Analysis and Recommendation of Tesla’s Marketing Strategy

Hang Liu; Zhirou Li

doi:10.54254/2754-1169/25/20230496

Research Article

Open access

Published on 13 September 2023

Download pdf

Liu,H.;Li,Z. (2023). Analysis and Recommendation of Tesla’s Marketing Strategy. Advances in Economics, Management and Political Sciences,25,187-193.

Export citation

Analysis and Recommendation of Tesla’s Marketing Strategy

Hang Liu *^,1, Zhirou Li ²

¹ Zhuhai International School
² RDF International school

* Author to whom correspondence should be addressed.

https://doi.org/10.54254/2754-1169/25/20230496

Abstract

As the increase in the global urgency of climate change, countries are devoting their resources in supporting the transformation to renewable energy. As a result, Electric Vehicle market become the hottest topic currently. Despise being the biggest company in leading the EV market, Tesla Incorporation now is facing a decline of its dominance as more and more other affordable vehicles come out to the market. This paper critically analyzed Tesla’s current marketing strategy and consumer psychology in the aspect of emotion and cognition and attitudes and persuasion to uncover the way that customers think. The author found out that Tesla’s current “zero dollar” marketing strategy is limited and needs further promotion. Therefore, Tesla has to improve its current strategies to accommodate the frequent-changing EV market. The paper recommends new strategies for Tesla to attract potential customers and maintain existing consumers based on the theory of Maslow's Hierarchy of Needs, the Self-Determination Theory, Cialdini's principles of persuasion and the elaboration likelihood model.

Keywords

tesla motors, strategic marketing plan, consumer psychology, marketing analysis

View pdf

References

[1]. Krogstrup, S., Oman, W.: Macroeconomic and financial policies for climate change mitigation: A review of the literature. International Monetary Fund (2019).

[2]. Petrenko, L.A.: Green trend in global energy development: Tendencies and opportunities. International Journal of Energy Economics and Policy, 11(5), 1–7 (2021).

[3]. Crabtree, G. W.: The coming electric vehicle transformation. Science, 366(6464), 422–424 (2019).

[4]. Alam, M., Devabhaktuni, V., Depuru, S. S. S. R., Green, R. C., Near, C. D., Nims, D. K.: Solar energy: Trends and enabling technologies. Renewable & Sustainable Energy Reviews, 19, 555–564 (2013).

[5]. Techiexpert Tech News page, https://www.techiexpert.com/how-tesla-is-using-artificial-intelligence-and-big-data/, last accessed 2023/3/30.

[6]. Fernandes, T. F., Proença, J. F.: Reassessing relationships in consumer markets: Emotion, cognition, and consumer relationship intention. Journal of Relationship Marketing (2013).

[7]. Emilien, G., Lüdicke, F. Weitkunat, R.: Consumer perception of product risks and benefits. Springer (2017).

[8]. Cacioppo, J. T., Petty, R. E.: The elaboration likelihood model of persuasion. Elsevier EBooks, 123–205 (1986).

[9]. Gaissmaier, W., Gigerenzer, G.: Heuristic decision making. Annual Review of Psychology, 62(1), 451–482 (2011).

[10]. Guthrie, C.: Influence: Principles of influence in negotiation. Marquette Law Review, 87(4), 20 (2004).

Cite this article

Liu,H.;Li,Z. (2023). Analysis and Recommendation of Tesla’s Marketing Strategy. Advances in Economics, Management and Political Sciences,25,187-193.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

Disclaimer/Publisher's Note

The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

About volume

Volume title: Proceedings of the 2023 International Conference on Management Research and Economic Development

Conference website: https://2023.icmred.org/

ISBN：978-1-915371-93-5(Print) / 978-1-915371-94-2(Online)

Conference date: 28 April 2023

Editor：Canh Thien Dang, Javier Cifuentes-Faura

Series: Advances in Economics, Management and Political Sciences

Volume number: Vol.25

ISSN：2754-1169(Print) / 2754-1177(Online)

© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license. Authors who publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open access policy for details).