STR 581 University of Phoenix Week 5 Pitching the Plan PPT

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Business Finance

STR 581

University of Phoenix

STR

Description

The Week 2 and week 4 assignments that are referenced are attached and to be used for this assignment. 

Using your approved strategic plan from the Wk 2 - Strategic Plan Research assignment, complete the following:

Create a 5- to 7- slide Microsoft® PowerPoint® presentation, with speaker notes and visuals on each slide, that will sell your identified improvements to the strategic plan, based on your Wk 4 analysis.

Include the following:

  • Summarize the threats and challenges you have identified within the current strategic plan.
  • Determine how to execute the strategic initiatives in order to address the threats and challenges.
  • Explain proposed process improvements.
  • Assess whether additional resources are needed.
  • Describe how resources should be used in the application of the strategic plan.
  • Utilize KPIs to justify the financial investment and to measure the success of the proposed improvements to the strategic plan.
  • Justify your recommendations based on anticipated Return on Investment (ROI).


Unformatted Attachment Preview

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 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 and supercharger network. Key objectives Our key primary objectives revolve around satisfying our customer needs by producing high-quality, unique, and environmentally friendly technologies. Again, Tesla seeks to improve its profitability by developing strategies to increase sales, especially by tapping into the newly emerging markets such as Asia, Africa, and Brazil (Fortuna, 2020). Market development Emerging Trends in the global car manufacturing or automotive industry are increasing day by day due to advancements in technology. In Tesla’s case, electric car model prototypes and demand for safe and clean energy drive the industry company towards profitability. The United States government is focused on controlling climate change. Therefore, the U.S. government incentives to support companies focused on environmental sustainability will increase Tesla’s development. TESLA STRATEGIC PLAN 3 Process improvement Tesla’s products are highly-priced at this time. This is due to low production capacity because of computer chip shortages in the supply market due to Covid-19. Again, most of our customers have noted various challenges such as gaps between body panels and chipped glasses with our new Tesla car brands. Therefore, the company must find new suppliers in the market and fix errors in future models to reduce the challenges. Development of People With the rapidly changing environment, Tesla engages in continuous training and development programs to help employees adapt to industry changes faster. As a result of this, Tesla is one of the few companies with high employee retention rates. Product/Service The company engages in producing highly innovative, unique, and environmentally friendly products that are at the center of revolutionizing the world. Tesla’s objective is to offer customers a one-of-a-kind service that will make them enjoy every minute at Tesla. The primary product differentiator is its innovativeness, which makes it hard for competitors to imitate. Key Performance Indicators (KPIs) The company’s KPIs include the number of new cars delivered to the market per quarter, total sales recorded per year, and the number of returned cars to the manufacturing plant. TESLA STRATEGIC PLAN 4 Initiatives to Support Objectives to Improve the Strategic Plan Some key initiatives include engaging in good public relations and investing extensively in marketing activities to increase its visibility. Again, Tesla should continue producing unique, quality, and environmentally friendly products to attract more customers. Adapting to Changing Environment The technology and automotive industry are frequently changing. For Tesla, managers and leaders need to understand the type of change, build employee skills and encourage continual learning and development. TESLA STRATEGIC PLAN 5 References Fortuna, C. (2020). Tesla's 5 Biggest Competitive Advantages. CleanTechnica. Retrieved October20, 2021, from https://cleantechnica.com/2020/07/16/teslas-5-biggestcompetitive-advantages/. 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

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Improvement to TESLA’s Strategic Plan
Name
Institution
Course
Date

Introduction of Company With Mission & Value Statement
• A U.S-based innovative automotive and
energy solutions company.
• Founded in 2003 by American
entrepreneurs Martin Eberhard and Marc
Tarpenning.
• Named after Serbian American inventor
Nikola Tesla.
• Mission revolves around accelerating the
world’s transition to sustainable energy.
• Vision focuses on driving the shift towards
electric vehicles.
• Tesla is revolutionizing the world with
environmentally friendly and affordable
cars.

Threats And Challenges You Have Identified Within
The Current Strategic Plan
• Threats
• High competition.

• Fluctuations in the prices of raw materials.
• There are no self-driving regulations in any
country.
• Dealership regulations will lower profitability.

• Challenges
• Its products are higher-priced than industry
rivals.

• Limited market presence.
• Manufacturing complications.

Proposed Process Improvements. Assess Whether Additional
Resources Are Needed
• Tesla’s products are highly-priced at this
time.
• Tesla has a low production capacity.
• Tesla faces computer chip shortages.
• Customers complain of gaps between body
panels and chipped glasses.
• The company must find new suppliers in the
market.
• The company must fix errors in future
models to reduce the challenges.

How Resources Should Be Used In The Application Of The
Strategic Plan

• To satisfy customer needs by producing high-quality, unique, and
environmentally friendly technologies.
• To improve its profitability by developing strategies to increase
sales.
• To tap into the newly emerging markets such as Asia, Africa, and
Brazil (Fortuna, 2020).
 Initiatives to Support Objectives to Improve the Strategic
Plan


Engaging in good public relations.



Investing extensively in marketing activities.



Increasing its visibility.



Continue producing unique and quality products.



Produce environmentally friendly products to attract more
customers.

KPIS To Justify The Financial Investment And To Measure
The Success Of The Proposed Improvements To The Strategic Plan
• Product...


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