Question
Tesla’s Brand Equity Report
A brand audit is an important informational and diagnostic tool, that can help brand marketers determine the overall state and health of their brand. An audit gathers and evaluates information about the brand and competing brands. The two stages of the brand audit: (1) brand inventory and (2) brand exploratory provide marketers with a complete picture of the brand and consumers’ perceptions of it. Your job is to work as a team and bring your own business-related global and cultural perspectives to develop a brand audit report. This assignment offers the opportunity for you to tap into different concepts and theories covered to develop a deeper understanding of the key areas of branding. You are required to work in a group with approximately 4 - 5 members.The group must first agree on an appropriate level of analysis (corporate or product brand) and the appropriate geographical coverage (global, regional, or local). You can choose any brand to critique in consultation with your group members. The idea can be proposed to your lecturer. Your lecturer will assess the suitability of the company for the purpose of the project and provide feedback to the team. This can be done either by email or during consultation time. A variety of sources should be used to assemble the audit. Students should consult academic journal articles, business publications, trade magazines, and company sources, such as annual reports and websites.
Unsubstantiated statements will not provide credibility to your discussion and will be marked down.
Expert Solution
Tesla Motors has
expanded significantly and amassed an enormous fan base since its foundation.
In a recent Experian research on the automobile sector, this brand was rated as
having excellent customer loyalty (Flaig et al., 2021). However, its rise in
the automotive sector did not follow conventional routes. For instance, Tesla has
never been interested in promoting or paying for endorsements. Its CEO, Elon
Musk, claims the business prefers to use its advertising budget to create a
superior product. As such, their awareness approach is specific in that
word-of-mouth sustains and increases demand for Tesla's products (Henry, 2020).
Additionally, Tesla has one of the highest rates of organic participation in
social networks, even though it does not spend any money on advertising. On the
websites of the firms and YouTube, Tesla's informal marketing let customers
make sales pitches for why consumers should buy its products (Liu, 2021).
Therefore company’s approach to marketing is its rudimentary efforts.
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