Technology Innovation In Nursing Sample College Essay

Introduction

The introduction of an idea thought, service, method, or gadget into healthcare to increase quality, safety, results, efficiency, and costs in treatment, diagnosis, education, outreach, prevention, and research is referred to as healthcare innovation. Innovation is critical in a healthcare setting. It is used to improve the client care outcomes and costs by addressing the requirement or perhaps a vacuum in services or technology. The process of developing new techniques, technologies, and methods of operation is known as innovation. Many of these advanced medical technology aid caregivers in their everyday tasks while also reducing human errors that may occur when having too few physicians having to work with many patients. Adoption, implementation, maintaining, dissemination, and scaling up are the steps involved in bringing innovation. Innovation models that can be used to help improve patient care in health facilities will be discussed in this paper.

Assessment

While nurses feel that new healthcare technology and unique medical devices might be useful, they also believe that technology should not be utilized to replace daily human contacts (Pepito & Locsin, 2019). The area of assessment in this discussion is the innovation and use of virtual ICU inpatient healthcare delivery. The virtual intensive care unit is a new medical procedure that uses cutting-edge innovation to spread the expertise and knowledge of trained caregivers across a big group of patients in many intensive care units. Direct patient contact is a crucial element of healthcare, and nurses play a key role in putting patients at ease(Udeh et al., 2018).

When it comes to illness management, ICU may assist intensivists in performing acute treatments and keeping an eye on all patients through surveillance for a more proactive type of care. It also meets the specific demands of each patient. Because healthcare experts can be found wherever to offer care to patients, most patients end up obtaining the finest of the best therapy, which tremendously aids their recovery.

Diagnosis

Intensive care unit telemedicine (tele-ICU) is an innovative therapy provided from off settings in response to increased patient complexities and a dearth of medical specialists. Even though the usage of tele-ICU is increasing, it currently only serves a small number of Patients. The COVID-19 problem pushed health care facilities to develop treatment strategies that integrated technology today for involves the uses with hospital-built environment alterations as soon as possible (Pilosof et al., 2021). One of the outcome measures of the healthcare system that led to the COVID-19 pandemic is the momentum of telehealth innovations, which have progressed from a technological uniqueness to an important element of healthcare provision in a vast number of doctor specialist skills and disciplines, as some predicted.

The innovative hospital telemedicine care paradigm impacted one of the most critical features of intensive therapy to patient and staff accessibility inside the unit. The transition of ICU engagement from facial landmark interaction to online virtual real-time communication inside the unit’s physical environment has significant consequences for quality healthcare and hospital architecture. Previous visibility research, on the other hand, has been concerned with physical visibility in healthcare settings as well as its effect on patient results, or immersive consciousness for remote medical home care observation, and it has not taken into account the assimilation of physical and digital forms of awareness for hospitalization, which has become more common as a result of the COVID-19 crisis.

Plan

Tele-ICU systems feature command centers staffed with critical care nurses and intensivists who assist patients electronically through audio or videoconferencing. For effective healthcare delivery to the patient, innovation plays a key role. Nurses in the unit need to have extensive knowledge of virtual ICU systems. Vast knowledge on ICU which is integrated with patient data and records enables healthcare practitioners to access patient data in real-time and address concerns as they emerge (Pepito & Locsin, 2019). This method of providing intensive care has considerably empowered busy hospital personnel and limited their virus exposure, keeping them safe and healthy and therefore ready to deal with an expanding number of patients.

Nurses may become more efficient and effective communicators because of technological advancements (Pepito & Locsin, 2019). For them, new technology available in healthcare systems allows them to reclaim time in their day; also, with caregiver burnout on the rise in the United States, it may prevent nurses from leaving their practice setting. Even though patient care innovative medical technologies provide numerous opportunities for better caregiver efficiency and satisfaction, operational excellence, improved patient protection, and reliability, little research has been conducted to examine the benefits of specific patient care innovations. Continued training programs for ICU nurses are required to ensure new technology is utilized in healthcare delivery.

