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MBA501 Dynamic Strategy and Disruptive Innovation

Assessment Title: Stakeholder Analysis and Strategy Development Report

Kaplan Business School, Australia

Assessment Description

You are required to research Tesla Motors and develop a Stakeholder Analysis and Strategy Development Report. As a starting point, listen to the BBC interview with Tesla CEO Elon Musk;

The report should include an Executive Summary, Table of Content, and cover the following key focus areas.

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Question A.Introduction to Tesla Motors

This section should include an introduction to Tesla Motors. Need to capture the vision and mission of the company with recent developments, challenges, and industry trends.

Essential to provide a concise summary and an analysis of facts.

Answer: 

Tesla is American energy and automotive company. Its headquarters is, situated in Palo Alto, California. It specializes in manufacturing the electric car. The company is dealing with storage products, clean and pure energy generation products and others. Tesla strives in developing innovative products for their customers. It believes in zero emission future. In its products there are three element, which is mandatorily present such as efficiency, performance and safety. Its factory is located in Fremont, California. Tesla’s mission is to speed up the global transition towards the attainment of sustainable energy.

Tesla’s vision statement strives in developing the evolutionary car company of the present times by reinforcing the global transition towards the creation of the electric vehicle (Cassidy, 2016). Tesla focuses on two elements such as the product of the company and the brand image of the company. The company focuses on building a sustainable environment for the society and its people. The company also helps in building the shareholders or stakeholders value. The mission statement of Tesla provides focus in important areas of business operation such as financial position, competition and customers. Through its auto, pilot technology the company aims to revolutionize the commute of the people.

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Question B.Tesla Stakeholder View of the Organisation

Prepare a diagram with Tesla as the central organisation surrounded by the company’s stakeholder groups using the stakeholder view model.

For each stakeholder group identified in the stakeholder view model, research Tesla further and prepare a list identifying and describing the specific stakeholders within each stakeholder group.

Answer:

The company’s stakeholders include media, employees, SIG, Environmentalist, suppliers, governments, local community organizations, owners, consumer’s advocates, customers and competition (Martin, 2014). The organization influences the stakeholders by designing the batteries, solar panels and vehicles. T is also necessary for the company to maintain sound corporate social relationships to receive optimal benefit from them. It has a significant contribution in the global community (Dibrel, 2014).

Image 1.jpg

 Image 1: The most important stakeholders of Tesla

The stakeholder’s model is very relevant in today’s strategic market scenario. The stakeholder's view has three chief elements such as normative, instrumental and descriptive. The descriptive value provides the explanation in relation to the company and its impacts of the environment widely (Goetsch& Davis, 2014). The instrumental value aims in managing the stakeholders that help in attaining the business objectives. The business goals include sustainability, growth and increased profitability. The normative value takes into account that the stakeholders have an inherent value. The stakeholders must feel accepted and not just merely treated as shareholders of the company (Abdallah& Langley, 2014).

Image 2.jpg

 Image 1: The Stakeholder Model

The view of the stakeholder is taken seriously because it is the individuals and the group have the ability to affect or get impacted by the attainment of the goals of the organization. It is necessary for the organizations to comprehend the importance of stakeholders group and the related complexities (Wolf& Floyd, 2017). The urge of the stakeholder's group in expending the resources is related to the activities of the company. The stakeholder's approach considers the conceptual framework where the strategies are constructed required for managing business operations efficiently and effectively. The strategies of Tesla are constructed keeping in focus the needs of the stakeholders, which are monitored strategically and cordially (McLean, 2018).

There are many other strategies that can be included, such as, PESTLE analysis, SWOT analysis and Balanced Scorecards by the company (Albrechts, 2015).

The PESTE approach:

Political

The variations present in different regions and state.

Lobbying

Incentives and subsidies.

Governmental pressure

Economic Factors

Currency exchange

Employment Level

Interest and growth rates

Socio-cultural Factors

Change in the lifestyle of the people.

The demographics of the nation.

Values, culture and norms (Wheelen et al, 2017)

Technological Factors

Development and research.

The process of innovation involved in the company

Diffusion

Environmental Factors

Pollution

Sustainability

Global Warming.

Legal Factors

De - regulation

Hiring Laws

Legislation

Court system

Table 1: The PESTLE Framework of Tesla

SWOT Analysis of Tesla –

Strengths

High growth rate.

Increasing growth of the charger network technology.

Engineering Expertise.

Sustainable innovation.

Weakness

High price of the Tesla products

Very high debt  (Weigand et al, 2014)

Opportunity

Autonomous Driving.

Reducing prices can increase sales of the company's electric cars.

Tesla can introduce model, which can be used by the middle-income groups.

Tesla has immense opportunity in expanding globally and enter into strategic partnerships.

Supply chain network that is present in Asia region.

