BUS 4407 - Week 1 Written Assignment

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Nov 24, 2024

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Stakeholder Involvement and Functional Areas in Strategic Planning: A Case Study of SpaceX BUS 4407 – Strategic Management Week 1 Written Assignment Author Withheld Professor Erin Stresow 20 November, 2023

Stakeholder Involvement and Functional Areas in Strategic Planning: A Case Study of SpaceX This essay delves into the intricacies of strategic planning at SpaceX, identifying key stakeholders, unraveling their importance, and spotlighting decision-maker roles. Stakeholders such as government agencies, commercial clients, investors, and employees play pivotal roles, each contributing unique insights crucial to SpaceX's strategic decisions. The functional areas of Research and Development, Marketing and Sales, and Operations and Supply Chain emerge as vital cogs in the strategic planning machinery, ensuring innovation, market viability, and operational efficiency. While some functional regions hold more prominence, the essay evaluates decision-makers like Elon Musk and the Chief Technology Officer, underscoring their significant influence on the planning process.

Stakeholder Involvement and Functional Areas in Strategic Planning: A Case Study of SpaceX Strategic planning requires input from critical stakeholders to ensure strategies address diverse perspectives and priorities (What Are the Most Effective Ways to Incorporate Diverse Perspectives into Your Strategic Planning Process?, n.d.). Critical stakeholders at SpaceX, a private space transportation company, include customers, employees, investors, and government partners. Their involvement is vital given SpaceX's complex missions and partnerships (Weinzierl et al., 2021). Stakeholders: A Galactic Ensemble 1. Government Partners: SpaceX partners closely with NASA and the U.S. military on contracts worth billions ((Seven US Companies Collaborate with NASA to Advance Space Capabilities - NASA, n.d.; Frąckiewicz, 2023). Government representatives, therefore, offer regulatory knowledge and ensure strategies comply with political and policy priorities. Their support influences decisions around national security payloads, exploration initiatives, and regulatory approvals (Strengthening Our Regulatory System for the 21st Century | OMB, n.d.). 2. Commercial Clients: Specializing in commercial spaceflight, SpaceX caters to a diverse clientele, with NASA, the U.S. Department of Defense, satellite operators, and aspiring space tourists as its primary customers (SpaceX, 2023). These clients, lured by SpaceX's technological excellence, offer crucial financial support and present specific market demands that significantly impact strategic decisions related to product development and market positioning. These stakeholders' distinct needs and requirements play a pivotal role in shaping strategies concerning launch capabilities, timelines, and pricing. Notably, NASA, a key client, plays a substantial role by providing launch contracts and technical

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Stakeholder Involvement and Functional Areas in Strategic Planning: A Case Study of SpaceX specifications for tasks such as resupplying the International Space Station, thereby influencing the trajectory of SpaceX's rocket development roadmaps (NASA, 2022). 3. Employees: SpaceX's workforce, comprising engineers, scientists, and operational staff, offers valuable insights into technological feasibility and operational efficiency. Employee engagement is crucial for successful strategy execution and fostering an innovative culture (Tayeb, 2021). 4. Investors: As a privately-held company, SpaceX relies on investment from Founder and CEO Elon Musk plus outside backers like Fidelity (SpaceX, 2023). Their financial support depends on viable long-term strategies and return on investment. Thus, Investor representatives have meaningful input in strategic planning to evaluate options' feasibility, risks, and profit potential (Syme, 2023). Functional Areas at SpaceX: In the strategic planning process of SpaceX, the engineering and technical, finance, marketing, and sales functional areas play integral roles. The engineering and technical teams are pivotal in evaluating the feasibility and technological advancements essential for the company's space exploration and transportation initiatives. Simultaneously, the finance department is vital for financial planning, budgeting, and resource allocation, providing crucial support for SpaceX's ambitious projects. Furthermore, the marketing and sales functional area holds significance in understanding market dynamics, addressing customer needs, and positioning SpaceX competitively (Muhammadi, 2021) . Navigating Cosmic Realms through Functional Areas:

Stakeholder Involvement and Functional Areas in Strategic Planning: A Case Study of SpaceX In the realm of space exploration, SpaceX relies on Research and Development (R&D) as a cornerstone guiding its strategic direction through continuous technological innovations. R&D offers insights into emerging technologies, ensuring SpaceX maintains a competitive edge (Brukardt et al., n.d.). Marketing and Sales: Engaging the Cosmos: The marketing and sales teams at SpaceX play pivotal roles in ensuring market viability and customer engagement. Their insights significantly contribute to product positioning and the formulation of effective market entry strategies (Hooker, 2016). Operations and Supply Chain: A Stellar Backbone: Efficient operations and supply chain management are imperative for cost-effectiveness at SpaceX. These functional areas influence strategic decisions related to production, logistics, and resource allocation, ensuring streamlined processes for the company's cosmic endeavors (Davis, 1993). Less Important Functional Areas: Relatively less critical functional areas in the strategic planning process of SpaceX may include administrative and support functions that are not directly involved in the core operations and strategic decision-making. While these areas are essential for the organization's day-to-day activities, their involvement in the strategic planning process may be limited compared to the abovementioned critical functional areas (SpaceX – Seven Steps to Success, 2020). Influential Decision-Makers:

Stakeholder Involvement and Functional Areas in Strategic Planning: A Case Study of SpaceX The most important and influential decision-makers in the strategic planning process of SpaceX are likely to be the CEO, Chief Technology Officer (CTO), Chief Financial Officer (CFO), and Chief Marketing Officer (CMO). The CEO provides overall strategic direction, the CTO drives technological innovation, the CFO oversees financial planning, and the CMO guides market positioning and customer engagement. Their decisions significantly impact the planning process and the organization's strategic outcomes (Howell, 2022). Evaluation: Navigating the Cosmic Waters The relative importance of stakeholders and decision-makers in strategic planning at SpaceX is pivotal. Government agencies, commercial clients, and investors bring financial support and market demands, influencing decisions. The key functional areas, especially R&D, marketing, and operations, collectively shape the strategic direction. As the CEO and CTO, Elon Musk emerged as the most influential decision-maker, steering the company through the vast cosmos of strategic planning (Hughes et al., 2021; NSE, 2023 ). In conclusion, the intricate dance of stakeholders and decision-makers, coupled with the pivotal role of functional areas, defines the strategic planning process at SpaceX. Recognizing the importance of each element is paramount for navigating the cosmic challenges and opportunities that lie ahead. References Brukardt, R., Klempner, J., & Stokes, B. (n.d.). Space R&D: Who is actually funding it | McKinsey . Www.mckinsey.com. Retrieved November 17, 2023, from https://www.mckinsey.com/industries/aerospace-and-defense/our-insights/r-and-d-for- space-who-is-actually-funding-it

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Stakeholder Involvement and Functional Areas in Strategic Planning: A Case Study of SpaceX Davis, T. (1993, July 15). Effective Supply Chain Management . MIT Sloan Management Review. https://sloanreview.mit.edu/article/effective-supply-chain-management/ Frąckiewicz, M. (2023, March 8). The Relationship Between SpaceX and NASA . TS2 SPACE. https://ts2.space/en/the-relationship-between-spacex-and-nasa/#gsc.tab=0 Hooker, J. (2016, August 8). What Marketing & Sales Teams can learn from Space X & Elon Musk . Televerde. https://televerde.com/marketing-sales-teams-can-learn-space-x-elon- musk/ Howell, E. (2022, March 14). 8 ways that SpaceX has transformed spaceflight . Space.com. https://www.space.com/ways-spacex-transformed-spaceflight Hughes, J., Kornberger, M., MacKay, B., O’Brien, P., & Reddy, S. (2021). Organizational strategy and its implications for strategic studies: A review essay. Journal of Strategic Studies , 46 (2), 1–24. https://doi.org/10.1080/01402390.2021.1994950 Muhammadi, M. (2021, December 19). SWOT Analysis of SpaceX . The Strategy Watch. https://www.thestrategywatch.com/swot-analysis-spacex/ NSE. (2023, May 13). Exploring the Space Economy: Key Stakeholders and Their Roles . New Space Economy. https://newspaceeconomy.ca/2023/05/12/exploring-the-space-economy- key-stakeholders-and-their-roles/ Seven US Companies Collaborate with NASA to Advance Space Capabilities - NASA . (n.d.). Https://Www.nasa.gov. Retrieved November 17, 2023, from https://www.nasa.gov/news- release/seven-us-companies-collaborate-with-nasa-to-advance-space- capabilities/#:~:text=SpaceX%20is%20collaborating%20with%20NASA SpaceX – Seven Steps to Success . (2020, June 9). Intrafocus. https://www.intrafocus.com/2020/06/spacex-seven-steps-to-success/

Stakeholder Involvement and Functional Areas in Strategic Planning: A Case Study of SpaceX Strengthening Our Regulatory System for the 21st Century | OMB . (n.d.). The White House. Retrieved November 17, 2023, from https://www.whitehouse.gov/omb/briefing- room/2023/04/06/strengthening-our-regulatory-system-for-the-21st-century/ Syme, P. (2023, July 23). Elon Musk’s SpaceX: How the world’s richest person leads the space exploration pioneer . Business Insider. https://www.businessinsider.com/spacex-elon- musk Tayeb, G. D., Zahra. (2021, March 7). SpaceX has nearly 10,000 employees as it ramps up its Starlink rollout, court documents show . Business Insider. https://www.businessinsider.com/spacex-has-nearly-10000-employees-as-it-ramps-up-its- starlink-rollout-2021-3 Weinzierl, M., Locus, K., & Sarang, M. (2021). SpaceX, Economies of Scale, and a Revolution in Space Access. In https://economicsofspace.hbs.harvard.edu/ . Harvard Business School. https://economicsofspace.hbs.harvard.edu/files/economicsofspace/files/spacex_economie s_of_scale_and_a_revolution_in_access_to_space.pdf What are the most effective ways to incorporate diverse perspectives into your strategic planning process? (n.d.). Www.linkedin.com. Retrieved November 18, 2023, from https://www.linkedin.com/advice/0/what-most-effective-ways-incorporate-diverse-3z3xc

BUS 4407 - Week 1 Written Assignment

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