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Internal as Well as the External Environment of Tesla - Coursework Example

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This coursework "Internal as Well as the External Environment of Tesla" illuminates the steps to be taken by Tesla in order to ensure that there exists continuous availability of customers and the company is able to survive and surpass the competition from another manufacture.

 
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Internal as Well as the External Environment of Tesla
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of Westminster (Westminster Business School) Sara Alhadrami ID: W14148011 Module Strategic Perspectives Module code: BKEY601 Date: 16th / April / 2015 Executive Summary Tesla has emerged as a modern player in the field of automobile industry owing to the specialized products and services it offers to the customers. Tesla provides the best in class experience to the customers, who are concerned with environmental degradation and high-quality services. Hence, the paper aims at introducing Tesla particularly focusing upon the analysis of its internal and external environment. Furthermore, the study discusses the crisis faced by Tesla associated with maintaining public relations. In addition, a comprehensive understanding of the business level and corporate level strategies adopted by Tesla to create a competitive position in the market has been accomplished. Final suggestions have been determined that Tesla can consider attracting prospective customers and gaining a larger market share. Table of Contents 1 Executive Summary 3 Introduction 6 Q1. Analysis of the External Environment 6 PESTEL Analysis 6 Political Factors 7 Economic Factors 7 Social Factors 7 Technological Factors 8 Environmental Factors 8 Legal Factors 8 Porter’s Five Forces Model 9 Bargaining Power of Buyers 9 Threat of Substitute products 9 Bargaining Power of Suppliers 10 Rivalry among existing competitors 10 Threat of New Entrants 10 Q2. Analysis of the Internal Environment 10 Resource Based View 11 Value Chain Analysis 11 Primary Activities 11 Supporting Activities 14 Q3. Analysis of PR crisis 15 Weaknesses 16 Threats 16 Q4. Strategic Analysis 17 Business Level strategy 17 Corporate Strategy 17 Market Development 17 Product Development 18 Stability Strategy 18 Strategies Suggested for Future Evaluation 18 Growth Diversification Strategy 18 Product Development 19 Relationship Marketing 19 Scarcity Marketing 20 Implementation Models/Techniques and Final Suggestion 20 Conclusion 20 References 21 Goldman, G. & Nieuwenhuizen, C., 2006. Strategy: Sustaining Competitive Advantage in a Globalised Context. Juta and Company Ltd. 22 Hitt, M. & et. al., 2014. Strategic Management: Concepts and Cases: Competitiveness and Globalization. Cengage Learning. 23 Silberglitt, R. & Wong, A., 2009. The Global Technology Revolution China, In-Depth Analyses: Emerging Technology Opportunities for the Tianjin Binhai New Area (TBNA) and the Tianjin Economic-Technological Development Area (TEDA). Rand Corporation. 25 Introduction Tesla Motors is commonly known as Tesla, which is an automotive company based in California, United States. The company was founded in the year 2003 with the initiative taken by Elon Musk & JB Straubel Musk to provide high quality and comforted car services to the customers. Initially, the company faced a number of problems in terms of dwindling sales and lowered profits. However, the company recovered within time and developed a competitive position by being one of the finest car manufacturers in the US and on a global context (Feller & et. al., 2006). Tesla from its very inception is engaged with manufacturing premium-segment cars, which are associated with providing high level of style and comfort. Tesla has achieved this position owing to the deliverance of high level of customer satisfaction with an increase in the range of premium segment cars in its existing line (Feller & et. al., 2006). Hence, the report aims at focusing on Tesla with the aim of analyzing its internal as well as external environment apart from the strategic analysis of Tesla. The report would also illuminate upon the steps to be taken by Tesla in order to ensure that there exists continuous availability of customers and the company is able to survive and surpass the competition from other car manufacturers. Q1. Analysis of the External Environment PESTEL Analysis PESTEL analysis is considered as one of the prominent tools, which allows a marketer to gain a comprehensive understanding of various factors such as political and economic scenario, which can have a substantial effect over the company. Political Factors Tesla is engaged in selling of cars in more than 17 nations across Asia, Europe and native countries of origin i.e. North America. Hence, in order to serve the nations across the globe, the company has to face a number of challenges pertaining to unique political patterns in such nations where it operates. One of the most influential political factors faced by Tesla is the strict regulation on emission levels followed by some nations where it operates. One such scenario is of Europe, which has a number of rules regarding the use of fuel and emission produced by automotive. Furthermore, environmental regulations imposed by some nations are another important factor that has an affect over the company’s external