Evaluation

Because innovation aids in the acquiring knowledge, it is vital in nursing operations for improving health, sickness prevention, detecting and reducing health risks, developing healthy living standards behaviors, and qualifying care and treatment approaches(Pepito & Locsin, 2019). The following are the essential issues that must be addressed:

What are the drawbacks of ICU innovations?

Is inadequate staffing the major challenge that can lead to nurse burnout?

Lessons learned in the implementation of virtual ICU in covid pandemic crisis?

Conclusion

Healthcare administrators must understand the factors that influence nurses’ adoption of new technology in these settings, as well as the variations that exist between older and younger personnel. Generational disparities and generational variations in the workforce can be rewarding, but they must be managed. Generational disparities in capability levels and variables between age groups demonstrate why management techniques must be adjusted to different types of employees to obtain the best potential level of acceptance for the innovations that are presented. Technology is widely viewed as creating a connection between boundless demands and high resources, enabling healthcare institutions to create innovative ways to treat illnesses and leveling the scales to minimize financial strain on medical services while improving patient care. Personal mistakes can be reduced using new technologies. Nurses who work long shifts or operate in understaffed units are more likely to make errors. Routine operations are made simpler by modern healthcare equipment.

References

Pepito, J., & Locsin, R. (2019). Can nurses remain relevant in a technologically advanced future?. International Journal Of Nursing Sciences6(1), 106-110. https://doi.org/10.1016/j.ijnss.2018.09.013

Pilosof, N., Barrett, M., Oborn, E., Barkai, G., Pessach, I., & Zimlichman, E. (2021). Telemedicine Implementation in COVID-19 ICU: Balancing Physical and Virtual Forms of Visibility. HERD: Health Environments Research & Design Journal14(3), 34-48. https://doi.org/10.1177/19375867211009225

Udeh, C., Udeh, B., Rahman, N., Canfield, C., Campbell, J., & Hata, J. (2018). Telemedicine/Virtual ICU: Where Are We and Where Are We Going?. Methodist Debakey Cardiovascular Journal14(2), 126. https://doi.org/10.14797/mdcj-14-2-126

Tesla Company Report University Essay Example

Tesla, Inc. is an American company dealing with clean energy and electric vehicles based in California. The Company engages in the manufacturing, development, sale, and design of electric vehicles, storage systems, and energy generation. It has created a service center for vehicles, capability in self-driving, and a supercharging station. This has enabled the Company to operate within various segments in Energy and Automotive, and storage. The automotive section involves the sale, manufacture, development, and design of electric vehicles. The energy storage and generation segments involve manufacturing, designing, leasing, selling, and leasing of energy storage and solar systems. This section also deals sale of electricity that is generated by the solar system for energy to the customers. As a result, the Company can develop products in energy storage for application in utility sites, commercial facilities, and at home. This paper creates a broad spectrum of Tesla Company by focusing on its management and financial journey.

Bios of top executives and Board of Directors

Larry Ellison, also the co-founder of Kathleen Thompson-Wilson and Oracle, was announced to join the boards of directors in Tesla, December 2018. This appointment was a result of the failure by Elon Musk to initiate the Company as private. Ellison seemed to have high trust in the Company after purchasing shares of three-million dollars. Robyn Denholm, a director at Tesla, having an experience in automotive since 2014, was a director and chaired the company’s board. She was head of operations and CFO at Telstra in 2018, where she left after a notice (Rapier, 2018). Ira Ehrenpreis, the founder of the DBL partners, has served on Tesla’s governance board since 2007. Also, he is an investor in Planet and Space X while serving at Accelergy and MapBox boards. He holds an MBA and law degree from Stanford and serves in the governance, nominating, and compensation committee of Tesla.

The Chief executive officers and co-founder of Tesla Company are Elon Musk. Also, he is the product architect, director, and a driving force in the Tesla motors. The native South African is also the CEO and the chief technology officer (CTO) in SpaceX and the chair of the SolarCity. Musk has announced his intentions in the SolarCity acquisition and focuses on creating an integrated firm with renewable energy to become the greatest provider in solar panels and storage batteries. Further, he is a trustee in Musk’s foundation that actively promotes green technology along with renewable sources of energy development. Previously, he prevails an entrepreneurial success by being a co-founder in PayPal, a payment firm.

