BUS7076 The Integrated Business Assignment Sample
Introduction
This report will be based on the impact of Covid-19 in the automobile industry. Along with that, the report will discuss the serious issues the automobile industries have faced after the pandemic Tesla was one of them. The importance of digital marketing and social media platforms to overcome the after pandemic effect will be elaborated on as people are living in a digital world in the 21st century. Apart from this, the changing behaviour of the customers because of the economic issues and unemployment effect of the pandemic will also be discussed.
Furthermore, the decreasing sale rate of electric vehicles and the affected areas of the company economy will be explained in this report. However, it will give some suggestions to overcome the economical loss and increase the sales rate of the company. Apart from this, some ideas for making innovative products will be given to competing with other automobile companies and the strategies of making a strong base in the market.
New information briefing
Optimizing digital marketing and operations in an automobile industry
Marketing activities are certainly not the attractive part of marketing, but they become the most important. Apart from this, changing consumer behaviour and failure to keep up with the marketing landscape and marketing operations. On the other hand, skilled people, efficient processes and assistive technologies are putting pressure on brands not only to connect with customers but also to develop their interactions.
If done right, they have found that marketing activities deliver a 15 to 25% improvement in marketing effectiveness, as measured by ROI or Return on Investment and the metrics of customer engagement. Yet for many, it is difficult to achieve this level of improvement.
Tesla’s marketing techniques or market activities then goes against the development of television advertising and its tendency to push its products towards consumers. Instead, Tesla is focusing on face-to-face advertising and other referrals. Tesla essentially markets to their customers without marketing to them directly.
Issue s of new information briefing
Advancement in the electric vehicle sector provides unprecedented opportunities for the international exchange of scientific information about futuristic electric vehicles made by Tesla is accepted as well as new challenges.
As mentioned by Rana et al.(2021), rapid improvements have helped to lead computing speeds, communication bandwidth, and extended storage capacity within reach even of small sizes, a trend that is expected to continue in the future and fibre optics and wireless telecommunications expand the range of technologies that affect the acquisition, refinement, analysis, transmission and sharing of scientific information.
- Manufacturing shutdown
Outbreaks appear to have been exacerbated during the Great Depression, following national protocols and restrictions. Governments around the world have introduced health and safety regulations, making the shutdown one of the biggest challenges in the automotive market.
The outbreak of the virus has raised a major question mark over whether normal production will ever resume. In response, the UK resumed production in 2021, but not with the same rigor as before (Tikka et al. 2019). However, the United States the Tesla are still struggling to return to regular vehicle production. Recent studies have shown that car sales in Europe fell by 84% in April 2020 compared to April 2019.
Additionally, experts believe that manufacturing shutdowns could remain one of the biggest challenges facing the automotive industry like Tesla during COVID-19. This suggests that governments should now simplify emissions laws to encourage the adoption of battery electric vehicles. Automakers also need to accelerate the pace of technological change in the automotive sector to move far from conventional manufacturing standards and processes.
- Fewer vehicle sales
Declining car sales during Covid-19 have emerged as one of the major challenges facing the automotive industry Tesla. According to reliable estimates, the number of pre-outbreaks for car sales in the United States alone by 2020 will be between 16 and 17 million units. The outbreak of outbreak caused a statewide meltdown, leading to financial losses due to social distancing regulations. , and closed production units. At the time, the potential for a potential vaccine seemed slim; and what about additional restrictions, car sales are at their lowest ever.
According to Järventausta and Partanen (2019), this is certainly no surprise; in an epidemic situation, the purchase of a vehicle will be the minimum priority for customers. Despite expectations, the figures are staggering – according to the Society of Motoring Manufacturers and Traders, the UK’s motor industry the Tesla lost 1.3 billion in sales in 2020. The lack of sales has led to excess stocks, high levels of indebtedness and uncertainty about demand.
- Changes in customer behaviours
The collapsing economy, rising prices, and dire state of public health and finances have led to significant changes in consumer buying practices. Although in the beginning, at a critical time like an epidemic, buying a car was everyone’s least concern. Consumers have moved away from vehicle purchases due to scarcity of finance and future uncertainty, which has become one of the major challenges for the automotive industry (Melegy and Alain 2019).
STP model used by the Tesla
Segmentation
The first stage of the STP marketing model is the segmentation stage. The main goal of the Tesla is here is to build different consumer segments on a basis of specific criteria and characteristics they choose. There are four types of auditory segments that used by the Tesla:
- Geographic segmentation: Immerse their visitors based on country, province, state, region, etc.
- Demographic segmentation: Segmentation of Tesla viewers based on age, level of education, gender, profession, etc.
- Behavioral segmentation: Share Tesla’s audience based on how they run their business: what they bought, how often they bought, what they are looking for, etc.
