Strategic Management Assignment Sample 2024
Introduction
Strategic management is an ongoing procedure of planning, monitoring, and analysing all necessities of organisation for meeting goals and objectives. An organisation is required to assess changes in business environment and form strategies for obtaining success. Current study is a “Strategy report” for British Petroleum Plc. BP is British multinational Oil and Gas Company that is headquartered in London, UK.
The company is listed on London Stock Exchange as “BP” and it is one of the seven oil and gas “supermajors”. Share price of BP was £302.65 at the end of 2021’s first quarter. The study includes critical analysis of BP’s strategies for maintaining success. External Environment, resource-based auditing, business model, and strategic option has been discussed for the company.
1. External Environment
Changes in external business environment have a direct impact of external factors on BP’s business operation. It is important for an organization to address issues of the external environment to make strategic decisions accordingly. In this context, analysis of Porter’s five forces of British Petroleum helps to address strategy and competitive environment of this organisation.
Porter’ Five Forces
British Petroleum is one of the leading oils and gas service providers across the globe that use Porter’s five forces in identifying strategic issues. Porter’s five forces refers to a strategic framework that evaluates a firm’s competence and strategic development. Furthermore, this framework helps to identify strategic weaknesses of BP and works on it to gain competitive advantage (Berisha et al. 2017). In order to achieve long term viability and sustainability of an organisation, it is important to analyse Porter’s five forces to analyse and review the business advantage of BP. Porter’s five forces model that consists of five forces which affects a firm’s profitability within its industry.
In Porter’s five forces model, five components determine industry structures as well as organisational structure. Threats of new entrance, industry rivalry, barging power of customers, bargaining power of suppliers, threats of substitutes determines that whether the industry is driven out by competition and gains profitability or not. Threats of new entrants BP represent risks that are associated with new companies that can negatively impact a firms’ profitability.
Though barriers of new entrants can prevent organisational threats and include high capital requirements, high sunk cost to enter in the industry (Pervan et al 2018). Bargaining power of suppliers and bargaining power of customers represents financial viability of both parties and it establishes a perfect monopolistic competition within industry.
Similarly, industry rivalry provides an opportunity to the companies to compete with each other and gain competitive advantage. Threats of substitute products increase chances of gaining more profit by competitors. Thus, it can make profit differentiation within the oil and gas industry across the globe. Using this model managers of BP can improve their strategic position as well as their profitable opportunity.
Threats of new entrance
In oil and gas industry, there are several terms and conditions which prevent new companies from entering within the industry. This industry is higher cost associated and it is technologically advanced. BP faced strong threats from the new entrance and felt pressured to bring innovation and technology to its company. Threats of new entrances provide a negative impact on its profitability ratio and prevent them from gaining competitive advantage from the market. BP takes strategic decisions about lower pricing strategy, low-cost consumption.
Giving new value propositions to the customers to restore their financial position as well as sustainability. Increasing brand recognition and spending money on its Research and development department helps BP to attract customers. It has been found that they spend around US $ 332 million on their R & D department to bring innovation (Statista.com, 2020). It has helped to reduce impact of new entrants in this industry and improve their profitability scales.
Competitive Rivalry
Oil and gas industry drives a strong competition and every company within this industry tries to gain competitive advantage to improve their market position. Main competitors of BP are Chevron, ExxonMobil, Devol who are engaged to increase their product differentiation to develop their position in this market (Craft.co, 2021). In this industry, the degree of competition is measured by diversity of competitors, excess capacity, scale economics and product differentiation.
Rivalry of BP when extremely slow downs their cost and down the prices of its products, it reduces overall profitability of BP which can threaten their sustainability. BP faced a strong rivalry and for this reason it faced strategic issues of product differentiation, diversification and building economic scale to compete better.
However, BP is engaged to bring sustainable product differentiation strategy to improve its competence and helps to remain sustainable in this market by gaining competitive advantage. BP is trying to collaborate with competitors to increase their market size and position rather than competing on a small scale. In this respect BP partnered with Microsoft to increase their brand recognition and position in this market.
Bargaining power of Customers
Customers of the oil and gas industry are effectively cost conscious and they always want to get better products with reduced prices. This has become a strategic issue for BP to offer quality products with low prices. Building a large customer base reduces the impact of bargaining powers of consumers as multiple customers can not dominate market and streamline their production and sales unit. However, customers of BP have a wide range of knowledge of products and they have a tendency to change products according to their cost
Bargaining Power of Suppliers
Bargaining powers of suppliers has affected BP’s external business environment which is reflected in their profitability. In this oil and gas industry, most of the company has numerous raw material supplies and the dominant force of supplies decreases the profitability position of BP.