Threat

Competition

Financing the scale of business

New entrants in the automobile industry can pose a serious threat to the company

Table 2: SWOT Analysis of Tesla

The balanced scorecard analysis of Tesla is way of adding the non-financial functional measures into the old and traditional metrics thus providing a balanced picture of the company (Vecchiato, 2015). Here there are four elements, which must be taken into account by Tesla to change the direction of the company, they are:

Financial Perspective

It includes Tesla's cash flow, net income, expenses and revenue.

Customer Perspective

For customers Tesla has service options such as battery swapping, service center, valet service, Tesla Rangers.

Tesla is marketing its product to the customers based on handling, comfort and speed. It knows how to keep its stakeholders happy by providing sound technology in the automobile industry. Tesla also offers ireless updates to its customers

Growth or Learning Perspective

Improving the customer service agents and the sales.

The company is leading in its innovation technology by producing electric automobiles.

Maximizing the industry knowledge.

Internal Process Perspective

Optimum allocation of resources by the company.

Order processing.

Management of the inventory

Table 3: Balanced Scorecard Review of Tesla

The strategies made by the corporate administrators indulge in including elements that will help the company to go in the right direction of the success path. Implementing new corporate structures or determining the way of functioning of the organization. The company executives must analyses the direction where the organization is heading to (Greiner et al, 2014). The executives must also evaluate the nature of the business and the way they should be operated. Setting the questions, which will provide with the right direction, depend on three levels of the organization such as, corporate, division and business. Setting the direction for the organization can be a complex procedure.

The organization must have a vision and a mission to accomplish the organizational goals with the stakeholder’s contribution. Depending upon the mission statement, the organizational goals are attained aligning with the stakeholder's requirements. The values of the organization lay down specific principles that assist the company’s internal behavior and the bonding with the stakeholders. The company’s value can enable the company in recognizing the competition present in the external environment. The stakeholders must adhere to the values of the organization.

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Question C. Stakeholder Analysis for four selected stakeholder groups

Select four specific stakeholders and analyse their behaviour and motives.

Answer: 

The behaviours of the stakeholders are considered as counterproductive in nature. Before preparing the strategic plan for the stakeholders, it is necessary for the company to evaluate the behaviour of the stakeholders first. There are different behavioral categories about that of the stakeholders such as actual behavior, cooperative potential and competitive threat. The stakeholders of Tesla are categorized, such as governments, shareholders/investors, employees, customers and communities (Zahradnícková&Vacík, 2014).

For Tesla, communities have the highest priority in its stakeholder's list. The company involves itself in community development. It also caters to the requirements of the shareholders or investors from its automotive business. Tesla manages its company goals with the stakeholder’s expectation because the company knows that in the absence of the stakeholder, it cannot function. The stakeholders must be happily bonded with the company in order to run the business smoothly in the competitive environment. If the company do not align its business operation according to the government regulation in the automobile industry, then it might shut down (Arasa, 2015). Government is the chief stakeholder whom the Tesla needs to listen to and monitor the business activities accordingly.

Competitive Threat

The competitive threats include these elements, which might threat the organization and will prevent the company from achieving the company goals. It reflects a downside risk that is related with the stakeholders.

Cooperative Potential

The cooperative behavior potential is the actual behavior that is demanded by the company for its benefits.

Actual Behavior

The actual behavior explains the present status of the relationship of the stakeholder with company.

Table 5: The Stakeholder’s Behavioral Analysis

The stakeholder’s implementation procedure involves the behaviors analysis, explanation of the stakeholder’s behavior and the coalition analysis.

Image 3.jpg

Image 3: Stakeholders Strategy Formulation Procedure

The ultimate step is the coalition process that helps in recognizing the possible coalitions that might be present in the group of stakeholders. The stakeholders, who have the same competitive, cooperative and actual behavior, can be considered as candidates who can be engaged in the coalition process of strategic management. The similarity of the stakeholders can be found by recognizing the stakeholder’s beliefs, stakeholders and objectives.

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Question D. Stakeholder category identification and generic strategic programs for each of the four selected stakeholders

Identify the stakeholder category that each of the four stakeholders belongs to and list the generic strategic programs available for managing each stakeholder.

Answer:

There are cooperative potential and competitive threat, which are related measures to identify the potential stakeholder, who will be benefitting the company and its activities. The stakeholder’s power influences the business operation of Tesla.

Offensive Strategy

The team who have the capability of being potential and have less competitive threat adopts the offensive strategy. This must happen to see the cooperative potential characteristics of the stakeholders.

Defensive Strategy

The group having high threat and less potential of being cooperative in order to prevent the competitive threat on behalf of the stakeholders adopts the defensive strategy.

Swing Strategy

The firm adopts the swing strategy when it sees that the group of stakeholders has competitive threat and maximum cooperative potential.

Hold Strategy

The firm should adopt hold strategy when it sees that the group of stakeholders have low cooperative potential and less competitive threat.

