2
Running head: MARKETING 2
Rebecca Woodside
Milestone One
Marketing Strategies
Southern New Hampshire University
July 31, 2021
Marketing Product Milestone One
Tesla Company
Tesla is an automobile company based in America specializing in electric vehicles and renewable sources of energy generation and storage. Tesla has its headquarters in California, United States. Elon Musk is the founder and the Chief Executive Officer of the company. The company uses a logo showing a cross-section of an electric vehicle as to the symbol of the organization. The main products for Tesla include electric vehicles, batteries, and solar panels. Currently, the shares of the company are trading at $4.95 (Kim, 2020). the company is growing and expanding its production quantity to meet the prevailing demand for electric vehicles. The mission of the company is to be the leading provider in the automobile industry. The company has the vision of providing ecologically viable vehicles which are tailored to environmental sustainability and enhancing the livelihood of people through providing affordable vehicles (Pow, 2019). The marketing reports of the company indicates an increased demand in the electric vehicle which is an indication of positive response towards Tesla Company.
New Product Idea
Despite the good performance from Tesla Company, there is a need to advance on reducing cost and application of renewable technology in the manufacturing of the environmentally friendly vehicle. A hydrogen technology vehicle would be the best technology to fit the Tesla Company in diversifying several products that best meet the preferences of the customers, there is a need to adopt another sustainable technology in the manufacture of the Tesla vehicles.
Hydrogen vehicles will apply the technology of utilizing water as the source of energy instead of electricity. The water will be burned to produce hydrogen and oxygen molecules. The separation of the molecules will produce energy that will be utilized in moving the vehicle. The molecules will thus be condensed again to form water which will be recycled for the same purpose. The energy needed to steer the vehicle will be generated from water and the cooling system will help in recycling the water. The technology will thus apply very cheap and affordable input.
The maintenance of hydrogen technology vehicles will be very affordable as they will utilize the most available resources. Tesla Company should incorporate such technology in the manufacturing of its vehicles linked to environmental sustainability. Adopting the hydrogen technology will help in dealing with the effectiveness of electric waves which are dangerous when exposed to the environment (Liu, & Meng, 2017). The use of natural and renewable sources will be of great benefit in enhancing environmental conservation and sustainability.
The competitive advantage realizable in using the new product is in its affordability and minimized running cost. The user will not incur expenses in source the energy generator once they purchase the car. The electricity may be slightly expensive and sometimes may fail as opposed to readily available water. Another competitiveness realizable in the new product is that it promotes environmental conservation. The conformity to the ecological regulations being imposed on the automobile industry may positively impact the adoption of the technology as it promotes environmental sustainability.
The challenge in adopting the new product will be the execution of the innovation. Getting the right technology that will enhance the process may be challenging. More study is required in coming up with ways to put the idea into operation through assembling the right resources and skills. The initial cost may also be too high such that it may discourage the potential buyers.
References
Kim, H. (2020). Analysis of How Tesla Creates Core Innovation Capability. International Journal of Business and Management, 15(6), 42-61.
Liu, J. H., & Meng, Z. (2017). Innovation model analysis of new energy vehicles: taking Toyota, Tesla, and BYD as an example. Procedia Engineering, 174, 965-972.
Pow, C. P. (2019). Of Tesla and Eco-city: Urban Sustainability as Territorial Local Trap?. In Remaking Sustainable Urbanism (pp. 19-35). Palgrave Macmillan, Singapore.
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