Tesla has the vision of transiting the world towards electric cars and mission of ensuring sustainable energy. The company has integrated the mission and vision statements well into its operations to ensure its objectives are met. The environmental analysis conducted using PESTLE analysis; the environment presents opportunities that the company can exploit to gain competitive advantage as well as threats which may pose risk for the company hence the need to adopt mitigation measures. Using the Value Chain analysis and SWOT analysis, the company has adopted measures that enables it to gain competitive advantage through cost reduction. The stakeholder analysis shows that the current strategies adopted by the company meets the stakeholders’ interests, however, there is need for a better strategy in order to achieve sustainability of the consumer interests. This calls for the adoption of a different strategy of the company’s growth from the market penetration strategy to product expansion in order to increase brand awareness in preparation for increased competition once the market is mature enough. As the company awaits for the market to fully mature, it is recommended that the company continue to diversity through battery technology and solar roof in the sustainable energy sector.

1. Introduction

Strategic management is a key concern for Small and Medium Enterprises (SMEs) especially those seeking to compete in the global arena. Different growth strategies are adopted by the companies as they seeks to strategic place themselves in order to gain competitive advantage. Tesla is a US company established in the year 2003. The company deals with electric auto mobile and energy reduction products with an aim of reducing carbon footprint and increase usage of sustainable energy. Over the recent past, the company has experienced a rise in its revenue owing to its sustainable energy products, electric cars and reduction of its car prices. The company has smart technological features such as autonomous driving and strives to ensure that as many people as possible engage in the electric cars in order to increases usage of sustainable energy (Hardman et al., 2015). Tesla is a young company that has come up over the recent years and have become successful through the adoption of new technology and sustainable energy. This becomes an interesting company to study as it combines both innovation and societal interests in the business. Moreover, the company has an active CEO who has walked with the company throughout the journey.

This paper therefore analyses the environment in which the company operates, its strategic vision and mission. It further evaluates the growth strategy adopted the company to identify whether it is the best strategy for the company.

2. Tesla’s current strategic direction

According to Taiwo (2016), Vision statements help in formulating strategies to achieve a company’s objectives through positioning a company on what it wants to become. Tesla’ organization vision is “To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles”. From the vision statement, one can deduce the type of business the Tesla engages in, that is electric vehicles manufacturing. To fulfil this vision, the company manufactures unique energy solution sets that enables businesses, homeowners and other utilities in managing, consumption and storage of renewable energy. The company further continues to manufacture cars that are easily accessible and affordable in order to continue encouraging the clean energy production and clean transport. In addition to the mission statement; the company’s mission statement is “to accelerate the world’s transition to sustainable energy”. This forms the statement of purpose for the company. From the mission statement, the company gives its stand and principle of achieving sustainable energy

2.1 Operations

To achieve the vision statement, the company has plans a ‘Master Plan, Plan Deux’ which involves ensuring electric vehicles from personal cars, pickups to tracks. To achieve this plan, Tesla will partner with major truck companies in the designing of an all-electric semi track. Moreover, the company usesGigafactory in the production of its first mass market vehicle, the Model 3. Gigafactory helps the company in the manufacture of electric batteries. This is strategic as Tesla hopes to produce an equal number of electric batteries that all lithium-batteries companies produced in the year 2013 (Thompson, 2017). The company had plans to have an electric pick-up truck by the end of 2019 ready for its consumers. To reduce the environmental impact that could be caused by the electric charging, the company has plan to increase the number of kilometres that a car can travel using a single charge to 1,000 kilometres from the current 800 kilometres. For the company to ensure that it is leading in the world’s transition towards electric vehicles; the company adopted plans to increase its production to produce 500,000 cars by the year 2018 and at least 1million cars by 2020. This not only helps the company achieve their vision and mission but also adds on the company’s revenue and market share.

While achieving the goal of being a leader in the driving the world to electric vehicles is a vision that the company is motivated to achieve, this vision could come crumbling down if there are no charging point for all the vehicles put on the road. Thompson (2017), explains that Tesla has plans to increase the number of charging points through ensuring that there is a charging point after every 200miles; technically after every 30minutes drive. Increasing charging points will help increase the market share as consumers will not have to worry about running out of charge in the middle of their travel. Further actions the company has adopted to achieve its mission statement includes the company production of its own energy which will be used in powering the cars. This aligns with the long term vision of the company which is to ensure that “Tesla is a full-service sustainable-energy company”. In the process of achieving its mission statement, the company has diversified from just the production of electric vehicles to the production of Solar Roof. This will help in their transition towards solar energy mission not just for the company but for its consumers.

