Marketing Plan

Question : From Where a Marketing Plan has been Developed ? Explain. Answer : Introduction This report has basically developed the marketing plan for a new product or service in a company. For discussion, the famous food company Mr. Bean has taken.Mr. Bean was established in the year 1995 by Kang PuaySeng and LohJweePoh. Now, in present time, Mr. Bean is the famous and leading chain of soya bean food and beverageretailers in Singapore. The company is famous retailer in the Singapore. Rather than focusing on the big business opportunities, the company focuses on the small kiosks in the target customers. The target areas of the company are shopping malls, schools, hospitals and the stations. The company is operating a chain of retrial stores by operating its organization. In present time, the company is operating around 60 retail stores in the country. Because of its popularity and reputation among the customers of the country, the company has got two most famous awards i.e. Singapore promising brand award and the Most Popular Brand Award. Along with this, The Singapore Food Manufacturers Associations rewards the company as My Favorite Consumer Brand Award. Today, Mr. Bean is very popular and famous across the world. The visitors are fond of the food of Mr. Bean and they cannot resist themselves to go into Mr. Bean stores. Further, the brand has very little competition and a limited geography in the market. Now, the company is going to introduce new soya bean food products for the customers. With the introduction of new products, the company is also going to attract a major segment in the market of Singapore. The proposed marketing plan will be helpful to achieve the target of the company (Mr Bean, 2009). Situational analysis of Mr. Bean: PESTEL Analysis In the situational analysis of the company Mr. Bean, the PESTEL analysis has used. The PESTEL analysis stands for the political, economic, social, technological, environmental and legal factors which affect the business operations in the market. The PESTEL analysis is helpful for the companies to analyze the impact of external environment on the business (Peng, 2012). The following PESTEL analysis is conducted for the Mr. Bean for the operations in Singapore: Political Factors: There are many political factors in the country which have affected the business of the company. The rules and policies of the government affect the business operations of the Mr. Bean. The company has to follow those rules and regulations and the company is able to operate its business in the various political environments. Economic factors: Now days, People are becoming very health conscious so, they are focusing on the soya products. The industry of soya food products is now growing in the world. It has been observed by the research that Singapore has been including healthy and nutritional products in the food items. The result is that Mr. Bean has high chances to gain more market share in the market (Perreault, Cannon McCarthy, 2011). Social Factors: It is important for the company to introduce new soya products and beverages in the Costa Rica due to changes in the taste and preferences of the customers in that area. So, it is essential for the Mr. Bean to develop the soya products based on the taste and preferences of the customers to make the business successful in the markets of Singapore (Bakan, 2016). Technological Factors: The market of technology is improving continuously. To minimize the overall cost and to increase the sales and profit of the company, Mr. Bean has to make investment in the research and development process. The RD process will help the company to explore new and innovative ideas for soya products. It is important for the company to adopt advanced technologies for improve the productivity in the market. Environmental factors: The company is focused in involving resources and efforts to provide pleasure and happiness to the customers. Since many years, Mr. Bean has adopted many advanced and innovative efforts for the environment. Along with this, the company has developed many rules and policies which include eliminating waste, recycling, saving energy and water and building environmental friendly stores and facilities. The company buys renewable energy credits to reduce the environmental footprints of the operations. Legal Factors: The legal factors are the crucial factors which have to face any company while operating the business in the market. Mr. Bean has the legal rights to do business in the country. There are many laws and regulations in the Singapore market. So, the company has to stay alert with the consumption and food policy regulated in the country. Product decisions The company Mr. Bean is going to provide the new range of soya products and beverages for its customers. As the company is famous among the customers in the market hen there will not be the need of extra efforts to promote the new range of the products. In the marketing and product decision of the company is as follows: Branding Branding has two meanings basically i.e. identification and assurance. In the part of identification, it has become a challenge for the customers to choose right product. There are various food products that are similar to the other products so, branding is most important for the Mr. Bean products (Lamb, Hair McDaniel, 2010). To maintain the brand value, the company will keep the same taste for its products having more innovation and the combination of more features. If the customers find out the same old taste of soya bean product which attracts them, they will come back again without any kind of mistake. Assurance is also the part of branding. In this part, the company will assure the customers about the taste of the product and the loyalty of the company towards the customers. For