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Business Strategy for BP

   

Added on  2020-10-23

19 Pages5389 Words155 Views
Business DevelopmentFinanceLeadership ManagementData Science and Big Data
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Business strategy
Business Strategy for BP_1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3TASK 2............................................................................................................................................6TASK 3 .........................................................................................................................................10TASK 4 .........................................................................................................................................12REFERENCES..............................................................................................................................16
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INTRODUCTIONBusiness strategy is a combination of the all actions performed and decision taken by theorganisation for accomplishing the goals of the business and also secure the competitivepositions in the market. It is support and backbone of the business as the roadmap and leads tothe desired goals (Scholes, 2015). BP oil company is a multinational British petroleum, oil andgas company in UK. It is one of the largest seven gas and oil super majors and also with the 12thlargest revenue. This report will study the impact and influence of the macro environment factorsof the organisation and business strategies and it also describes the internal environment andcapabilities of the organisation. Furthermore, this report will discuss the outcomes of the analysisby using the models in the market sector and also applying models, theories and concepts withthe understanding and interpretation of strategic directions available to the organisation.The overview of the study has been described the different strategies of the business andalso it also support and backbone of the business for making competitive positions in the market.TASK 1Strategy It is a process which is an plan high level of action design for achieving the long termand overall aim. Strategy is important because when all the resources are available for achievingthe goals of BP oil company then the resources are usually limited. It generally involves thesetting of the goals, determining the actions, mobilising the resources for executing the actions. The role of strategy and different strategic direction. The role of the strategy is important because it deal with the specific strategies where it isnecessary to increase the odds of the success. It is important that business strategy which seeksand hire the outside consultants for assisting the carrying out and forming of the strategies and onthe other hand the strategic direction which has been included the central forces which propel thebusiness towards the intended goals and objectives. It has been involved the mission. Vision,tactics, strategies and core main values for the establishments of the direction which gives a wayand path for ruining the business. The main role of the business strategy has provided the plan ofthe operation function which has been performed and company can use best for it. It aligned withthe company and also help in achieving the long term plans and strategies of the company. Strategic planning formulation
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Goal-setting:- It is one of the most important purpose of strategic planning where itclarify the vision and goal of the BP oil company this strategic planning techniques has beenidentifying the key facts that defines both short and long objectives, identify the process ofaccomplish the objectives, customize the process of staff and asgin a task to each for achievingthe task and goals of BP oil company(Sia, Soh and Weill, 2016). Analysis:- It is one of the key stage where all the information and details has beengathered and then shape for the next two stages. In this it gather the relevant data andinformation which accomplish the vision of the BP oil company. The main focus of the analysingis to understanding the needs, strategic direction, initiatives which help in growing of the BP oilcompany and it also illustrate the issues which affect the goals of the business and identify thestrength, weakness, threat, opportunity which arises along in the path. Strategy formation:- Informing the strategy is it review the information which cleanedfor completing the analysis. it determine the resources which currently help in reaching anddefining the goals. The problems faced by the BP oil company has been prioritised by theirimportance to the success. When the prioritised has been formulated according to the strategythen the economic situations are fluid and also the critical stages has been developed thealternative approaches which target the each step of plan.Strategy implementation:- Successful implementation of the strategies is the success ofthe business ventures. It is an type of the action stage when the overall strategy does not workingwith the current structure of BP oil company. When the resources and funding are available forthe ventures and securing the points then employees are ready for executing the plans of BP oilcompany. Strategy monitoring:- Strategy control and evaluation involves the management of theperformance and also consistent of reviewing the external and internal problems and also makethe correct actions when it is necessary(Akter and et.al., 2016). Macro environment of the organisation. It is a framework of the tools which has been used for monitoring and analysing the macroenviornmental factors of teh BP oil and gas company which may profound the impact ofperformance of teh organisation. Political factor:- Political factor has been involve the trading policies, lobbying,relations of inter-countries and so on. For achieving the success and growth in the dynamic oil
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