Marketing Plan
Pricing Strategy
The pricing objective for this plan is to price a brand new Tesla Model XF at $200,000 and to give owners of a previous Tesla model an incentive to buy by trading in their older model and paying the difference to upgrade to the new Tesla Model XF. This is a cost-based pricing strategy, with the aim being to make the Model XF competitive with other brands in the industry.
With respect to demand and price sensitivity, this strategy is also focused on bridging the gap between luxury brands and private jets. That is of course quite a large gap because of the fact that cars and jets are in two separate transportation classes altogether. However, the Model XF provides a halfway point between the two. The demand for this product should be fairly strong given that it eliminates the problem of traffic.
Marketing Communications Strategy
The message to be communicated to consumers is that the flying car will bring value and ease to owners’ lives. The promotional mix used to communicate this message will include advertising (digital marketing and press releases), direct selling (with exclusive offers made to existing Tesla owners), sales promotions (with day one pricing for attendees at live events), and public relations (with influencers and journalists doing demos and showcasing the flying car via early access to the product.
The mix of advertising, digital marketing, personal selling, sales promotion, direct marketing, and public relations/publicity that will be used will include the following processes: first, the company will issue a bulletin to current Tesla owners via their current car with an offer for a competitive trade-in price on their current model. This will entice and engage the consumer as he will already be acquainted with the ecosystem. Referral incentives will also be offered for customers who refer a friend. Second, a press...…as Tesla controls every aspect of the transaction, from manufacturing sales, with no inventory on hand, to the service centers they run. They rely on as little outside influence as possible. Since Tesla does its own marketing and everything is done online, there is no inventory or intermediary.
Evaluation and Control Metrics
Success will be measured by how well units are moved. Ideally, 3% of Tesla owners will trade in their current models for the new flying car. 3% may seem low, but because it is a brand new product the company expects that mass adoption will take some time. What the company believes is that controls are like goals: they give companies something to aim for when enacting the plan. Tesla’s controls would be to have everything down as planned for a new product and to make sure everything is going right with it, accepting feedback from consumers and using influencers to manage perspective and the narrative.
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