Zachary J. Kirkhorn assumed the Chief financial officer (CFO) position in March 2019, succeeding the previous CFO, Deepak Ahuja. Kirkhorn brought over 20 years of experience from global automotive to the awarded role. Kirkhorn had previously assumed different financial positions in Tesla, working in the Company since 2010 (Rapier, 2018). Before embracing the role of CFO, Kirkhorn was the vice-president, business and financial planning operations and finance in 2018, December to 2019 March. Further, he holds a degree from Pennsylvania University and MBA from Harvard.

Jerome Guillen is the automotive president in Tesla, a role he has held since 2018 September. However, he has been within the Company since 2007 and has conducted different leadership roles like the vice president and worldwide services and sales. Jerome has been the director of the model S program and worked in the automotive industry for most of his career life. He has a Ph.D. from Michigan University and a dual degree in mechanical engineering and energy technologies from the Escula Tecnica Superior de Ingenious Industriales.

Andrew Baglino took over Jeffrey Brian in 2019 and previously had the role of Chief Technology Officer. Baglino embraced a major responsibility from Straubel with the senior vice president title, energy engineering, and powertrain. Baglino joined the Company in 2006 and has a B.S. from Stanford University.

Jeffrey Brian Straubel, also known as J.B., acted as the chief technology officer for 15-years in Tesla motors and the founding team member of the Company. Musk, in July 2019, announced that Straubel would take the role of a senior advisor (Rapier, 2018). At Tesla, Straubel had the responsibility of over-engineering and technical designs for all vehicles in Tesla. Also, he was responsible for overseeing development and research, evaluating new designs and technology, diligence with main vendors, and system validating tests. Further, Straubel is a guest presenter and lecturer at Stanford University, where he teaches a class on integration in energy storage as an energy program.

Transactions or events in the last five years

In 2020, Tesla celebrated their 10th anniversary of being public. By this year, Tesla succeeded in placing their electric vehicles on the top radar for various buyers (Thompson, 2020). In March 2016, Musk revealed Tesla’s prototype mass-market car, model 3. The much-anticipated car might attain 215 miles per charge and accelerate 0-60mph in six seconds or less. The first deadly accident autopilot occurred in 2016 where the government regulators blamed this accident on the autopilot function of the model. Later in 2016, the Company announced purchasing a solar city for almost $2.6 billion. Musk revealed that Tesla was focused on a master plan, ‘Deux,’ which had four major goals; developing stunning solar roofs, affordable vehicles rollout, advancing the self-driving mode to become safer than manual, and creating a sharing program.

In 2017, the Company changed its name to Tesla Inc, beginning a new era of the energy company. In November 2017, Tesla unveiled the concept of the Tesla Roadster, with its price being at $250,000, depending on the client’s model of choice. Musk, in August 2018, announced his considerations of taking Tesla Private at $420, a share, and Musk was later sued for making misleading and false statements of Tesla shifting to private. In 2019, the project Shangai factory by Tesla broke the ground being the first automaker from western owning a factory in the state of China without joint ventures. In marc of the same year, Tesla announced its Model Y, a compact SUV with a range of 300 miles costing $47,000. In June 2020, Model S was the first E.V. to attain 400-miles range as rated by the EPA. The Company attained this by cutting or minimizing weight while maximizing regenerative braking.

Financials

Revenue is the amount attained by a firm from the clients in exchange for services and goods. The revenue is often the item in understanding the statement income in which all the expenses and costs get subtracted to attain the net income (Mehta & Bjavani, 2018). Tesla’s revenue growth as of 2021 quarterly was at $13.757B, an increase of 56.85% every year. Revenue for twelve months dated 30th September 2021 was at $46.848B, increasing 66.27% every year. The Company’s revenue was at 2020 was at $31.536B, an increase of 28.31% from the previous year. Tesla attained revenue of $24.578B in 2019, an increase of 14.52% from 2018. In 2018, the Company made a revenue of $21.461B, an increase of 82.51% from 2017.

