Strategic Planning at BP - 1198 Words

The planning function is where management seeks to design corporate actions that will help the organization meet its strategic objectives. The strategic planning process is usually step-based, in order to ensure that the organization takes a proactive approach to planning, rather than a reactive approach. The strategic planning process begins with setting the corporate mission and objectives as the first step. Most corporations will have a broad vision for the company and a mission that are expressed in statements so that all of the corporations stakeholders will be able to understand these things about the company. BPs stated business model is to create value across the entire hydrocarbon value chain Ã¥ ­Ëœtarting with exploration and ending with the supply of energy and other products fundamental to life (BP.com, 2012). Naturally, BP operates to enhance shareholder wealth as a primary objective. This general process is mirrored at BP. The company uses a structure that emphasizes the different functions exploration, extraction, refining and retailing. The strategic planning process at the highest level of the company seeks to develop and leverage synergies between these different functions. The operating synergies, and the synergies in the marketplace that derive from the use of a consistent name, are key to BPs operating strategy. Each unit within the different functions is designed to earn its own money through whatever means are available. So for example, it is notShow MoreRelatedThe Planning Function at BP1307 Words   |  5 PagesThe planning function consists of a number of different steps, including situational analysis, alternative goals and plans, goal and plan evaluation, goal and plan selection, implementation and monitoring/control. The situation at BP is that the company is working to shake off the effects of the Deepwater Horizon disaster. 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