Targeting
The two stages of the STP marketing model are noted. Tesla’s main goal here is to look at the segments they have made before and figure out which of all segments can create the conversion they want. Their ideal segment is just one that is growing actively, has high chance of profitability and low acquisition costs. :
- Size: Consider how large their segment is as well as its future growth potential. Consider the size of their segment as much as its potential for the future growth.
- Profitability: Consider which of these Tesla categories is most willing to spend maximum money on products or services. Determine and compare customer lifetime value in each category.
Positioning
The ultimate step in this structure is positioning, which allows to define Tesla’s products or services differently from the mind competition of their target audience. There are plenty of companies doing something like them, so they need to locate out of what makes them different.
- Functional positioning: Solve the problems of every customer problem and give them with real benefits.
- Experiential positioning: Focus on the connection emotionally Tesla customers has with their goods, service or brand.
- Symbolic position: Improve the self-esteem, individuality or even the ego of their customers. The luxury car industry sector is a good pattern of this. They serve the same reason as any other car, but they also extend the “self-esteem and image” of their consumers.
The various factors Tesla’s considered in those first two steps will make it easier for them to identify their niche. Those three factors which can help them make competitive progress.
Solutions
The auto industry hit the brakes hard in the early months of the global COVID-19 outbreak. The effect started in China, where sales fell 71% in February 2020; In April, sales had fallen by 47% in the United States and by 80% in Europe. But the engines of industry never stopped revving and the cars and trucks roared.
As mentioned by Hoeft (2021), from the third quarter of 2020 to the first quarter of 2021, automakers around the world saw rapid and in some cases record production levels. It’s like various industries across geographies, the momentum created before the outbreak has resulted in a tremendous acceleration of trends throughout the value chain. However, to recover from the corona virus outbreak, industries must embark on a journey that begins with determination and ends with fundamental reform.
Resolve is the most initial stage and involves determining the scale, pace, and depth of action required. To do so, companies in advanced industries must take the following steps:
- Establish a nerve centre to manage the organization, act as a clearinghouse, manage risk and response, and align with all stakeholders
- Protection of workers prioritizes their health and adjusts production as needed
- Control and secure supply chains through risk assessment and disruption response
- Identify the risk of declining sales while meeting critical customer demand and adjust marketing and sales by minimizing
- maintaining financial health by improving liquidity, reducing costs, and establishing a spend control tower
- Maintain financial health by developing liquidity, reducing costs and installing a cost control tower
During the solution phase, companies must make difficult choices, such as suspending the facilities of production, suspending cost discretionary and retiring workers (Kaeo-Tad et al.2021). These decisions will mainly require a comprehensive understanding of the condition, including the data-driven market development situation. However, take the automative industry Tesla.
It is difficult to predict how the epidemic will affect sales in the European Union and the United Kingdom, two different regions where coronavirus infiltrations continue to occur. On the other hand, just look at the evolution of car sales in China in the first quarter, they get a glimpse of potential developments as the country has already “folded” and is starting to recover from the coronavirus.
Reflection on skills
I could not write note reviews because the critic is not my thing. Almost every time I end up focusing on what new thing I learned today and how much I enjoyed the new thing that I learn. On the other hand, I have personally appreciated how the author did not want to ignore the negative traits of Tesla and showed this company as an original and complex person being who could be loved by my family and friends and emotions void during dealing with business partners and employees.
This is very essential because I can and I should learn from every positive and negative example. I have personally said that I am a big believer in learning from my surrounding people but not irritating them. The post situation of the COVID-19 played out at one global consumer-products company, which saw year-over-year content spending rise by more than 25 per cent as a result of its efforts to become more customer-centric.
There was, however, no unifying strategy, governance, or system to create cohesion, reuse assets, or measure effectiveness across the company’s complex supply chain, which consisted of dozens of agencies, production companies, and media partners, producing material for websites, blogs, YouTube, social media, mobile, and customer-relationship management. At the end I have personally saw a report which show that Elon Musk have confirmed that Tesla will now enter its second year without introducing any new cars, the last being the March 2020 Model Y. Rebate holders who deposited $100 for CyberTrack may later this year s expect a pickup.
Leadership skills
I am personally noticed that leadership skills are tools, behaviours, and the ability a person needs to successfully inspire and manage others. True leadership skills involve more the ability to help people develop their own abilities. Tesla, can be the most successful leaders are those who lead others to their own success and that can help companies grow and evolve.
Tesla is researching different types of integration to bring companies together can help you learn about its advantages for businesses. In this article, we define integration in business, outline types of integration and list the benefits and disadvantages of integrating companies (Zenger and Folkman 2019).
I have thought that Leadership is the next skill and it has 4 subsets. These qualifications go hand in hand with the ability of leaders to motivate individuals and achieve organizational excellence. They must be able to create a shared vision and successfully manage change to achieve the strategic objective and successful performance of the organization.