Tesla Annual Revenue (Millions of US $)

2020 $31,536
2019 $24,578
2018 $21,461
2017 $11, 759

Tesla Quarterly Revenue (Millions of US $)

Year/Month 2017 2018 2019 2020 2021
31st March $2,696 $3,409 $4,541 $5,985 $10,389
30th June $2,790 $4,002 $6,350 $6,306 $11,958
30th September $2,985 $6,824 $6,303 &8,771 $13,757
31st December $3,288 $7,226 $7,384 $10,744

Market performance

The Company is one of the most vulnerable companies globally, with a market cap estimated to be $1 trillion. The Company comprises of greatest sales in plug-in electric and battery electric vehicles by capturing over 16% of markets dealing in plug-in and 23% of the market in the purely electric battery. Through Tesla’s energy subsidiary, the Company expanded and has become one of the major installers in photovoltaic systems in the U.S. Also, Tesla is among the largest suppliers of storage systems in battery energy globally, and in 2020, it installed a three gigawatt-hours (GWh). Tesla in 2020 succeeded in placing an electric cars over the radar in various buyers who might not have contemplated them.

In 2020, it became a constituent of the S&P 500 and opened with a weighting of 1.69% index and the fifth largest. Investors, including the active managers and passive fund managers that apply the S&P 500 benchmark, embraced the shares by Tesla that pushed the stock by 6% (Mehta & Bjavani, 2018). The increasing company shares resulted in Tesla having a market capitalization greater than $658 billion.

Major Tesla competitors in the market include the traditional auto firms such as Ford Motor Company, founded in 1903, and General Motors, which started in 1908. By 2021 July, Tesla inc. had gained a $680 billion market cap compared to Ford and General Motors, which gained $57 billion and $82 billion, respectively (Cheng, 2021). Other automakers active in the industry include Hyundai, Volvo, Volkswagen, Mazda, Kia, and Honda. Despite the traditional automakers creating gasoline-electric hybrid cars and pure electric vehicles like Nisan leaf, Tesla stills hold a high-cache status not yet reproduced by the automakers.

Prospects and investment recommendations

Tesla motos inc. is a stock high-rewarding and is ranked an interesting company globally. Musk, a founder of a controversial technology in Silicon Valley, could boost the expectations of investors. Tesla has attracted attention where the Company attained a market-cap trillion-dollar stratospheric valuation that has attained megatitans globally (Ross, 2021). Tesla holds a greater potential for predicting difficult TSLA investors that could tamper expectations with potential risks faced in coming years. However, one should take measures while investing in the expensive Tesla brand. Despite tax breaks from alternative technology and Tesla consumer Model S, it has faced great tags before discounts or incentives.

When investing in Tesla Inc., it is significant to review the low prices of gas wherein 2015; the Company had lost its luster. The gas quandary by TSLA is increased by the production oil company that is debunked by increasing production. With the aid of horizontal drilling and hydraulic fracturing that is effective in extracting oil. Suppose Tesla generates consistent and auto manufacturer that could transition when cheap alternatives that are petroleum-based transition.

References

Cheng Marguerita (2021). Who are Tesla’s (TSLA) Main Competitors? https://www.investopedia.com/ask/answers/120314/who-are-teslas-tsla-main-competitors.asp

Mehta A & Bjavani G (2018). Financial Statement Analysis on Tesla. https://www.researchgate.net/publication/330523457_Financial_Statements_Analysis_on_Tesla?enrichId=rgreq-0c159ada7653dc17b2adc2bee2d70cdc-XXX&enrichSource=Y292ZXJQYWdlOzMzMDUyMzQ1NztBUzo3NDM4NDE4NTAxOTU5NjhAMTU1NDM1NzEyNTU5OA&el=1_x_2&_esc=publicationCoverPdf