2.2 Marketing

According to Golson (2016), Tesla plans to sell an integration of energy generation and storage as a move towards autonomous driving. To help owners make additional money from the car; the company plans on allowing owners to share their vehicles with others when not in use. This plan will help accelerate their plan on being a leader in electric cars. This is because sharing the electric vehicle reduces the chances of the none-owners using the lithium based battery vehicles.

The current models; Model S, X and 3, does not serve the entire consumer market. To increase their marketing and market share, the company plans to add into their vehicle selection venturing both in SUVs and pick-up trucks. The SUV and pick-up trucks are in addition to electric heavy-duty trucks and urban transport buses with high passenger-density. Increasing the company’s vehicle selection will help serve a wider market and help in their marketing efforts.

Building affordable cars is part of the company’s master plan. This not only help in market penetration through cost leadership and focus differentiation but also helps in achieving both the vision and mission of the company. From the low prices; consumers are encouraged to buy from the company hence achieving the vision of being the leading company in electric vehicles. Moreover, as more consumers continue to purchase the vehicles; the mission of the company is achieved by achieving a world with more sustainable energy.

2.3 Human resources

To achieve the company’s vision and mission of Tesla; employees are required to participate in a training program before finally joining the factory. During the training, employees are taught on safety in the factories. Additionally, the company continues to offer on-job training which includes tracking of employee’s daily performance to enhance improvements. As a result, production has improved while the safety rate at the companies continued to grow (Tesla, 2020). This practice is not only important in achieving the company’s mission and vision but also increases value for the company by ensuring higher employee retention due to the training offered, reduced accidents in the workplace as a result of the factory safety trainings. According to Cloutier et al., (2015), trainings are part of employee retention strategies.

3. EnvironmentalAudit

A business operates in an environment that affects its operations and consequently determines its success or failure. The business environment is divided into both internal and external environment. While the internal environment consists of factors that affects a business within its self and presents both the strengths and weaknesses of a firm. The external environment consists of forces that are outside the control of the firm, this environment presents the opportunities and threats that present themselves to the firm. Through understanding the environment; business managers can take advantage of the business opportunities presented by the external environment and come up with mitigation measures to avoid the threats while at the same time taking advantage of their internal strengths to compete advantageously and improving itself to reduce the weaknesses (Babatunde&Adebisi, 2012). Some tools that can be used in examining both environments of Tesla includes the PESTLE analysis, SWOT analysis, The Five Force Model and Value Chain Analysis among others.

According to Industrial organization approach to environmental analysis; external factors are critical to a firm in establishing its competitive advantage than the internal factors (Wheelen et al., 2017). On the other hand, according to Resource-Based View (RBV) Approach; internal factors are more important than the external factors in evaluating sustainable competitive advantage (Madhani, 2010). RBV advocates use of human, physical and organizational resources. The resources must have empirical indicators which includes rarity, hard to imitate, and not easy to imitate. Below is an analysis for Tesla to help understand the environment that surrounds the company using various tools;

3.1 PESTLE Analysis

PESTLE is an analytical tools that helps in evaluating the Political, Economic, Social, Technological, Legal and Environmental factors surrounding a business. These factors determine the success or failure of a business and the management uses the analysis from such factors to develop strategies that enables the company to gain competitive advantage. Below is the PESTLE analysis for Tesla:

Political

Selling in 18 countries, Tesla has to work with different political regimes at the same time, with the US as the parent country and having established many firm relationships with different countries, the company is in an advantage position to venture into different countries due to the already established political relationships with the US. However, the country faces a great threat to the continued economic war between China and the US yet China is one of the greatest consumer of the electric vehicles (Huang et al., 2019). For this market, the company needs to get into strategic partnerships with local companies to avoid being overwhelmed by the current political wrangles.

Economic

The economic distance in different countries may affect the competitive advantages attributable to Tesla. However narrowing down to the US, the company may look at factors such as the current interests’ rates, which currently is near 0%, this is a good indication that the company can get debt in case it wants to increase its production (Demiralp et al., 2017). However, other factors of production such as labour is quite expensive in the US and this may lead to increased cost of production hence higher prices for the company’s products. The trade war between China and US is also expected to affect both economies adversely hence affecting business operations and this may negatively affect Tesla. There has been an increase in the inflation rate from 0.6 in July 2019 to 1.0 in July 2020 this may affect the disposable income and consumer propensity to spend hence lowering demand for Tesla’s products (Knoblach et al., 2020). These factors among others are some of the factors that the company need to analyse while venturing in different markets and choose markets that will give the company competitive advantage. The US also has a strong currency which helps the company import parts cheaply from other countries. However, this also works against the company as it makes the products expensive in other countries.

