SWOT Analysis of TESLA Company
SWOT Analysis Strategy
Improving the company through outsourcing helps them get a great deal in the various talents in various ways. Outsourcing helps Tesla to compare talents and find varied ways of enhancing their talents (Korosec 41). However, subcontracting within a company is not an easy task as it requires more capital and research analysis. Further, the organization can also improve on market research by listening to customers and encouraging them to give their feedback through various channels that the company can create.
Customers’ confidence can be improved through proper engagement with the customers themselves. The buyers are the ones who can give viable feedback on what the company can improve to enhance its production. This enables a firm to develop its confidence with the customers as the customers see that they are valued and being listened to. As such, the corporation should further have stronger rules relating to those claiming from the company. The claims are what can drain an entity and utilize most of the resources available. The company should develop a claim form with strict rules that should be met before compensation is given to an individual.
Competitiveness Strategy
A company is as good at ensuring healthy competition with other firms. Intense competition drives organizations to gain the enthusiasm to innovate further. When a company is effectively managed, then the company can be properly operated in a vibrant market. In Tesla’s modus operandi, the person in charge has to be of good repute with the people the company relates to, including the customers and the workers. The firm can also improve the touch they have with the customers on the ground through a customer relation strategy. This can help the development of the company because they can listen to the defects the company is experiencing.
Profitability Strategy
The market to be tapped is so wide for Tesla in terms of sales and revenue. There are areas where I have not had an opportunity to interact with the goods from the company. The same should be tapped to bring more profits in the business. The tapping can be done through digital marketing, going down personally to the ground, and using marketing skills (Michael 230). The company should also ensure the quality of the goods they produce meet the market quality and strategy. Quality can be done by increasing the security features of the products of the company.
Communications Plan
The products designed by Tesla should be affordable. The affordability should be in terms of the ability to attract a higher purchasing power from every corner of the market. The purchasing ability can be improved through the proper design of the goods and selling them at a discounted price. This may be a loss for a moment, but the end result is a gain to the company and management. On the same note, the company should also endeavor to make adaptable products. The products should be able to adapt to the changes in the market. This will reduce the need for change in the company model every time they are engaged in production.
The affiliate market creates a market that enables a person to reach a wide span of people. The people are able to obtain the goods through a quicker reach when they need them. This is a method that should be adopted to increase the company’s reputation and market analysis. The company should also engage in training the employees to meet their needs. Training employees communicates to them what is expected of them and therefore makes a great deal in the company through the operation of the company resources.
Corporate Social Responsibility
In trying to achieve much, one must be willing to give much. A company can do well when it takes the community it is engaged in with the seriousness it deserves. The members of the community are the first persons the company interacts with. They further double as the first customers of the company. When treated with contempt, the community can destroy the company’s reputation. In this regard, the company can engage the public through various means. These means could be through engaging them in social activities, including entertainment. The company can also offer to build hospitals and schools around the community to ensure the community has the development it needs not to be left behind. Further, these amenities increase the reputation of the company.
References
Michael A. Hitt. 2020. Strategic Management: Concepts and Cases: Competitiveness and Globalization 13th ed. Cengage Learning.
Bao, C., 2022, Inferring the Future of the Electric Vehicle Industry from Tesla’s New Business Model. In 2022 2nd International Conference on Enterprise Management and Economic Development (ICEMED 2022) (pp. 40-45). Atlantis Press.
Korosec, K., 2020. Tesla blows past Toyota to become most valuable automaker in the world. Tech Crunch.