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Essay / Hewlett Packard Case Study - 1223
Tesla Motors Inc., a leading electric car maker led by CEO Elon Musk, is a shining example of a company that prioritizes constant innovation in products while remaining in touch with consumer demand. Traditional methods of product innovation, such as focus groups and formal market research, can be time-consuming and financially burdensome due to the large amount of strategic planning involved and the large amount of expended resources required . While Tesla faces many contrasting decisions compared to the previously mentioned companies, Tesla's decisions relate to developing a sustainable growth strategy, reinvesting in product innovation, and maintaining its position as a recognized leader in the market in the electric vehicle industry. Even though Tesla always takes risks in bringing high-end (and expensive) vehicles to market, it must still use an incremental decision-making model. An incremental decision-making model occurs when decision-makers make small decisions, take small steps, and carefully move toward realizing a much larger solution. An example of an incremental model is related to accounting principles and budget creation. The budgeting process in which usually starts with financial reports based on the previous period is used to make incremental decisions. Allocate enough money supports