UPDATED FINANCIAL PERFORMANCE MANAGEMENT

Tesla Financial Performance Management Student’s name Department: University Course: Course Code Instructor’s name Date Contents TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc161217043 \h 32.0Total quality management with COQR PAGEREF _Toc161217044 \h 32.1Continual Improvement PAGEREF _Toc161217045 \h 32.2Customer- focused PAGEREF _Toc161217046 \h 52.3Employee involvement PAGEREF _Toc161217047 \h 6Job-specific Areas of the Balance Scorecard PAGEREF _Toc161217048 \h 7Financial Perspective PAGEREF _Toc161217049 \h 7Customer Perspective: PAGEREF _Toc161217050 \h 7Internal Business Processes Perspective PAGEREF _Toc161217051 \h 7Learning and Growth Perspective PAGEREF _Toc161217052 \h 7Supporting Tesla’s Competitive Strategy PAGEREF _Toc161217053 \h 7Holistic Performance Measurement: PAGEREF _Toc161217054 \h 8Strategy Communication and Implementation: PAGEREF _Toc161217055 \h 8Continuous Improvement PAGEREF _Toc161217056 \h 8Emerging Markets Focus PAGEREF _Toc161217057 \h 8Market Penetration PAGEREF _Toc161217059 \h 9Operational Efficiency PAGEREF _Toc161217060 \h 9Local Adaptation PAGEREF _Toc161217061 \h 9Conclusion PAGEREF _Toc161217062 \h 10References PAGEREF _Toc161217063 \h 11 Tesla Financial Performance Management Identify which critical principles/areas/systems of Total Quality Management and how this can be used to address the current issues Tesla faces as per the articles above and any other relevant information you find. Introduction Tesla, Inc. is an established corporation that operates globally, with headquarters in Texas, seeking to offer revolutionary automotive and clean energy alternatives. Starting in 2003 with Martin Eberhard and Marc Tarpenning, the company was a dream for them to spread awareness about sustainable energy and cross-border. The corporation manufactures and distributes electric-powered vehicles, energy storage systems, and solar panels. Among its product range are products such as Model Y, Model 3, Model X, Model S, Cybertruck, Tesla Semi, and Tesla Roadster, together with energy systems and solar products. Tesla owns six manufacturing sites, each located on one of the continents, and employs more than 100,000 people. Elon Musk is also another actor of the social media revolution, as he joined Twitter in 2004 and has been the company's CEO since 2008. While the difficulties such as regulatory boundaries and production holdouts have been experienced, the company has also thrived, for instance, with the 2008 release of the ground-breaking electric sports car, the Roadster, and the announcement of the Model 3, which is the current bestselling plug-in electric car. Firstly, Tesla's total market capital has exceeded $1 trillion in October 2021. 2.0Total quality management with COQR Total Quality Management (TQM) is a systemic approach whose goal is continual enhancement, customer satisfaction, and employee engagement. It is a rigorous process that aims to absorb all members involved in improving products, processes, services, and organizational environments. Service apart, the TQM principles revolve around 8 core principles: customer orientation, employee involvement, process-oriented, integrated systems, data-driven decisions, continual improvement, system way, and effective communication. In the case of Tesla, total quality management (TQM) principles are adopted to aid operations and product performance. Tesla may be regarded as an example of customer satisfaction; for instance, the Model S was provided with ground-breaking and impressive technological features. The company philosophy emphasizes employee leadership, demonstrated by their empowered work systems and self-managed work groups. Tesla containerizes product development via process orientation and highlights the component of the persistent development of mechanisms and their integration. The concern pursues a strategic, systemic process with sky-high visions of manufacturing various user-friendly cars. Good communication and inter-department design will work out well as part of Tesla's TQM strategy. The introduction of TQM into Tesla operations resulted in several improvements: quality enhancements, increased productivity, cost reduction, and overall business expansion, giving Tesla much-needed success in the automotive industry. 2.1Continual improvement Continual improvement is a fundamental aspect of Total Quality Management (TQM) that emphasizes the ongoing enhancement of organizational processes, products, and services. It involves a systematic approach to identifying opportunities for improvement, implementing changes, and monitoring results to ensure sustained progress over time. In the context of Tesla, continual improvement is exemplified by the company's commitment to innovation and evolution in its electric vehicles and clean energy solutions. One notable example of continual improvement at Tesla is the development of its Autopilot technology. Initially introduced as a driver-assist feature, Tesla has continuously refined and upgraded Autopilot through software updates and hardware advancements. This iterative process has enabled Tesla to enhance its autonomous driving system's functionality, safety, and performance over time. By collecting data from millions of miles driven by Tesla vehicles, the company iterates on its algorithms to improve accuracy, responsiveness, and overall user experience. 2.2Customer- focused Customer focus is a pivotal aspect of business strategy that centers on meeting customers' needs and ensuring their satisfaction. For Tesla, being customer-focused involves understanding and addressing the evolving demands of its clientele in the electric vehicle and clean energy markets. One way Tesla exemplifies customer focus is through its continuous innovation in product development. By actively listening to customer feedback and leveraging technologies like artificial intelligence and the Internet of Things, Tesla tailors its offerings to align with consumer preferences, delivering personalized experiences and cutting-edge solutions. Moreover, Tesla's customer-centric approach extends to its sales and service processes. The company emphasizes creating seamless, engaging customer interactions across various touchpoints, from online browsing to vehicle delivery and post-purchase support. By appointing a chief customer officer (CCO) to champion customer needs throughout the organization, Tesla ensures that customer focus remains a top priority in all business operations. Furthermore, Tesla's commitment to employee growth and training reflects its dedication to enhancing the customer experience. By investing in employee development and fostering a learning culture, Tesla equips its workforce with the skills and knowledge needed to deliver exceptional service and customer support. This emphasis on continuous improveme...