Product Concept
Tesla Model S is an all wheel drive sedan that was introduced to the market in October 2014. The model is faster than its predecessors and can accelerate from zero to sixty miles in an hour in 3.1 seconds. The car can clock 155 miles in an hour. It can also be driven for longer distances before recharging. Once charged, the vehicle can go up to 253 miles with a single charge. However, at lower speeds, it can even go further. The car has an autopilot function for safety purposes. It includes a front-facing camera, 360 degrees sonar sensors that provide real-time traffic updates and radar. The autopilot enhances automatic driving in addition to detecting a parking spot where it parks itself. The car has an electric-mechanical braking system. It also has a 17 inch LCD that acts as a control center for the vehicle (Tesla, 2018).
Some of the unique features of the car include all electric, excellent styling, aluminium body, smooth ride, eight airbags traction control as well as a five-star crash rating. It also has a large cargo capacity and auto lock capabilities. The roof is made from a glass panoramic that can be opened by swiping the LCD screen. The car can automatically adjust the height of ride depending on its speed and the air level. The touchscreen can also be used to improve the height of the vehicle manually. The car can receive its software updates wirelessly, and the updates can include the interface of the touch screen and other new features. Tesla tech package provides 3G internet connectivity enabling access to a full web browser. The vehicle has twelve speakers that are strategically positioned throughout the car (Tesla, 2018). The mobile app allows the user of the vehicle to pre-cool the car before getting into it or to check the car battery.
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Product Life Cycle
Tesla Model S is an electric car produced in the U.S. The car appeals to eco-friendly customers who are willing to invest in it due to its ability to use cleaner energy. Tesla Model S can be used in different geographic zones around the world with the majority of the customers being U.S citizens. The company's mission statement is to offer accurate forecasting solutions that have world-class reliability and unparallel services. The core values include always doing the best, improvising forecasting accuracy, respecting and encouraging people, respect for the environment and continuous learning (Tesla, 2018). Politically, Tesla enjoys government support for its innovation and drive towards cleaner energy. Tesla faces some delays in the production of Model S and other cars due to the technological requirements that constraints the number of vehicles produced. Majority of the customers for model S are early adaptors who are also willing to wait for the company to manufacture the car. The quoted starting price for the vehicle is $35,000, but the customers benefit from a tax rebate for buying the car (Gibbs, 2018). The car demand in the market is increasing with the company experiencing more orders than it can supply.
Target Market
The company targets the high-end market customers who are located throughout the world with the majority of the sales going to the U.S. The key demographics include upper middle-class buyers with a household income of $180,000 and above. Similarly, the target customers are aged between 30-60 years. The psychographic features include the desire for a luxury car that is not only affordable but also has a high safety value (Winer & Dhar, 2014). Similarly, the product target customers who are concerned about the economic value of the vehicle. The target customers access information from different sources including social media, internet and traditional channels with social media gaining significant influence in the ability of the company to communicate to its customers. The company’s consumers are knowledgeable and can access more information from other sources. Similarly, most of the customers are willing to try new products and are therefore attracted by new features and stylish outlook.
References
Gibbs, S. (2018). Whatever happened to that $35,000 Tesla Model 3 you still can’t buy?. Retrieved from https://www.theguardian.com/technology/2018/may/25/tesla-model-3-tax-credits-elon-musk-buy
Tesla. (2018). Tesla Inc Annual Report 2018. Retrieved from http://ir.tesla.com/static-files/f71f5430-7b4b-44da-967e-36b941de963e
Tesla. (2018). Primary target market. Retrieved from https://teslamotorsdeca.weebly.com/primary1.html
Tesla. (2018). Model S. Retrieved from https://www.tesla.com/models
Tesla. (2018). About TESLA. Retrieved from http://www.teslaforecast.com/about-tesla/
Winer, R., & Dhar, R. (2014). Marketing management . Harlow, Essex: Pearson.
