Analysis of the External Environment - TESLA - Essay Example

Report on TESLA case study 6th March Table of Contents Table of Contents 2 Executive summary 4 Introduction 5 Q1Analysis of the external environment 5 Macro Environment Analysis – Pestel 5 Political factors 5 Economic factors 6 Social factors 6 Environmental factors 6 Legal factors 6 Technological factors 7 Micro Environment Analysis- Porter’s 5 Forces Model 7 Threats from new entrants 7 The bargaining power of buyers 7 Threat of substitution 8 The bargaining power of suppliers 8 The intensity of rivalry in the industry 8 Q2Analysis of the internal environment 9 Resource Based View of the Company 9 Financial resources 9 Physical and Technological 9 Human resources 10 Organizational capabilities 10 Value chain analysis 11 Inbound logistics 11 Operations 11 Outbound logistics 12 Marketing and sales 12 Infrastructure 12 Procurement 12 Research and development (R&D) 12 Q3Analysis of PR crises 13 Tesla motors images 13 Q4Strategic analysis 14 Business level strategy 14 Corporate strategy 15 Market penetration 15 Market development 16 Product development 16 Product diversification 16 Tesla SAF strategies 17 Tesla STAIR model 18 Conclusion 20 References 21 Executive summary Tesla is an electric manufacturing company that was established in 2003 by Marc Tarpenning and Martin Eberhard. As a company that is focused at operating globally, this paper indicates that it will be affected by political, economic, social, environmental, legal and technological factors. Porter’s 5 Forces Model is used to analyse the microenvironment. Resource based view of the Tesla Company indicates that in 2014, it lost $38.5 million but attained increased sales by 861%. The company values technology and research. Through the efforts of the company top managers, Tesla has been able to achieve success while at the same time adopting effective strategies such as the latest increment of more patents to more than 250. In addition, the partnership that the company has formed with companies such as Daimler makes Tesla to have a strong capital base. Tesla value chain analysis covers aspect such as inbound logistics, operations, and outbound logistics among others. Despite being a company with a strong support from the customers, Tesla was at one time involved in PR issue that involved poor batteries that lacked the information from the company on how to use them. Major business level strategies that are covered by the paper include use of extensive technology and innovation, formation of value-creating partnership, and production of cars that have different facilities as needed by the customers. Similarly, Tesla adopts corporate strategies such as expanding its market share, existing products into new markets such as Hong Kong, China and Australia among others, and production diversification among others. The major models that are covered to analyse Tesla operations include SAF and STAIR Models. Additionally, the paper provides some recommendation to the company such as penetrating emerging markets, establishing research and development centres in the developing countries, and continuing with product development among others. Introduction With the increased concern of environmental conservation issues globally, the auto manufacturing market has been noted to have stiff competition especially for the alternative fuel motor vehicles. This paper aims at describing Tesla, an electric manufacturing company that was established in 2003 by Marc Tarpenning and Martin Eberhard. Tesla introduced its first electric sports car in 2006. Through its value for research and innovation, the company has continued to manufacture large volume of fuel efficient vehicles as well as components for renowned car producers such as Toyota and Daimler. The report will start by analysing the external environment of Tesla through the use of pestel and porter’s 5 models. The report will also analyse the internal environment by looking at the resource based view of the company and the value chain analysis. Additionally, the paper will discuss the business and the corporate level strategies as well as suggested strategies for Tesla. Q1Analysis of the external environment Macro Environment Analysis – Pestel The purpose of using this analysis is to evaluate the risks and opportunities in the external environment that can have impact on the performance of Tesla. These include social, political, economic, environmental and technological factors. Political factors Tesla sells their cars in more than 17 countries in Asia, North America and West Europe. Protection laws are put in place for companies manufacturing cars to strictly meet the environmental laws on emission, thus the Tesla have to come up with the methods of dealing with the political pattern that can influence their business operations (Bernardez, 2005). Due to the United States offering loans on the new vehicle technology, there may be new investors willing to get in the car manufacturing industry, hence creating a stiff completion for Tesla Company. Economic factors The rising price of fuel has greatly influenced the consumers to demand for alternative mode of cars that are effective and less fuel consuming .This has an influence in the developed countries having an impact on the purchasing power. Social factors These mostly relate the attitudes a customer has on products and its importance in conserving the environment. The recent generation value you according to the type of the car