Social

Majority the consumers are currently concerned about the environmental impact products. Society is losing faith in country’s that operate with disregard to the environmental impact from their operations and moving towards firms that act with environmental responsibility (Huang et al., 2019). This is an opportunity that Tesla can exploit due to their nature of business and take full advantage to give the beat to the society. Moreover, the society judges people depending on the material possessions including the type of vehicles driven by individuals, electric cars therefore comes to highlight the social class of individuals and this could work best in the interest of the company (Reuters, 2014).

Technological

The rapid advancement in technology has led to high rate of globalization and affected the automotive industry massively. This has seen the industry defined by more advanced automobile technology including fully automated cars, electric cars, and increased vehicle computerization among others (Hardman et al., 2015). This provides an arena for the company to take advantage of the current technology to not only advance its technology but also to sell to more foreign markets. In the US, the Americans are fascinated by technology and their technological needs continue to increase with time. This technology fascination calls for companies to remain at per with technology and offer the best in the market. Technological advancement hence gives Tesla an opportunity to satisfy the market demands in the automobile industry through the use of technology and green energy.

Legal

The need for green energy and sustainable energy has led to adoption of many regulations in different countries as they try to reduce carbon footprint. This has included taxing companies whose carbon emissions are too high through the carbon tax and purchase of carbon credits. Having engaged in sustainable energy, the company might gain incentives from the US government for engaging in sustainable energy and at the same time gain from lowered measures from other countries as they try to encourage use of sustainable energy in the automotive industry. The franchise Law may create problems for the company as it protects car dealers and is opposed to companies in the marketing selling to consumers directly (Fisher, 2014).

Environmental

Environmental protection law as have become prominent in different countries, for this reason, the company must ensure that its products meets all the strict requirements including operating below the set emission levels. Luckily for Tesla, its mission and vision are directed towards sustainable energy and carbon footprint reduction hence this will not work against it in any given country.

The PESTLE analysis presents both opportunities and threats for Tesla. It should be with the management’s interests to understand all the markets it operates in and come up with strategic measures that will help it exploit the opportunities presented while at the same time mitigating the risks posed by the threats.

3.2 SWOT Analysis

SWOT (Strengths, Weakness, Opportunities and Threats) Analysis highlights the opportunities presented by the external environment and risks. On the other hand it points out the strategic capabilities a firm can exploit to compete advantageously as well as weaknesses that need to be eliminated (Gürel& Tat, 2017). The following is the SWOT analysis for Tesla:

Strengths

Tesla manages to lower its production costs through outsourcing of secondary components hence putting its main focus on technological development. As a result, the company has a strong R&D team which helps in product of high electric battery systems and other powertrain. From this advantage, the company’s Model S car became the winner of Trends care of the year 2013 (MacKenzie, 2013). The company has further implemented a flat organizational structure which allows ease of information and decision making, this has further been enabled by their shared offices which reduces democracy and enhanced the manager-employee relationship. The company also boasts of an innovative company culture that is full of young motivated employees empowered by their shareholding and trainings which are conducted in-work. Adoption of digital marketing and in-store promotions and sales has also enabled increase the company’s brand awareness and cut down distribution costs while at the same time building brand loyalty. More strategic alliances are seen in partnerships with various established companies such as Toyota Motors, Google and Panasonic among others all who come in handy at various stages of the value chain (Tesla, 2020).

Weakness

The company has limited its production capacity to just the Fremont factory, this may cause future problems in situations where the demand may increase more than the factory can handle. The company also has over reliance on its supply partners and in case of failure it may cause harm to the brandimage (Reuters, 2013). Lack of firm background in historical vehicle manufacturing may also lead to brand questioning, however, the partnership with Toyota Motors helps in elimination of doubts that may arise.

Opportunities

The biggest opportunity that Tesla can exploit is the increased consumer awareness of the negative effects caused by carbon footprint hence consumer preference towards green energy and more sustainable energy. This gives Tesla an opportunity to exploit this consumer preference through offering them the electric car which is energy sustainable. In the near future, it is projected that demand will increase for products and companies that are environmentally friendly and that take deliberate measures to reduce harm caused to the environment. The US government engages in programs that give incentives to companies involved in green energy, this gives Tesla an opportunity to reduce its cost of production hence making its products more affordable and consequently increased market share (Van den Steen, 2015). The green energy and electric cars is still a very new market and which is expected to grow rapidly. The company can affirm its position in the market and become the best brand hence acquiring a high market share accompanied with brand loyalty.

