Improving Our Understanding of Moderation and Mediation in Strategic M

Question: Describe about the Improving Our Understanding of Moderation and Mediation in Strategic Management Research? Answer: Introduction The present report will discuss about the importance as well as the implications of strategic management process. In order to enlighten, the report with proper concept of strategic management, the researcher has chosen the organisation Tesla Motors Electricity Cars and Powerwall; one of the well known companies of the United Kingdom. The researcher has been appointed as a strategic consultant in this study, for a new client organisation. The new client organisation of the researcher is Tesla Motors Electricity Cars and Powerwall, an automotive and energy Storage Company. It delivers luxury electric cars along with other vehicles and battery products. As per the record of 2015, around 12,000 employees are employed currently in that organisation (Tesla Motors 2016). As a strategic consultant, the researcher provides a justified proposal for a change in their strategy to boost the shareholder value. As per the annual report of Tesla Motors Electricity Cars and Powerwall, the total revenue that the organisation has obtained is $4.05 billion (Tesla Motors 2016). It has been found that Tesla Motors has been successfully increasing their revenue from the past 5 years. The below table shows the revenue that the organisation has acquired in last 5 years: Year Total Revenue 2011 $204.24 M 2012 $413.26 M 2013 $2.01 B 2014 $3.2 B 2015 $4.05 B Table 1: Annual Revenue of Tesla Motors Electricity Cars and Powerwall (Source: Tesla Motors 2016) The below table displays the main sections of expenses of Tesla Group and their gross income in past 5 years: 2011 2012 2013 2014 2015 COGS (Cost of Goods Sold) $142.65M $383.19M $1.56B $2.32B $3.12B SGA Expenses $313.08M $424.35M $517.55M $1.1B $1.7B Interest expense $43,000 $254,000 $22.13M $100.89M $118.85M Gross Income $61.6M $30.07M $456.26M $881.67M $923.5M Table 2: Financial report of Tesla Motors Electricity Cars and Powerwall (Source: Tesla Motors 2016) It has been shown in the above table, that all the expenses of the company were increased, though by a small amount in 2015 comparing to the prior year. Hence, it results in a small amount of increase in the gross income. In the present competitive market, Tesco Motors confronts more and more challenges from both the market and its competitors. Currently, it faces issues in obtaining competitive advantages over its major competitors. Therefore, the company needs to implement effective strategies to generate more revenue as well as profit. It would also help to achieve comparative advantages. At present market, the major competitors of Tesla Motors are Ford Motor Company, Federal Signal, General Motors, Honda Motor Company, Toyota Motor Corp., Nasdaq-listed Kandi Technologies, Wabcoetc. The luxury cars delivered by its competitors provide high competition to the Tesla Motors cars. These products include Mercedes-Benz S-Class, BMW 7-Series, BMW 6-Series, Audi A7 etc. Among these, Mercedes-Benz S-Class provides highest competition and it has grabbed the market more in comparing to others in the year of 2014. In 2015, Tesla has successfully increased their sales of electric cars. The below table displays the sales figure of the sales of these two products: Products No. of cars sold in 2014 No. of cars sold in 2015 Mercedes-Benz S-Class 25276 21934 Tesla Model S 18480 26566 Table 3: Sales figure in comparison to its highly competitive product (Source: Tesla Motors 2016) Tesla successfully made continuous growth of the model Tesla Model S. The product has brought most of the revenue among selling other Tesla products (Refer to Appendix 1). Though, they received threats from its the competitive product Mercedes-Benz S-Class. Proper strategic management is needed to acquire strong competitive advantages. Strategic Analysis of Environment Through environmental analysis, an organisation can identify all of its internal and external factors that affect the performances of the business (Mangematin and Baden-Fuller 2015). Analysing these factors or elements, an organisation comes to know its present strengths as well as weaknesses. Besides, this strategic tool helps an organisation to address its current threat and opportunities. The business of Tesla Motors is influenced much by their internal and external environment. In order to understand this environment analysis, the PESTEL analysis can be used to know the affect of the various factors on the organization (Rosenbaum-Elliott Percy and Pervan 2015). PESTEL analysis of Tesla Motors: Political: As stated by (Popkova et al. 2015), national or international trade along with labour laws is engaged in all the industries. Political force is one of the major factors of the business of Tesla Motors. The company relies on the government policies and the subsidies that the government provided to make their product more affordable (Chen Delmas and Lieberman 2015). Therefore, their business is affected by the decision of the politicians and policy makers. Economic: Economy is the core factor that affects an organisation in operating their business (Goldfarb and King 2016). As Tesla produces luxury electric cars, the consumers tend to spend their money on the alternatives of low fuel costs. Therefore, they confront challenges in obtaining comparative advantages. Social: According to (Audretsch 2015), an organisation should give importance to the social factors in order to generate superior performances. As Tesla provides cleaner sources of energy, the environment conscious consumers prefer to purchase their product to reduce the pollution. Technological: In todays modern market of increasing technology, the consumers have more options in their hands (Engert Rauter and Baumgartner 2016). In terms of technology, Tesla faces