marketing

• Strengths

  • What the firm does well, tasks a firm completes better than other competitors, giving them a competitive advantage. A business should act on its strengths and make them known. This is internal.
• Weaknesses

  • What the firm does poorly. These areas need to be improved as they may provide competitors with an advantage. A business needs to protect itself against the adverse impacts of these and improve them as soon as possible. This is internal.
• Opportunities

  • Changes in the external environment may present the firm with a benefit or opportunity for improvement or expansion. Opportunities are factors of which a business should take advantage.
• Threats

  • Changes in the external environment may also present problems for the business. A business should have strategies in place to address these threats.
• SWOT analysis for Tesla

  • Strengths: Top employer company, Most valuable automobile company, Best in the market for electric cars, Innovative, Diversification
  • Weaknesses: Manufacturing complications, Unable to meet demand might affect brand value, Shortage of Batteries, Financial Uncertainty, Tesla Faces Lawsuit over Sexual Misconduct
  • Opportunities: Hertz Books Order for 100,000 Tesla Cars, Sales expansion in untapped Market, Market Confidence in Tesla, Bringing battery production technology in-house
  • Threats: Product Liability Claims, Extensive Competition, Product Defects, Self-Driving Cars Are Still a Concern for Pedestrians, Lack of Regulations for Self Driving
• Establishment

  Slow sales growth, Lack of customer awareness, Limited profits, Limited promotional spending
• Growth

  Customer loyalty and repeat purchases, Sales expand, Profitability grows, Competitors enter the market, Prices may be lowered, Expand distribution channels, Promotionals costs will increase
• Maturity

  Sales begin to slow, Steady income stream, Limited growth opportunities, Products readily available, Choice in the market, Marketing strategies need to be continue for success, Competitive advantage is important, Differentiation of product
• Post-Maturity

  Key decision needs to be made, Steady state - product/business continues as is, Renewal - product is revitalised, New promotional campaign, Decline - sales fall, Revitalise marketing strategies, Cession - marketing strategies don't work and product is pulled from the market
• Mass marketing

  Seeks a large range of customers. The marketing mix is directed at the entire market. Eg. Basic food item, water, gas, electricity
• Market segmentation

  Occurs when the market is divided into smaller markets consisting of buyers who share one or more characteristics. It can be segmented into: Demographic, Geographic, Psychological, Behavioural
• Niche market

  A narrowly selected market segment, eg. Gluten free bread (aimed at a very small population)
• Product

  A good or service that satisfies a customer's need or want, and is a combination of tangible and intangible benefits. Tangible benefits are physical appearance, aesthetics, operating system etc. Intangible benefits are status, opportunities and after sale service.
• Positioning

  Involves the development of a product image in relation to other similar products. Price, quality, perceived benefits and competition are key methods of positioning. A business must understand their product's point of difference with competitors' products to assist in the positioning , and thus the perception of their customers.
• Branding

  Involves the development of names and symbols in the form of logos and trademarks for a product of service. This identifies the products and helps to differentiate from competitors. A producer will promote its brand or symbol so that it may be widely recognised, memorable and favoured in the minds of consumers.
• Packaging

  The way a product is physically presented to the consumer and has a highly influential way of affecting consumer choice. It is a specialised tactic to attract the attention of new customers.
• Managers need to be aware of the consumer's increasing expectation of socially responsible products and concerns related to creations of needs and materialism.
• Price

  The amount a consumer pays for a product or service. It's a crucial part of the marketing mix, also known as "4Ps": Product, Price, Place, and Promotion.
• Factors Influencing Price

  • Cost of Production, Competition, Supply and Demand, Target Audience
• Pricing Strategies

  Cost-based Pricing, Value-based Pricing, Competitive Pricing, Penetration Pricing, Skimming Pricing, Market-based pricing
• Promotion

  Any type of marketing communication used to inform or persuade target audiences of the relative merits of a product, service, brand or issue. Includes advertising, sales promotion, public relations, and direct marketing.
• Place

  The locations or channels that a company uses to sell its products or services to customers. This can include physical retail locations, online stores, or third-party distributors.
• Distribution strategy

  Intensive, Selective, Exclusive