the first-time customer, it will be hard to choose right product among various products (Marich, 2009). In such case, the buyer will choose the product having brand name so, the branding of new soya bean product will be done with the same ad old taste of the food and beverages. With the branding, there will be less risk for the customers and the company (Kapferer, 2012). Product description The new variety of soya product and services will be launched in the country. The company will mainly focus on the protein needs customers who are mainly working professionals. Further, the product will show the nutritional needs and focus on the demands of the working professionals in terms of health related requirements. The products of the Mr. Bean have strong brand image among the customers and they are satisfied with the products of the company. So, the company will improve the popularity of the brand among working professionals by providing new range of soya products (Russell, 2010). The company will launch new features in the soya products and beverages to attract the working professionals in the market. The products of the Mr. Bean are very tasty and delicious which revitalize the refresh the people so that they feel healthy all the day. The new products will provide nutritional values to the customers and will act the energy provider for the working people. In the new range of soya products, the protein and essential content will be available as the attractive the factors for health conscious customers in the country. Further, there will be packing bags and containers with the new variety of soya products. There will be attractive packaging having various colors to attract large number of the customers. Along with this, the products will be designed especially for the working women. The company will focus on the attractive packaging by attractive designs and colors. Positioning strategy In the marketing plan, the positioning of the product can be considered as the important part to build the unique image of the brand among the customers. in this marketing plan, there will be variety of the products for the working professionals and those products will be advertised at the work place of the professionals. Along with this, the new variety of Soya product will be based on the health demands of the customers in the country. The people who are professionals and doing job need high amount of protein and energy to manage their daily work life and household activities. So, by using of soya food products, they can revive and take care of their health. Thus, positioning will be used as the strategy of target market which is needed to improve the sales and profit if Mr. Bean (Shankar, Carpenter Farley, 2012). Target market The primary target market of Mr. Bean in the country would be both men and women having the age of 25 to 35. This will be almost half of the total business of the company. In the marketing plan for Mr. Bean, the company will also focus on the professional people in the country aged between 24 to 35 years. It is expected that there will be large number of working professionals in this group. The company will be connected with the target customers by implementing advanced technology in the products. To promote the soya products, the company will use social networking sites (Reid Bojanic, 2009). Product pricing The prices of the new range of products of Mr. Bean will be relatively high as compared to other soya products available in the market. For the new product ranges, Mr. Bean will follow the Skim the Cream strategy. Company will develop a specific strategy to attract the working people and working women only. Further, the company will adjust the price based on the changing market conditions. Along with this, the company will also consider the entry of new and direct competitors because they are the important factors which may impact the pricing strategies of new range of products (Smith, 2011). Product distribution strategy The new range of Soya products and beverages will be launched in the country. To attract more and more customers, a distribution campaign will be implemented by the company. In the distribution campaign, the product will be provided in those stores in which the working professionals mainly visit. In the product distribution campaign, the product will be sent in all the popular stores and the stores will display the innovative and new range of products in the separate racks (Schermerhorn, 2009). Integrated marketing communications strategy It is not only enough to use the marketing tactics to attract the customers but it is also important to communicate with the customers for providing the information related to new range of the products. The communication strategy can be described as the strategy to provide the relevant information to the customers by the advertising of the message. For the advertisement of the new soya products, there will be an effective tagline to grasp the attention of the customers. Further, the tagline will also be effective to retain the existing customers. The aim of the marketing plan is to increase the brand awareness for the new soya products of the Mr. Bean. The marketing plan will provide the capability to the company to cover more food market for new range of the products (Luttrell, 2016). In the communication strategy, the information of new range of products will be provided to the customers. The detail of the product and the specialty of the product such as tasty, delicious and nutritious beverages will be provided in the communication message. For the new range of soya products, a special message will be provide to improve the brand awareness of the product among the customers. There are many marketing tools for communication i.e. direct marketing, public relations and advertisement