BUS7B33 Continuity Growth Assignment Sample
Tesla is an American electric car as well as clean energy company which has operated global business for many years and in this report, the reasons behind the continuous expansion of the business will be discussed. The purpose of the report is to retain the continuity of the consumer base to increase the barrier of the business as well as taking active participation in competition among international markets. The objective of the report is to maintain the growth of the consumer through effective strategies such as marketing, communication and many more to retain the growth of the company.
Background of the company
Tesla is a well-known company which does its operation through design, develop, sell, and manufacture, sales and lease of the high range electric car and sales of automotive regulatory credit. The company deals with a huge business in automotive as well as energy generation and storage in a worldwide range and the revenue of the company is $31, 536 with the help of nearly 70,700 employees internationally (Tesla.com. 2022). The company uses several strategies in terms of marketing to retain the continued growth of consumer rate website, customer support page, phone as well as offices in various places across the world for direct consultation.
Relevant theories regarding consumer continuity growth
Social Media Marketing Theory
In recent days, Social Media Marketing theory is a theory which refers to a collection of theories that focuses on the way the flow of the information may be promoted which effectively helps the company to enhance the consumer base. The features of the Social Media Marketing theory are such as creation of audience awareness, setting a target to capture the right audience, reinforcement of message, cultivation of images, stimulation of interests, obtaining desired results and so on. Each and every feature of the theory may include the process of retaining the consumer growth in a continuous process for the company to expand the business properly. The Social media marketing theory comprises four types of strategic maturity level which are social commerce strategy, social monitoring strategy, social content strategy, social Customer Relationship Management (CRM) strategy which helps the company to boost the relationship with consumers (Li et al., 2019).
Figure 1: Social CRM strategy
(Source: Li et al., 2019)
Customer Experience Management Theory
Customer Experience Management theory refers to the process of customer experience management which includes company tracks arranges and supervises every interaction between the company and the customer with the help of a collection of steps. The three components of the whole process are discover, engage, deliver and discover helps to identify the issue of customer, engage helps to provide proper information about the product to the customer which seriously helps to maintain the growth rate of the consumer. Delivery is another component which refers to delivery of the service after assessing proper issues which truly helps the company to meet the expectation of the customer. Customer satisfaction is a pivotal concept of marketing in the contemporary age and it provides high turnover, rapid growth and many more to the company to take the competitive advantage (Yi and Nataraajan, 2018).
Proper communication is the strongest toll of the company to enhance the consumer base, however, various challenges, latest interaction on social platforms, lack of proper understanding of the communication, absence of strategy, hiring new employees, overloading of constant communications and many more. In this digital era, the proper engagement with customers through several posts, images on social media is extremely relevant and the lack of interaction on social media may create challenges for the company to expand its customer base. Additionally, overloading of feedback is another point which may create issues for the company as the company deals with feedback of the consumer internationally and lack of response within specific time amplifies the issue.
The existing communication strategies such as response through own websites, providing road assistance, telephonic communication, and supporting mail systems are highly effective to earn satisfaction among customers globally. Two step flow of communication theory regarding communication which may help to increase the barrier regarding consumer through flow of information as well as impacts from mass media in two steps from media to certain customer and vice versa. Social technologies may provide a potential means through which the company takes advantage of managing information flows as well as improves practice of communication to retain the existing consumer base as well as add new consumers (Nisar et al., 2019).
Figure 2: Social technologies for communication
(Source: Nisar et al., 2019)
Discussion and Findings
Considering the above analysis, it may be implied that the company uses various effective strategies to maintain the continuous growth of customers which aids the company to expand the business. Social media marketing theory effectively provides the path to retain the consumer by continuous propaganda regarding products with the important marketing strategic tool in terms of communication. Customer experience management theory supports the company by providing a way to assess the problem and after that resolve those issues with a great effort to earn the satisfaction of the consumer. Modern social technologies as well as better interaction through social media may enhance the scope to retain the existing customer as well as adding new consumers to take competitive advantage in a worldwide market range. There are several opportunities for the company which may fill the gap of the company as well as curb the issues regarding communication strategies in terms of marketing.
From the above discussion, it may be concluded that Tesla is a well known company which operates business regarding electric vehicles, energy generation as well as storage in a world wide range. The company already has several effective communications rather than marketing strategies through which it expands the base of consumers, however, there are gaps in marketing strategies which may pose obstruction in the growth. Several theories are there which aids the company to ensure better strategy to maintain the growth of the company with the help of effective steps.
Li, F., Larimo, J. and Leonidou, L.C., 2021. Social media marketing strategy: definition, conceptualization, taxonomy, validation, and future agenda. Journal of the Academy of Marketing Science, 49(1), pp.51-70.
Nisar, T.M., Prabhakar, G. and Strakova, L., 2019. Social media information benefits, knowledge management and smart organizations. Journal of Business Research, 94, pp.264-272.
Tesla.com. 2022. [online] Available at: <https://ir.tesla.com/_flysystem/s3/sec/000156459021004599/tsla-10k_20201231-gen.pdf> [Accessed 7 March 2022].
Yi, Y. and Nataraajan, R., 2018. Customer satisfaction in Asia. Psychology & Marketing, 35(6), pp.387-391.
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