A Report on Decision-Making Processes at BP British Petroleum Assignment Sample

Introduction To: A Comprehensive Look at Organizational, Marketing, Financial, and Operational Strategies

For the management of the companies in making significant decisions that are best interest for their place of work. For every business, decision-making is important because it aids in ensuring whether they keeps growing or not, selecting business partners, effective strategies and operations. With the help of effective decision-making skills, the maker can make the effective decision in related to organizational structure, culture and leadership. Additionally, effective decisions making skills also helps in making potential and informed decisions related to organization, marketing, finance and operations. This report will be based on examining the decision making process of BP (British Petroleum) station company. It is one of leading British multinational oil and Gas Company within the UK and it is listed on London stock exchange.

1. Organization

1.1 Organizational structure

Organizational structure (OS) is defined as proper and effective arrangement of the human resources within the companies in order to accomplish the common goals and objectives. Effective OS helps in outline the roles and accountabilities of each member of the companies which results in flow of information and work seamlessly as well as make sure their smooth functioning (Griffin, Phillips and Gully, 2020). BP also has effective OS which aids in increase its effectiveness and efficiency. Effective OS also help the chosen organization in enhancing its collaboration and communication as well as accountability among team members. BP is making potential and informed decisions related to OS by considering several components such as strategy, size, technology and atmosphere in which it operate.

Along with this, hierarchical, functional, horizontal, divisional, matrix, etc., are significant types of organizational structures. To make the effective decisions and increase the effectiveness and efficiency, BP is following matrix organizational structure. Having matrix OS is beneficial for selected business because it aids in increase collaboration between departments, combines functional and project management structures, allows interdepartmental communication as well as developing the new skill sets of employees which eventually positively influence on the overall growth and success (Hanelt et al, 2021). Additionally, having effective OS is beneficial for the companies because it help them to adopt proper process of decision-making. With the help of OS, business can make informed and better decisions in faster way by assigning roles and responsibilities to the workers. On the other hand, effective OS has direct connection with the goals and effectiveness of BP by bringing members together and defines functions among them. Effective OS helps in ensuring efficient and smooth functioning which ultimately positively influence on the overall productivity and efficiency of companies. Making decisions related to OS is beneficial for the organizations because it allows them to remain focused and efficient. Apart from this, if the organizations have inappropriate organizational structure then they face problems related to communication breakdowns, slow decision-making, low employee morale, poor customer services which eventually negatively impacts on the overall growth and success.

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1.2 Leadership

Leadership is defined as set of behaviours and mindsets that aligns individuals in a collective directions and facilitates them to work in group and accomplish shared goals and objectives as well as adjusting to changing atmosphere. To enhance operational performance and increase efficiency it is important for the organizations to emphasis on adopting effective leadership. BP is also adopting effective leadership which help it to increase productivity among workforces and improve their engagement. The leaders of BP are competent to offer to clear directions and setting realistic goals and objectives which eventually positively influence on performance and productivity of its employees. The leaders are also putting efforts to foster positive work environment from which employees feel motivate and encourage to provide better services to the customers (Singh et al, 2023).

In addition, democratic, autocratic, transformational, transactional, laissez-faire etc., are significant leadership styles that are adopted by the companies in order to manage the overall operation and process. BP is implementing autocratic leadership style in order to make effective decisions and operate all the functions effectively. This organization is adopting this leadership style because its leader is having absolute authority and control to administer their subordinates and make informed decisions. Selected organization is emphasis on autocratic leadership style because it aids in making better decisions quickly. In this leadership, there is no requirement of collecting the opinions and views of the team members at the time of making decisions (Luqman et al, 2020). Furthermore, autocratic leadership helps BP to reach towards organizational goals and objectives ambiguously, enhance productivity, reduce employee stress, enable direct communication, quick crisis management and increase efficiency. Apart from this, leadership has positive impact on the growth and success of the selected organization by increasing employee engagement, retention and profitability. The leader of BP has capability to promote positive employee experience and support collaborative and positive work atmosphere which leads to improve its success and growth.

