The process that presupposes sales of a specific product can be selected for the analysis. The success of the given activity depends on the effectiveness of marketing strategies and such factors as the product itself, price, place, and promotion. In such a way, the company, for instance, Tesla Inc., should consider these factors with the primary goal to increase sales of its cars and generate additional revenue. It means that the combination of the four Ps (price, product, place, and promotion) should be relevant enough to attract clients.
The manager has several options on how to improve the given process and attain desired outcomes. First, the pricing strategy should be established following the peculiarities of the target population and their buying capacity. Sales of a product critically depend on the improved understanding of the clients’ major features and available costs (Kotler & Keller, 2015). For this reason, the introduction of a flexible price and individualized approach for payments can be an effective strategy that will attract new clients who were previously not able to afford cars. The effective cost strategy is a working option to improve the selected process.
The second option is the reconsideration of the approach to product and promotion. The existing approach to management emphasizes the importance of advertising campaigns and promotional activities that might help to popularize a certain good and attract the attention of clients (Rothaermel, 2018). For this reason, for the selected process, it is vital to emphasize the existence of unique features and underline the fact that owners of the product can benefit from an unusual offering that will increase their social status. The employment of these two options will help to improve the process and attain better outcomes.
References
Kotler, P., & Keller, K. (2015). Marketing management (15th ed.). Pearson.
Rothaermel, F. (2018). Strategic management (4th ed.). McGraw-Hill Education.