one use. By using electric cars, the social status of an individual can be seen as high. Environmental factors Tesla Company have been forced to produce vehicles that are environmental friendly and fuel- efficient, this is due to the stiff competition among other manufacturers. The awareness of the climate changes has led the manufacturing companies into producing products that are friendly to the environment (Weitz and Wensley, 2010). Legal factors The increased tax in the new methods of green business which include carbon tax and the introduction of energy loan programs has led the car manufacturers into producing eco- friendly cars (Akpoyomare, Adeosun and Ganiyu, 2012). Tesla is hindered from selling their cars directly to its consumers by the franchise law in US which protect the car dealers. Taxes imposed on the battery cars affect the manufacturing due the increased demand among customers. Technological factors Automotive industry has been greatly affected by the rapid globalization, internet and the advanced technology. This is due to the introduction of electric and computerized cars which enable automotive driving and prevent accidents. This will implement the manufacturing of safe cars and that are convenience in the coming years (Lambin, 1996). Car industries have been given opportunities by the B2B platforms and market places which in turn increases efficiency and reduce cost Micro Environment Analysis- Porter’s 5 Forces Model Threats from new entrants New car manufacturing industries are indulging in the market. In 2003 Tesla entered in the electric automotive industry where it faced financial problems, creation of the distribution channels and difficulties in branding their cars. Due the government programs to support the entrance of electric vehicles into the market, well established manufactures with the capital will easily get into the business. The bargaining power of buyers Tesla depends on the relationship they have between Toyota and Daimler, this is according to their 2014 annual report. Tesla admits that the relationship is of more importance to them. Although Tesla has their individual customers, they term the relationship essential since it results to increasing their profit margins. Threat of substitution In automotive industry, threat of substitutes is low due to lack of other choices in the substation of cars. The only substitutes are riding and walking which are not appropriate for long distance travellers. Trains, buses and subways are appropriate for long travelling distance, although most people prefer using their own cars which are more appropriate instead of using the mass means of transport. The bargaining power of suppliers Tesla motors is very keen in maintaining good relationship with its suppliers since they highly depend on them on the delivering of the company’s products, and if a problem is encountered in component delivering, this will reflect a bad image on the company thus losing its popularity and trust among its customers thus the profit margin shooting down. Tesla has build a strong relationship with its main suppliers such Panasonic and are working together to come up with new battery cell and replace lotus suppliers chassis which they manufacture. The intensity of rivalry in the industry The completion in the automotive industry is very stiff. Though Tesla motors is within the electrical vehicle market where the competition is modest, there only few competitors with only 18 models Nissan leaf being the main competitor. It is good to note that this market is attractive and rapidly expanding. New companies are which include Volkswagen, Audi and BMW has recently entered into it with plug-in models( white, 2013) .Each company is trying to lead in the manufacturing of environmental friendly car which include small performance turbo diesel cars, hybrids and biodiesel cars. Tesla need to invest in innovation, making better cars and improving the ones they had since the competitors are doing their best to be the lead. Q2Analysis of the internal environment Resource Based View of the Company Financial resources In 2014, Tesla financial report indicated that the company failed to meet its expectations and that of the entire market. Even though the company lost $38.5 million in 2014, Tesla increased its sales in the same year by 861%. As a company that has breaking edge in research and development, Tesla continues to innovate where it spends close to $80 million per quarter in research and development (Nicholas, 2014). The company current ratio is 0.97, which implies that it has strong ability to cover its current liabilities with relatively liquid assets. The company financial position is acceptable although it is struggling to increase its profits. Physical and Technological At the end of 2012, Tesla plant, equipment and properties were valued at $563 million. This value was quite substantial and it presented the company devotion to long term growth, sustainability as well as profitability (Pontes, 2014). The brands produced by Tesla needs the best facilities. The company, which top of the line facilities occupy 370 acres, has an output of more than 500 cars per week. The research that the company emulates and facilities that it maintains makes it to produce quality brands such as Model S and X among others (Baliga, 2009). The company has over 32 show rooms in Europe, North America and Australia. Within the Silicon Valley, Tesla maintains a creative culture and technological resources that