Rapier G (2018). Tesla has named two new board members- here is the full list of company directors. https://www.businessinsider.com/tesla-board-of-directors-full-list-elon-musk-chairman-replacement-2018-8?r=US&IR=T

Ross S (2021). 6 Big Risks of Investing in Tesla Stock. https://www.investopedia.com/articles/markets/102815/biggest-risks-investing-tesla-stock.asp

Thompson C (2020). Tesla is celebrating its 1oth year as a public company today. Here are the most important moments in its history. (TSLA). https://africa.businessinsider.com/tech/tesla-celebrates-its-10th-year-as-a-public-company-today-here-are-the-most-important/2wj99ec

Tesla Marketing Plan For Southeast Asia Free Essay

Section 1: Executive summary

Tesla Inc. is one of the largest companies in the world and automaker. The company is quite famous for its electric vehicles. The company’s CEO is Elon Musk and aims at mitigating climate change by reducing the emission of greenhouse gases by carbon-fueled vehicles. Tesla Inc. is the leading global manufacturer of electric vehicles. The company’s main mission is to speed up the transition to clean and sustainable energy throughout the globe (Tesla 2021). The company is heavily focused on mitigating climate change and environmental pollution by providing safer alternatives for energy production such as solar tile panels, energy-storing battery and a home-sized grid powered by solar power. The company also aims at developing smart cars that are fully automated to elevate driver’s experience.

The company also seeks to introduce cheap and affordable electric vehicles that will help people reduce their carbon footprint to help save the planet and mitigate their role in climate change. Tesla’s electric cars are the future and will help improve how other automobile companies like Mercedes and Volkswagen manufacture environmentally-friendly vehicles. Car emissions play a critical role in contributing to air pollution, which aids in destroying the ozone layer leading to global warming. In addition to this, the rate of pollution is increasing as the number of people owning petrol/diesel-driven cars is increasing. Thus, Tesla provides an effective alternative solution through electric-driven cars that are environmentally friendly since they utilize clean energy as the main energy source.

The 2021 UN climate Change summit held in Glasgow, Scotland, pushed more countries to reduce their GHGs emissions to curb environmental pollution and global warming (Newburger 2021). As such, more countries have signed the deal to help introduce and adopt the use of clean energy sources to deal with the ongoing climate crisis. This offers a good opportunity for Tesla Inc. to venture into new markets, especially in the South East Asia region, where most countries are looking into adopting clean energy strategies to reduce their carbon footprint. Southeast Asian countries are some of the leading countries in the world in terms of air pollution, with Bangladesh being the world’s most polluted country. As such, most of the countries in the region like Singapore aim to lower their pollution rates, which could provide an opportunity for Tesla Inc. to venture or penetrate the South East Asia automobile market. In addition to this, it could play a critical role in helping develop the region’s economy. It would provide employment opportunities to thousands of people and improve trade and industries in the region.

World plugin vehicle sales

Graph 1; Tesla Model 3 being the most sold electric car in the world

Section 2: Environmental Analysis

Southeast Asia countries include Singapore, Bangladesh, Indonesia, Thailand, Vietnam, the Philippines, and Malaysia. These countries have a high population that is highly diverse made up of different ethnic groups from Asia. The countries are also developing at a rapid rate. Indonesia has been noted to have the largest economy out of the South East Asian countries. The high population rate offers customers Tesla electric cars. Most of the countries have a high middle-class population that is consumption-minded, which could prove vital for Tesla’s ability to grow in the region’s automobile industry. As such, people will be able to buy Tesla cars since it is a popular car brand. The countries are also becoming technologically advanced, and buying Tesla electric cars could be seen as embracing technological development in the region.

