friendly cars to replace the non eco friendly cars. When he wants to do something he goes and does it. He sold his own computer game when he was 10 years old.

Elon Musk has a strong ability to learn. He read a lot of books as a kid just for fun. He adapts quickly to what is happening around him. Through reading he gained knowledge that he needed to build the empire he has today

Elon Musk is very imaginative and creative if he can imagine something he will try to do it. He has innovated in a whole bunch of different fields such as energy efficient cars, space travel and online payment methods. To innovate in all of these different fields requires a strong imagination

Hierarchy of Needs, Type of Business and Trade Agreements

People Want a tesla car to help the environment and show that they are eco friendly You do not need a tesla car, or a car at all but it's nice to have which means it Goes in self esteem needs

Trade agreements affect tesla because tesla is a business that used a lot of aluminum and steel which are the target of tariffs Trade agreements allow tesla to find better opportunities for business