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Nov 24, 2024

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Application of Change Management and Innovation STUDENT’S NAME PROFESSOR’S NAME DEPARTMENT COURSE DATE

Mission Statement To accelerate the translation of the world to be energy sustainable To ensure sustainability and focus on promoting market opportunities for renewable energies

Tesla Goals for the Next 3 Years  Expand its market share  To be achieved by entering global markets  Expand its operations overseas  Exceed customer needs by introducing the latest technology

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Stakeholders Internal Stakeholders  Management team  Board of directors  Employees External Stakeholders  Customers  Government  Competitor

Tesla Leadership  Leadership assumes function-based hierarchy.  Leadership structure allows efficient global operations management  Reduced bureaucracies without compromising managerial control on all operations.  The company achieves leadership functions through the unitary-form (U- form) leadership/organizational structure.  Managerial control provides the need for centralization.

Problems Affecting Tesla 1. Logistics Challenges  Inability to meet production targets and deadlines  Inability to meet production plans 2. Expenditure management  Evidenced by huge debts  Current debt is at $ 8 billion

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Fundamental Change  The company has market demands to meet; customers expect the company to supply enough electric cars.  Tesla needs urgent logistical change to realize production targets, retain and grow its customer base, and actualize its mission  Changing spending behavior will minimize debts  Prudent spending will facilitate research and development

SWOT Analysis Strengths • Innovation • Strong brand image • Strategic Partnership • Vertical diversification Weaknesses • Inability to meet the huge market demand • Premium product range • Limited coverage range for its vehicles Opportunities • Emerging global markets • The global transition to renewable energy • Technological growth Threats • Advancement in technology • Stiff competition • Increased legal liability

Strategic Plan Strategy Based on SWOT Analysis  Integration between production planning and production control systems  Production planning will help Tesla determine what products best suit customer needs when to begin production, and the quantity to produce.  Planning essential for scheduling, equipment management, supply management, and inventory management  Planning will also streamline the production process

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How the Strategy will be useful to Tesla and its Stakeholders  It will improve productivity  Increase revenue  Improve efficiency  Allow timely production  Improve quality  Increased satisfaction

Three Steps to Prepare Tesla for Change  Determine the goals or objectives to be realized by implementing the change.  Evaluate performance in terms of the metrics to be reorganized and milestones to be realized.  Identify the individuals responsible for change implementation and the roles each one of them will be playing.  Determine the actions and steps to be taken to effect change implementation and define aspects excluded from the scope

Resources Needed for Each Step in the Implementation Plan  An inclusion committee to craft a vision and plan for change  Resource groups for employee empowerment  Leadership workshops to practical resource for leadership activation

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Evaluation of the Strategic Plan Two Success Metrics to be Used in Evaluating the Plan Planned-to-done Ratio  There is a need to determine how much work employees are getting done to evaluate the plan’s effectiveness  The metrics measure shows the percentage of the planned task  Provides valuable insights into the employees’ or team’s capacity Debt-to-equity ratio • Compares Tesla shareholders’ equity against its total business liabilities. • Demonstrates the company’s capacity to utilize shareholder investments and how well it funds its growth • It ensures that the company focuses on its financial accountability.

To Sustain the Suggested Changes in the Plan  Review the organization’s present setup  Improve employee engagement by encouraging teamwork  Operation efficiency to align processes with organizational needs, creating and sustaining growth.  Establish a continuous improvement strategy to enable employees to keep up-to-date with the latest company, industry, and market demands.

Challenges that can Affect the Implementation Plan Negatively  Employee resistance  Budgets constraints  Poor planning when effecting culture shift

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Contingency Plan  There is a need to develop a communication and employee support plan to encourage change acceptance/adoption realized through participation, transparency, and trust.  Set up an extra 30% budgetary reserve in anticipation of disruptions that may increase the initial budget  Train leaders on how to lead by example

How to Communicate the Strategic Plan to External and Internal Stakeholders?  Conduct a series of in-person meetings organized by heads of departments.  Organize departmental meetings to explain how the changes will impact each department.  A follow-up email to all employees  Organizing a board meeting to announce the change

References  Abakumov, E. (2021). Tesla Motors Inc. Stakeholders’ analysis. Www.academia.edu . https://www.academia.edu/35202361/Tesla_Motors_Inc_Stakeholders_analysis  Acharya, B., & Bhalla, A. (15 Feb. 2021). Tesla to set up electric car manufacturing unit in southern India Reuters. https://www.reuters.com/article/tesla-india-electricidUSKBN2AD0MJ  Alsoubaie, F. (2019). STRATEGIC PLANNING FOR GOOGLE'S AUTONOMOUS VEHICLE TECHNOLOGY BASED ON PATENT ANALYSIS. In Proceedings of the International Annual Conference of the American Society for Engineering Management. (pp. 1- 10). American Society for Engineering Management (ASEM).  Beaumont L. R. (n.d.). Metrics: A practical example. https://www.humiliationstudies.org/documents/Beaumontmetricsid.pdf  Cuofano, G. (2020, May 23). Tesla Mission Statement and Vision Statement In A Nutshell . FourWeekMBA. https://fourweekmba.com/tesla-vision-statement-mission-statement/

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References  Dai, Y., Jiao, N., & Wu, Y. (2022, December). Improving GM and Tesla’s Declining Sales in China Based on SWOT Analysis. In 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022) (pp. 219-227). Atlantis Press.  Ferris, R. & Breuninger, K. (2018). Tesla missed its Model 3 production target...but investors are still relieved. CNBC. https://www.cnbc.com/2018/04/03/tesla-first-quarter-productiontotaled-34494-vehicles-40-perc ent-increase-from-previous-quarter.html  Giménez, M. C. (2022). Case Study: A Five Year Business Strategic Plan for Tesla.  Jadayil, W, A., Khraisat, W., & Shakoor, M. (2017). Different strategies to improve the production to reach the optimum capacity in plastic company. Cogent Engineering, 4(1). https://doi.org/10.1080/23311916.2017.1389831  Jiang, T. (2022, March). A Business Model to Analyze the Tesla Based on SWOT Analysis and POCD. In 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022) (pp. 2896-2899). Atlantis Press.  Jones, C. (2021). Tesla’s under the radar financial move. Forbes. https://www.forbes.com/sites/chuckjones/2021/08/25/teslas-under-the-radar-financialmove/? sh=62d153d71f89

References  McCain, C. (2019). A Strategic Audit of Tesla, Inc.  McGee, P. (2022, October 2). Tesla blames logistics problems after delivering fewer cars than forecast. Financial Times . https://www.ft.com/content/16456af8-4aff-4153-a6fe-cdfaecef81c3  Rowland, C. (2022, July 24). Tesla, Inc.’s Mission Statement & Vision Statement (An Analysis) . Panmore Institute. https://panmore.com/tesla-motors-inc-vision-statement-mission-statement-analysis  Tesla. (2022). Corporate Governance | Tesla Investor Relations . Ir.tesla.com. https://ir.tesla.com/corporate  TheJapanTimes. (2022, October 3). Tesla’s logistical challenges overshadow record deliveries . The Japan Times. https://www.japantimes.co.jp/news/2022/10/03/business/tesla-logistical-challenges/  WU, Z. Q., NGUYEN, P. Q., PHANKASEMSAN, I., & WOLF, E. (2022). Driving Sustainability and Electric Vehicles Evolution: Tesla Company's Success Strategies.

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