Incorporation of Contemporary Management Techniques in Tesla (Term Paper Sample)
The integrated learning project aimed to showcase eight contemporary management techniques and show how they can improve tesla's position. It also included biblical integration to show how firms can incorporate biblical principles in conducting business.source..
Incorporation of Contemporary Management Techniques in Tesla
Date of Submission
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Table of Contents
Table of Contents TOC \o "1-3" \h \z \u Incorporation of Contemporary Management Techniques in Tesla PAGEREF _Toc71936112 \h 1Table of Contents PAGEREF _Toc71936113 \h 2Abstract PAGEREF _Toc71936114 \h 4Organizational Setting PAGEREF _Toc71936115 \h 6Tesla's Mission PAGEREF _Toc71936116 \h 6Customer Definition PAGEREF _Toc71936117 \h 6Value Added PAGEREF _Toc71936118 \h 7Role of Christianity in Tesla PAGEREF _Toc71936119 \h 8Integration of Chapter Concepts to the Organizational Setting PAGEREF _Toc71936120 \h 8Six Sigma PAGEREF _Toc71936121 \h 8Concept Description PAGEREF _Toc71936122 \h 8Benefits of Application to Tesla PAGEREF _Toc71936123 \h 9Successful Implementation PAGEREF _Toc71936124 \h 10Benchmarking PAGEREF _Toc71936125 \h 10Concept Description PAGEREF _Toc71936126 \h 10Benefits of Application to Tesla PAGEREF _Toc71936127 \h 11Successful Implementation PAGEREF _Toc71936128 \h 12Biblical Integration PAGEREF _Toc71936129 \h 12Business Process Design (Reengineering) PAGEREF _Toc71936130 \h 12Concept Description PAGEREF _Toc71936131 \h 12Benefits of Application to Tesla PAGEREF _Toc71936132 \h 13Successful Implementation PAGEREF _Toc71936133 \h 13Biblical Integration PAGEREF _Toc71936134 \h 14Failure Mode and Effect Analysis PAGEREF _Toc71936135 \h 14Concept Description PAGEREF _Toc71936136 \h 14Benefits of Application to Tesla PAGEREF _Toc71936137 \h 14Successful Implementation PAGEREF _Toc71936138 \h 15Biblical Integration PAGEREF _Toc71936139 \h 15Balanced Score Card PAGEREF _Toc71936140 \h 15Concept Description PAGEREF _Toc71936141 \h 15Benefits of Application to Tesla PAGEREF _Toc71936142 \h 16Successful Implementation PAGEREF _Toc71936143 \h 17Biblical Integration PAGEREF _Toc71936144 \h 17Learning Curve PAGEREF _Toc71936145 \h 17Concept Description PAGEREF _Toc71936146 \h 17Benefits of Application to Tesla PAGEREF _Toc71936147 \h 18Successful Implementation PAGEREF _Toc71936148 \h 18Biblical Integration PAGEREF _Toc71936149 \h 19Lean Manufacturing PAGEREF _Toc71936150 \h 19Concept Description PAGEREF _Toc71936151 \h 19Benefits of Application to Tesla PAGEREF _Toc71936152 \h 20Successful Implementation PAGEREF _Toc71936153 \h 21Biblical Integration PAGEREF _Toc71936154 \h 215S Method PAGEREF _Toc71936155 \h 21Concept Description PAGEREF _Toc71936156 \h 21Benefits of Application to Tesla PAGEREF _Toc71936157 \h 21Successful Implementation PAGEREF _Toc71936158 \h 22Biblical Integration PAGEREF _Toc71936159 \h 22Conclusion PAGEREF _Toc71936160 \h 23References PAGEREF _Toc71936161 \h 24Appendices PAGEREF _Toc71936162 \h 27Appendix 1: Financial Reports PAGEREF _Toc71936163 \h 27Appendix 2: Strategic Analysis Data PAGEREF _Toc71936164 \h 27Appendix 3: Communication of Plan PAGEREF _Toc71936165 \h 27
The Integrated Learning Project considers how Tesla Inc. can incorporate contemporary management techniques to improve its processes, productivity, efficiency, and profitability. The firm's problems include long lead times, wastes due to new products and processes, increased competition, and low production volume. Some of the proposed contemporary techniques include benchmarking in the firms that perform specific functions better, Six Sigma, Reengineering, Balanced Score Card, lean manufacturing, among others. The current methods will benefit Tesla due to their holistic approach of combining different perspectives into the organizational strategy. While the objectives become apparent, the employees understand what the firm expects of them. Equally, improved administrative processes motivate employees to conduct their tasks well. Continued stay in the firm improves the production as the employees become used to the routine operations and learn quicker ways of attaining their duties. The project also incorporates how the contemporary management techniques align with the Biblical teachings.