both threats and opportunity. Developing new technology to enhance their clean energy space brings the opportunity. In contrast, new technology developed and utilised by its competitors creates more threat for the company. Environment: People become more conscious about environmental pollution. Therefore, it brings a positive signal for the company. Legal: Government forcing laws and regulations create legal constraints for manufacturing and supplying the luxury products. The PESTEL analysis helps the researcher to do the SWOT analysis of the organisation. Through the SWOT analysis, the researcher will come to know the strengths, weaknesses, opportunities and threats of the respective organisation. SWOT analysis of Tesla Motors: Strength: Technology is the major strength that the respective company has in present (Aguinis Edwards and Bradley 2016). The organisation is completely committed in enhancing their clean energy space. They will enhance their business through improving their existing technology. Through technological development, Tesla Motors is successfully able to provide responses to social environments (Morden 2012). Weakness: The products that the company delivers are quite expensive and thus it is not affordable to the consumers. Currently, they confront production constraints. This is the prime reason behind their high priced products. Further, they face issues in supply chain management. The products are sold by their own outlets. Opportunity: Tesla has a positive point in clean energy market, as they increase their clean energy sources. Besides the electric cars, they manufacture alternative energy products, such as battery. It helps them to increase their sales as well as revenue. Threat: The major threat that the company faces is obtain competitive advantage over their competitors. The major competitors of the company try to deliver alternatives at lower prices with clean energy space. Being a strategic consultant, the researcher provides some effective strategies that would direct the company for the next 3 years. The PESTEL and SWOT analysis help the researcher in this context. Strategies Strategic Matrix with SWOT Plan of strategy making and implementation Review of implementation Time Period Provide training programs to the production team Strength and Opportunity Tesla Motors has the strong point in the technological field. It has embraced new technologies, and thus they have the opportunity to utilise their strengths as well. By providing training programs, they will able to increase their existing technology. The management body will record the actions taken by the team on a weekly basis. This way, they would able to address the present concerns and resolve them within a shorter duration 6 months Innovation in product design and increase sales Opportunity vs. Weakness They have the opportunity to expand their business by introducing new technology. At present, they fail to compete with its major competitors in terms of selling luxury products. Thus, the researcher suggests that keeping updated about the latest technology would be beneficial. The researcher goes on to suggest that the company should engage all their stakeholders along with the manufacturer team. Through discussion, they can share their ideas and it would help them to select the best one. The managers will pursue a sequential order to share the ideas of all the stakeholders. This way, it will also motivate the employees to fulfil their targets. 6 months Price strategy Weaknesses and Threats The company has its biggest threat from its competitors in terms of product price. The production constraint is the prime factor behind their high production cost. Further, poor supply chain management policies create threats in acquiring competitive advantages. The researcher suggests that if they decrease their product price they can grab the world market to a greater extent. It would help them to enhance their business. This will help them to deal with the threat that they receive from the competitors. Initially, the organisation has to spend greater capital to make more profits in the long run. 6 months Supply chain management Threat vs. Strength As Tesla Motors has the strong point in technology, it can implement its strategy well. Weakness in supply chain management creates more threat. Therefore, the researcher suggests increasing their supply chain along with new technology to increase the sales. The company has to keep a track record of the actions they would take. This will help them to proceed in right direction. 18 months Table 4: Strategic Plan for next 3 years (Source: Created by Author) Strategic purpose of the Company The strategic purposes of Tesla Motors are made by centralising the mission and vision of the company. Their vision is to become most compelling car manufacturing company by delivering most fashionable and functional model of electric cars. On the other way, their mission is to deliver safety products to the customers. Their primary concern is safety of the customers instead of safety of their vehicles. Through analysing the strengths and weaknesses of the company, the researcher has introduced some specific strategies to deal with the challenges which they confront in the present situation. The strategies would help them to achieve both their short term as well as the long term goals. Teslas short term goal is to generate more revenue along with more profit and more cash by improving their technology. Recently, their new product Powerwall batteries have been launched. It has been stated before that high price has created constraints in the path of increasing sales. Moreover, it prevents the company in acquiring more revenue. Therefore, the researcher has included the pricing strategy in the strategic plan of the company. Through pursing proper pricing strategy, they would able to lower their product price. This will cause increase