In the market for an electric vehicle, Tesla Motors Company has set up itself as the leading leader in the market. The principal reason behind is to lead in the market due to the updated technology and great innovation (Becker & Sidhu, 2009). To control the EV market, Tesla has come up with luxury design cars, to support in developing the fundamental values that help them in competing with the electronic market and hybrid vehicle (Peteraf, 1993). The strategy which is deployed through Tesla is supportive in achieving the significant share in the market; producing brand loyalty as well as for earing the profits and position by the new program launched by the company in the Australian market (Beltramello, 2012).
To promote the brand loyalty of company, various programs are designed. These programs will be supportive in offering the alternatives for buying Test drive campaigns (Blake & Matt, 2014). The campaign organized for marketing relies on advertising by the magazines, websites, and direct kind of marketing and public relation. In the coming decades, the demand for EV automobile will increase with the expansion of the market. The Tesla Motors is trying to identify the market of Australia and is also trying to earn highest profit level (Credit Week, 2013).
In the year 2003, Tesla Motors was founded by Marc Tapenning and Martin Eberhard. After 2003, the company has witnessed highest expansion. The company’s revenue was around 2.44 billion dollars, and the company gross profit was about 456.26 million dollars in the year 2010 (Herari, 2014).
Tesla is planning and is also working towards new innovative ways of creating its market position in the market of Australia by offering the correct product value or service to the customers (IBISWorld Industry Report, 2013). The company has also coordinated with the automotive industry through developing various innovative products that fit together; this strategy is known as complex coordination by the investors of Tesla Motors.
The Tesla is facing a challenge in attaining the absolute level of marketing in the context of electrical cars innovation. These project aims to develop the position of the company in the market and enhance the brand value by conducting marketing activities and by delivering the right product value to customers (International Economic Development Council, 2013). The company is planning to take efforts in creating influence over the behavior of customers towards the value of brand or service or product for purchasing these as well as simultaneously occupying the unique, bright and beneficial mind of customers, that is known as market position (International Monetary Fund, 2014).
This research aims to assist in understanding innovative strategies and how the same work towards enhancing the brand value as well as market position.
Through this research, it will be analyzed how companies try to create its brand value in the automobile market. In the present time, competition has increased with the company’s focus innovative technology (Kahl, 2011). Every company is coming up with new exciting features in their products; therefore, building market position in competitive market is quite challenging (Bohnsack, Pinkse & Kolk, 2014). This research has set its specific goals, and in that context, the primary and secondary study will be conducted for collecting information, which will be analyzed in data analysis section for deriving valid outcomes (Little, 2013).
This research is based on Tesla market position and increasing brand value. In this context lot of research will be undertaken. As the budget of this research is specified, limited sources will be analyzed for collecting the data. Even time is also fixed; therefore, all the research and its interpretation has to be done in set time.
Telsa Motors Incorporation is the most attractive brands within the automobile industry. Its innovative technology and nature both, along with attractive designs has helped in catching eye of people from around the world (Nykvist & Nilsson, 2015). Recently Telsa has come up with its launch of new model 3 and through which they are able to collect thousands of pre-orders that had made the company as most popular brand in automobile industry at its starting development stage (Belch & Belch, 2012). It is analyzed that Telsa is a public as well as listed organization, which is another critical component that assists in taking a final decision on its selection. Telsa is also reporting on day to day basis to their investors and various brokers that conduct research for company (Chernev, 2012).
Business model innovation in emerging industry
The business model term gained its popularity as well as attention through sector and academy in the 20th century. It brought various new threats as well as opportunities in the environment of business due to the unique communication technology as well as computer technology like social networks (Clow & Baack, 2012). The principal aim of the business model is to analyze how the company tries to create the value as well as capture the value. A business model explains how the organization work to create as well as deliver customer value and also converts the payment collected through profits. It’s also require to mention organization offers and how the same can be meet up (Clow & Baack, 2012). Through this business model, it is analyze that the strategy of the company and economic perspective, the statement related with expectation of customers, market reality statement and technological aspects (Ramoni & Zhang, 2001).
