Tesla has made a huge mark in the world in a fairly short amount of time and their presence just seems to keep growing and growing. Not only has the brand taken off but Elon has also left his own mark on today’s society. They have shaken up the industry and have become one of the most innovative companies very quickly (Dungs, 2021, p.1). I think Tesla has taken the innovation approach. "Innovation, as the term is used in business, is meant to describe new products, services, methods, and organizational approaches that allow the business to achieve extraordinary returns" (Wheeler et al., 2018, p.9). Tesla has become one of those companies you either love or hate, bringing out many critics and many investors. One of their core challenges has been whether they were going to be accepted for their brand, their owner and whether they could shift people over to electric vehicles. For example, with their Cybertruck "critics see it as further evidence that founder Elon Musk is out of touch and doomed to fail, while supporters buy in — within a month Tesla received 200,000 preorders (Links to an external site.) for the new vehicle" (Furr et al., 2020, p.1). I definitely think taking the innovative approach has benefitted Tesla and has really driven their numbers. Afterall, their new products and innovative approach has really contributed to not only their earnings but increasing their presence in the market. Essentially, building their innovation capital. From looking at Figure 1-3 in the textbook, I think various organizational stakeholders have been and will continue to be impacted by this decision. Customers, suppliers, competitors and the environment are some of the external environmental factors. New customers will shift over to a more environmentally friendly car, different suppliers will be used, fewer current competitors now but an expected increase in competitors will come and the environment should be able to take advantage of the cleaner vehicle (Wheeler et al., 2018, p.9). I definitely think that this strategy will benefit Tesla in the long run. Tesla is changing the industry and with its well-built strategy, I have a feeling they are going to continue to rise and make a change.
Dungs, Jennifer. (2021). How Tesla Has Shaken (Not Stirred) Established Carmakers-And Why It Really Matters? Forbes. Retrieved from https://www.forbes.com/sites/jenniferdungs/2021/04/23/how-tesla-has-shaken-not-stirred-established-carmakersand-why-it-really-matters/?sh=169ef61d7d99
Furr N. & Dyer, J. (2020). Lessons from Tesla’s Approach to Innovation. Retrieved fromhttps://hbr.org/2020/02/lessons-from-teslas-approach-to-innovation
(Wheelen, T;Hunger, D; Hoffman, A; Bamford, C. 2018). Concepts in strategic management and business policy. Globalization, Innovation and Sustainability (15th ed). Pearson.
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