1.3 Culture

Organizational culture (OC) is described as attitudes, beliefs, values and behaviours that illustrates and contributes to the emotional and social work environment of the companies. For every business, OC is important because it helps in increase employee engagement, decrease turnover, elevated productivity, strong brand identity and create healthy team environment from which workforces feel encourage and inspire to give better performance (Paais and Pattiruhu, 2020). Additionally, the culture of BP is also positive because it built on respect and having courage to do the right things in effective manner. BP is emphasis on learning continuously and strive to do things better for developing positive culture. For example, clan, market, adhocracy and hierarchy are significant types of culture which are develop by the companies. The clan culture is rooted in the collaboration from which team members can share their commonalties to give better performance. In addition, the adhocracy culture of the company is relied on the creativity and energy while market culture is developing on the dynamic of accomplishing concrete outcomes and competition. The hierarchy culture of organization is founded on control and structure.

Apart from this, the culture of BP is based on adhocracy because it majorly emphasis on creativity to provide better services to the customers. Having this culture is valuable for BP because it aids in encouraging its workforces take risks and its leaders are seen as entrepreneurs and innovators. Moreover, OC is positively impacts on the performance because it aids in increase employee engagement, retention, attracting talent, improve decision-making and reputation (Azeem et al, 2021). Effective OC helps in enhancing workflow and directing the process of decision-making. It also helps in encourage risk-taking, competitiveness and innovation which identifies the way of BP reacts to changes in the business atmosphere. However, in case of inappropriate organizational culture companies are facing challenges of leadership alignment, diversity and inclusion, work-life balance, communication breakdowns and resistance to change which leads to negatively influence on the overall performance and efficiency.

2. MARKETING

2.1 Target market

Target market is a particular group of potential customers who companies desired to reach through its goods and services. Targeting the market is beneficial for the companies because it helps in enabling better marketing performance, stand out from competition, attract more loyal customers and offerings of stronger products and services (Berlian, 2022). BP is also targeting the market in order to attract the customers by providing high-quality and better products to the consumers. Along with this, to target market BP is using segmentation, targeting and positioning (STP) framework.

Segmentation: It divides the total market with the help of particular variables in order to determine the particular segments. Companies are segmenting the market on the basis of geographic, demographic, psychographic and behavioural. BP is segmenting its customers on the basis of demographic and geographic.

` Targeting: The target markets of BP are commercial fleets, industrial customers, aviation customers, retail customers and government agencies.

Positioning: BP has significant position within oil and gas sector. Selected organization position itself in the market as efficient, reliable and innovative provider of energy. BP is a leading leader in the environmental and sustainability responsibility as well as provider of better and high-quality of energy products and services. 

2.2 Competitor analysis

Competitor analysis refers to determining direct and indirect rivalries of companies by using research in order to reveal their strengths and weaknesses in relation to own. Analysis of competitors is beneficial for the companies because it aids in understanding target audience, determines strengths and weaknesses, gain industry knowledge, identify market gaps and making effective decisions (Gonjo and Olstad, 2021). Competitor analysis helps in providing significant information that can support the effective decision-making. To determine the policies and strategies of competitors, BP is using porter’s five forces model. This model is consist of five forces such as threat of new entrants, bargaining power of customers and suppliers, threat of substitute products and rivalry between competitors.

Threat of new entrants: oil and gas industry is attractive because of high profitability and less threat of new entrants. The threat of entrants for the companies in this sector is low because it requires huge investments and high fixed costs.

Bargaining power of buyers: In the chosen sector, the prices of oil are based upon the global demand. The customers of the chosen organization has high power because they can easily switch towards another oil suppliers with low switching costs (DCF, 2024).

Bargaining power of suppliers: The suppliers of BP includes engineers, technicians and management. The chosen company is possessing relevant bargaining power of suppliers since without permits to exploit the national territory because the survival of these industries are not feasible. 

Threat of substitutes: There are high amount of substitutes such as biofuels and other renewable resources are available in the oil and gas industry. But BP has less threat from this substitute because it is still working for its growth and development.

Competition among rivalries: The competition level for BP in oil and gas industry is high because it has wide range of rivalries such as Shell, OMP, Texaco, Gulff Coast etc., which negatively influence on its overall growth and operation.

 2.3 Marketing Mix

Marketing mix is one of the critical framework that is used by the companies to differentiate them from their competitors. This framework is consist of seven factors such as product, pricing, place, promotion, people, physical evidence and process (Yusuf and Matiin, 2022). This framework helps companies to make decisions related to promotion of products in the market and on which price the goods are provided to the customers.

Product: the product portfolio of BP includes petrochemicals, petroleum, motor fuels, renewable energy operations etc. The product portfolio of the chosen organization helps in attracting wide range of customers and gain competitive advantage over competitors in the market.