Global sales of electric vehicles

Graph 2: sale of electric vehicles globally

Aside from the population, Tesla faces stiff competition from other automobile manufacturers in the region. Japan automobile companies are the major suppliers of vehicles in South East Asia. Toyota is the leading automaker in the region, with a market share of about 84% (Schreffler 2016). Other brands from Japan that are also selling cars in the region include Mitsubishi, Honda, and Isuzu. European automakers are also possible competition in the region for Tesla. Companies like Mercedes, BMW, and General Motors have also reported active sales in the region, and this could affect the ability of Tesla to enter the South East Asia market. The companies are also developing their electric and hybrid cars to increase the competition on Tesla’s electric cars and avoid letting the company have a monopoly on the EVs industry. However, Tesla cars offer new designs and possibilities that most people in the region welcome. An article by South China Morning Post opines that people in Singapore, Indonesia, the Philippines, and Vietnam are willing to purchase an electric vehicle (Jaipragas, 2021). This is because the population is becoming more conscious of climate change and would like to play a role in mitigating the challenge. As such, they are open to purchasing Tesla’s electric cars to reduce their carbon footprint.

Additionally, the regions’ governments are encouraging the use of electric cars to align with their goals of reducing the emission of GHGs into the atmosphere. Different governments have introduced policies and tax perks that allow electric car makers like Tesla to thrive in the region. The government tax perks in countries like the Philippines will significantly help Tesla enter the market as the government encourages its citizens to embrace electric cars. To reduce pollution in the region, most of the governments have put in place tax perks and incentives to encourage companies like Tesla to produce more electric vehicles for the region. Through the combination of the two, the prices of EVs will fall, making it possible for more people to afford them (Jaipragas, 2021). Better FDI policies will help the company assemble cars at a cheaper rate in the countries to lower the importation of the vehicles from the US. For instance, through the BlueSG Program, the Singaporean government is installing about 2000 charging stations for EVs throughout the country (Wong 2018). Such a program could help the company overcome one of its biggest challenges: the installment of charging units. The installment of the charging units will make it easy for people to charge their vehicles since they will be easily accessible to EV owners.

Section 3: Marketing Objectives

The main marketing objective of the marketing plan is to increase Tesla’s global market share. The marketing plan aims to increase Tesla’s reach in the South East Asian region to improve its market share globally. The company is the largest plug-in electric vehicles manufacturer in the world. However, it still faces serious competition from oil-driven automakers who also develop hybrid cars that utilize oil and electricity. Thus, the marketing plan is focused on improving Tesla’s market share and overcoming its competitors in terms of sales. Creating brand awareness in the South East Asia region is another marketing objective of the paper. This can be achieved by adopting different marketing strategies to help people in South East Asian countries recognize the brand and its values. An effective brand awareness campaign will be critical in helping the company gain new customers for its electric cars. Brand awareness will also help the public understand Tesla’s goals and how electric cars could help them mitigate climate for a better environment for future generations. Brand awareness would also help create brand loyalty among Tesla users. Marketing the electric cars will also help familiarize the customers with other services that the company provides through their website, such as installing solar-powered roof tiles, which the consumers might be interested in accessing the service.

Apart from creating brand awareness, creating brand loyalty is also another objective of the marketing plan. The company aims at adopting different marketing strategies and incentives that will help promote customer loyalty. Customer loyalty will be critical in increasing Tesla’s market share and dominance in the automobile industry in the South East Asia region. It will help improve the sales of the cars as more customers will frequent purchasing electric cars from the company rather than other brands. Lastly, the marketing plan focuses on helping Tesla enter the South East Asia automobile market and as a stepping stone towards entering the larger Asian automobile market. The largest competitor for Tesla in Southeast Asia includes Japan’s Toyota and other automaker brands from the country. As such, the marketing plan aims at helping the company overtake its largest competitor, Toyota, and placing itself as the largest automaker brand in South East Asia. If this happens, it would be easy for Tesla to become a major competitor for Japan’s top brands in Asia. The company would also increase its dominance on a global scale as the success in South East Asia would encourage the company to venture into other territories such as Africa.