There is more to being a leader than being a leader. I have personally realized that a healthcare leader must be able to motivate employees to perform at their best, to be organized and adapt to organizational changes. The four subgroups are leadership skills and behaviours, communication of attitudes, change management, organizational climate and culture (Karagianni and Jude 2018).
Communication skills
This article is a reflection of my strengths and weaknesses in the way I communicate and relate to my friends, family members and colleagues. As a human being, I realized the importance of developing strong and good communication skills and coming.
They will play an important role in determining whether I will maintain, build or grow a relationship. One of my strengths is my ability to maintain face-to-face communication through eye contact (Jalal et al. 2019). It is an important strength, mainly because I have the ability to look into the eyes of the person I am communicating with, therefore instilling a sense of self-confidence and building a certain degree of self-confidence.
In order to have effective communication, the parties to the communication must show some element of trust towards each other. Eye contact is an important method that can be used to create a sense of trust between the parties to the communication. It is important to explain that most people are always hesitant and some are unable to maintain eye contact.
Professional skills
Professional skills are defined as a future-oriented but antecedent process that involves a critical analysis of events and experiences, their causes and consequences create new insights and insights and draw that conclusion guide to future actions and behaviours.
Thinking is an activity Followed with intention and awareness; Emotions and perceptions are closely linked and interactive. Yet reflective practice simply goes beyond thought or awareness. I have experienced thought or feeling. Individuals need to make cognitive and emotional calls for the ability to perform a thinking process effectively.
These skills include self-knowledge and the ability to describe thoughts and feelings critically analyze the situation of an experience (including analysis of existing knowledge), and integrate and develop new knowledge and new points of view (Orishev and Burkhonov 2021). Professional skills are unlikely to occur in familiar situations.
Conclusion
As per the above discussion, it can be concluded that the whole automobile industry such as Tesla has faced a lot of trouble because of the pandemic. Apart from this, the increasing price of the electric vehicles has affected the sales and profits of the company as people are more likely to purchase a vehicle at less price. There are so many manufacturing companies in the market that are trying to achieve the same goal Furthermore; a special marketing strategy has been applied by the automobile brands to resolve their economic issues.
Tesla Company has tried their hands on making the vehicles less pollutant so that they can solve the environmental issues as well. As marketers embark on a wide range of “digital transformations” to reform their operations and business models, many of these efforts have been hampered by difficulties in realizing their marketing aspirations.
For example, a recent survey found that a staggering 84% of marketers do not have a content of formal strategy or delivery mechanism to feed the growing abominations of their marketing channels, and they do not have any informally managed content of the supply chain. Despite this, the content budget grows continues. . However, the automobile companies have to deal with serious challenges in the future as it has to still recover a lot.
Reference list
Hoeft, F., 2021. The case of sales in the automotive industry during the COVID‐19 pandemic. Strategic Change, 30(2), pp.117-125.
Jalal, Z., Cox, A., Goel, N., Vaitha, N., King, K. and Ward, J., 2018. Communications skills in the pharmacy profession: a cross sectional survey of UK registered pharmacists and pharmacy educators. Pharmacy, 6(4), p.132.
Kaeo-Tad, N., Jeenanunta, C., Chumnumporn, K., Nitisahakul, T. and Sanprasert, V., 2021. Resilient Manufacturing: Case Studies in Thai Automotive Industries during COVID-19 Pandemic. EPPM 2021, p.53.
Karagianni, D. and Jude Montgomery, A., 2018. Developing leadership skills among adolescents and young adults: a review of leadership programmes. International Journal of Adolescence and Youth, 23(1), pp.86-98.
Melegy, M. and Alain, A., 2020. Measuring the effect of disclosure quality of integrated business reporting on the predictive power of accounting information and firm value. Management Science Letters, 10(6), pp.1377-1388.
Orishev, J. and Burkhonov, R., 2021. Project for training professional skills for future teachers of technological education. Mental Enlightenment Scientific-Methodological Journal, 2021(2), pp.139-150.
Rana, N.P., Chatterjee, S., Dwivedi, Y.K. and Akter, S., 2021. Understanding dark side of artificial intelligence (AI) integrated business analytics: assessing firm’s operational inefficiency and competitiveness. European Journal of Information Systems, pp.1-24.
Tikka, V., Mashlakov, A., Kulmala, A., Repo, S., Aro, M., Keski-Koukkari, A., Honkapuro, S., Järventausta, P. and Partanen, J., 2019. Integrated business platform of distributed energy resources–Case Finland. Energy Procedia, 158, pp.6637-6644.
Zenger, J. and Folkman, J., 2019. Women score higher than men in most leadership skills. Harvard Business Review, pp.1-8.
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