British Petroleum and Its Corporate Strategy - 1595 Words

British Petroleum and its Corporate Strategy Introduction The organisation environment is always changing and therefore it is essential that a structured, detailed and continuous analysis of the principal dimensions of the environment is made. In order to profitably satisfy customer needs, an organisation must understand its external and internal situation including the customer, the market and its own capabilities. Furthermore, it needs to understand and adapt to the dynamic and uncontrollable factors of the environment in which it operates. Corporate strategy is a tool whereby an organisation is able to achieve and sustain success. This report will examine the corporate strategies that British Petroleum (BP) adopts with specific†¦show more content†¦Political Factor President Barak Obama had intervened with the Deep-water Horizon spill in the Gulf of Mexico, stating a hefty $34bn ecological fine to BP according to Guardian (Webb and Pilkington, 2010) but the overall clean up and compensation scheme could reach $60bn ( £37bn) in the assumption that it does not be found guilty of gross negligence. However, the Telegraph reported that according to the rating agency Moody s analysts said â€Å"..we still do not know the total cost and penalties from the spill, but our analysis suggested the figure would be roughly $40bn-$60bn† (Mason, 2011) Economical Factor The renewable energy market is affected by the glooming economic crisis as the global demand for energy fell sharply (BP, 2010). It can however be assume that BP, and the oil industry in general is not greatly affected as much as other market due to the fact that oil is a commodity that everyone requires, regardless of its significance. Crude oil is not only use as a source of energy but likewise a raw material component for petrochemical products. Sociological Factor The Deep-water Horizon spill in the Gulf of Mexico has contributed to the consumer pattern of buying changes. A bid to boycott BP by encouraging consumers not purchasing from its petrol stations and purchasing BP products in America has become widespread in websites such asShow MoreRelatedOrganizational Planning Paper944 Words   |  4 Pagesis British Petroleum better known as BP. In this paper, the Author will attempt to go in depth about BP’s internal and external stakeholders, the company’s goals, mission, and vision, and at least one goal that can be accomplished through strategic and operational planning. The author will also conduct a SWOT analysis on BP, explain how these plans will achieve the related goals, and the effect of planning decisions on the internal and external stakeholders. BP,  also recognized as British PetroleumRead MoreConceptual Framework And Literature Review Essay1644 Words   |  7 PagesLITERATURE REVIEW 2.0 CONCEPTUAL FRAMEWORK This section of the research examines some conceptual underpinnings that are relevant and which provide the foundation and background to the study. 2.1.1 THE CONCEPT OF CORPORATE SOCIAL RESPONSIBILITY The concept of corporate social responsibility according to Steiner and Steiner (2000) in Nwaeke (2005) is the duty of a corporation to create wealth by using means that would avoid harm to protect or enhance societal assets. 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