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Business & Marketing
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BP's management strategy (Essay Sample)

::DO NOT USE WIKIPEDIA AS A SOURCE. DO NOT USE BLOGS, OR FROM WEBSITES OF ORGANIZATIONS THAT MAY HAVE A BIASED OPINION. USE A MIX OF ONLINE PAPERS, JOURNALS AND BOOKS:: SEE UPLOADED FILES FOR INFORMATION. SCENARIO FOR THE ESSAY The explosion of the Deep Water Horizon exploration ship in the Gulf of Mexico and the subsequent oil spill have caused significant problems for BP. The US Government, environmentalist and a large proportion of public opinion has come down against BP. Numerous reports have claimed that BP had a culture that promoted financial results over safety. BP CEO Tony Hayward was pressurized into standing down despite being in the role for only 2 years. BP needs to work with a range of interest groups. These are decision makers and opinion formers. People and organisations in positions of influence make decisions and form opinions that can affect BP. These include academics, government, media, business leaders and the financial community. Today's Companies and leaders of business can no longer hide from their responsibilities to wider stakeholder community by claims of ignorance of corporate malpractices and of failure. Key peoples are responsible for both the successes and failures of their companies, as well as their own conduct and behaviours, though most corporations focus on profit and business expansion. The new CEO has ordered a review of BP's strategy with a view to avoiding this type of incident and the subsequent damage. You have been asked to carry out this review and provide your conclusions. **Construct a management strategy - Research BP's corporate strategy in the period 2000-2010, with special focus on the last two years leading up to the Gulf of Mexico Oil leak. - Propose a suitable structure to ensure appropriate participation in the process. Identify appropriate objectives and strategies - Develop criteria for reviewing potential options. - Identify appropriate objectives and strategies (refer to included PESTEL AND FIVE FORCES). These must be directly related to the macro and internal analysis carried out -Summarise the initiatives that have been taken by BP as part of their Corporate Social Responsibility. **BP's management understand that Vision and Mission statements are inherently connected to the strategy. For this reason they have decided to review these and develop new Vision and Mission statements. - Draft a new (or amend current) Vision and Mission statement, objectives and measures for BP - Consider the organisation\'s ethical, cultural, environmental, social and business background against current standpoints - agree appropriate objectives and develop measures for evaluation - A Diagram For Bp's Value Chain, and a brief explanation. (100 words) and also use Benchmarking tool. ++Use Creative and lateral thinking in application of strategy concepts to the situation. Appropriate and creative solutions which differ from the current BP position should be encouraged as long as they are justifies by the analysis++ source..
Running head: BP’s management strategy
BP’s management strategy
Strategic planning is one of the most important functions that are performed by any manager in an organization. In the course of making decisions managers are assisted by number of strategic management models that can be applied at different levels or in different kinds of situations usually faced by senior managers. (Azar Kazmi.2008, 14). In order to understand the concept, an explanation of decision making in the business sense is necessary. From a strategic management point of view, planning would involve selecting a course of action from among a number of alternatives. The process involves a number of aspects. First, the objectives that are desired have to be determined. Second, alternative ways through which the objectives can be achieved are then identified. Next, each of the alternatives is closely analyzed in terms of the ability to achieve the objective and finally from among the alternatives the best one is selected. (Pankaj Ghemawat 2001. 22)
The end result of the process is a decision that is to be implemented. While the process might appear to be simple, the actual practice of planning and formulating a strategy is a highly complex phenomenon. This is due to the fact that at each stage of the process, problems are likely to be encountered. Thus this makes strategic planning an extremely difficult and complicated process. Another fact that makes the process more critical is that strategic planning is what determines most aspects of strategy formulation and implementation. Examples of such a scenario would be determining what environmental opportunities and threats to focus on and determining where exactly to allocate resources from a number of alternatives.
Globalization, rising complexity of doing business, increased competition and access to a wide variety of information are some of the factors that have pushed to the forefront the importance of strategic planning and formulation. This is necessary due to increased pressure to gain competitor advantage over rival firms, increase shareholders wealth and to keep on enhancing the profitability of their organizations. While some of the models used by managers to assist in strategic planning may at times happen to be passing fads or trends, some have of them are proven over time and they remain solid ideas worth considering and applying widely to many different situations in the management context. (Lamb, Robert, and Boyden.1984. 67). It is some of these models that have been used to carry out this study.
The main strategies employed by the oil company at the moment are those that will ensure maximum profitability on their part and without consideration on the side effects of its ambitions.
BP’s main strategies include partnering with corporations that will bo...
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