makes it to attain competitive advantages. Human resources Marc Tarpenning and Martin Eberhard are skilled leaders who crafted the entire firm from the vision to the strategy. Musk, still a co-founder was in a position to convert his own goal to those of the company (White, 1963). Additionally, he contributed his own wealth to cater for the company’s initial establishment. Likewise, Musk is responsible for assisting the firm to progress and deal with the past challenges that would negatively impact on the company operations (Bowman, 2010). The management has also created Tesla brand that meet the needs of the customers. Organizational capabilities Tesla Company thrives on converting its intangible assets into creative and adequate outputs. Taking into account the sustainable research and development as well as intellectual property, the company has achieved a success in the motor vehicle industry. For example, the Model S, one of the quality brands for the company has more than 250 patents. Another capability for Tesla is that its engineers come up with creative solutions that are able to address complex problems thus creating value and utility for the consumers. The company applies extensive research and development in the distribution of its supercharger solutions. In this way, is has been able to attain a long-term growth (Reuters, 2013). Another point to note is that Tesla is also leveraging their IP capabilities as well as technology into value-creating joint venture with other companies where it acts as the original manufacturer of the equipment. For example, the company has formed a partnership with Daimler where they create electric vehicles such as Toyota with an electric RAV4, Mercedes-Benz and Smart among others (Brown, 2013). Another core for Tesla is economies of scale. As a company that produces quite a large number of brands locally and globally, the company is able to increase its annual profit while at the same time reducing the cost of production. Tesla capabilities have led to its competitive advantage. The company competitive advantage is due to its differentiation strategy that entails offering products in such a way that its customers are willing to pay more to get the company brands (Fisher, 2014). Additionally, Tesla value for innovation makes it to diversify its product portfolio thus resulting to its ability to meet the diversified needs of the customers. Value chain analysis Tesla value chain is mostly managed and controlled internally. The company controls every aspect of its operations from research to manufacturing. The company chain analysis includes the primary activities that directly touch on production and support activities whose role is to support the primary activities. Primary activities Inbound logistics Through the in-house manufacturing, Tesla is able to produce and deliver is products to the customers in a timely manner (Foley, 2013). In this way, it avoids delays thus creating strong positive relationship with its customers. Operations Tesla cars are manufactured in Northern California in the Fremont factory. Through the high innovation and automatic robots, the company is able to make up to 80 vehicles in a day. Outbound logistics Tesla distribution system comprises of their own stores in more than 18 countries. In order to make the customers fully understand the benefits of their brands, the company offers free training to them while purchasing from their outlets. Marketing and sales Tesla does not hire advertising agents but it has established a network of their stores located in wealth districts an in high traffic areas. In addition, it emulates web-based films and You Tube to create strong customer awareness. Support activities Infrastructure Tesla employs horizontal organizational structure. This entails making the CEO to be at the top position where he is able to delegate duties to lower level managers. In addition, the structure improves communication within the company thus leaving the workers motivated leading to higher productivity and profitability. Procurement The company has developed strong positive relationship with is suppliers and partners. In this way, Tesla is able to share information with the partners. Research and development (R&D) Tesla major part is for Tesla is R&D. The company aims at becoming so competitive to a point of beating all the competitors. Thus, it plows back all unused money to R&D thus remaining innovative Tesla value chain analysis indicates that the company primary activities are strong linked to support services. For example, the R&D that the company undertakes has made it to maintain effective in house processes that use high technology. Similarly, through the application of horizontal organizational structure, the company has attained a competitive edge of creating a favourable working atmosphere that includes highly motivated employees. Q3Analysis of PR crises Tesla motors images As noted by John Elkington, a renowned theorist, companies should tabulate the bottom line effects both in economic terms as well as their impact on the environment. The triple bottom line, a theory that Tesla employs indicates that organizations must provide sustainable corporate social responsibilities targeting the 3ps that includes people, planet and profit (Slaper and Hall, 2011). Tesla PR crises involved the Roadster. For its operation to be effective, battery must be always plugged in. If the battery is completely discharged, then the vehicle is completely