Essay

NEW Unit 28 Branding: P6 Investigate an existing brand for a product using a brand audit.

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Module
Unit 28 - Branding 60

Institution
PEARSON (PEARSON)

*Certified Distinction Grade Work* Unit 28 Branding: P6 Investigate an existing brand for a product using a brand audit. C2 Changing a brand • Brand audit – a formal assessment of a brand’s strengths and weaknesses, to include: o existing marketing strategies, materials and communication...

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Uploaded on July 21, 2024
Number of pages 21
Written in 2022/2023
Type Essay
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farzoneKris Member since 1 year 8 documents sold

hype around it every time a new product launches, due to reasons such as generating brand loyalty
where the brand ensures that they have customer and having a large audience. As we all know,
needs and wants enabling customer retention. Tesla has a large number of loyal customers. This
is where consumers are committed and devoted
towards Tesla goods, enabling for a long-term
relationship with the Tesla company as a whole.
Furthermore, Tesla is one of the most popular
vehicle manufacturer firms on social media, with
millions of followers on various platforms, the
most prominent of which is Twitter, in which
they have over 10 million followers, and the CEO
of Tesla, Elon Musk, who has exceeded 60 million
followers. Moreover, another reason for Tesla’s
relevance is due being the market leader for
Electric vehicle market, enabling major attention
on Tesla to consumers and businesses

Competition is in every business either small, While Tesla is staying relevant in their
medium or large sized. Competition can lead to the marketplace (EV) and to their consumers. This
success of the business or be the cause of the has ultimately attracted a lot of competitors,
business failure further leading to the major decline large car brands such as Toyota, Mercedes, BMW
of the product they provide. Moreover competition and Honda etc…Now more than ever these car
is where businesses have rivalry with other brands and more are shifting into the electric
companies, offering similar lines of goods and vehicle market, due to consumer perception
services, in their market essentially. changing as the demand of a sustainable yet ‘fun
to drive’ vehicle. Which Tesla has successfully
achieved in doing so in turn influencing increased
competition in their marketplace. However Tesla
has an advantage as many consumers or the
general public believe that Tesla is the car
company that will lead the car industry and
modern day vehicles. Another benefit of Tesla in
the competitive scene is that they are the market
leader in the electric vehicle industry. Moreover,
having a competitive edge as Tesla were the first
electric company to satisfy consumer needs,
wants and expectations on their electric cars,
which lead to a rapid growth in sales and profit.

Budgeting is essential to every business. It’s where One of the numerous reasons for Tesla's
businesses estimate the total income that will be enormous success is its budgeting. Tesla has
generated to the total expenditure cost. Managing experienced a significant increase in share value
budget can lead to a successful business if the as a result of the attraction of shareholders who

,business can implement strategies on how they are likely to purchase shares from the Tesla
control financial resources market. Tesla manages its budget in a cost-
effective manner. As we all know, Tesla makes a
lot of money from their products and services,
therefore they don't have to worry about paying
off debts like assets. For example, machinery
required for the manufacture of their electric
vehicles, or materials that are often very
expensive. However their profit ultimately tops
their expenditure, so increasing inflows go into
Tesla rather than outflows, leading to a greater
profit margin and revenue. In relation, Tesla’s
Cost of Revenues has increased from around $4
billion in 2015 to $17.4 billion in 2018 driven by
higher delivery volumes. Tesla’s total expenses
have trended higher from $6 billion in 2015 to
$22.5 billion in 2018. The Cost of Revenue of
Tesla was over $30 billion in 2020.

Consistency, this is where the business is active on a Tesla is always consistent in their marketplace,
daily basis in which it’s the ability for business to mainly being an active business through social
provide customer experience through their goods media, providing daily information on the latest
and services. Consistency is important for a business news on their goods and services or the business,
because it enables a business to establish awareness, they are always updated with the latest trends
build credibility and supply goods and services which they can then implement into their electric
efficiently and profitably daily. car. For example Tesla brings in software updates
to their car, which enables consumers to order
food in which the car picks the location where
individual/s will be eating. Tesla also is
Consistent in providing high quality goods and
services. Tesla has SMART goals which enables
them to strive in achieving those objectives and
goals as efficiently and efficiently as possible.
Furthermore Tesla internal stakeholders are
constantly providing good customer service
leading to a good consumer experience, enabling
the building of loyal consumers. In conclusion,
consistency within Tesla as a whole has led to
their success. Tesla strategy where they
understand the power of consistency has greatly
increased their growth and long term survival.

Building Customer loyalty is one the most challenging Tesla has gained exponential growth of their

, objectives for any small to medium businesses. This business since 2016, which has ultimately
is because they have to build trust, provide high attracted loyal consumers within Tesla. The
quality goods and services, and connect to these reason for Tesla's success is due to attracting
consumers in a deeper way and ultimately to satisfy loyal customers to their business. Tesla has
their wants and needs. This enables the attraction satisfied their needs and wants, has loyal
and brings in loyal customers to the business. Loyal consumers see them as the most compelling
customers are essential to a business because they brand in the EV market. Furthermore, loyal
repeatedly purchase the goods and services provided consumers have credibility where they are well
by the business. Loyal consumers are invested and aware that Tesla is an EV manufacturer that
interested in the business and the goods and services produces high tech, premium quality vehicles to
provided by the business. For large companies, loyal meet customer expectations of their electric car,
customers are also important. For example if a large in which Tesla has done so. Which led to the
company shifts in providing different goods and increased growth of consumers within Tesla and
services to their original goods and services. Loyal thus bring in loyal consumers. Loyal customers
customers would likely still be invested as they are within Tesla, are invested and are intrigued by
not only devoted to the business goods but the their business as a whole, they even become
business itself clients in turn assisting Tesla to grow bigger than
ever. Loyal customers can purchase repeatedly
because they know that the product they are
spending their money on is worth what they
desire within Tesla's Product. Moreover, loyal
customers can increase awareness and
recognition of Tesla and the goods and services
they provide, the way loyal customers do this by;
Word of mouth or via social media. This
ultimately enables greater exposure of Tesla as a
whole to the general public.

Building digital marketing is essential to any business Tesla has already established and developed
because it provides an easier way a business can their brand through social media for their
communicate to consumers, prospective consumers. products and services. As we all know, Tesla has
Ultimately the general public. Many businesses use a large digital audience. For example, on Twitter,
social media to advertise and promote their goods they have over 10 million followers, and the CEO
and services on popular platforms such as YouTube, of Tesla has over 60 million followers. This
Instagram, and Twitter etc... Business can grow contributes to the vast growth of reaching out to
popularity through social media which can lead the general public, enabling a wider range of
prospective consumers and consumers feel engaged awareness and recognition of Tesla goods and
with the business and the daily activities they do. services. Many businesses, such as Tesla, offer
Using marketing can create a sense of hype about updates and information on the latest features
the product before the official release date of the offered to their electric car, which are primarily
product, this can create more customer engagement software changes or general business news. This
as customers are interested and invested in what the enables consumers to interact and engage with
business has to offer. Tesla and its products and services, resulting in a

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NEWUnit 28: Branding, P1,P2,P3,P4,P5,P6,M1,M2,M3,D1,D2,D3 - (Whole Assignment) - DISTINCTION*Graded

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*NEW* Unit 28 Branding: P6 Investigate an existing brand for a product using a brand audit.

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