Powerful supplies used their negotiation and bargaining power and increased cost of production of BP which lowers overall revenue of this organisation. However, BP is able to create an effective supply chain management with multiple supplies by experimenting with various products designs and raw materials.
Threats of substitutes
Threats of substitutes plays a vital role in external business environment of BP which affects its overall sustainability. Substitute products of BP are coal, wind energy, solar energy which affect BP’s operation. Alternative companies and competitors of BP is SHS Energy, ENGIE who produces solar energy and tries to gain competitive advantage.
Though threats of substitutes in BP are low due to increase of cost of production of substitute energy solutions that are not cost-beneficiary. Understanding the core need of customers, it is possible for BP to reduce impact of these threats.
PESTLE Analysis
PESTLE analysis is identified as a strategic tool to analyse internal business environment of an organisation by considering various factors which affects operation of a firm (Shtal et al. 2018). PESTLE analysis provides detailed information about operating challenges faced by BP for changing such factors. Furthermore, Analysis of PESTLE of BP represents strategic decisions of the management to ensure opportunities of this company for future expansion.
| Political factor | ● various tax regulations including measuring stakeholder capitalism, sustainable value creation-maintained tax transparency in each country such as Petroleum revenue tax, Ring Fence Corporation tax.
● BP faces different political environment and political system risks in operating their business. ● Bureaucracy and interference in BP as an oil and gas service provider by the Government has negatively impacted BP’s operation.
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| Economical factor
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● Economic factors of BP determine aggregate demand and supplies of this organisation by considering inflation rate, GDP, foreign exchange rate of each country where they operate.
● Countries like Japan, Ireland, Peru and many others have lower inflation rate and foreign exchange rate which helps to increase BP’s profitability by lowering cost of delivery. ● It has been found that Ireland has an inflation rate of 0.86% which is very low and GDP of UK added a bonus for BP to increase their profitability (Statista.com, 2020). ● economic factors have positively influenced BP to make successful business operations in various countries. ● GDP growth rates of Developed countries like USA that has 2.27% of GDP rate, China that has 6.90% of GDP rates which helps bring economic stability in BP (Worldometers.info, 2020). |
| Social factor
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● Different country backgrounds and culture diversification affects BP’s operations management.
● Customers’ behaviour and their beliefs of purchasing goods plays a vital role to design marketing strategy for BP as well as the whole oil and gas industry. ● Demographics and skill levels of population of various countries affect business operation of BP negatively. Demographic growth rate of UK in 2020 is 0.49% that affects business operation of BP (Indexmundi.com, 2019). ● The entrepreneurship spirit in the UK is 77.85, USA is 83.6% in 2011 which encourages BP’s products to grow more (GEDI, 2019). Although expanded wealth-disparity in many developing and developed countries affects the revenue structure of BP ● Furthermore. A large customer base of BP in many countries has positively influenced BP’s external business environment.
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| Technological factor
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● BP has advanced technology in their business and they spent in 2019 $364 million which is higher than 2020 spending of the R & D department (Statista.com, 2020).
● Technological advantages and usage of big data analytics, Robotics and artificial intelligence positively influenced BP’s business environment |
| Legal factor | ● Maintenances of various legal licences of operating oil and gas business by BP such as Petroleum Exploration and Development Licence of Petroleum licence act of 2014.
● Maintenance of Energy Act 2008 ● Offshore Petroleum Activities Regulation Act 2001 ● Health and safety Act 2013 (Iclg.com, 2021). ● BP maintains all legal compliances which are associated with their business operation and legal factors of BP has positively influenced its business environment |
| Environmental factor
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● Maintenance of Environmental Protection act of 1990
● Fluorinated Greenhouse Gases Regulation 2015 (Iclg.com, 2021). ● Merchant Shipping Regulations 1998 (maintenance including oil pollution preparedness, response and convention) ● BP is engaged to protect environment by making less pollution in their oil production and by this way it gains competitive advantage from market.
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Table 1: PESTLE Analysis
(Source: Created by Author)
2. Resource-Based Audit
Resource-based auditing is an internal strategic analysis that is used for understanding the current state of company’s competencies and resources. According to McGahan (2021), resource-based auditing helps in understanding what an organisation currently has and improving what areas can improve present and future performance. By focusing on resource-based view theory, internal analysis can be conducted for BP.
Resource-based view Theory
Resource-based view is an organisational strategy for achieving competitive advantage. Core idea of the theory includes assessing competitive business environment for getting niche markets (Alexy et al. 2018). Resource-based auditing of BP has been conducted with help of resource-based view concepts. As per this concept, resources and capabilities of BP have been analysed.