Threats

Potential entrants of competitors with other energy sustainable cars may weaken Tesla’s position in the market. Tis may come in form of hydrogen powered cars which may pose great competition. Companies that have been deeply rooted in the manufacturing of vehicles since times in history may threaten the company in case they join the electric cars market. This is because such competitors already enjoy economies of scale in other areas and may lower the price of electric cars to undesirable prices for Tesla.

3.3 Value Chain Analysis

Value based Analysis (VCA) refers to the processes adopted by an organization in a given industry as a way of delivering value to the market. The aim in VCA is to identify cost advantages in the process of raw material acquisition, manufacturing and marketing of products so as to give valuable products (Fearne et al., 2012). A company uses this analysis to create value for itself through cost reduction or product differentiation. VCA therefore involves an internal analysis of an organization to understand what activities can be improved to add on the competitive advantages or reduce competitive disadvantage. The five primary activities involved in Value Chain according to Michal Porter are; inbound logistics, operations, outbound logistics, marketing and sales, and service. The analysis also involves secondary activities including Infrastructure, HRM, technological development and Procurement.

Inbound logistics: Tesla manages its supply chain network and production perfectly. Through optimization of Tesla’s value chain; the company has managed to gain operational efficiency and increase its competitive advantage. The inbound logistics; referring to the flow of raw materials into the company through transportation, delivery and storage, the company has a big warehouse in Fremont which is used both for storage and manufacturing (Van den Steen, 2015). In addition to this 5.5million square feet, the company has five other warehouses in different locations that are used for delivery, storage and distribution of the products.

Operations: The manufacturing process is of high automated and uses great innovation techniques with a capacity to produce upto 83 vehicles a day (Hill, et al, 2014). All operations take place in Fremont factory in Northern California hence reduction on costs used in parts transportation (Tesla, 2020).

Outbound logistics: Tesla has various stores in 18countries and use these stores for the products distribution. These stores also help in enlightening consumers on the electric cars usage and its benefits, vehicle reservations and purchasing are done online (Harryson and Keller, 2013).However, selection of the preferred product is done in the show room and delivered to the given address (Tesla, 2020).

Marketing and sales: Tesla has highly in its stores as the company’s marketing network as opposed to agency. This has helped the company in brand awareness which is further boosted by celebrity use of the company’s electric cars such as Model S which is used by George Clooney and Morgan Freeman among others (Miller, 2012). The company also makes use of Website digital marketing through content creation of video clips showing the vehicle experience (Tesla, 2020).

Service: Tesla owns its service centres. The company has continuously increased its supercharging stations over the years and give its customer product warranty which has helped increase consumer confidence (Baliga, 2009).

Support activities: Tesla enjoys the benefit of flat organizational structure which helps in fast decision making, the CEO and Owner has also helped in the achievement of the vision and mission of the company through enhancing strategic team management (Hill et al., 2014). The company has also formed strategic alliances with suppliers and partnerships which enables the company share information and gets into short term supply agreement for ease in flexibility in case there is need to change suppliers (Tesla, 2020). To remain ahead of competition and innovation, the company ploughs back most of its profit and uses this in Research and Development. Ideas developed from the research is protected using patent rights (Edelstein, 2013). The company further uses the same hiring process to preserve the company culture and motivates the employees by giving them an opportunity to become shareholders in the company in addition to their continued training (Harryson and Keller, 2013).

4. Stakeholder analysis

Stakeholder mapping is the process of finding out the key stakeholders of a project and how they are affected by a project outcome. Stakeholder mapping is done in accordance to the level of interest or level of influence. Stakeholders with influence have the ability to set and modify the requirements of a project. While stakeholders interests means they are affected by the outcome of the project but do not have the power to influence it.

Tesla’s stakeholders include the community, customers, employees, investors and the government. The community’s interests is to ensure that the firms in the industry are protecting the environment. Tesla’s mission, visions and operations perfectly addresses this interests through production of electric cars that environmentally friendly and use sustainable energy. The new strategy will help ensure that the interest of the community is addressed through the sustainable energy projects implemented through both the electric cars and solar roofing.

The consumers are influence the company’s level of revenue and their concerns are about the quality of cars brought the market and the impact they have on the environment (Slabá, 2016). Tesla through adoption of different models of car to appeal to both the upper and middle class will still help ensure that they give the best quality to the consumers and ensure environmental friendliness of the cars. As the company strives to increase the supercharging stations and reduce the vehicle prices to serve a wider market, they will satisfy consumer interests as key stakeholders.

