BP’s management strategy

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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 former’s. 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 behaviors, 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++
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