business environment. Another important political factor is the loan facilitated by Government of some nations such as the US to ensure appropriate Research and development (R&D) facilities for the automobile industry (Witcher & Chau, 2010). Economic Factors A number of issues associated with car manufacturing and production are associated with the economic factors. These economic factors include the economic growth of the nations where the company operates apart from the cost of fuel prices. In some nations, there exists a high demand for fuel-efficient cars, which has an effect over the company’s business operations. Certain other economic factors such as GDP rates and inflationary prices hamper the purchasing power of customers and consequently affect the demand of automobiles (Witcher & Chau, 2010). Social Factors Social factors such as environmental consciousness, customer relationship management and attitudes of customers towards the automobiles can have an influence on Tesla. Furthermore, a number of societal factors such as customer’s intention to purchase cost-efficient and electric automobiles are another social factor that has an affect over Tesla’s business (Bernays, 2013). Technological Factors Technological factors such as increase in internet usage along with rapid globalization can have an influence over the company as well as the automobile industry. In the recent years, there has been a rise in the number of technological advancements associated with cars that include the use of sophisticated technology and internet services within the cars, which has an affect over the company’s overall business. In addition, technological changes associated with safety of cars along with a rise in the business-to-business platforms has been an influential affect over Tesla (Bernays, 2013). Environmental Factors Environmental factors such as the need to produce fuel-efficient and eco-friendly cars can affect Tesla’s business to a huge extent. An increase in the level of awareness amongst the customers regarding environmental pollution and climatic changes has an influence over the company’s business operations (Smith, 2013). Legal Factors Legal guidelines regarding production, assembly and making cars available to the end-user have an affect over Tesla especially in such nations wherein governmental rules are legitimately strict in nature. Loans associated with energy and cost-efficient automobiles as well as franchise laws and subsidies available in tertiary sector can have an impact upon Tesla (Maguire, 2005). Porter’s Five Forces Model Developed by Michael Porter, Porter’s five forces model helps in the assessment of the competitive forces associated with a particular industry. Tesla is also affected by a number of factors, which affects its internal and external environment (Porter, 2008). Bargaining Power of Buyers The bargaining power of customers is low in nature. This is because Tesla is engaged in manufacturing and selling of a limited number of cars for its premium segment customers. Hence, the bargaining power of the customers become relatively lower when compared to the car manufacturers who are manufacturing standard products. Furthermore, Tesla produces cars based upon a number of unique features and hence the level of competition is low (Hoffmann & Coste-Manière, 2013). Threat of Substitute products The threat of substitute products is low in nature when focused particularly on Tesla’s operations. Furthermore, there exist a lower number of substitutes for the company, as it specializes in manufacturing and selling premium quality cars. The existing substitutes available against the premium-segment cars are Hybrids, public transportation and electronic automobiles. However, these cars are considered as low-quality substitutes to Tesla’s existing range of high-quality cars. Furthermore, the threat of substitute products is low as most of the customers of Tesla are environment cautious and Tesla has taken appropriate steps to ensure that customer satisfaction is maintained to the highest possible standards (Ayub & et. al., 2013). Bargaining Power of Suppliers The bargaining power of suppliers for Tesla is low in nature. This is because Tesla engaged in procuring a majority of the raw materials from very few suppliers, who are unable to bargain with Tesla, as Tesla carries the options of selecting the best suitable suppliers for having effective alternatives. This in turn, reduces the power of the suppliers (Bernays, 2013). Rivalry among existing competitors The intensity of rivalry amongst the competitors is high, as there are a number of premium-segment car manufacturers in the US, which is the native operating country of Tesla. Tesla faces constant completion from its rivals’ car-manufacturing firms, who are engaged in providing similar services to the elite customers. In addition, high level of costs and lower switching costs for the customers acts as a great challenge for Tesla (Bernays, 2013). Threat of New Entrants The threat of new entrants is high in nature, as the premium automotive industry requires high amount of investments and branding as well as other expenses. Although, the switching cost in the automobile sector is very high, but a number of services provided by the governmental institutions in several nations increase the scope of entry by new players in the automobile industry (Baliga, 2009). Q2. Analysis of the Internal Environment A