inoperable, nothing is operational anymore not even the wheels can turn. While the Tesla battery is fully discharged, then it cannot be replaced which are unlike other normal batteries. After the breakdown of the vehicle Tesla motors do not take responsibility for the damages caused, inconveniences, and cost that the owner undergoes through this period (Fuel-efficient-vehicles.org, 2008). On the Tesla warrant menu they state that the owner should be held responsible if he/she does not maintain the battery at the proper charge at all times but they have not indicated what the right charge should be. Later, Tesla motors offered a program that would involve replacing Roadster batteries for a cost of 12,000 dollars seven years after purchase. This was due to rate at which the batteries were depleting. The service manager when asked over the program he said that it does not include replacing an accidentally discharged battery and one has to purchase a new on at cost of 40,000 dollars which is the initial price of the item. This brought a very negative image on the company for introducing substandard products in the market and instead of correcting the mistake they put the responsibility to the customers who purchase their products. Q4Strategic analysis Business level strategy In order to remain competitive, Tesla values technology and innovation. The company has over the time assembled a team of specialists from the motor vehicle industry and from Silicon Valley. In this way, it was able to produce the Roadster in powertrain in-house in California. This was followed by the production of Model S, a high-end electric car that was meant to compete with Audi A6and BMW 5 series (Harryson and Keller, 2014). Based on stiff competition in the industry, Tesla faces the competitors by converting its intangible assets into outputs as noted earlier. For instance, the company’s opening up its patent is a great and effective business strategy. The opening up will ultimately generate three benefits. First, it will reduce costs for automakers to manufacture electric cars. Secondly, it will result into economies of scale and expansion. Thirdly, it will result into the reduction of costs as the support ecosystem comes in at scale. In its effort to improve its capital base as well as sales, Tesla leverages its capabilities into value-creating partnership. As indicated earlier, the company partners with Daimler resulting in creation of quality brands such as RAV4, Mercedes-Benz and Smart that are of high quality and very competitive in the market. The mass production of its products makes Tesla to enjoy economies of scale. The diversification strategy that Tesla adopts has made to attain a competitive advantage. For example, through production of cars that have different facilities as needed by the customers as well as being carbon free, the company is in a position to face off the competitors who produce fuel vehicles (Hill, Jones and Schilling, 2014). Additionally, the image of the company on the government, the consumers and communities has improved due to its effort to curb carbon emission. Corporate strategy Tesla success is attributed to its unique corporate strategies as compared to those of the competitors. Its corporate level strategies can be analysed through the use of Ansoff matrix as indicated below. Source - (Furrer, 2011) Market penetration Tesla is focused at expanding its market share using the current products. The company use three tactics to effectively penetrate the market (Furrer, 2011). These include the use of aggressive pricing policy, re-branding and increasing market spending. Market development In its effort to meet the needs of the consumers locally and globally, Tesla is focused at taking its existing products into new markets such as Hong Kong, China and Australia among others. During the expansion process, the company expand the distribution network as well forming strategic partnerships within the global market. Product development Tesla aim is to develop the market that they have entered. This entails creating range of brands that are similar or related. In this way, the company is able to meet the needs of new customers. Product diversification Through an extensive market research and development, Tesla is able to develop new products that are of high quality and competitive in nature. Other strategies that Tesla emulates include liquidation and divesture. Through the liquidation process, the company is able to expose some of its assets in order to have adequate funds to cater for short term liabilities (Hill and Jones, 1998). The divesture strategy that the company adopts for example through Toyota and Daimler has made the two partners to terminate hedging of their share-price. On its part, Daimler continues to sourcing powertrain for Mercedes-Benz electric drive from Tesla. As far as stability strategies are concerned, Tesla applies the pause or proceed with caution. By introducing the Model S in 2012, the company is doing fine. For the company to produce new products in the market, the company need huge investment in research (Svante and Göran 2009). However, the company can test the ground before moving ahead with the planned strategy in order to overcome previous losses. In this way, Tesla is able to move on with the growth strategy. Strategies suggested for future and evaluation As a way of facing off its competitors as well as to increase sales, it is recommendable for Tesla to penetrate emerging markets. Based on