Resources are materials used by companies for conducting production or procurement. BP maintains tangible, financial, human, and intangible resources for achieving success in oil & gas industry of UK. As per the annual report of 2020, tangible assets of BP Immobile resources include PPE, investment in joint ventures, investment in associates, and other investments.
Aggregate non-current assets in 2020 were $163492m and $191650m in 2019. Besides, fixed assets of BP are loans, receivables, advances, deferred tax assets, and pension plans. So, total fixed assets were $194672m in 2020 and $213135m in 2019 (Bp, 2021). It shows declining trend of tangible assets in 2020. Tangible resources of BP indicate slight reduction in performance as these resources were higher in 2019 as compared to 2020.
Financial resources of BP includes short-term liquidity including loans, inventories, trade receivables, cash & cash equivalents and other investment. The company has $72982m current assets in 2020 and $82059m current assets in 2019. Besides, share price of BP was £483.95 on 27th December 2019 and £254.80 on 31st December 2020 (Finance.yahoo, 2021).
As per cash flow analysis, cash and cash equivalents are increased in 2020 as compared to 2019. It shows effective use of financial resources for achieving market objectives. Besides, the trade payable period of BP is 75 days, and trade receivable period is 53 days in 2019 and 2020. Financial resources of BP indicate slight reduction in performance as these resources were higher in 2019 as compared to 2020.
Human indicates different amounts of resources and capabilities maintained by company. Besides, Heterogeneity indicates different amounts of resource and capabilities that contribute to the success of business in industry (Goh and Loosemore, 2017). In case of BP, human resources act as business partners. Higher executives deliver strategic guidance and staff members support other operations (Bp, 2021). The company maintains both technical and personal skills. Employees act as a crucial resource of BP that helps in maintaining a commitment to building safer, stronger, more reliable, and more sustainable energy future (Bp, 2021).
Intangible resources an organisation includes goodwill, copyright, trademarks, and resources of know-how. Intangible resources of BP include know-how and reputation. BP has acquisitions, additions, transfer of PPE, and Reclassified as assets held for sale as intangible assets. Total intangible assets in 2020 were $14,417m and $20,206 in 2019.
It means intangible resources of BP decreased in 2020. Moreover, Knowledge management is conducted by BP for enhancing reputation. Knowledge management system of BP was started under leadership of Lord Browne in the 1900s. Goodwill of BP was $11868m in 2019 and $12,480m in 2020. Presence of higher goodwill is useful for increasing brand reputation of BP.
VRIO Framework
VRIO framework is strategic analysis tool designed for uncovering resources and capabilities of business that provides long-term competitive advantage. As opined by Buzatu et al. (2019), VRIO framework can be used for determining whether resources and capabilities of a company are valuable, rare, organised, and inimitable. VRIO framework of BP has been discussed as under:
| Resource & Capabilities | Valuable | Rare | Inimitable | Organised | Competitive advantage |
| Strong global presence | Yes | No | No | Yes | Sustainable competitive advantage |
| Speciality in oil & gas industry | Yes | No | No | Yes | Temporary competitive advantage |
| One of world’s seven oil and gas “supermajors” | Yes | No | Yes | Yes | Sustainable competitive advantage |
| Focus on natural resources | Yes | No | Yes | Yes | Sustainable competitive parity |
| CSR policy of renewable sources of energy and tackling climate change issues | Yes | No | No | Yes | Sustainable competitive advantage |
| Effective cost structure | No | No | Yes | No | Sustainable competitive parity |
| Efficient financial resources | Yes | No | Yes | Yes | Sustainable competitive advantage |
| Technologically advanced distribution network | No | No | Yes | No | Sustainable competitive parity |
| Patents and goodwill | Yes | No | Yes | Yes | Sustainable competitive advantage |
| Research & development capabilities | Yes | No | No | Yes | Temporary competitive advantage |
Table 2: VRIO Framework
(Source: Created by Author)
In resource-based auditing, VRIO analysis shows efficient resources and strategies of BP. Strong global presence acts as crucial capability of BP which is valuable and organised. The company has effective research development capabilities that provide temporary competitive advantage in global oil & gas industry. Key resources of BP include financial resources, patent, goodwill, and distribution network that provides sustainable competitive parity to BP. However, cost structures are not valuable and are easily inimitable by competitors of BP.
Strategic planning for competitive advantage
Strategic planning is organisational process of evaluating director, strategy, and allocation of resources (Bryson et al. 2018). Resource-based audits of BP can be conducted by focusing on strategic planning elements. Vision of BP is to maintain best, competitive, operating, and financial performance. It has mission to display unchanging, fundamental qualities like honesty, integrity, and respect in operations.