Keywords: Contemporary Management Techniques, lean production, Balanced Score Card, Six Sigma, Reengineering, Objectives, Tesla.
Incorporation of Contemporary Management Techniques in Tesla
The changing business environment requires that businesses also approach their routine processes in better and proven ways. Contemporary management techniques are more efficient and effective when incorporated correctly in a firm to improve its productivity. Depending on the situation at hand, organizations must select the most applicable contemporary management technique. The project considers the following methods:
* Six Sigma (6σ)
* Business Process Reengineering (BPR)
* Failure and Mode Effect Analysis (FMEA)
* Balanced Score Card (BSC)
* Learning curve
* Lean manufacturing
* 5S Method
Being a technology firm in the automotive industry, Tesla should incorporate the above contemporary techniques to expand its sales and add to its competitive advantage. The automobile industry has since some of the methods since its inception, including lean manufacturing. However, the processes keep improving, and for a firm to compete in the volatile industry, it must its systems updated. Thus, the project aims to show why the management techniques are most applicable to Tesla by showcasing the benefits and guiding them through their appropriate use. Contemporary management can be positive for organizations as it allows them to increase their production capacities, increase efficiency, reduce costs, enhance decision-making, and adapt to global changes. Tesla was founded in 2003 by Martin Eberhard and Marc Tarpenning and was named after Nikola Tesla for having funded its operations in its early days. The firm’s purpose is to expedite the move to sustainable transport and energy through electric cars and solar energy.
Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. Tesla's primary products include electric cars, battery energy storage, solar products, among other clean energy items. Tesla's mission aims at accelerating the transition of the world towards sustainable energy. The firm's mission statement reads "to accelerate the advent of sustainable transport by bringing compelling mass-market electric cars to market as soon as possible." The mission is understood from Tesla's formation in 2003, where the founder engineers wanted to prove that electric cars can be as good as their gasoline alternatives if not better (Ingram, 2018). In this regard, Tesla aimed to solve environmental pollution by providing clean options like electric cars and solar solutions. It is a sustainable solution given the rising awareness of the impacts of carbon emission from fossil fuels.
Tesla's initial intended market was the market served by the gasoline motor vehicles as it aimed at providing an alternative. However, with time, Tesla refined its market target to the upper-middle class and above given the market's characteristics: the level can afford the vehicles at a price that would enable Tesla to break even further. The class is aware and involved in curbing pollution. Tesla's primary target market includes affluent individuals. Its customers are between 45-64 years earning above $100,000, business executives. The class is not price-sensitive and views the vehicles as a source of prestige and luxury given the brand recognition, saving, and eco-friendliness. Tesla later released Models S and X and equipped them with seven seats targeting families with the big spaces and extra seats (Perkins & Murmann, 2018). The families can use the models for holidays and trips. The third target market for the firm with Model 3 is the price-sensitive market as it aimed at selling it at half the price of models X and Y (Musk, 2016). the position also allows the firm to compete with gasoline vehicles and fulfills the initial objective of presenting an alternative.
Tesla's product differentiates itself from those offered in the market by being environmentally friendly. The firm applies a broad differentiation strategy focusing on electric automobile automation, battery technology, and other green products such as solar roof tiles. Besides the products being environmentally friendly, they are cheaper to maintain. The automobiles from its competitors, including Toyota, Ford, BMW, General Motors, etc., consume fuel and thus expensive (Merchant, 2014). However, Tesla's vehicles are chargeable, and the firm does not pass the consumer's charging costs. In this regard, the products appeal to customers due to low maintenance costs and being friendly to the environment. Besides, the firm also has sleek vehicles with modern designs. The project aims at expanding the firm's market in developing countries which aligns with its mission to reduce carbon footprint (Musk, 2016). However, the firm currently serves the middle age and early adopters. Its customers have a college degree, but the vehicle does not appeal to the youth due to its price range. The project will illuminate market expansion about attracting middle-income earners, and the youth as the bulk of the market is in this range.
Role of Christianity in Tesla
Tesla's mission aligns with God's directive of tending to the environment. As His stewards, we should protect His creation. Jeremiah and Isaiah prophesied that dire conse...
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