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The Golden Circle Model

  • 05 Pages
  • Published On: 22-11-2023
The "Golden Circle" Model

The Tesla has grown both financially and market share in the automobile industry beating Ford, Nissan, and Fiat to the top ten automobile companies' apex. According to statistics and reports, the company registers an average brand value of 20% each fiscal year (Klebnikov, 2020). Besides other companies in various fields, Tesla fits in Sinom Sinek's approach of brand valuation. The concept explains why some organizations inspire people while others do not. According to Sinom, the reverse of his approach shows that several organizations have in depth knowledge of what to do while knowing very little about why to do what they do. Many leaders replay the "why" with the result of what they do. Tesla is one of the most successful companies because of its approach to attract customers. The organization has two primary approaches in its brand development and promotion. It keeps searching for new and unexplored customer desires. The organization believes that new thing comes with new experiences which are vital especially to the customers. Secondly, Tesla focuses on new car production techniques that are environmentally friendly and contributors to future technologies (Riasanow et al., 2018). Applying the first concept of the "Golden Circle" indicates that the organization is availing of its product first by defining the future. Their reason for providing comfortable automobile solutions to consumers is to sell safe and innovative products. Tesla additionally looks up to create the most compelling car and other related processes. This hence brings the second concept of "How" they do it. Whatsapp The organization is focusing on contributing to the futuristic life through the provision of travel solutions through electric and self-driving cars. One way of implementing the "why" bit of the golden circle is to make a difference in their service way. In line with its vision, Tesla prioritizes a unique and convenient customer experience at all levels of service. Delivering on promises is also one of the priorities of the organization under any circumstances. All these points brought together explains the second segment of Sinom's concept. An organization with a clear understanding and implementation of the golden circle's inside-out approach does not have to state the last bit, which is the product practically. As seen in Tesla’s case, it is easy to understand that Tesla cares about the safety, innovativeness, and future of technology (why) by making a difference in their customer's experience (how) when manufacturing and selling cats (what).

The Principal Attributes and Characteristics

Tesla has the three principal attributes that attract customers in its marketing approach. First, Tesla has modelled itself as a company that breaks barriers and pushing boundaries set by such factors as technology, cultural perspective, consumer behaviour, and market acceptance by venturing electric automobiles by in 2004. The other idea the company applies is the provision of high-quality products. The second principle is purposeful existence within the market. Tesla seeks to add value to the ever-growing technological journey through innovations (Chen & Perez, 2018). This concept is implemented by exploring new techniques and technological ideas. Lastly, Tesla is operating under a well-organized management system that makes sober decisions. The organizational structure of Tesla allows smooth operations, which enhances customer experiences and ultimately bringing employee productivity. One of the positioning strategies that the organization is exploring is its involvement in nearly all sectors of automobile production. Tesla indulges in all car manufacturing supply chain points like industrial manufacture, distribution, marketing, and customer care services. Perhaps one of Tesla’s most influential product positioning is its availability in nearly the entire United States and its ability to gain a rapid global expansion (Mangram, 2012).

Five Distinctive Traits

The five distinctive traits are highly upheld in the organization. Since its formation in 2004, the organization has been at the forefront to deliver its promises, especially those regarding customer service and quality products. One of Tesla’s significant success is the drive to make its customers comfortable through various preferences of cars as desired by the clients. This feature provides the organization with the second attribute. The third attribute of the organization is the unique positioning as leader in electric cars and innovative in autonomous segment as well as customer experience. It also ensures that customers are professionally handled by receiving friendly employees and quality products. Wide availability and profitable customer experiences points to the third attribute, vital for any organization's success (Mangram, 2012). At Tesla, the mission and vision are known by all employees to align the external and internal objectives to the brand. The organization looks forward to making customers satisfied by providing quality and comfortable cars. In this way, Tesla contributes to its external duties by promoting technological innovations that correspond to the automobile industry. All these considerations connect the internal to the external commitments to improve the brand. Through its marketing strategies and brand promotion, Tesla can maintain its brand relevance thanks to its unique marketing approach. Its contribution and promotion towards technological innovation keep the organization in the limelight to provide efficient fuel solution.

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References

Chen Y., Perez Y. (2018) Business Model Design: Lessons Learned from Tesla Motors. In: da Costa P., Attias D. (eds) Towards a Sustainable Economy. Sustainability and Innovation. Springer, Cham. https://doi.org/10.1007/978-3-319-79060-2_4

Klebnikov, S. (2020). Forbes: Tesla Is Now The World’s Most Valuable Car Company With A $208 Billion Valuation. https://www.forbes.com/sites/sergeiklebnikov/2020/07/01/tesla-is-now-the-worlds-most-valuable-car-company-with-a-valuation-of-208-billion/?sh=503e05a53347

Mangram. E, M., (2012) The globalization of Tesla Motors: a strategic marketing plan analysis, Journal of Strategic Marketing, 20:4, 289-312, DOI: 10.1080/0965254X.2012.657224

Riasanow T., Galic G., Böhm M., Krcmar H. (2018) Digital transformation using the example of the automotive industry. In: Oswald G., Krcmar H. (eds) Digital Transformation.

Information management and digital transformation. Springer Gabler, Wiesbaden. https://doi.org/10.1007/978-3-658-22624-4_12


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