 Price: BP decides the prices of its products by implementing competitive strategy. Chosen business monitors pricing strategy of its competitors in order to make sure its offering remain competitive in the market. This pricing strategy helps BP to develop its position in the market as well as attracting and retaining customers by providing superior value.

Promotion: For promoting the products in the market, chosen organization is adopting various social media platforms such as Instagram, Twitter etc., which helps in attracting large number of customers ( Bhasin, 2023).

Place: The distribution network of BP is wide because it maintains significant global presence in more than 70 countries. The widespread geographic footprint facilitates chosen business to admittance different market and manages risks which are connected with dependence on single region.

People: BP believes in fostering diversity and inclusion in order to encourage the people who are associated with it.

 Process: BP has wide range of processes in extracting oil and gas which makes sure its smooth and efficient international distribution system.

Physical evidence: This organization has up-to-date global environment and infrastructure in all its offices.

3. FINANCE

To operate the functions and operations effectively and efficiently, the companies are also making the effective decisions related to finance. The decisions related to finance include shareholder value, sources of finance and dividend policy.

3.1 shareholder value

Shareholder value is defined as the values provided to the stockholders within the organizations relied on their competencies to grow profits and sustain over time. Providing value to the stakeholders is beneficial for the companies because it helps in making the strategic decisions. BP is providing values to its shareholders that aid it to focus more on the future and its customers (Zumente and Bistrova, 2021). Along with this, the primary goal of BP to provide the values to its shareholders is to increase its wealth by paying dividends and causing the stock prices to boost. In addition to this, BP has comprehensive financial strategy in order to accomplish goals and objectives as well as maximize value of the shareholder. The financial strategy and shareholder value of selected organization has direct link. Effective financial strategy of selected organization aids in maximizing the value of shareholders with the help of making effective decisions related to capital allocation, managing risks, establishing policies related to dividend and investments as well as financing and funding options.

Apart from this, effective financial strategy of the business helps in increasing the values of shareholder by improving the flow of cash, optimizing capital structure, making investments in the growth opportunities and distributing dividends (Nguyen, Kecskés and Mansi, 2020). Shareholder value and organizational performance has direct relationship because it helps in encouraging stockholders to make investments in the company which leads to increase profitability and gaining competitive advantage over competitors (Bacq and Aguilera, 2022). 

3.2 Sources of finance

Source of finance is defined as where companies getting money to fund their business activities and operate the operation in successful manner. Retained earnings, debt capital, equity capital and other sources are considered as significant sources of finance. Retained earnings is considered as one of the critical source of finance that is use by BP in order to increase its funds to provide dividend or smooth flow of operations. Using this source of finance is beneficial for BP because it aids in paying down debt in order to enhance credit rating and financial position. Additionally, this source of finance is developing safety by offering liquidity for circumstances of low revenue (Rao et al, 2023). With the help of this source of finance, selected organisation can make basic payments and run the operation effectively during emergency situation.

Another source of finance is debt capital and it is accumulated through loans and borrowings for the specific period of time. BP can obtain debt financing or capital privately with the help of bank loans. For raising the capital, companies are issuing debt such as promissory notes, corporate bonds, debentures etc., to the public. However, raising capital through debt capital is disadvantageous for the chosen organization because borrowers require making payment of interest as well as principle on the time. (Gopal and Schnabl, 2022). If the borrower fail to repay the amount of interest than it leads to bankruptcy or default. On the other hand, stock market is another source of fund from which companies can raise the money easily in order to operate the business operation and process effectively and efficiently. BP is also using this source of finance and raise the funds from public by providing ownership stakes in the form of stock. Adoption of this source of finance is beneficial for the organizations because it facilitates higher liquidity, versatility, higher returns in shorter period and acquire ownership as well as right to vote.

3.3. Dividend policy

Dividend policy is define as strategy that is adopting by the organizations in order to identify optimal balance between distributing profits to the shareholders in the form of dividends and retained earnings. Having effective dividend policy is beneficial for the organizations because it helps in strengthening their base of capital (Pattiruhu and Paais, 2020). BP is also implementing dividend policy to attract and retain its shareholders for long period of time. The board of BP decide the dividend level with each quarter’s outcomes. In case of interim dividend, the board of BP decides to pay after eight weeks after announcements. Along with this, the board of BP declares that, it pay dividend to shareholders for each share so the amount they receive relied on the number of shares that own (BP, 2024).