which will be used in the communication strategy for the customers. Public relations will be used to get feedback from the customers about the new range of soya products (Kotler Keller, 2005). The feedback from the customers will be helpful for the company to improve the product time to time. Communication methods will also build up the trust with the customers for the new range of products. Further, the direct marketing will also be helpful for the Mr. Bean in getting response from th e target customers. In the communication strategy with the customers, the company will communicate by with the customers by the social media. The strategy is as follows: Online media In present time, everyone is active on social media so it will be beneficial for Mr. Bans to promote the new range of Soya product on the social media. Reason of choosing online marketing is that online marketing is considered as the most important and effective communication tool of marketing. Social media is very famous among the customers and it will cover almost half part of the marketing of new products (Epstein Yuthas, 2007). So, social marketing will be used for the communication with the customers. In the social media, company will include YouTube, Facebook, and Twitter for online marketing. Both paid and unpaid social media channels will be used to communicate with the customers. It will assumed that 55% of communication marketing will be covered by Facebook, 22% by Google Plus, 25% by Youtube and 22% by Twitter. Further, Email marketing will also be used by the company to attract the working professionals (Daoud, 2016). Events The distribution of information will be done by conducting various events. In the events, the customer executives of the company will talk with the customers. These events will be organized near the office areas and the crowded places where the company can grasp the attention of the working professionals. This will be both side of communication way which will attract the working professionals effectively. Conclusion This report is the marketing plan for the new range of soya products provided by famous company Mr. Bean. From the above discussion, it is observed that the marketing plan is very important to start a new business. The marketing plan will be helpful to gain the outline of the business. The best marketing plan is that which explains the most significant information. In this manner, the marketing plan for Mr. Bean will be helpful for the company to diversify the operations in the Singapore. The main concept of the marketing plan for the company is to sell the range of new soya products and beverages to the customers of Singapore by the local and domestic outlets. In the marketing plan, the company will offer the wide range of new soya food products to attract the new customers of Singapore. The marketing plan of the company has also discussed about the promotional activities which will be adopted by the company to meet the goals and objectives of the business. The marketing plan for the Mr. Bean has also highlighted the innovative strategies to target the customers in the various market segments in Singapore. Further, this report has discussed about the plans and schemes to expand its business in the country. For this manner, the company has launched new range of soya products for the customers. By the PESTEL and market analysis, the company has hot the information related to the market and its environment. By the PESTEL, the company is able to know about the changes which are going to take place in the environment of the market. Further, the market analysis has helped the company to take decisions related to the various strategies. Basically, the marketing plan for the Mr. Bean is helpful for the company to attain the set goals and objectives of the business in an efficient and effective manner. The described strategies will be helpful for the Mr. Bean to attract and retain new and existing customers in the Singapore. References Bakan, J., (2016), Social marketing: thoughts from an empathetic outsider: Journal of Marketing Management, 32(11-12), pp.1183-1189 Daoud, H., (2016), 8 Essential Elements of a Social Media Marketing Strategy, accessed on 13th March 2017 from https://www.socialmediaexaminer.com/essential-elements-social-media-marketing-strategy/ Epstein, M. J. Yuthas, K., (2007), Evaluating the Effectiveness of Internet Marketing Initiatives, accessed on 13th March 2017 from https://www.cimaglobal.com/Documents/ImportedDocuments/Tech_MAG_Evaluating_Internet_Marketing_April06.pdf Kapferer, J. N., (2012), The new strategic brand management: Advanced insights and strategic thinking, Kogan Page Publishers Kotler, P., Keller, K. L., (2005), Marketing Management (12th), New York: Prentice Hall Lamb, C.W., Hair, J.F. McDaniel, C.D. (2010), Essentials of Marketing, Cengage Learning Luttrell, R., (2016), Social Media: How to Engage, Share, and Connect, Rowman Littlefield Marich, R., (2009), Marketing to Moviegoers: A Handbook of Strategies and Tactics, SIU Press Mr Bean. (2009), About, Accessed on 13th March 2017 from https://www.mrbean.com.sg/aboutus.aspx# Peng, M.W. (2012), Global Strategy, Cengage Learning Perreault, W. D., Cannon, J. P., McCarthy, E. J., (2011), Basic marketing: A marketing strategy planning approach, McGraw-Hill Irwin Reid, R.D. Bojanic, D.C., (2009), Hospitality marketing management, New Jersey: John Wiley Son Russell, E., (2010), The Fundamentals of Marketing, AVA Publishing Schermerhorn, J.R. (2009), Exploring Management, John Wiley Sons Shankar, V., Carpenter, G.S. Farley, J. (2012), Handbook of Marketing Strategy, Edward: Elgar Publishing Smith, T. (2011), Pricing strategy: setting price levels, managing price discounts and establishing price structures, USA: Cengage Learning Marketing Plan Question: From where a