Section 4: Marketing Strategy

The marketing strategies that are to be employed by the marketing plan for Tesla aim at creating awareness of the company’s products to consumers in South East Asia. It will also help improve the interaction between the company and the consumers because they will be aware of different types of cars that the company offers and at what price. Doing this will help build credibility among them, critical in building customer loyalty towards Tesla. The first strategy or approach in marketing Tesla in Southeast Asia is social media marketing. Digital marketing has become an important aspect of the market in today’s world because of the increased internet usage and social media (Van-Tien Dao et al., 2015). It is not uncommon to find people with their hands full with their phones and heads submerged into their smartphones. Almost everyone who uses a smartphone has a social media account, and this could prove pivotal for Tesla’s success in South East Asia. Southeast Asia is fast becoming a digital marketing hub as most of its citizens are online users. The presence of online active social media users in the region offers an opportunity for Tesla to advertise its electric cars and features. Clients could follow different Tesla social media accounts and check some of the available cars and how they can buy them. Their social media accounts could also contain vital information such as the company’s website to buy the cars directly rather than visiting the dealership.

Aside from social media marketing, Tesla could employ the use of referral programs as a way to boost people’s knowledge of their electric cars. Referral programs are incentive-driven programs that allow former customers to recommend the products from a company to friends and families (Shmitt, Skiera, and Van den Bulte 2011). The system is used to help companies gain customers by creating a network of customers who might become loyal to the brand. The program focuses on turning past customers into the company’s product advocates. Thus, marketing is done through word of mouth, and the level of relationship between the brand advocate and their referee helps convince them to buy the product. The Tesla referral program can be a proper marketing strategy to employ in South East Asia as most people are close to each other and can refer the car to their friends and family members. Tesla’s referral program allows people to share the referral link to their loved ones once they download the Tesla app. Later, they can win prizes such as $500 solar panels when a person orders a Tesla vehicle through their referral code (Tesla, 2021). The program will prove to be a critical strategy as it gives customers the opportunity of winning different Tesla products, which could also help market more of the company’s products.

Another marketing strategy Tesla could use to increase its sales and revenues in the South East Asia region would be to research and develop new technologies to help meet the customers’ transportation needs. Tesla Inc. celebrates being a quite innovative company than most automaker brands. The company explores new research and development designs to help improve their cars and services that could elevate the efficiency of their vehicles and the experience of the driver. The company could research some suitable inventions that could help increase their market share and make their company help customers meet some of their day-to-day activities (Shim, Kim and Altman 2016). Research and development as a marketing strategy could also help the company discover different wants and needs from the South East Asia consumers that differ from those in the US. This could help them have the edge over their competition. Therefore, the research and development team could help develop innovative technologies and designs that are more suitable to the South East Asia market.

The company could also run promotions to help create awareness of their electric cars and increase their brand awareness. Promotions are a major form of advertising and marketing. One of the most effective promotion strategies that the company could explore in marketing its programs is sales promotion. The strategy involves offering customers points in the purchase, coupons, premiums, and discounts on different products. The strategy could work well for Tesla, especially since it wants to expand its market share in the South East Asia region. Sales promotion would help launch the company in the new market by creating brand awareness to new consumers. Lastly, the company could partner with companies like car renting agencies in the region to promote their cars and other products. The company has recently entered into a partnership with Hertz Corporation, and the deal will help increase Tesla’s revenue and sales in different countries in Europe and America (Levin 2021). Hertz Corporation is an international company that offers car renting services. Tesla could also enter into a similar partnership with a company from South East Asia to help market and create awareness of the brand.

Section 5: Marketing Action Plan and Implementation

One of the strategies to implement would be social media marketing since it is a cheap advertising method and does not require much to be done. Tesla could open different social media accounts dedicated to the South East Asia region and possibly individual countries. For instance, the company could create a Tesla for Singapore Twitter, WeChat, Facebook, and TikTok account to post Tesla cars for Singapore online users. Creating personalized social media accounts for different countries or regions helps the customers feel valued, which helps increase their appreciation of the product. It will also help the company overcome the language barrier issue since most of the populace in the region are non-English speakers and cannot understand the type of posts that have been put in the common Tesla account. Therefore, through social media, Tesla can create numerous social media accounts that will help provide information on their cars to the customers in the South East Asia region.