number of internal business factors apart from the external factors discussed above may exercise a significant impact upon the internal environment of Tesla. This can be easily understood with the help of Resource based view of the company along with Value Chain analysis (Bernays, 2013). Resource Based View Resource Based View of Tesla recognizes the utilization of tangible and intangible resources by the automobile company directed towards attainment of competitive advantage. Tesla has utilized its resources towards developing luxury automobiles that are powered by electricity. Furthermore, the customer rating is very high i.e. around 99 out of 100. In addition, Tesla has made proper use of available financial and technological resources, which can be verified from the numerous awards Tesla has received (Russell & Cohn, 2012). Tesla has won a number of recognitions for manufacturing a number of green cars that runs on electricity, which further have highest battery life when compared with other premium cars with electronically charged engines. In addition, Tesla has utilized its resources by developing user-friendly technology and manufacturing the cars based upon such technology. Tesla has also acquired a mass production unit from its archrivals comprising Toyota and General Motors with the aim of developing electronic cars (Schmitz, 2005). Value Chain Analysis Value Chain Analysis of Tesla would mostly include primary and supporting activities for running the business efficiently. Primary Activities Inbound Logistics In terms of inbound logistics, Tesla has developed an in-house production unit, which ensures that the cars are being manufactured internally and within the organizational environment. Furthermore, Tesla has developed positive relationships with a number of suppliers and engages in Just-in-time to ensure that the storage costs are eliminated. In order to ensure that the costs are minimized, Tesla has focused upon the development of inbound logistic systems, which would further act as an added advantage for the company. The basic reason behind the development of an inbound logistic mechanism is to ensure that the costs associated with outsourcing mechanical accessories and parts are minimized, apart from emphasizing innovation (Plunkett, 2008). Operations In terms of operations, Tesla has adopted an innovated as well as automated organizational guideline apart from employing multi-functional robots and high-degree of reprogramming features in its operational mechanism. These robots have the capability of performing multi-tasking operations, apart from the advantages of lower costs and high level of accuracy. In addition, use of a sophisticated mechanism in the production and manufacturing units ensures that the company makes optimum use of the resources and is able to deliver the required services to the customers in an efficient manner (Silberglitt & Wong, 2009). Outbound Logistics Tesla has established its own stores in over 18 nations across the globe and has provided the potential customers to make online reservations. Furthermore, Tesla has opened up major showrooms in several nations (Cannon, 2014). Opening up showrooms enables demanding customers in other nations to gain access to Tesla’s range of luxury cars for better convenience as well as meet their satisfaction level. In addition, the use of a contemporary showroom facilitates has facilitated the company to attract potential customers and gain market popularity (Cannon, 2014). Marketing & Sales The company has engaged itself in marketing and selling of products through endorsing celebrities, launching campaigns and developing internet based short videos (Cannon, 2014). Use of celebrities helps in gaining a considerable market share, as it attracts their followers who would like to make similar investments and follow purchasing trend as celebrities. Furthermore, conducting campaigns such as blood donation and others would enable the company to gain a substantial advantage over the competitors since, such campaigns call for greater market popularity. Developing internet based short videos act as a distinguishing feature, as it helps in ensuring that the company is able to present the maximum possible information within the limited time, which would assist in attracting customers (EDGAR Online, Inc., 2011). Service The services offered by Tesla includes numerous service centers for providing services to customers apart from charge stations that allow customers to charge their electronic vehicles. Furthermore, as part of the extended service, Tesla provides car warranty (Rosales, 2015). Opening up of a large number of customer service centers can boost the level of customer satisfaction, which can be another opportunity for the company to gain market popularity. Furthermore, such services stations would provide the customers with free of costs services such as gas air filling services, apart from ensuring that the customers get maximum value for the prices paid. In addition, warranty on the cars can be considered as one of the vital components of customer satisfaction and gaining customer loyalty. Providing warranty on the cars facilitates the customers in gaining access to free of costs services in case of discrepancies associated with the cars and get their cars refurbished (Rosales, 2015). Supporting Activities Infrastructure Tesla has a flat infrastructure comprising a small management team