Find a company or a product which can be presented as an excellent example to list and briefly describe the best ways of Integrated Marketing Communication Strategy. Using the company’s strategy explain the steps they have taken in developing effective marketing communications
Integrated marketing communications is when all sorts of communications are linked together to collectively promote the same message or entity.
Integrated marketing communications(IMC) refers to integrating all the methods of marketing and promotion. It combines tools such as advertising, online marketing, public relation, etc. IMC process includes the following steps:
Tesla is an American automobile company that sells electric vehicles and focuses on clean energy production. Its owner is Elon Musk. Apart from the innovative electric cars, Tesla also produces sustainable energy and clean storage energy products. Usually, the target audience of electric cars is early adopters, environmentalists, etc. In the case of Tesla, its customers are:
Major competitors for Tesla include companies such as Ford Motor Company, General Motors, etc. It is well-known for its Tesla Cybertruck, Tesla Model 3, Tesla Model S, Tesla Model X, Tesla Model Y cars majorly. The company succeeds as an innovative automotive and energy solutions business. Its strong brand optimizes the company’s ability to attract and retain customers. The main drawback of Tesla’s products is its expensive pricing. Also, the company has a limited market presence and a limited supply chain. Elon Musk, CEO of Tesla is seeking to expand in the global markets for business diversification. The fluctuating and generally increasing cost of lithium, a material used in the company’s energy storage products can pose a threat to the company. In 2018, Tesla had a capital surplus of $10.2 billion, with just over $4.9 billion in stockholder equity. Its return on equity (ROE) is -9.54%, and its profit margin is -2.64%. Tesla focuses on word-of-mouth advertising and referrals. Its strategy was to enter at the high end of the market with premium prices, and then drive down the market to attract more customers.