in production, supply and sales as well. At the same time, the company needs to focus on the production constraints. Production constraint is the root of the problem of their high price product (Wilson and Gilligan 2012). By reducing the production expenditure, the company would able to increase their revenue as well as profit. As a result, it would help the company to decrease their growing expenses and increase their sales. In the strategic plan, the researcher has included that the company needs to bring innovation in their production. Consumers are always attracted by the latest luxury products, thus they expect much against the high prices they pay. Furthermore, they confront constraints in improving their clean energy space. As the competitors are trying to include clean energy space in their production and are offering alternative products at cheaper price, the company fails to obtain competitive advantage. Beside the short term goal, their long term goal is based on improving the products of automobiles. The researcher has included the strategic plan of supply chain management and training programs by keeping their long term goal in mind. Poor supply chain management process is another reason due to which the company is facing lower revenues. The supply can be set by outlining the current demand or predicting the future demand (Clarke 2012). The increasing competitive pressure is one of the major factors of supply chain management that the management body should pay heed to (Priem Li and Carr 2012). Analysing the competitive pressure, the researcher suggests increasing their supply chain. Being the strategic consultant, the researcher recommends providing training programs to its employees to improve their employability skills. According to (Keupp Palmi and Gassmann 2012), it is one of the key strategies that the employers should pursue in order to motivate the employees and increase their effectiveness in workplace. It has been found that, the company is facing high competition from its competitors in selling their products. High amount of substitutes are available in the market. Majority of consumers are attracted by the goods that they can get at lower price. Therefore, the staffs need to enhance their skills and knowledge to improve their product quality. Through enhancing the product quality and minimizing the cost, they would able to generate more revenue and obtain competitive advantages. Strategic Management for Growth As per the viewpoint of (Ward 2012), proper strategic management helps an organisation to increase the value of their business. After making strategies, the management body of the organisation needs to implement them in a proper way for sustainable growth and development (Lasserre 2012). Being appointed as a strategic consultant in Tesla Motors, the researcher discusses about their strategic management process. The researcher suggests the company to include Porters 5 forces strategy analysis for sustainable growth. (Kaplan and Norton 2012) added in this context that it is the most effective tool for analysing where the business power lies. This helps the organisation to understand their competitive position in the business market. This particular model would help the respective organisation to utilise their strengths and improve their weaknesses as well. Porters 5 forces analysis can be utilised in the strategy management process for maintaining continuous growth (Refer to Appendix 2). Threat of new competitors In the growing competitive market, the firms face more competition when placing their own business at a greater position across the world market (Kapferer 2012). It has been found that the profitability markets of luxury cars attracted new firms and increased the competition of the respective company. High product price is the key disadvantage that the company has and it creates advantage for its competitors. Therefore, they need to include strategies for future uncertainty that might hamper their business. Threats of substitutes Currently, the company is facing major challenge in terms of the availability of the alternative products. The competitors successfully deliver the substitute products to the consumers at lower price. Hence, the company needs to include pricing strategies to deal with the challenge. Power of the buyers The buyers bargaining power affects the pricing policies of an organisation and puts the market under pressure. It has been mentioned before that the buyers tend to purchase alternative products at lower prices. Thus, the company needs to reduce the price of their products to retain the existing customers and attract the new ones. Power of the supplier The suppliers of the raw materials and other components have the power of bargaining when fewer amounts of substitutes are available. As Tesla produces a unique product, they purchase their raw materials from specific suppliers. Therefore, they face increased expenditure challenges due to the bargaining power of its suppliers. Competitive rivalry In order to deal with the competitive rivalry, the company needs to obtain sustainable competitive advantages by including innovation strategies. Pricing strategy and training programs for the employees are the key strategies that the researcher has considered for innovation. The researcher further suggests that they should include the Ansoffs Growth Matrix to lead the business towards growth. As per the statement of (Hitt, Ireland and Hoskisson 2012), it is one of the effective marketing planning tools that helps an organisation to determine their product and growth strategy. Ansoffs Growth Matrix covers the areas of market penetration, market development, product development, and diversification (Refer to Appendix 3). By selling their existing products in their existing markets, the company can reduce the risk of introducing new products. The business would be at an uncertain stage