marketing plan has been developed? Explain. Answer: In this report, a marketing plan has been developed for Tesla. The company is trying to expand its market in Australia in 2016-2017. The motor company has already introduced energy efficient electric vehicles in the USA and some other countries of Europe. Now the company is planning to enter the market of Australia. The company has planned to invest UD$ 1 billion so that it can achieve the expected sales figure of 20,000 units in the first year of market entry. In this report, a background of the organization has been given, which includes mission, vision, products and current marketing objectives of the organization. A situational analysis has been done on the organization. In this section the demography and demand analysis has been done. With the help of SWOT analysis, the current market position of the company can be evaluated. The target market of the company in Australia has been analyzed, and the market positioning of Tesla Motors in Australian market has also been evaluated in this section. In the next section, an analysis has been made on the effective promotional strategies implemented by Tesla to gain sustainable position in the Australian market. The marketing objective of the organization has also been stated in this section. Finally, the media used for the promotional activity and the budget allocated by the company for the purpose of promotion has been discussed. Background In the year of 2003, a group of Engineers established Tesla Motors in Silicon Valley with a goal to prove that electric vehicles could be better than gasoline powered cars (Teslamotors.com, 2016). Martic Eberhard and Marc Tarpenning financed the company until the series a round of funding was proposed. Both of them played a major role in the early development of the organization until Elon Musk involved with the company. It was Musk who led the Series A round of investment. Later he joined the board of directors and became a chairperson of the organization. The objective of the organization was to manufacture electric vehicles, especially premium sports car. In the year of 2006, the first vehicles of Tesla Motor named as Roadster was introduced in an event at the Santa Monica airport (Teslamotors.com, 2016). However, Tesla started to feel the tough market competition and started to look for more financial support and new leadership. That is why in December 2007, Zeev Drori who was a successful high-tech entrepreneur became the CEO and president of the organization. Under his leadership nearly 10% of the staff was laid off but the company started to gain popularity and profitability. In spite of this success, Drori did not last more than one year and Musk joined Tesla Motors. Musk helped the organization with investing $70 million of his own money to improve the technical sector of the organization. Between 2008 and 2012 Tesla sold 2,250 Roadster Models and then slowly but steadily the organization gained a handful amount of market to become one of the most popular car brands in the industry (Moritz, 2015). Mission: Mission of Tesla Motor is to provide a convincing customer experiences and gather regular customer feedback to achieve operating efficiencies, better control over the cost and pricing which will improve Tesla as a brand (Teslamotors.com, 2016). Situational analysis Market Demography As De Mooij (2013) stated that, demographically customers are segmented to analyze their distinct needs and behaviors towards a specific product of the company. Tesla motor is mainly focusing on males who are looking for high-end luxury cars or sports car with electric vehicles (Hamel Breen, 2013).The company Tesla mainly targets three major customer segments for each stage of its product adoption strategy: Consumers for a high-end sports car: This is a small niche target market used by the company to introduce new products in the market (Lv et al., 2013). Luxury vehicle sedan market: It substantially larger market. However, it is highly competitive consumer segment, which targets for broader-based customer adoption (Mangram, 2012). Mainstream vehicle consumer segment: This segment of customers is targeted for mass car production and market penetration (Bergek et al., 2013). Demand Analysis From the figure above, it is clear that the demand of Tesla Motor is quite high among different people from different age group. The primary reason behind this is the cost of fossil fuel. When the gas prices reached to $3.44 per gallon, 90% people started to believe that it is too high to handle. When the price hit $4.00 per gallon, the car owners started to look for alternatives (Hawkins, Gausen Strmman, 2012). This is the reason that demands of energy efficient vehicles increases and Tesla Motors took the full advantage of this demand. Another reason that helped the Tesla Motors to increase the demand in the market is the desire to lower carbon footprint. In order to reduce pollution, car owners started to concentrate on vehicles that are pure electric or hybrid. The biggest advantage of this demand is it does not change with the cost of fuel (Hardman, Shiu Steinberger, 2015). Tesla Motors being an eco friendly vehicle manufacturing company could meet this demand of the customers and could increase its demand in the market. SWOT analysis With the help of SWOT analysis, the current situation of the company Tesla can be evaluated (Hamel Breen, 2013). Strengths The company has a strong brand image and good customer reputation as an electric car producer. Tesla has a unique business model and innovative sales network (Mangram, 2012). The company uses forward thinking corporate leadership strategy (Carlson, 2013). As (van der Kolk et al., 2013) mentioned that, exceptional vehicle design, use of powertrain technology and battery technology