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BP mentioned that there goal for next few years to realize the latent impending of their advantage base by improving the efficiency and effectiveness of everything they do. They will dynamically drive cost and capital efficiency whilst at the same time maintaining the first main concern of safe and reliable operations.
BP doesn't have specifically mentioned mission statement but they have available this statement to mention who are they.
"BP wants to be recognized as a great company competitively successful and a force for progress. We have a fundamental belief that we can make a difference in the world. We help the world meet its growing need for heat, light and mobility. We strive to do that by producing energy that is affordable, secure and doesn't damage the environment. BP is progressive, responsible, innovative and performance driven."
Objectives of the BP
BP has some objectives for their growth in 2015. And all employees are working as a team to achieve company goals.
Average 1-2% p.a. volume growth to 2015
Underpinned by growing resource base and quality through choice
Key sources of growth beyond 2015 will come from:
Leveraging expertise in gas
Managing world's giant oilfields
Enabled by application of technology
Values and ethics of the BP
BP is a compilation of resources and there people working together. Their culture, leadership style and management processes Endeavour to imitate this belief. To attain business objects they focus on sustaining and motivating their leaders and staff. And they maintain recruitment stands and developing people skills at every level. BP is a well recognize organization and wants to do some different in the world. BP is a performance driven company which is competitively successful. Through all this they prefer high ethical stand.
Believe in the principle of mutual advantage and build productive relationships with each other, partners and customers.
Committed to the safety and development of people and the communities and societies in which company operate. Aim for no accidents, no harm to people and no damage to the environment.
Push boundaries today and create tomorrowÂ´s breakthroughs through staff and technology.
Deliver on company promises through continuous improvement and safe, reliable operations.
Table.02.BP company Mission statement
Directions and methods of Strategic Options
BP's direction is clear and it is the unrelenting pursuit of competitive leadership in respect of cash costs, capital efficiency and margin quality.
The 'Strategy Clock' is another suitable way to analyze a company's destructive position in comparison to the contributions of competitors. The Ansoff Growth matrix tool which is help businesses to decide their product and market growth strategy.
Figure 02.Ansoff Market mix
Steps to develop Strategic Options at BP
Following steps will help to develop strategic options.
Access the external context
Priorities and cluster
Develop strategic options
Rate the options
Evaluating strategies at BP
SOP Matrix is one of the tools which can use to identify the company relevant strategies through external environmental factors. As an example BP Opportunities and treats as below and by indentifying the external environmental factors can recognize the relevant strategies options.
Has high investment capacity
Invest in HR development and through that develop the skills of the staff members. An same time invest in market opportunities.
R&D to investigate alternative fuel such as Hydrogen, Solar, Wind and natural gas
By research can find the best alternative and company can give attention to that.
Extension of acquisition of North sea area
Can develop deep sea oil well.
Increasing demand for natural gas in USA and European countries.
Efficient and effective resource allocation to maximize profit.
Implement more flexible price polices to face their competitors.
By price reducing can get more customers on their products
Gas and Oil searching
Will help to increase their market values and can demand them among the competitors
Unsound policies related to Environment after oil and toxic spill in 2006.
Understand the policies and work with less effect to environment
Explosion of factory tunnels in occasionally
By keeping the brand image without harm can face the problem
Has big rivals such as Shell and Chevron
To make company as No1. And more promotional works
Sold corporate owned stations.
Buy the stations
Should check the pipeline back and do the needful changers
Insecurity in some oil and gas producing countries and regions
Should find some more producers in case to use.
BP's current business strategies are,
1) Safe, compliant and reliable operations
2) Operational and financial force - high dividends and cost reduction program