and strong leadership style (Akpoyomare & et. al., 2012). One of the vital supporting activities of the company is infrastructure, which ensures that company is able to sell maximum services to its customers without incurring high amount of overhead and indirect expenses. A strong leadership style ensures that the employees working in an organization perform their activities for the fulfillment of organizational goals and are able to perform as per the organizational requirements. Furthermore, a management team comprising a small number of workers ensures that the company is able to focus upon fulfillment of the organizational responsibilities and is able to share responsibilities amongst themselves in case of changes within the organizational framework (Silberglitt & Wong, 2009). Human Resource In terms of human resource management, Tesla has a strong management team and recruits employees based on outsourcing. Furthermore, Tesla utilizes a reward policy for its employees apart from establishing close relationships amongst the members working in Tesla (Wenkart, 2013). Outsourcing can be considered as a vital tool to attract employees, who possess the necessary skills and competencies to carry out the designated job roles. Furthermore, human resources are managed in a manner that would result in deriving maximum outputs from the team members and gain their loyalty. In addition, the team members are being provided high level of incentives, which act as a motivating factor for the employees and consequently results towards the deliverance of the maximum possible outcomes. Establishment of close relationship with the employees helps in addressing their grievances and ensuring that the tasks are performed in the most appropriate manner for better sustainability of the company in the long run (Daim & et. al., 2014). Technology Development In terms of technological development, Tesla has gained a substantial market share owing to its leading edge in the field of technology, cost reduction techniques such as Just-in-time (JIT) and high reinvestments in R&D (Thompson & Martin, 2005). Developments in the field of technology can be considered as another important factor behind the development of Tesla and its internal workplace mechanism. Tesla, since its inception, has been engaged in conducting researches based on running the cars with the lowest possible environmental degradation and has since then delivered the cars that possess innovated technologies (Hitt & et. al., 2014). Furthermore, Tesla has developed a number of costs reduction techniques, which enabled the company to ensure that the costs associated with manufacturing, assembling and delivery of the cars to the end customers are minimized. In addition, the use of JIT allows Tesla to ensure that the raw materials are procured only at the time of production, which saves time and costs (Cheng & Lai, 2012). Q3. Analysis of PR crisis Public Relation crises could be understood with the help of a situation encountered in the year 2013, in a ‘model S’ car of Tesla, which caught fire owing to a puncture in the battery mechanism. This resulted to a decline in the overall sales of Tesla’s cars by 6%, reducing the level of public relations. However, Tesla has since then laid huge focus upon the customers and the cars they produce ensuring that they are able to surpass the minimum quality checks (Bohm, 2009). In this regard, an external analysis has been conducted for understanding weaknesses and threats, which has been discussed hereunder. Weaknesses One of the weaknesses that Tesla faces is the increased prices of its products, which is reducing the overall market share. The prices of Tesla’s products are generally higher than the prices set by its competitors, since the premium market comprises less number of people. Accordingly, Tesla with the provision of innovative services is facilitated with the opportunity of attracting a large number of customers (McCann, 2014). Tesla’s range of cars are expensive than that of the competitors. Furthermore, reliability of the car is lower, as it runs on electricity and the cost of manufacturing is high (Karamitsios, 2013). This further result to decreased revenues generated by the company, since customers prefers to have higher services when compared to the incurred costs. In addition, the number of employees to cater the customers is very less in Tesla when compared to its rival companies. This reduces the overall public relationship mechanism, which hinders the growth and expansion of Tesla and plays a key role in restricting the company’s overall market share (Watson & Noble, 2007). Threats Furthermore, one negative aspect of Tesla is that the return on equity is low, which stands at 0.97:1. This reveals that the company needs to reduce its liabilities in order to ensure that public relations are maximized. Public relation has high chances of getting hampered with an increase in the completion (Arons, n. d.). In near future, Tesla would have to encounter a strong competition from emerging car manufacturers around the globe, who have utilized the concept of electricity to run cars. Furthermore, as more cars are being produced keeping in mind the importance of environmental conservation. Hence, there is an utmost need to introduce the cars with major changes, which would enable Tesla to hold back its existing customers and attract more customers (Liker, 2004). Q4. Strategic Analysis