STR 581 University of Phoenix Wk 4 Tesla Strategic Plan Analysis

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STR 581

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Using your analysis of the strategic plan from the Wk 2- Strategic Plan Research assignment (this is attached as a file), complete the following:

Analyze in 350 to 525 words the:

  • Purpose of the strategic plan
  • Key objectives:
  • Market development and how your ideas fit
  • Process improvement
  • Development of people
  • Product/service – How do you deliver? Is there a way to improve quality over time to differentiate?
  • Key performance indicators (KPIs) to measure performance over time

Recommend initiatives to support your objectives to improve the strategic plan.

Identify ways to adapt to the changing business environment.

Unformatted Attachment Preview

1 Tesla Strategic Plan Cheryl Lazio University of Phoenix STR/581 Claudia Duranceau 10/05/21 TESLA STRATEGIC PLAN 2 Tesla Strategic Plan Introduction and Company Background Formerly known as Tesla Motors, Inc., Tesla Inc. is a U.S-based innovative automotive and energy solutions company founded in 2003 by American entrepreneurs Martin Eberhard and Marc Tarpenning and was named after Serbian American inventor Nikola Tesla.. The company’s mission revolves around accelerating the world’s transition to sustainable energy, while its vision focuses on creating the most compelling car company by driving the shift towards electric vehicles. Under the leadership of Elon Musk, Tesla is revolutionizing the world with its products and services that are not only environmentally friendly but also affordable. Tesla’s SWOT Analysis Strengths Weaknesses • Tesla is a strong brand • • Highly innovative with its products • Strong control on the production process • Limited market presence • High employee retention rates • Manufacturing complications Its products are higher-priced than industry rivals Opportunities Threats • Expand its sales globally • High competition • Business diversification • Fluctuations in the prices of raw materials • Tap into the global supply chain • There are no self-driving regulations in • Government incentives due to environmental sustainability any country. • Dealership regulations will lower profitability TESLA STRATEGIC PLAN 3 Evaluation of Internal factors Tesla’s highly diversified brand is responsible for high rates of innovation. Tesla Inc. is a highly innovative company with a strong brand capable of supporting its expansion to the global market. Its high rate of innovation, especially when coming up with the first electric car, is essential in empowering the company to create competitive and profitable brands globally. Tesla possesses robust control over its production processes based on its vertical integration, centralization, and hierarchical organizational structure. This factor plays a huge role in minimizing issues related to third-party involvement. However, the company has a limited market presence by targeting only a small market of customers in the United States and China (Dudovskiy, 2021). Tesla also has manufacturing complications with a weaker manufacturing base compared to the competition. The original manufacturing plant is in Fremont California, but Tesla is building factories around the world as part of a plan to massively increase productivity and transform energy usage. Evaluation of External Factors Tesla’s external factors can be used to strengthen its performance, increase managerial effectiveness, and strategic growth. Tesla Inc. has solid potential to expand to the global automobile market to support its growth. The company can improve its profitability by tapping into Asia’s automotive and renewable energy segment. Again, the company can tap into the global supply chain to buy its raw materials cheaply. Similarly, Tesla focuses on product diversifications by acquiring new businesses that reduce its exposure to automotive industry risks. Lastly, by producing environmentally friendly products, the company is attracting more funding and incentives from the U.S government. However, the company still faces competition from other brands such as General Motors, which tends to lower profitability. TESLA STRATEGIC PLAN 4 Conclusion and Competitive Advantage In conclusion, Tesla’s future is luminous due to its various competitive advantages. The company invests a lot in research and development, elevating Tesla to the top position as a market leader in industry innovation. As a result, Tesla’s battery supply chain, supercharger network, continuous software upgrades, and artificial intelligence are revolutionizing the industry, increasing its profitability (Fortuna, 2020). TESLA STRATEGIC PLAN 5 References Dudovskiy, J. (2021). Tesla SWOT Analysis - Research-Methodology. Research-Methodology. Retrieved October 5, 2021, from https://research-methodology.net/tesla-swot-analysis-2/. Fortuna, C. (2020). Tesla's 5 Biggest Competitive Advantages. CleanTechnica. Retrieved October 5, 2021, from https://cleantechnica.com/2020/07/16/teslas-5-biggestcompetitive-advantages/.
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Explanation & Answer

View attached explanation and answer. Let me know if you have any questions.

1

Tesla Strategic Plan – Week 4

Cheryl Lazio
University of Phoenix STR/581
Claudia Duranceau
10/05/21

TESLA STRATEGIC PLAN

2
Tesla Strategic Plan – Week 4
Purpose of the Strategic Plan

Tesla Inc. will succeed in the market by continuing to manufacture innovative and energy
solutions for the company. Again, Tesla will grow by prioritizing and accelerating the world’s
transition to sustainable energy and creating a more compelling company primarily focused on
shifting its production towards sustainable technologies that are friendly to the environment. Our
primary competitive advantage is investing in research and development and a number one
battery supplier...


Anonymous
Really helpful material, saved me a great deal of time.

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