provides that company a sustainable position in the automotive market. Weakness The company Tesla has a high range cost structure due to lack of economic of scale The nature of the electric market is still immature (Bohnsack, Pinkse Kolk, 2014). With the increase in market demand, the company is going to face issues related to component supply (Schrage, 2013). The company might have to face output-related problems if the consumer demand for electric sedan cars increases significantly. Opportunities A significant advancement in the vehicle battery technology is the major opportunity for the company Tesla. As Wiengarten et al. (2013) mentioned, that peoples have presently become more aware of environmental and cost benefits of the electric cars The increase in the price of gasoline has attracted more consumers towards electric cars. There are various initiatives have been taken by the government of different countries to adopt electric vehicles (Bohnsack, Pinkse Kolk, 2014). Threats Presently the number of direct competitors in the BEV is increasing rapidly. As Lv et al. (2013) mentioned that, there is a significant number of automobile companies are entering the BEV market, which have better technologies and economic capability. There are various substitutes have been developed for BEV such as plug-in hybrids, ethanol-fueled vehicles, gasoline powered hybrids. A possible breakthrough in the technology for battery-powered engine can demise the advantage of Tesla in the automobile market (Bohnsack, Pinkse Kolk, 2014). Tesla Roadster Tesla Roadster was the first vehicle launched by Tesla Motors with a $109,000 base price. This car was manufactured with a range of up to 250 miles (Mangram, 2012). The main theme of this car depends on the lithiumion-polymer battery pack, which is capable of storing as much as twice the energy than any battery. As a result, the car is capable of having twice the range than older electric vehicles. Model S Next vehicle released by the organization was Model S with a base price of $57,000 (Teslamotors.com, 2016). Tesla Motor planned to target the luxury sedan market with this model of the organization. The vehicle was capable of carrying seven people after adding an optional third-row of seats. The battery technology used in this car is similar to the Tesla Roadster; however, this battery will have the capability to maintain a range between 160 miles to 300 miles (Fleming, 2013). Target market Previous target market The primary target of Tesla Motors was the upper class business executives and those customers who are for high-end luxury vehicles. This is why their first car Tesla Roadster needed a huge down payment and cost over $100,000 (Mangram, 2012). Current target market Currently the management of Tesla Motors has changed its target market and making cars for middle class families too. Their Model S is priced at 70k which is way more lesser than Model S, that clearly reveals that the organization is trying to target the lower market in order to gain competitive advantage over its rivals (Abdulsater et al., 2014). Market positioning analysis As Rohrs (2013) stated that, the meaning of positioning varies from one person to another. As Kabani (2013) mentioned that, positioning is the attempt of marketers to identify the unique value proposition of a product. With the help of it unique features and capabilities, a product of a company are able to gain its sustainable position relative to its competitive products, in the mind of customers (Bohnsack, Pinkse Kolk, 2014). Fulfilling the needs and demands of customers can help a company to achieve a sustainable position in consumer's mind. Due to the implementation of BEV technology, the company Tesla is able to develop its image and reputation as an attractive, high-tech, environment-friendly and reliable company (van der Kolk et al., 2013). Most of the consumers who are aware of the environmental impact of gasoline-fueled cars and who have a Competitors promotional budget and sales analysis The major competitors of the company Tesla are Audi, BMW, Ford, Fisker, and CODA. Sales analysis of the competitors of Tesla is given below in table format: Company BEV Model Name Competition summary analysis Audi Yes A1 E-Tron (2012) The company has planned small build production output. The price range is $120,300. The range is 150 miles. It has direct competition with Tesla. CODA Yes Coda Sedan (2012) The company has produced more than 13,000 car units within 12 months of business debut. The product Coda Sedan has a range of 120 miles. It gives significant direct competition to the Bluestar product line of Tesla (Mangram, 2012). BMW Yes MINI-E, Active-E Activ-E model is developed for mass production, having a price range of $500/mo. The range of the car is 100 miles. It has direct competition with the Tesla Model S. However; Tesla has an advantage over BMW in technology and field. Fisker No Karma (2011), Nina (2012) The company has developed plug-in hybrid vehicle named as Karmas. The company has produced more than 15,000 cars products annually. It possesses a direct threat of substitution to the Roadster model of Tesla. Ford Yes Focus BEV (2011) The company has produced more than 9,000 BEV vehicles annually (Mangram, 2012). The range of the car is approximately 100 miles. The price range is $10,000. Marketing promotional objectives and strategies of the company for 2016-2017 Promotional objectives of the company Tesla for 2016-2017 Developing demand for electric vehicles in the mind of Australian customers Selling 20,000 units of products in the first year of business in Australia Development of long-term brand awareness in Australian customers Establishing strong bonding with existing customers with the help of social media marketing Implementing customers input in the product