Along with this, the dividend policy is significantly influencing the overall performance and efficiency of BP. This policy aids BP in increase its dividend pay-out ratio that inspires investors to make investments in assets due to increased returns (Kim et al, 2021). If the companies are paying dividends to their shareholders then it increases the price of shareholders and increase profitability. The last dividend paid by BP on September 2024 and its dividend amount per share was 6.0498p (Dividendmax 2024).

In addition, dividend policy has significant influence on the shareholder value and costs of capital. Increasing and continuously paying dividends overtime helps the organizations to attract the investors or shareholders which eventually positively influence on the overall profitability and growth. Along with this, dividend policy has an immersive influence on the value of shareholders because it helps in increase income, reduce volatility and capital appreciation. With positive influence, dividend policy also has negative impact on the shareholder value by minimize retention, increase cost of capital, decrease flexibility and increase opportunities costs.

 4. OPERATIONS

Operation is considered as one of the core area of business that directly impacts the efficiency and profitability. This area included various activities in which organizations are engaging on the daily basis in order to increase their value and earn high rate of profitability (Krajewski and Malhotra, 2022). In addition, process design, quality management and supply chain are considered as significant part of the operation that directly influence the overall growth and efficiency of companies.

4.1 Process design

Process design is defined as one of the critical method that is used by the companies in order to understand its processes and ways to enhance them. Making potential and effective decisions related to process design is beneficial for the companies because it aids in determine and eliminate the bottlenecks which are accessible in the internal and external activities. Effective process design also helps in laying out new workflows and redevelops existing ones. In addition, BP is also developing its process design in effective way which helps it reduce time and cost of employee’s training and increase business professionalism as well as expands knowledge base.

Along with this, process design of BP is playing an immersive role in enhancing its overall efficiency which eventually positively impacts on the overall growth and success. Process design of selected business helps in enhancing overall efficiency by determining inefficiencies, standardized processes, automating repetitive tasks, enhancing communication, increase productivity and making scalable processes (Al-Zoubi et al, 2023). On the other hand , BP emphasis on enhancing on its process efficiency by modernizing its upstream, downstream, flaring, energy and process safety. BP is streamlining its upstream business into one financial system which results in increase efficiency by 30-40%. To enhance the process efficiency, the key aim of BP is to avoid routine flaring by 2030. To enhance the process efficiency, BP also sets the goals to reduce the production of oil and gas by at least 40% from 2019 levels by 2030 (BP, 2020)

4.2 Quality management

Quality management (QM) is significant philosophy that includes overseeing the processes and activities that are used to create goods and services in order to ensure consistent and high standards. Emphasis on quality management is beneficial for the companies because it helps in meeting the requirements of the customers and meeting the organizational needs. Effective quality management aids in instilling the confidence in the organizations which leads to more customers, sales and repeat business. Effective QM also aids in fulfilling the requirement of the organizations by ensuring compliance with the provision and regulations of goods and services in most resource and cost-effective manner. Along with this, to manage the quality of oil and gas products, BP is adopting total quality management (TQM) approach. Adoption of this QM approach is beneficial for the chosen business because it helps in accomplish long-term success by emphasis on customer satisfaction and quality of products. With the help this QM approach, BP is able to evaluate the causes of defects in scientific manner and take remedial measures to ensure safety. In the oil and gas sector, TQM includes various components such as progressive quality addition, customer focus, designing of products, supplier quality control and managing the process in effective and efficient manner.

The quality management of BP has direct relationships with its operational effectiveness because it helps in improve efficiency, better customer satisfaction, increase profits, enhanced brand reputation and enhance communication and collaboration. Effective management of quality of products and services helps in enhancing the efficiency of chosen business by reducing waste and enhance utilisation of resources (Jumady, Sugiarto and Latief, 2021). It also helps in increasing the satisfaction of the customers by offering better and consistent products and better management of suppliers. Apart from this, the decision of BP in relevant to QM has significant impact on satisfaction of the customers. Effective QM helps in ensuring the consistently high-quality management which results in higher customer satisfaction. By managing the quality of the products, BP is competent to gain and maintain the trusts of its customers which eventually positively influence on the growth and success.