to sell their new products and generate the expected profit from that. Apart from this, market development is needed to sell the existing products in the new market. Product development is the prime strategy that is required to increase the product quality. Effective research and development along with innovation is needed to acquire competitive advantages over its competitors. Diversification is the strategy of selling new products in the new market. Through this strategy, the company will able to grab new markets and enhance their business. Being the strategic consultant, the researcher considers Mintzbergs management policy to provide proper managing direction. As stated by Mahoney and Qian (2013), this specific management policy mentions ten prime roles of a manager that includes Figurehead, Leader, Liaison, Monitor, Disseminator, Spokesperson, Entrepreneur, Disturbance Handler, Resource Allocator, and Negotiator. These are the essential roles to implement the strategic policies of the respective organization properly (Refer to Appendix 4). Through utilizing strategy management policies, the researcher has targeted the revenue as well as profit for next 3 years. It is depicted in the below table: 2016 2017 2018 Expected Revenue $6.01B $8.14B $10B Expected Profit $1.5B $1.9B $2.5 Table 5: Expected revenue and target for next three years (Source: Created by Author) Process of Strategic Implementation The external and internal environment analysis of Tesla Motors is showing that the company is having different risk factors from various aspects such as political, environmental, social, economical and legal. Moreover, the internal environment analysis of the company emphasizes that the company is manufacturing products, which are expensive in comparison to the competitors products (Hill, Jones and Schilling 2014). In addition, the company is facing trouble regarding their production capacity, which is directly hampering the organizational profitability remarkably. The most important issues within this organization, is that Tesla does not have any supply chain process. The company is solely responsible for increasing the availability of their products among the targeted market. Thus, the company does not have any distributors or dealers among the targeted market (Hitt, Ireland and Hoskisson 2012). In order to mitigate these issues, the above-mentioned strategies need an effective imp lementation process. Following is the implementation process of each strategy along with the time requirements. Implementing low pricing strategy In order to implement low pricing strategy, the company needs to assess the current market value of the products. It will help Tesla Motors in gathering knowledge regarding how the rival companies are conducting sustainable business in the competitive market. Apart from that, assessing the current pricing strategy of the rival organization is important for gaining competitive advantages (Apenko 2014). The aim of the company is to overcome all the challenges within three years and therefore, the company needs to implement this low pricing strategy within six months after initiating the plan. It is highly important to increase the production unit for maintaining profitability while reducing the price. Therefore, the company needs to hire adequate employees for increasing productivity during this time (Bettis et al. 2015). Moreover, the company needs to conduct a survey session with the consumers in order to understand whether they are satisfied with the products or not. Thereafter, it will be easy for the company to implement a pricing strategy, which will effectively attract consumers towards the products. Low pricing strategy will help the company in retaining the existing and new consumers from the targeted market (Hair et al. 2012). However, a low pricing strategy will also reduce profitability of the company and therefore, it is highly important for the company to implement this particular strategy after conducting an effective market research (Goetsch and Davis 2014). Implementation of employee training process The internal and external environment analysis of Tesla Motors is emphasising that the company is facing trouble with production. The major reason of production issue of the company is inadequacy of employee knowledge (Boyd et al. 2012). Therefore, the strategy is focusing on implementing training process for the employees. In this competitive era, every organization is relying upon innovative technology. Therefore, Tesla needs to improve their technological aspects along with employees knowledge. This training process has to be done within 12 months after implementing the low pricing strategy. In this period, the company needs to empower employee knowledge regarding innovation and requirements of innovation within the organization. In order to overcome production constraints, it is highly important to increase employees knowledge regarding new technologies (Vogel and Gttel 2013). However, implementing a rapid change within the organization can hamper organizational profitability and therefore, the company needs to conduct the change management in a stable manner. Process of implementing supply chain management Supply chain is a complex process, which helps an organization to increase availability of products among the targeted market. However, Tesla Motors does not have any supply chain process and therefore, the company is facing trouble with low availability of products. Consumers are unable to avail the products due to insufficiency of retail store among the targeted markets (Mahoney and Qian 2013). Therefore, this strategy can facilitate the company by increasing availability of products. As this process is complex, it will take the maximum time for identifying the dealers and wholesalers within the targeted market (Keupp, Palmi and Gassmann 2012). In order to achieve the organizational objectives, the