The business model is connected with the performance of the company. Nevertheless, it never promises for the extended competitive benefits as other market competitors might try to imitate the practices (Glynn & Woodside, 2012). Therefore, the innovative business model is referred as creating a various business model for attaining long-term benefits in competition and establish the company’s position for imitating. It’s considered as a case since rivals will find it challenging to replicate the entirely new business model as compared to innovative service or product (Homburg, Krohmer & Kuester, 2013). Through the coming up of a new industry, it is noted that innovation in business can easily trigger towards the process of commercialization for exploring the industrial design dominant and also try to shape the industrial evolution pattern (Hutt & Speh, 2013). That’s why literature of innovation treat the business innovation as essential for transforming the innovation in technology for business value offering.
Tesla has taken an honour and came as the most innovative brand in America this year, and is listed in BrandZ list. BrandZ is the highest international platform of brand equity, which includes around 100000 brands in approximately 45 countries of the world. With about 4.5 billion information points collected in last 20 years, BrandZ is identified for exploring the primary attributes, which is shared through valuable, strong brands all over the world (Hutt & Speh, 2014). The question is, why Tesla is rank at number 1 for its innovation? As per reports, Telsa is considered as the premium electric car brand, which tries to create the valuable difference through meaningful, just as well as a variant (Mische, 2001). Telsa produces items that meet the desire of customers for all the environmentally identified vehicles because it has invented entirely new as well as a model of direct to consumer sales (Jolibert, 2012). It also equips with the cars with various driving modes and tries to update the firmware, when one upgrades their operating system on phones. As this has attempted to construct the enthusiastic as well as a fan base, which supports the growth of the brand (Kotler & Keller, 2012).
In the past year, Tesla was registered under the top most valuable car brand list of BrandZ around the world. In this year, Tesla was recorded at 8th number. It is mentioned by report that Tesla has to lead the top car brand list of BrandZ, which has supported them in enhancing the brand value of company, that depicts the car positioning success and brought the car as most stylish and luxuries brand, which provides high octane, as well as carbon burning engine performance without having any guilt (Lamb, Hair & McDaniel, 2013).
Tesla was also ranked at number 6 by BrandZ list of 20 risers all over the world. As per the report, the combination of Telsa technology of electric car leadership as well as luxury marketing has set up the carmakers pace who think about the launch of the enormous market for Tesla (Frederick & Webster, 1992). The company depict the upcoming electric vehicles and currently Ford as well as General Motors in the value of the market (Lee & Carter, 2012). Along with this, the report will also forecast about the prosperous future of the brand that mentions: Tesla has created a threat for all the luxury brands in the market, and currently, the company has also debuted with their model 3, whose price is around $35000 (Moutinho & Huarng, 2013). This model promises to come up with electric vehicles of Tesla that were previously deemed under the luxury products. Tesla cars also differentiate itself through the efficiency of energy, as well as through cutting edge technology and footprints of low carbon that win several fans for the company.
From all global brands, Tesla enhanced the brand value by 32% every year, while its category is still flat as per BrandZ.
Data collection methods
The research methodology is undertaken by various online research information, articles, books and journals that are peer-reviewed and different magazines (Paul, 1982). Different approaches will create influence over the position of the company in the market and how the same impact brand value. Telsa is working on improving its quality and quantity resources for attaining the market position (Mullins & Walker, 2013). This research has selected quantitative factor for conducting research. As per this factor, Telsa should hire more staff and knowledge about the marketing (Hussey, 2001). It is essential that company should have prepared their marketing plan before they launch any product in the targeted market. Through the quantitative method, Telsa will offer new innovative technology that will emphasize over pure-electric technique as well as transfer various research approaches through technology industry towards transportation, like updates of online software (Damodaran, 2009). The company should also offer better quality services to their customers.
Telsa Motors should undertake both primary as well as secondary data sources for measuring how strong is Telsa market position, and how the company can attain it in the set period. According to primary data method, Telsa should survey the present market situation and should emphasize over a specific group that gathers the previous information and observe the behaviour of customers (Srivastava, Fahey & Christensen, 2001). This can support the company in analysing the present brand value of the company before the company launch the product.