the increased demand for the green vehicles especially in the developing countries, the company should establish new outlets in the countries in order to capture the attention of the potential customers who are loyal to brands using fuel (Finne and Sivonen, 2009). Similarly, the company should establish research and development centres in the developing countries in order to come up with brands that are in line with the needs of the local communities. Tesla should also widen its range of models within small premium models in order to make it to effectively compete with other companies in the industry. The company should aim at affordable brands that will be available not only in premium areas but also in other markets. Even though Tesla creates products that are of high technology, the company should go on with innovation and quality control. The company should continue with product development for example by improving the types of battery they use as well as their modularity. Another issue that the company should consider is advertisement. In the contemporary business world, advertisement for instance through the social media including face book and tweeter has become common among global companies (Harter, 1978). Through the use of such avenue as well as other media applications, Tesla will create a strong brand identity in the international markets. Tesla SAF strategies Suitability Tesla provides brands that are suitable and meet the needs of its customers locally and globally (Campbell and Craig, 2005). The electric cars have no negative implication on the environment resulting to become a choice for the individuals who like clean environment. Acceptability The company brands are self selling products due to their low prices and high quality. As compared to the competitors who undertake extensive marketing of their cars, Tesla does not adopt extensive advertising of their brands since the customers will ultimately accept them. Feasibility One of the important aspects that have made Tesla to outdo the rivals in their market segment is the production of cars that have undergone extensive research and development (Burgess, 2002). Additionally, the high productivity battery systems have been met by overwhelming demand thus making the company to generate high revenue that is used for the company expansion. As a result, Tesla has been in a position to come up with more outlets in US and China markets. Tesla STAIR model Strategy This involves designing, implementing and evaluation of strategies. Tesla has been attained a competitive edge due to its application of unique strategies (Miller, 2012). For example, the company does not use advertising agencies like the competitors. In this way, the company has been able to reduce the costs of operations resulting to higher profits. Targets The company targets middle income earners as well as top class executives. With flashy brands, the company also targets young people who like the flashy lifestyles (Wilson and Gilligan, 1992). With the electric products, the company aim is to provide quality products to its market segments. Assignment Tesla undertakes extensive research through its R&D department. Thorough assigning various duties to its skilled engineers and researches who forms strong teams, the company is able to deliver products of high quality in the competitive industry. Implementation Once Tesla has created a new brand in the market, it ensures that the customers are aware of its existence. This entails educating the customers on the facilities of their products. Result As a result of creation of strong customer awareness and education, Tesla has been able to achieve positive results including higher customer loyalty, increased sales, high profits and wide market segment. Implementation techniques Within the emerging markets, Tesla should form mergers or acquire other established companies (Musk, 2006). In this way, it will use the marketing and distribution channels that are used by their partners. Additionally, the acquired companies will exposed to new brands that will enjoy high demand in the local market. Another technique that Tesla can adopt is to establish a wholly owned subsidiary (Murray and ODriscoll, 1996). This will be the place that the company will create a production facility as offices. As a result, the company will have closer control of its operations in the foreign markets. With the expected high demand for the company products, there is need to employ distributors in large towns. This will mean that the company will have to license such firms and then provide them with adequate training that they will confer to the customers. Conclusion Based on the above analysis of Tesla, it is clear that for any company to succeed in the current very competitive business atmosphere, it must come up with unique products that meet the needs of its customers. As a company that is exposed to political, economic social, environmental, legal and technological factors locally and in the global market as noted in the paper, it is essential for Tesla Company to put in place effective policies that will guarantee its continuity (Ministry of Transportation, 2010). One of the notable aspects that make Tesla to outdo their competitors is strong positive relationship with its partners as well as the strong value for innovation. According to the resource based view of Tesla, the company enjoys high sales and productive human resources. 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