Use a framework of your choice (e.g., Porter's Five Forces of Competition from the textbook) to perform a competitive analysis of the company's industry. Support your response.
The Porter's Five Forces of Competitions is a model that was named after Michael E. Porter, its founder. The concept categorizes the five competitive forces that outline all industry and assist in identifying the industry's namely the strengths, weakness, opportunities, and threats. The Five effects are as follows: Competition in the sector; Potential of new entrants into the industry; Power of suppliers; Power of customers; and Threat of substitute products. These are the critical component in a company' s success. This medium is a vital part of any company's corporate …show more content…
Next, examine the feasibility and expected the market impact of the trends you selected. Provide a rationale for your response.
In the case of British Petroleum (BP) and the oil industry, the companies have not been immured from creating new and innovative ways in the marketplace. The two innovations that catches one’s attention would be information technology with the usage of digital technology and Measurable-while -Drilling System (MWD).
The first concept would that the executives of the company commence in using information technology in the 1990's, long before many of the other industries used the technique to expand its horizons. The executives employed innovative ways to develop in the industry with digital technology as well as creating new ways to improve their opportunity to locate oil and maximize the company's profit margin. “This type of research finds that the effective use of digital technologies in the oil and gas sector could reduce capital expenditures by up to 20 percent; it could cut operating costs in upstream by 3 to 5 percent and by about half that in downstream” (Choudhry, H., …show more content…
Along, operational plants in all the continents. It has stated that it can accommodate the needs of the world and the marketplace. The company is working with the various industries to meet their needs as well. For example, the executive team is working with the major automotive companies to ensure that the new vehicles can adapt the petroleum reserve.
Give your opinion as to whether the company's organizational structure supports or impedes its ability to innovate and be a successful company. Justify your answer.
The organizational structure of British Petroleum (BP) maintains its status as an innovative and leading focus in the oil industry and a successful company. The organizational structure indicates that information technology plays a vital role in the organization. The Information Technology department assists the team to innovate ways in gathering pertinent data and meaning effective and efficient information for the organization growth. The group can gather information by locating potential resources and the ability to extract the resources with minimal impact on the
The Porter's Five Forces of Competitions is a model that was named after Michael E. Porter, its founder. The concept categorizes the five competitive forces that outline all industry and assist in identifying the industry's namely the strengths, weakness, opportunities, and threats. The Five effects are as follows: Competition in the sector; Potential of new entrants into the industry; Power of suppliers; Power of customers; and Threat of substitute products. These are the critical component in a company' s success. This medium is a vital part of any company's corporate …show more content…
Next, examine the feasibility and expected the market impact of the trends you selected. Provide a rationale for your response.
In the case of British Petroleum (BP) and the oil industry, the companies have not been immured from creating new and innovative ways in the marketplace. The two innovations that catches one’s attention would be information technology with the usage of digital technology and Measurable-while -Drilling System (MWD).
The first concept would that the executives of the company commence in using information technology in the 1990's, long before many of the other industries used the technique to expand its horizons. The executives employed innovative ways to develop in the industry with digital technology as well as creating new ways to improve their opportunity to locate oil and maximize the company's profit margin. “This type of research finds that the effective use of digital technologies in the oil and gas sector could reduce capital expenditures by up to 20 percent; it could cut operating costs in upstream by 3 to 5 percent and by about half that in downstream” (Choudhry, H., …show more content…
Along, operational plants in all the continents. It has stated that it can accommodate the needs of the world and the marketplace. The company is working with the various industries to meet their needs as well. For example, the executive team is working with the major automotive companies to ensure that the new vehicles can adapt the petroleum reserve.
Give your opinion as to whether the company's organizational structure supports or impedes its ability to innovate and be a successful company. Justify your answer.
The organizational structure of British Petroleum (BP) maintains its status as an innovative and leading focus in the oil industry and a successful company. The organizational structure indicates that information technology plays a vital role in the organization. The Information Technology department assists the team to innovate ways in gathering pertinent data and meaning effective and efficient information for the organization growth. The group can gather information by locating potential resources and the ability to extract the resources with minimal impact on the