Smart goals of bp

Activity Three

SMART Aims of BP

BP Objectives are prepared regarding to SMART (Specific, Measurable, Achievable, Realistic, and Timed). That means it ought to be particular in what we are going to achieve and really should quantify about the objectives.

There are a various kinds objectives that can be carried out in the SMART format.

  • Process objectives
  • Impact objectives
  • Outcome objectives
  • Personal objectives

BP's five season plan targets are,

  • Increase success by 20%
  • Increase production
  • Financial gain by providing to the increasing demand
  • Build brand value that was afflicted by the petrol spills

Five year development plan for BP

Business plan is a affirmation about company's future goals and strategies to achieve those goals. This can be externally focus or internally concentrate.

BP's Strategies in progress can point out as,

  • Upstream growth
  • Downstream turnaround
  • Alternative Energy: focused disciplined Corporate and business simplification

In the upstream will give attention to cost and capital efficiency to provide profitable growth. In the downstream will drive further efficiencies and a concentrate on quality and integration. They will maintain their disciplined method of alternative energy and can continue to unlock corporate efficiency through a culture of ongoing improvement.

Five yr development plan for BP

#

Objective

Strategy

Actions

Performance Indicators

Time Period

1

Increase profitability by 20%

Research and development

Hire most trained researchers

Innovative ways of doing things

One year

2

Increase production

Acquisition of north sea area.

Negotiations with governments and agreeing for a joint earnings sharing.

Coming into an agreement with relevant governments

Two years

3

Financial gain by serving to the increasing demand

Sales and Marketing approaches to increase market share

Recruiting experienced sales and marketing people and objective training

Acquiring new market opportunities, boost the market share

One year

4

Build brand value that was afflicted by the olive oil spills

Communication and campaign strategy

Using new multimedia opportunities of interpersonal media to build brand again, spend money on CSR activities in Go Green.

Reduce the black mark

3 years

Evaluating and utilizing the plan

In corporate strategy, Johnson, Scholes and Whittington present a model where strategic options are assessed against three key success criteria

  • Suitability (would it not work?)
  • Feasibility (could it be designed to work?)
  • Acceptability (will they work it?)

(Source-: http://en. wikipedia. org/wiki/Strategic_management)

#

Objectives

Time Collection

1 year

2 year

3 yr

4 yr

1

Increase profitability by 20%

X

2

Increase production

X

X

3

Financial gain by providing to the increasing demand

X

4

Build brand value that was damaged by the engine oil spills

X

X

X

Conclusion

When it is point out about the proper management and the authority strategic planning is a major part than it. Proper planning can divide in to three periods as strategic Examination, Strategic Options and Evaluation and Execution. The English petroleum Company is a well established organization in petroleum industry and here it is stated about the strategy and competitive features of the BP and the technical tools that could they can use to evaluation situations. The porter's five makes investigation helps identify the competitive environment BP analysis their market for Quality development.

There are so many competitors like Solar, sharpened in the market and BP set up with mass development. By doing the SWOT evaluation it's assisting company to identify the inner and exterior environment of the company. BP is focused on customers plus they believe in their productions.

They used the petrol plus solar powered energy combination and they used product segmentation, improve cost efficiency plus some more strategies to increase their income. They may have created value through technology and this is a barrier for their competition.

Company may use strategy clock, Ansoff progress matrix tools to analysis their position in the market. To develop proper options first it will identify the exterior framework and priorities and clusters. Then it should develop the tactical options. SOP matrix is most beneficial tool to identify the strategies of the business.

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