Key objective of BP is to enhance profitability, productivity, and brand value. The company has strategy to reshape business by investing in tangible assets. It has helped BP in maintaining low-carbon energy and cutting gas & oil production in future. Approach of BP is to transform operations from an international company to globally sustainable business. Current tactic of BP is investment of $5 billion in low-carbon energy project (Bp, 2021). Such strategic planning has helped BP in enhancing communication, decision-making, and better selection of tactical options.
Thus, the competitive advantage of venture has improved in current times. Presence of an appropriate business strategy helps BP in focusing on internal performance. Organisational structure of BP includes upstream, downstream, and other businesses. According to key mission and vision, the company aims to maintain integrity and honesty in each operation.
Thus, it helps BP in enhancing competitive strength. BP has a very human and non-hierarchical culture. The company ensures respect towards standard oil, people, and careful style of doing business. AS per executive of BP, “people of integrity” develops core values of BP (Bp, 2021).
Recommendations for developing resources and strategies
Resource-based auditing indicates the good performance of BP. The company was able to enhance share price and goodwill in current times. However, BP had $183,500m revenue & $20,729m net loss in 2020 and $303,738m revenue & $9,578m net profit in 2019. A declining trend in tangible, intangible, and financial resources of BP has been found. So, below are the recommendation for developing strategies and resources of the company:
- A declining trend of tangible resources of BP has been found. A high investment would be needed for tangible assets for improving capital structure and resources. Using fixed or non-current assets management systems can be also suitable for developing these resources of BP.
- As per VRIO framework, cost structure of BP is less valuation. Presence of high operating cost and declined revenue of BP. So, using an effective cost minimisation strategy would help in improving performance. The company must opt for budgetary control for effective utilization and allocation of resources.
- Strategy of BP is to transform itself from an international Oil and Gas Company to a global sustainable oil and gas company. So, high emphasis should be provided on convenience & mobility, resilient & focused hydrocarbons, and energy & low carbon electricity. Using KPI and benchmarking methods would be useful for improving resources and strategic performance.
- At current times, trade receivable period of BP is 53 days, and trade payable period is 75 days. So, strict policies should be implemented for collection and payment of dues. It would help the company in improving financial resources.
- Goodwill and know-how resources of BP are in increasing trend. But, the company can enhance these resources further by associating with business combination and acquisition activities. It would act as a strategic approach for developing resources.
- BP has a global presence as it is one of seven oil and gas supermajors. However, it is not rare and can be inimitable by other competitors like ExxonMobil, Valero Energy, and Chevron Corporations. So, the company is required to ensure optimum focus on strategic planning. It would help BP in enhancing competitiveness while operating in the global oil & gas industry.
- At current times, the company operates in 50 countries. The company must try to expand and operate in more countries. The company has more than 250 brands of fuel and 100000 customers (Bp, 2021). So, expanding operations in more countries would help BP in increasing the number of customers and developing resources.
3. Business Model
Business models can be termed as plans delineating how strategy of an organisation could be developed by its structures, processes, and systems. (Keane et al. 2018) proposed nine elements depicting the business model of commercial business. These elements are value propositions, customer segments, customer relationships, channels, key resources, revenue streams, key partnerships, cost structure, and key activities. Analysis of a business model for BP has been conducted as under:
| Key Partners | Key Activities | Value propositions | Client relationships | Consumer segments |
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| Cost Structure | Revenue Streams | |||
Table 3: Business canvas model of BP
(Source: Created by Author)
BP is one of the largest petroleum and petrochemical groups. The company has key segments of operations like upstream, downstream, Rosneft, corporate and other businesses. Key partners of BP include Shell-Mex, BP Ltd, Atlantic Richfield Company, Amoco Plc, and TNK-BP Joint Venture. Moreover, BP and Microsoft formed a strategic partnership for providing co-innovative efforts on digital solutions and cloud-based solutions. To manage business data, BP uses Azure platform of Microsoft. It helps the company in safeguarding crucial data and developing business performance.
The key-value proposition of BP includes displaying unchanged and fundamental qualities like honesty, integrity, and dignity, Ensuring improvement and accessibility along with a diverse product portfolio, and maintaining the best operating, competitive, corporate and financial performance. Last year, the company had $1.7 billion in revenue from the corporate segment. The key revenue segment of BP is downstream.
It includes production and exploration of crude oil and natural gases, marketing, refining, supplying, transporting, and manufacturing petrochemicals. The cost structure of the company includes operating expenses, finance-related expenses, taxes, insurance charges, marketing, advertisement, and other procurement charges. In 2020, the company has total expenditure of $205240m and $3,018,060m in 2019 (Bp, 2021). Key resources of BP include nth financial and non-financial resources and support its key activities.
