Marketing Product Journal
In this assignment, I was asked to conduct market research on an established product/company and identify key characteristics about the product that would separate itself from the competition. Each week we would provide feedback in the areas of market segmentation, competitive advantages, SWOT analyses, etc. I chose to analyze Tesla and its new line of vehicles. I was able to learn about the specific marketing tactics a company can use to help bring attention to a new product or how they build upon an existing product.
This assignment gave me an opportunity to assume responsibility for attracting new customers to Tesla through the creation of an ad campaign, providing a historical context of where the company has started and its current status quo. Upon capitalizing on various trends and key market research (i.e. demographics and specialization tactics), this information would help customers better understand what Tesla is all about. The project allowed me to see how important an organization’s social media presence can be if it is utilized to bring awareness to the brand and allows customers to see how innovative their products can be.