BTEC Business Level 3 - Unit 1 - Task 3 Conclusion
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Course
Unit 1 - Exploring Business
Institution
PEARSON (PEARSON)
Btec business level 3 national diploma - unit 1, task 3 - Conclusion... this is from a distinction* distinction* student in 2023
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Justifying The Use of Innovation and Enterprise for Tesla in Relation to its
Changing Market and Environment
As we know some of the biggest businesses across the globe has utilized the benefits of
innovation and enterprise to reserve the places as some of the most successful businesses in
time.
Tesla is no different. To begin with, innovation and enterprise allowed Tesla to introduce the
people a new and modern way of driving that suited the changing market environment of
people directing to a more carbon free life. Their vehicles and other technologies
incorporated existing ideas combined with new ones like the autonomous self-driving
capabilities to offer people solutions to a variety of different issues they may experience
when driving alone or with a family on a journey. Their number of USP’s (unique selling
points) like their high quality and performance battery and their luxury, futuristic designs
have allowed Tesla to capitalize on the mutating and growing market. Innovation allows
consumers to explore new products that may be used as a better alternative to solve certain
issues they may be facing. For example, the cost of fuel has significantly increased after the
pandemic and because of the newly commenced war between Ukraine and Russia. All
electric vehicles could pose as a more financially beneficial long-term investment instead of
the more commonly seen combustion vehicle.
You could argue that providing new innovations and enterprise is something that should be
limited slightly as over developing a product can also repel potential customers. People like
products that are easy to use, modern and get the job done efficiently, anything more could
be cumbersome and result in negative growth of a business. However, Tesla has managed to
avoid this, evident by their simplistic yet informative website and their innovative and easy
to understand corporate processes. Another reason that innovation and enterprise could be
argued against is that it can take up large amounts of time and cash to find a successful
model, this is evident by the sleepless nights and masses of personal income that CEO Elon
Musk has funneled into the company and documented upon.
Innovation is important for business and market growth. This stimulates new entrants into
the market that although slightly depreciates a business’s market value, if not overcrowded
it can enhance that development of an industry, something that has incredibly benefitted
Tesla. An example of when innovation was essential and contributed to the ever-growing
successes of Tesla, would be their delivery system. Throughout the coronavirus pandemic,
businesses were in financial turmoil, leading to the inevitable closure of both large and small
enterprises. Their delivery service kept Tesla afloat making it one of their most profitable
financial periods of all time. According to the BBC, shares almost quadrupled and the firm
saw $8.7bn in the three months to September, as deliveries rose 54%.[1]
Understanding the latest trends in the automotive industry is a complex one, it provides a
multitude of routes that Tesla could potentially head towards to increase their successful
streak. They are seeking to make their vehicles more mainstream and affordable so that the
switch to a lower carbon-footprint is accelerated. Many people across the globe get behind
this motive increasing opportunity for Tesla, including increased wealth, expansion, and
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