After creating social media accounts, Tesla can use the same platforms to create awareness on different company information, referral programs, and promotions that can be accessed through the company’s app and website. For starters, the platforms can advertise promotions on the sale of cars and discounts to allow customers to buy electric cars at a lower price. The company could create a social media challenge that would give a chance to fifty people to win a new Tesla model if they have more likes for their posts or get their posts retweeted or shared multiple times. This marketing strategy would help increase the brand awareness of the company’s vehicles. It would also align with the company’s goals and mission statement since it would help create awareness on the need to protect the environment through adopting alternative forms of energy such as electricity which is a clean source of energy and environmentally friendly. Tesla could also use their referral program to create awareness of its cars and gain new customers through referrals. Customers who refer other people to buy a Tesla car could receive different rewards or loyalty points that could be redeemed as car service and software updates. The referral program would also be an efficient way to increase brand awareness in the region as people will share their experiences and views on its products.

Additionally, the research and development team could collaborate with the marketing team and find an innovative way to enter the region’s automobile market. They could do this by developing vehicle designs that meet the popular public transportation designs used daily. Tesla could be innovative and develop electric Jepneeys and Trikes. Jeepneys and Trikes are some of the most common forms of transportation in South East Asian countries like the Philippines. However, the vehicles are among the highest emitters of GHGs, and providing electric designs would help the governments meet their environmental goals (Lowe 2014). Since vehicles are the most common modes of transportations in the region, developing Tesla-inspired eJeepneys and strikes could help create large brand awareness. Lastly, Tesla could partner with popular rental car agencies in the region to help promote their vehicles. For instance, Tesla could partner with AKA Car Rental, one of Singapore’s largest car rental agencies. The car rental agency offers clients cheap rates, making it quite popular among users (AKA Car Rental 2021). This could help promote Tesla cars to Singaporean customers who will be aware of them since they can rent them. Thus, by partnering with different car rental agencies, Tesla can expose people to experience riding an electric car, which could motivate them to buy a Tesla.

eJeepneys eTrikes

eJeepneys and eTrikes

Section 6: Budget, Evaluation, and Control

The budget needed to implement the marketing strategy could be around $3,000,000. Social media provides a cheaper marketing strategy that will most likely cost less since opening a social media account is free. However, around $50,000 will be used to promote the company’s social media accounts to have a better outreach to online users. Around $400,000 will be used to reward customers who have made referrals to their friends and families, and it has been used to purchase a Tesla vehicle. The rewards will include various Tesla products and services, which could also help create brand awareness. About $2,100,000 will promote and reward the social media campaign and challenge that will see fifty people receive a brand new Tesla Model 3. The challenge will create a larger online presence and consumer base as it will be a competition for the number of people reacting and interacting with posts related to Tesla cars. The company will also have to seek out possible partners from companies like car rental agencies to promote Tesla vehicles. Through the funds provided, the company will launch an effective marketing campaign in South East Asia that will effectively create Tesla’s brand awareness.

Section 7: Conclusions

Indeed, Tesla is a global leader in the electric car industry, and venturing into the South East Asia market will significantly increase its market share in the automobile industry. Southeast Asia countries are fast developing and experiencing rapid economic growth. The countries and their citizens are becoming conscious of improving their environments to mitigate climate change and air pollution. Thus, the adoption of electric cars is welcomed, and Tesla can enter the market. However, the company faces competition from Asian giant automakers Toyota, the largest supplier of vehicles in the region. Thus, a good marketing strategy can help the company negate the challenge and overcome its competitors. Tesla Inc., through its R&D department, could develop eJeepneys and eTrikes to help create awareness of their vehicles since cars are among the most common modes of public transportation. The company could explore social media platforms to help create awareness of their cars and how they are effective and different from other cars. Developing a social media account is easy and free, which provides the company with a cheaper marketing strategy. The company could also partner with car rental agencies as a way to promote their cars. Through social media, the company can run promotions and referrals that could help create brand awareness and loyalty among users. Therefore, by implementing the marketing strategies proposed, Tesla will witness better sales and revenue in the South East Asia region.

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