Reference no: EM132993759

Provide a response to the following statement addressing the following questions.

1.What are the issues/problems that Elon Musk and other members of Tesla's top management team need to address?

2. What, if any, changes/adjustments in Tesla's strategy would you recommend that Elon Musk consider?

3. What is your outlook for Tesla's future performance and its prospects for revolutionizing the global automotive industry's use of gasoline-powered engines versus battery-powered engines?

Statement:

Key elements of Tesla's strategy are continued innovation for designing and developing newer technology of automobiles. Research and development are high priorities to the company as they provide a fuel efficient car. The strategy used is a differentiation strategy as they are curbing the market in electric cars and style. The reputation of Tesla creates a luxury image for buyers. This approach to cars is unique, different and distinct from competitors in this market. I am impressed with his overall goal of energy efficient cars that are good for the environment, however, not impressed with his pricing points and creating this brand for only the richest of consumers. The data provides information that is beneficial to Tesla to date. However, competitors are creeping closely to create similar and affordable technology. Revenues are increasing slowly each year but shares and common stock have not changed much showing me that the footprint in the market for Tesla is moving slow. I think this is because Tesla's marketing strategy makes it difficult and too technologically advanced for the average consumer to understand. Also, the country is slow to increase charging stations for this product making the average consumer not capable of purchasing car.