Business Strategy of British Petroleum

In today's competitive business environment assignment help it is essential to adopt several strategies in order to achieve the objective of the firm. Organizations are required to choose competitive strategies and gain their market share. This present report is based on the business strategy of British petroleum and its approaches to global issues. British petroleum is a multinational company which works in the sector of oil and gas. It has achieved the fifth position in the market and they can adopt future strategies in order to increase their economy (Jeppesen, 2007). There are various cultural challenges and the influence of national governments and the IMF etc. Organization can also use different tools and techniques in order to identify their strength and weakness. They can easily set their strategies to resolve all the weaknesses of the industry.

Analysis Of The Company's Strategy and Approach To Global Issues

British petroleum is a multinational oil and gas organization which operates in different countries. It is on the number 5th position in terms of market capitalization and operates more than 80 countries throughout the world. They have to redevelop their business strategy for better development and growth. In today's competitive environment it is necessary to set the vision and mission of the company in order to achieve the target. The vision of the British petroleum is to develop and produce necessary energy sources. They need to convert all these sources so that people can utilize it and meet their needs. In order to get the overall growth of the company BP involves the safety and excellence in their vision (Steiner, 2010). The mission of the company is to meet all the requirements of energy and its impact on the surroundings of their business activity.

Organization need to adopt several strategies in order to posses certain targets and objectives. Main objective of the company is growing their profit margin by 20% in every year. They need to offer the best services to all its consumers and gain the loyalty among all of them. They can expand their business with future strategies and minimize the industrial waste. British petroleum works in the field of production power generation, exploration; refining, trading etc. in order to meet the requirements of an individual company can produce and explore the energy developments and innovations.

Issues involved in strategic planning

It is highly imperative for any organization to undertake effectual planning and strategizing in order to map and grasp all the possible growth opportunities for future. Once such opportunities are identified, the next step that follows is the development of methods through which opportunities can be seized in an appropriate manner. As British Petroleum has been facing several problems with their external and internal environment therefore, carrying out strategic planning is the need of the hour for the company. Such planning will go a long way in helping the company determine the areas in which it is lagging behind and in turn formulate suitable techniques and measures to mitigate or overcome the negative impacts hovering over the company's operations (Kourdi, 2010).

The corporation should comprehend and assess all the environmental hazards and incorporate measures to tackle them in their strategic planning so that they can be dealt with properly. In the past few years, issues such as inadequate safety and health measures and policies by British Petroleum have come into the news which has had a negative impact on the organization. Hence, measures to conquer these problems also require inclusion in strategic planning process.

Conclusion

From the above report it is concluded that in today's competitive business environment it is essential to set the clear strategy for each and every organization. Effective strategic planning is very much essential for the British petroleum in order to achieve their objectives. The organization have different favorable environment which helps them to achieve growing and sustainable advantage. BP have chosen the further future strategies and achieve their targets and they also boost their competency in the market place along with sound attainment of their goal.

Refrences

• Cheverton, P., 2005. Key Marketing Skills: Strategies, Tools and Techniques for Marketing Success. Kogan Page Publishers.
• Child, J., 2005. Organization: contemporary principles and practice. Oxford: Blackwell.
• Clulow, V., 2005. Futures dilemmas for marketers: can stakeholder analysis add value? European Journal of Marketing. 39(9/10). pp.978 - 997.
• Crowther, D. and green, M., 2004. Organizational theory. London: Chartered. Institute of Personnel and Development.
• David, A. and Damien, M. 2007. Strategic Market Management. John Wiley & Sons, Ltd.
• Jeppesen, K. K., 2007. Organizational risk in large audit firms. Managerial Auditing Journal. 22(6). pp.590 - 603.

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