4. Strategic Options
Strategic options are resourceful alternative action-oriented comebacks to external situations that a company faces. Strategic options take advantage of trends, facts, opportunities, and threats of external environment of business (Beverungen et al. 2020). Strategic options for BP have been discussed for increasing competitiveness in future.
- BP operates in global oil and gas industry where customers are highly cost-conscious and wish to obtain value for money products and services. It acts as a strategic issue for BP. Global demand for crude oil including biofuel has fallen by 91 million barrels per day However, projected increment in oil consumption is 96.5 million barrels per day in 2021 (Statista, 2021). In 2020, revenue of BP had declined in 2020 as compared to 2019. So, product development strategycan be used by BP for improving performance in future.
- It is comprehensive process of delivering new products and services or developing existing products and services for customers (Yang and Hsu, 2019). In this strategic option, customers can be internal or external within the company. So, it sustenance products from consumer goods and services to software to hardware. As per this strategic option, BP can enhance quality products and services at an affordable price. It would enhance the competitive advantage of BP in future.
- BP faces strong rivalry from leading oil and gas companies in the global market. Currently, the company operates in 50 countries through 5 main segments. Therefore, using diversification strategic options would be useful for increasing competitiveness. As per this strategy, BP can invest in more petrol pumps and gas stations in those countries where it has less presence. Castrol, Aral, ampm, Amoco, and Wild Bean Cafe are key offerings of BP in the global market.
- Diversification is corporate strategy for entering into product lines or new products, new markets, or new services, connecting substantially diverse skills, knowledge and technology. Diversification is one of four main development strategies as per Ansoff Matrix (De Andrés et al. 2017). As per diversification strategy, BP can increase its key offering into the global market to enhance its market share.
- While operating in the global oil and gas industry, BP faces ample competition. Key competitors of BP include ExxonMobil, Valero Energy, and Chevron Corporations. Products and services of BP face ample issues in marketing products due to competition. For dealing with this issue, BP can implement strategic options like market development. Market developmentis one of the strategic options for development that classifies and progresses new market segments for current products and services (Trigeorgis and Reuer, 2017).
- In this strategy, an organization can target non-buying customers as presently targeted segments. Besides, this strategy targets new customers in new segments. As per this strategic option, BP can develop new market segments for existing products and services. Moreover, BP can target new customers in new segments. Market instability and risk have taken place in the global oil and gas market due to pandemic situations. It has been characterized as the considerable potential of BP for entering into new markets.
- Along with working on new projects, BP can concentrate on renewable energy projects. In current times, demand for renewable energy has been raised on a global basis. So, working on this project can be effective for gaining a higher competitive edge. It would help BP in enhancing demand for consumption patterns, energy, oil, and gases.
- Even when fluctuation in prices of crude oil took place, BP would enhance performance in alternative fields of energy by working on renewable energy projects. It would help BP in improving its revenue from operation and performance. Besides, higher competitive advantage can be obtained by BP by focusing on renewable energy projects.
- To obtain a competitive advantage in the global oil and gas industry, BP can use an aggressive strategy for performance development. The company can invest in internal skills and experience for ensuring that value-creating services have been provided to customers. Strategic options of BP must be aligned with market changes and the requirements of customers for achieving higher access. Ensuring efficient corporate sustainability reporting, energy efficiency, and ecological awareness would help BP in gaining higher competitive advantage.
- As per concept of market penetrationstrategy, BP can determine a specific market for selling its goods and services. As per the views of Alkasim et al. (2017), market penetration analyses how service and product are utilized by customers equated to the entire estimated market for that service and product. It is also related to the number of potential customers who purchase a particular product of a company in place of a competitor’s product. Focusing on this strategy would help BP in improving competitiveness.
Conclusion
Strategic management is process of planning, monitoring, and analysing needs of business. BP is one of the leading Oil and Gas Company of UK. Internal and external environment has significant impact on performance of company. Threats of new entrances provide a negative impact on its profitability ratio of BP. Strategic decisions of BP’s management can be identified by assessing political, economic, social, technological, environmental and legal aspects.
Resource-based auditing helps in understanding internal resources and capabilities of BP. Key resources of BP includes tangible resources, intangible resources, financial resources and human resources. Strong global presence, effective corporate sustainable reporting and organisational culture are valuable aspects of BP. Value propositions, customer segments, customer relationships, channels, key resources, revenue streams, key partnerships, cost structure, and key activities are key contents of business model of BP.
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