4.3 Supply chain

Supply chain management (SCM) is defined as proper management of flow of data, products, finances in relevant to goods and services from procurement till delivery at its final destinations. Emphasis on effective SCM is beneficial for the organizations because it aids in enhance customer service, reduce costs, improve cash flow, better product quality and reduce risks. For the effective distribution of products, BP is also on SCM which helps in attracting and retaining the customers for long duration. Along with this for the effective SCM, BP is implementing various initiatives. To enhance experience and convenience of customers, BP is making significant investment in emerging and cutting-edge technologies. For example, in order to reduce waste of foods and enhance the accessibility of the products, selected organization is using RELEX solutions. Adoption of this platform is valuable for the chosen business because it aids in providing in-depth estimation and analytics to forecast and fulfil the fluctuations in demand of consumers (RELEX, 2023)

Furthermore, BP is also using SAP (systems applications and products software) in order to purchase, accounting and controlling of inventory in successful way. Moreover, BP is also having strong relationships with the suppliers to deliver the products to the customers on time and effective manner. At the present time, BP is working with more than 40000 international and diverse suppliers across 70 countries. BP believes that, developing strong relationships with its suppliers and contractors aids in delivering net zero ambition (BP Plc, 2024).

Apart from this, for the management of supply chain in proper way, BP is taking decisions related to implement various strategies which include reverse logistics, sustainability and digitalisation, collaboration and resilience. To increase the efficiency of supply chain, BP is emphasis on digitalisation which aids in optimizing business operations, enhance sustainability and increase transparency.

 RECOMMENDATIONS

Following recommendation are mentioned below for BP in order to improve the organizational efficiency and growth as well as development.

• It has been suggested that, for enhancing the organizational structure BP should need to emphasis on employee development by providing training and development to them. Adoption to this strategy will be beneficial for the organization because it helps in enhancing the overall structure by offering opportunities for learning to enhance their skills and knowledge. This strategy will lead to enhance overall efficiency and operation of the selected organization. Taking decision related to this will be beneficial for BP because it aids in attracting and retaining the employees for the long duration of the time. Employee training and development plays an immersive role in improving the organizational structure by offering opportunities to the workforces for the professional growth from which they feel encourage and motivate to do work (Wieland, 2021). Execution of this strategy will be valuable for BP because it assist the workforces to enhance their skills and knowledge as well as navigate the emerging and updated technologies which results in increase efficiency and productivity.
• For organizational improvement it is significant to enhance the culture which leads to encourage workers to perform their work in effective and efficient way. It has been suggested that, to enhance the organizational culture, BP should need to emphasis on embracing diversity and inclusion. Adoption of this strategy will be valuable for the selected business because it aids in creating the positive environment that welcomes diverse experiences and perspectives from the employees which brings innovative ideas to provide better services to the customers. From diversity and inclusion employees feel valued and included than they are more likely to engage with the company which eventually positively influence on the organizational culture and enhancement (Sodhi, and Tang, 2021). In addition, businesses with culture of inclusive and diverse tend to have higher retention rates and lower employee turnover.
• To increase shareholder value, BP should need to make investment in digitalisation and technologies which leads to increase profitability and improve efficiency. Adoption of this strategy will be beneficial because it helps in boosting the value of shareholders by increasing sales, enhancing financial performance and change management. In modern, shareholders are likely to invest in the companies which make significant investment in the technologies because it aids in increase their values. In addition, raising the value of shareholders is beneficial for the organization because it helps in increase the total amount of equity of the shareholders within balance sheet.
• Effective quality management also helps in enhancing the efficiency and operation. For the organizational enhancement, BP should require to emphasis on management of products and services in successful manner. For more effective management of quality, selected organization will need to focus on continuous improvement that helps in determine weak areas and make modifications in order to enhance quality of its products and services.
• For further management of supply chain in proper way, BP should need to enhance communication with suppliers and increase the visibility of supply chain. Effective communication helps in building the strong relationships with the suppliers from which they able to understand the need of organization and put all the efforts to meet them in successful manner. Strong relationships with suppliers help in reducing delays and enhancing the flow of operations which eventually positively influence on the overall growth and success. Along with this, visibility of the supply chain also helps in enhancing regulations related to inventory and operational as well as managing risks and improves customer service.

CONCLUSION

 In the end of report it has been concluded that, BP has making effective decisions in related to operation, management, organization and finance. The organizational behaviour of the chosen organization significantly impacted its decision-making through culture, structure and leadership. To target the market and competitors analysis BP used segmentation, targeting and positioning as well as porter’s five forces model. The decisions of BP in related to finance includes shareholder value, sources of finance and dividend policy. To manage the quality of products, BP used TQM which helps in attracting and retaining the customers for long period.

REFERENCES

Books and Journals

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