Employees influence the products quality and have a direct impact on both brand and financial performance of the company. Addressing this stakeholder’s interests is thus a major concern. The interests of the employees are achievement of professional growth and gaining a competitive salary (Bourne& Weaver, 2012). As the company adopts a new strategy of product expansion, they will increase the sustainability of their interests. This is because as the market expands, employees are trained to understand a wider market hence achieving professional growth and as the revenue of the company increases due to wider market, the employees receive more competitive salaries hence their interests are met in a sustainable way.

Investors and shareholders determine the cash flow of a business and are interested in a company’s long term strategy that lead to a business profitability and growth. The current strategy adopted by Tesla satisfies these interests through offering electric cars and energy sustainability products. However, this are not sustainable in the long term as more and more competitors join the industry, there is therefore need for the company to adopt other product expansion strategy through provision of wider range of products that can cater to different social classes and not just premium electric cars. This will increase the competitive edge for the company, increase its profitability and long term business growth hence sustainable interests of the investors.

The government is concerned with legal aspect of the business. They have direct influence on the business through various legislations such as those that concern the environment. The government also has interests on the profitability of the firm in order to earn revenue through corporate tax (Slabá, 2016). The current strategy satisfies government interests through ensuring environmental protection. The proposed strategy will ensure sustainability of this interests through increased number of persons using electric vehicles with sustainable energy and increase profitability hence increased government revenue.

5. Strategic growth choices for SMEs in markets and proposed strategy for Tesla

According to David and David (2013), strategic management is the art and science adopted by an organization in the formulation, implementation and evaluation of cross-functional decisions to enable such an organization achieve its goal. Strategic plans are adopted by companies in enabling them put in place their game plan to gain competitive advantages. It involves three stages of strategy formulation, implementation and strategy evaluation (Fig. 1). Using these stages; there is need to evaluate the current strategy for Tesla to evaluate the sustainability of the strategy. The company’s current strategy;

Growth strategies available to SMEs include market penetration, product expansion, market expansion and diversification. From the vision statement, the current Tesla’s growth strategy is market penetration as it seeks to gain dominance in the electric cars industry by bringing in the transition from the gas powered to electric powered cars in pursuit of sustainable energy (Cloutier et al., 2015). Though this strategy has seen the company gain competitive advantage as consumers move towards sustainable energy, the strategy is not sustainable in the long run as more companies with better economies of scale join the market. Moreover, the company only appeals to the upper class through the premium electric cars hence covering a smaller market. A more sustainable strategy such as product expansion. Through product expansion, the company can try to reach out to other market since it has already gained the interest of the upper class (David & David, 2013). This will involve the company manufacturing electric cars for the other social classes so that as competition increases, Tesla will have covered the whole market that uses cars as time is coming for the whole consumer market transition. This strategy will help the company gain dominance in the entire consumer market before the competitors flood the market.

6. Key strategic recommendations for Tesla

Currently, the vision statement holds a rather risky strategy for Tesla, this is because though market penetration may work for some SMEs, the market Tesla targets is still premature. The society and government are all advocating for green energy but are not entirely committed to the change. For this reason, pursuit on the electric car should not be the main strategy. The diversification adopted through manufacture of better batteries and solar roofing will help the company survive in the market longer as the electric cars market matures up. Additionally, the company targets a small market with its premium products. Expanding the products to cover a wider market is a strategy that will help the company attain sustainable growth and increase its brand awareness.

Considering that the company is venturing in a market that has been previously dominated by other brands without the disruptive innovation, the company should get into strategic partnership with the key companies that can help it boost its operations.

The future is promising for the company but the future is not in hand yet, threats of new entrants into the market may destabilize the position the company currently enjoys, once more recognized brand join the market the company may be thrown to the bottom. As such, there is need for Tesla to use all possible means to achieve the interests of all classes of consumers for brand awareness in preparation for the future and take advantage presented by technological advancement.

7. Conclusion

Tesla is a company that has presented itself in the global arena seeking to be the leader in transiting the world towards the electric cars. This is an ambitious move considering the infancy of the market. However, this vision is very strategic as the world moves towards more sustainable energy in an attempt to reduce the carbon footprint. Concerns however remain that the growth strategy adopted may not be sustainable since it only targets a small market hence there is need for a more inclusive growth strategy that will help in brand awareness, the proposed strategy is product expansion that will help produce products that an cater for different market needs. Environmental audit presents both features of competitive advantages and those of disadvantages, it is therefore recommended that the company adopts strategies that will help it survive the current phase of market unpreparedness through diversification and the market matures up for the electric cars.

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Executive Summary