development process Promotional strategies adopted by Tesla In order to fulfill these pre-planned business objectives, the management of the organization has thought to invest UD$ 1 billion. In order to sell 20,000 units in the first year of business in Australia, the company has to develop effective advertisement plan. As Kabani (2013) stated that, in previous years Tesla does not spend millions of dollars to develop traditional publications. They let a person talk freely about their electric vehicles, which is the catalyst for a brilliant marketing campaign (Chevalier Mayzlin, 2012). Thus, it has been found that the company in previous years depends vastly on word-of-mouth marketing strategy, which is free of cost. However, Tesla is planning to enter the market of Australia and tries to sell 20,000 cars in 2016-2017. In order fight with some potential competitors like Audi, BMW, Coda, Ford, the company needs to develop an efficient marketing strategy. There are some common, and the organization has implemented some unique promotional marketing strategy as a part of a bigger campaign activity. It includes a development of traditional marketing with the help of celebrity endorsements, connecting with customers with the help of effective social media marketing, online selling and providing free test drive to attract more customers (Trusov, Bucklin Pauwels, 2012). Traditional marketing with the help of celebrity endorsements The company is thinking to make a contract with celebrities and sports stars such as Hugh Jackman or Shane Worn for five years. Engaging a celebrity with the company advertisement and developing attractive advertising will require more than UD$ 100 million. The company needs to develop a team of experts to develop efficient traditional advertising (Hays, Page Buhalis, 2013). Connecting with customers with the help of social media marketing As Okazaki and Taylor (2013) stated that, with the increase of internet usage, the effectiveness of social media marketing among customers has increased drastically. The company needs to develop its account on social media sites like Facebook and Twitter. According to Kabani (2013), with the help of social media sites, a company can send a message to its target customers in a cost effective manner. The company Tesla can develop awareness about using electric cars with the help of these social media marketing campaigns. It will also help the company to develop a strong relationship with its customers. Online selling of cars Online selling is one of the major differentiated selling strategies adopted by the electric car company. It let customers book a car online, without visiting any showroom or dealer. As De Mooij, (2013) stated that, avoiding dealer is both beneficial for organizations and customers. It reduces the price of products, which ultimately give rise to the total revenue gathered by the organization. Providing free test drive The company has planned to develop more than 25 company-owned stores in different states of Australia. For this purpose, the company needs to invest more than UD$ 500 million. In all these physical stores, the company has prepared a plan to give a free test drive for all their latest models, so that customers can feel the excitement, comfort, and joy of luxurious electric sports car. As Rohrs (2013) stated that, developing effective customer experience can attract more customers towards a company and increase customer satisfaction. Media and budget allocation The car making Tesla has planned to invest UD$ 1 billion in developing an effective advertising strategy. Previously the company does not have any significant advertising campaign. The company will develop both traditional advertising and social media advertising. However, Tesla will rely more on pull advertising strategy. They will depend on media vehicles such as word of mouth promotion, blog forums and social media (Chevalier Mayzlin, 2012). The company will develop creative web pages to attract more customers towards the company. It has been planned by the organization to develop creative web pages so that customers can learn more about the various offerings of zero emission sports cars. As Milosheska (2013) stated that, it is rare to see a model of Tesla at the road side. For this purpose, the company is planning to develop 25 physical stores in different cities of Australia. In these stores, the company will provide test drive to their customers, in order to make them familiar with the innovative features of Tesla sports cars. The company will also focus on developing effective social media marketing strategies. The management team of Tesla has decided to update their social media promotions monthly to let the target market know about the new changes and improvements done by the organization. The budget allocated by the company Tesla for advertising in Australian market has been given below: Promotional strategy Action plan Budget Allocation (UD$) TV advertising (Traditional marketing) The company is thinking to make a contract with celebrities and sports stars such as Hugh Jackman or Shane Worn for five years. 200 million Develop direct relationship with customers 25 company-owned stores in different states of Australia 500 million Development of effective social media advertising The company will develop creative web pages to attract more customers towards the company. It has been planned by the organization to develop creative web pages so that customers can learn more about the various offerings of zero emission sports cars. 200 million Developing effective customer experience Giving free test drive to customers in luxurious sports car of Tesla 100 million Conclusion In this assignment, a business plan has been developed for the company Tesla. 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