Table 4: Generic Stakeholder Strategy

Swing Strategy -

The swing stakeholders have a very strong capability in affecting the results of a particular business scenario. The company strategy will think about bringing changes for the swing stakeholders. The elements that must be present in order to change the performance of the stakeholders. The swing strategy is implemented when the stakeholder group is considered a mixed blessing. Here the transaction process, decision forum and the stakeholder's interaction are taken into account to bring the transformation. With high threatening capabilities and high cooperative is considered the mixed blessings. Tesla should influence positively and reduce the threats.  The swing stakeholders can either hinder or maximize the business enterprises capabilities.

Offensive Strategy -

Here the organization improves the competitive position of the company by taking the majority of the market share that is held by the other competitors in the market. The offensive strategies involve indirect or direct attacks or indulging into new potential markets in order to avoid the obligatory competitor. This strategy is adopted and implemented when the organization recognizes the group of supportive stakeholders. In offensive strategy, the group of stakeholders, which can be considered, are having the supportive potential in them.

Involving supportive stakeholders can bring positive outcomes in business activities. The offensive strategy can be implemented when supportive stakeholders such as managers, suppliers, employers and customers are present (Cotter & Fritzsche, 2014). From each of the stakeholders that are mentioned can positively benefit the organization. Tesla through the maintenance of proper customer relationship thus in the process it is trying to keep them happy. Form the suppliers the company can leverage benefits in relation to the price of the raw materials required for automobile production. By positively influencing the employers, they can work more effectively towards the go attainment process of the organization. Motivation and training programs can influence the workers to work more strategically and in a more focused way.

Defensive Strategy -

Defensive strategies are administration implements that are utilized to arrest a threat from the competitor who is related in the automobile industry business. This strategy is taken into account so that the company can plan long run business operating in the competitive market scenario. The offensive strategy believes in strengthening the present values concerning the company, upholding the past or allowing the stakeholders to take in charge of them in the integration process. The strategy allows the firm to enter the new market location. Defensive strategies focus on preserving what the company have and utilizing the completive advantage to keep the market competitors away from interfering the business activities of Tesla. For controlling the activities of the competitors, the defensive strategy can be adopted.

Hold Strategy -

It assists in maintaining the programs and positions. It includes controlling the stakeholders in changing their position. When the stakeholder's group is marginal then the hold strategy is adopted. Here Tesla must carry on with the present strategic plan when running stakeholders through low co-operating and low aggressive are less important. Here the stakeholder is mapping is done. To understand the threatening and cooperative potential the analysis is done.

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Question E. Recommended strategic program for each of the four selected stakeholder groups including reasons for recommendations

Recommend a specific strategic program for each of the four identified stakeholders that are consistent with one of the generic programs identified in section D.

Answer: 

The recommendation about the four types of the stakeholders have been mentioned below in the table:

Resource Allocation

Tesla should initially organize its resources and prepare the formal budgeting procedure to understand the requirement of the stakeholder. This will help the company to roll out the strategic plan.

Prioritizing the Hierarchy

The group of stakeholders associated with the company must be ranked according to the company's priority. The resources must be allocated according to the company priority about the stakeholders.

Rational Allocation

The rational allocation involves presenting clear ideas and reasons behind the allocation. Avoiding rational allocation can hamper the stakeholder prelateship and the company's activities.

Allocation is done by restructuring the business enterprise, developing motivated taskforce and teams who are capable in managing the various organizational projects, hiring new employees and creating new business branches.

Participation

Creating development programs for the stakeholders thus enhancing their sincerity and commitment in applying the strategic program.

Incentives

For employees, manager incentives can be provided in cash or kind to boost u their level of confidence in running the business. Promotion and recognition of work of the employees can also serve as incentives.

Shared Value

The strategic plan must be aligned to the values of the organization. The culture and the value of the organization shapes the vibe of the company.

Stakeholder Interactions

The organization at times should interact with the stakeholders to understand their direction of the motives. This can be done through:

Explicit negotiation, implicit negotiation, public relations approach and ignoring the stakeholder (Ramírez & Selsky, 2016).

Evaluation0

Evaluation of the strategic plan is necessary to find out any mistakes in the entire planning process. Evaluation with help to adjust things quickly thus helping to finish the project associated with the stakeholders.

Strategic Control

Strategic Control is also wanted, as depending on this, the future strategic plan will be structured. Strategic control can be done through:

Controlling the business activities

Monitoring the strategic decision

Monitoring the strategic programs

Implementing or applying the control programs


Table 5: Recommendation for the four types of the Stakeholders

Conclusion

The business organization must be prepared strategically so that they can face any hindrance and grab market opportunities. It is not easy for any business enterprise to do. To be successful in implementing good decisions effectively, the company must go for a thorough market research and evaluation of the internal and external environment of the business. The elements present in the environment must be analyzed in a detailed manner so that their reactions and behavior can be understood. After observing the behavior of the elements present, the strategy is structures and prepared for each individual or group of stakeholder. The business activities of the company must be monitored effectively by aligning them the organizational values thus moving a step ahead in achieving the organizational goals, mission, vision and objectives.

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