Business Level strategy At the business level, Tesla has adopted a focused differentiation strategy. The reason behind focusing upon differentiation strategy is to attract the customers who are conscious about environment and have a passion for premium quality cars. The company has mostly targeted such customers who require luxurious as well as energy efficient car. Hence, Tesla has utilized a business level strategy to gain the market share and outperform the competitors (Hill & Jones, 1998). In addition, the use of a focused differentiation strategy enables the management of Tesla to focus upon a particular section of the society and ensure that their customized and changing requirements are successfully met (Ireland & et. al., 2008). Furthermore, use of a focused differentiation strategy allows the company to gain the benefits of both having a focused market and providing them with differentiated products (Goldman & Nieuwenhuizen, 2006). Corporate Strategy The corporate strategy of Tesla can be explained with the help of several attributes that have been outlined below. Market Development Tesla focuses upon growth through market development in terms of horizontal growth. In addition, the company has established its manufacturing and assembly units in several parts of the US and Europe with the purpose of serving customer requirements. In addition, market development has enabled Tesla to establish brand name internationally apart from increasing sales, which consequently leads to an increase in the overall revenues. Furthermore, market development helps in diversifications of the risks associated with carrying out the business in multiple locations across the globe (Waters, 2003). Product Development Product development with the help of increased R&D efforts could possibly lead to an increase in the development of automobiles that Tesla manufactures. In addition, Tesla has taken a number of steps to develop hatchbacks and sedans, which would inhibit the ability to run via electricity. Product development helps in ensuring that creation of value takes place apart from an increase in the number of customers and an enhanced competitive advantage. Furthermore, multiple product lines and assembly units would have an increase in public relations and diversify potential threats (Finne & Sivonen, 2008). Stability Strategy Tesla has utilized the concept of ‘Pause/Proceed with caution’ to ensure that organizational stability is maintained to the highest level. Tesla introduces a new car on a yearly basis with latest inbuilt features that enables Tesla to ensure that the risks undertaken by the company are successful in drawing potential customers and increasing the market share (Witcher & Chau, 2010). Strategies Suggested for Future Evaluation Growth Diversification Strategy In order to diversify the growth opportunities, Tesla has made use of conglomerate growth strategy. Conglomerate growth exhibits the need to utilize the concept of diversification and make use of the available resources such as battery for a number of purposes other than as a power source for the cars. This would enable Tesla to transfer the competencies from one industry to another and allocating the available resources to lower the costs. Furthermore, Tesla must seek opportunities of reducing the costs and target higher economies of scale. Furthermore, opportunities must be exploited to expand the product and service lines and management of skills apart from developing the distribution channel network (Wit & Meyer, 2005). Product Development Product development is another strategy that can be adopted by Tesla in order to succeed in the premium car segment. Tesla introduces more cars in the market, which possess the capability to save fuel and are non-harmful to the environment. This is because Tesla cannot introduce low cost leadership as a strategy, since the company deals in premium segment cars. Furthermore, product development would enable Tesla to ensure that the cars launched by the company have unique features coupled with high-class technology and which has the ability to attract prospective customers concerned about environmental degradation (Hill & et. al., 2014). Relationship Marketing Relationship marketing strategy is another important strategy that can be adopted by Tesla, which would ensure that the existing customers are satisfied with the services offered to them by the company. Tesla, apart from trying to attract new customers, must ensure that the existing customers are retained and any scope for future discrepancies can be minimized. In addition, relationship marketing with the existing customers would enable Tesla to attract more customers, as the existing customers will recommend new customers positively about Tesla and its cars (Henslowe, 2003). Scarcity Marketing Scarcity marketing strategy can also be adopted by Tesla, which would enable the company to develop its products as per the requirements of specific customers and making such cars available to only a limited number of people (Bischoff, 2013). Implementation Models/Techniques and Final Suggestion Tesla can adopt a number of techniques that would allow the company to attract potential customers in the long run. Tesla needs to shift its marketing strategy to differentiation strategy for establishing its market by differentiating its products and services from rival companies. This would enable the company to engross higher