company needs to implement a lean supply chain management within 18 months after implementing the above-mentioned strategies. A lean supply chain process is effective for increasing product availability along with reducing the supply cost. Gantt chart: The Gantt chart displays the plan of strategy implementation over 3 years planning horizon (Refer to Appendix 5). Essential Conditions Value addition to the stakeholders The forecasted strategies are focusing on strengthening the organizational profitability by reducing product price and increasing productivity of the employees. The above-mentioned strategies are helpful for internal and external stakeholders of Tesla Motors (Fisher and Oberholzer-Gee 2013). The first strategy that aims at reducing the product price will facilitate the external stakeholders. The consumers will be able to avail the products at a lower price. Apart from that, the consumers will be able to avail best quality products at low prices and therefore, the product value will increase for them. Eventually, these strategies will facilitate the new consumers of the organization who will be able to get the products at more low prices (Bergh et al. 2014). Thus, the organization will be benefited through gaining loyal consumers in competitive market. Following is how the internal and external stakeholders will be benefited by the strategies. Internal stakeholders Internal stakeholders are the board members, staffs and other internal associates that can be affected by the strategies of organization. Management of an organization and the consumers are the internal stakeholders for an organization (Chen, Delmas and Lieberman 2015). Moreover, the employee training strategy will improve knowledge of the employees and therefore, the employees will be able to adopt innovative technologies. When it comes to the employees, the newly implemented strategy will enable the employees to increase their knowledge. In this manner, they will be able to understand organizational requirements, which are highly important for maintaining a healthy working environment (Boyd et al. 2012). Employees will be retained in this manner and the company will be able to gain competitive advantages due to high employee retention. The entire planning of achieving the objectives consists of increasing the communication with employees. It is highly important for an organization to maintain effective communication with the employees and therefore, the forecasted strategies will benefited the employees in sharing their concerns with the higher management in an easier manner (Apenko 2014). If the higher management of Tesla Motors is able to communicate with each employee, then the management will be able to retain employees by reducing their apprehensions in an effective manner. Apart from that, the management of the organization will be facilitated by the strategies in a remarkable manner (Boyd et al. 2012). Following these strategies, production of the organization will increase and therefore, the company will be able to reduce the product price. The overall profitability of the organization can be increased by selling high units at low price. In other words, management of Tesla will be benefited by attracting mo re consumers from the targeted market. As the strategies are consisting of increasing suppliers, it will help the management in gaining competitive advantages in an effective manner. External stakeholders External stakeholders of an organization are consumers, government, suppliers and other communities (Fisher and Oberholzer-Gee 2013). The strategies implemented by the consultant will increase the chances for the consumers to avail products at low prices. Apart from that, the company is also considering the productivity frequency, which will help the consumers in getting the product in mass quantity. In order to facilitate the consumers, the company is planning to reduce product price and along with that, the company is focusing on increasing product availability among the market (Chen, Delmas and Lieberman 2015). In this manner, the consumers will be able to purchase products from different locations. Currently, Tesla does not have any distributor or dealers and therefore, the consumers are not able to purchase the products due to insufficient product availability. The newly implemented strategy will help the consumers to mitigate this challenge in an effective manner (Vogel and Gttel 2013). The aim of the company is to increase the overall profitability, which will also facilitate government is gaining increased tax amount. Therefore, it can be said that the planned strategies are also beneficial for the governments as well. If the suppliers are taken into consideration, then it will be effective for the suppliers to grab the entire market, because there will be no competition within the suppliers in the initial stage (Bergh et al. 2014). The suppliers will be able to maintain a sustainable profitability, which is beneficial for them. Conclusion After conducting this report, it can be concluded that strategic management process is a complex process, which needs effective process of implementation for getting successful outcomes. Tesla Motors is a reputed organization in the field of electric cars and power storage and therefore, the company is having a fair internal operation, which is facilitating the organization. Apart from that, there are many limitations that are found while conducting the internal and external environment analysis of Tesla Motors. Thus, this report is focusing on solutions to those concerns, which have been found during the environment analysis. The strategies forecasted in this report are focusing on improving the pricing strategy, employee knowledge and supply chain of the company. These strategies are helpful for various stakeholders of the company in different aspects. 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