According to secondary data, Telsa should refer previous information that is available by the online articles and journals that are readily available. Telsa should make specific recommendations as part of their new strategy of marketing. They should introduce the barriers of technology that support in preventing the quick responding technology through accessing the full technical value in previous markets (Damodaran, 2004). The company should also present the requirement for monetization of essential services that are required for the ongoing security system.
In the present world of technology, various marketers and customers are influenced by the new invention that comes to market, and through reduced product life cycle and new opportunities for product sales. All these should be considered when setting the objectives of the market by Telsa Motors. For instance, Telsa marketing plan includes the sale of 2 lakh units every year (Damodaran, 2004). The department of production should gear up to develop various units. Telsa finance department is expected to arrange the funds for covering all cost; human resource department should be prepared for hiring as well as training the employees. By appropriate level of company resources and assistance, the outline of the project can quickly meet the set objectives of the company.
Chapter 1: Introduction
This chapter will discuss the background details about the topic of research by analyzing about the market position and brand value of Telsa Motors, aims, and objective of the study, by which results will be derived. It will also include research question and justification of research output.
Chapter 2: Literature Review
This chapter will present the thoughts of different authors and will try to analyze the role of brand value and innovation in setting market position of the company. It will also discuss innovation and brand value in the context of Telsa motors.
Chapter 3: Research methodology
This chapter will emphasize over different research methods that will be implemented with an aim to collect the information through survey method, which is will be undertaken through secondary sources. This section will also analyse the research methods and approach. The secondary data will be gathered with the use of academic books, journal articles, newsletters, and websites. This section will mention about sampling strategy for gathering research information.
Chapter 4: Data analysis and Findings
This section will include data analysis of information that is gathered through survey method and the same will be presented by graphical representation method. It will also cover tables and on its basis graphics will be prepared.
Chapter 5: Conclusion & Recommendations
This chapter will cover up a summary of complete research, and it will also draw a right conclusion, which will assist in analysing the research. It will also make sure about the importance of market position and brand value for the company. This chapter will also list the scope of future research and also offer appropriate recommendations.
4.1 Project budget
In this research, money will be spent in collecting large data for conducting research. The amount will be incurred on literature review, where the various book, online sources, and articles will be referred. In the primary method, the survey will be organized (Costa, 1995). Therefore, the amount will be incurred in conducting the survey, contacting with participants, sending them a questionnaire and then collecting their response and its interpretation (Damodaran, 2004). The project budget is allocated by the university, and it’s important to conduct complete research in the given budget.
A Gantt chart is considered as the horizontal bar chart, which is implemented for attractively and quickly presenting the project schedule. The Gantt chart shows every core step, which is applied for analyzing the research is quite an effective manner. This project is started on 1st May 2018, when the university selected the research topic. The research area is essential for analyzing the brand value of Telsa in the Australian market (Damodaran, 2004). The research was undertaken in the automobile sector, where electric cars are getting popularity. After the topic is finalized, research outline was prepared and later on research proposal is prepared.
To have in-depth research, researchers have tried to conduct contemporary knowledge related to the topic (Venkatraman & Prescott, 1990). The same is done through analyzing various sources like books, articles, and online sources. In the literature review, various literary sources will be explained that present the thoughts of multiple authors related to the research topic. The section of research methodology will connect to a research strategy, sampling method, and data collection methods. As this research is exploratory, the data which will be gathered will be both primary and secondary form of data (Damodaran, 2004). Data will be analyzed in data analysis section, in which results will be derived by conducting the survey. In the last part concluding statement will be drawn, and recommendation will be provided.
Conclusion
In this section, concluding statement will be given in final research. In the whole research, it is noted that Telsa motors will work over new innovative ways related to increasing brand value and in setting its market position. It will be recommended that Telsa motors should conduct a survey and conduct data analysis, so that respondent’s feedback can be collected and according to results can be quoted.
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