profits and generate retained earnings, which would in turn help Tesla to reduce the debts. Furthermore, in order to enlarge the existing market share, Tesla needs to concentrate on more than a particular segment i.e. premium segment to other segments, which allow the company to gain higher profits and increase the overall market share (Gregory, 2004). Conclusion The aforementioned study provides a brief understanding of Tesla, the external environment where the company operates such as its political and social factors and five forces including threat of substitutes and others. Furthermore, a comprehensive understanding of the internal environment where it operates and the market it serves based upon the value chain and the resource based view of the company. In addition, a number of weaknesses of the company have been identified such as competition from rivals, which has a negative effect on public relations of Tesla with its customers. Finally, a strategic analysis of Tesla provides an understanding of the business level strategy, corporate strategy and the strategies such as product development that would help Tesla to attract customers and earn higher profits in near future. References Akpoyomare, O. & et. al., 2012. Differentiation and Positioning Strategy: A Toss of the Same Coin. International Journal of Management and Sustainability, Vol. 1, No. 2, pp.53-65. Arons, H. S., No Date. A Knowledge Base Representing Porters Five Forces Model, Erasmus University, pp. 1-6. Ayub, A. & et. al., 2013. A Conceptual Framework on Evaluating SWOT Analysis as the Mediator in Strategic Marketing Planning Through Marketing Intelligence. European Journal of Business and Social Sciences, Vol. 2, No.1, pp. 91-98. Baliga, B., 2009. Advanced Power Rectifier Concepts 2nd ed. Springer. Bernays, E. L., 2013. Public Relations. University of Oklahoma Press. Bischoff, A. L., 2013. Porters Value Chain and the REA Analysis as an Accounting Information System. GRIN Verlag. Bohm, A., 2009. The SWOT Analysis. GRIN Verlag. Cannon, E., 2014. Tesla Model S 113 Success Secrets - 113 Most Asked Questions On Tesla Model S - What You Need To Know. Emereo Publishing. Cheng, T. C. E. & Lai, K., 2012. Just-in-Time Logistics. Gower Publishing, Ltd. Daim, T. U. & et. al., 2014. Planning and Roadmapping Technological Innovations: Cases and Tools. Springer Science & Business Media. EDGAR Online, Inc., 2011. FORM 10-Q (Quarterly Report). Tesla Motors Inc, pp. 1-54. Feller, A. & et. al., 2006. Value Chains Versus Supply Chains, BPTrends, pp. 1-7. Finne, S. & Sivonen, H., 2008. The Retail Value Chain: How to Gain Competitive Advantage through Efficient Consumer Response (ECR) Strategies. Kogan Page Publishers. Goldman, G. & Nieuwenhuizen, C., 2006. Strategy: Sustaining Competitive Advantage in a Globalised Context. Juta and Company Ltd. Gregory, A., 2004. Public Relations in Practice. Kogan Page Publishers. Henslowe, P., 2003. Public Relations: A Practical Guide to the Basics. Kogan Page Publishers. Hill, C. & et. al., 2014. Strategic management: Theory & Cases: An Integrated Approach. 11th ed. Cengage Learning. Hill, C. & Jones, G., 1998. Strategic Management. 2nd ed. Houghton Mifflin Co. Hitt, M. & et. al., 2014. Strategic Management: Concepts and Cases: Competitiveness and Globalization. Cengage Learning. Hoffmann, J. & Coste-Manière, I., 2013. Global Luxury Trends: Innovative Strategies for Emerging Markets. Palgrave Macmillan. Ireland, R. D. & et. al., 2008. Understanding Business Strategy: Concepts and Cases. Cengage Learning. Karamitsios, A., 2013. Open Innovation in EVs: A Case Study of Tesla Motors. Master of Science Thesis, pp. 1-30. Liker, J., 2004. The Toyota way. McGraw-Hill. Maguire, M., 2005. BMW Value Chain Analysis. GRIN Verlag. McCann, B., 2014. Tactical Portfolios: Strategies and Tactics for Investing in Hedge Funds and Liquid Alternatives. John Wiley & Sons. Porter, M. E., 2008. The Five Competitive Forces that shape Strategy. Harvard Business Review, pp. 1-18. Plunkett, J. W., 2008. Plunketts Automobile Industry Almanac 2009: The Only Comprehensive Guide to Automotive Companies and Trends. Plunkett Research, Ltd. Praem, N. E., 2014. Valuation of Tesla Motors Inc. Master Thesis, pp. 1-130. Rosales, R., 2015. A Brand-New Tesla Motors Guide - 42 Things You Did Not Know. Emereo Publishing. Russell, J. & Cohn, R., 2012. Tesla Motors. Book on Demand. Schmitz, H., 2005. Value Chain Analysis for Policy-makers and Practitioners. International Labour Organization. Silberglitt, R. & Wong, A., 2009. The Global Technology Revolution China, In-Depth Analyses: Emerging Technology Opportunities for the Tianjin Binhai New Area (TBNA) and the Tianjin Economic-Technological Development Area (TEDA). Rand Corporation. Smith, R. D., 2013. Strategic Planning for Public Relations. Routledge. Thompson, J. & Martin, F., 2005. Strategic management . 3rd ed. Thomson Learning. Waters, D., 2003. Global Logistics & Distribution Planning. 2nd ed. Kogan Page. Watson, T. & Noble, P., 2007. Evaluating Public Relations: A Best Practice Guide to Public Relations Planning, Research & Evaluation. Kogan Page Publishers. Wenkart, M., 2013. The Tesla Motor ́s way: How to build a car manufacturer from scratch. BoD – Books on Demand. Wit, B. & Meyer, R., 2005. Strategy Synthesis. 3rd ed. Thomson Learning. Witcher, B. & Chau, V., 2010. Strategic Management 1st ed. Cengage. Read More
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