Smart objectives of bp

Smart objectives of bp Task Three SMART Objectives of BP BP Objectives are prepared according to SMART (Specific, Measurable, Achievable, Realistic, and Timed).That means it should be particular about what we are going to achieve and should quantify about the objectives. There are a several types of objectives that all can be done in the SMART format.Process objectivesImpact objectivesOutcome objectivesPersonal objectives bps five year plan objectives are,Increase profitability by 20%Increase deed Financial solve by destiny to the increasing demandBuild brand value that was affected by the oil spills Five year using plan for BP Business plan is a statement about companys future goals and plans to achieve those goals. This can be externally focus or internally focus. BPs Strategies in progress can state as,Upstream growthDownstream turnaroundAlternative Energy focused disciplined Corporate simplificationIn the upstream will focus on cost and capital efficiency to deliver profit able growth. In the downstream will drive further efficiencies and a focus on quality and integration. They will maintain their disciplined approach to alternative energy and will continue to unlock corporate efficiency with a culture of continuous improvement.Five year development plan for BPObjectiveStrategyActionsPerformance IndicatorsTime Period1Increase profitability by 20%Research and developmentHire most qualified researchersInnovative ways of doing thingsOne year2Increase production accomplishment of north sea area.Negotiations with governments and agreeing for a joint profit sharing.Coming into an agreement with relevant governmentsTwo years3Financial gain by serving to the increasing demandSales and Marketing approaches to increase market shareRecruiting experienced sales and marketing people and objective trainingAcquiring modern market opportunities, increase the market shareOne year4Build brand value that was affected by the oil spills Communication and progress stra tegyUsing new media opportunities of social media to build brand name again, invest in CSR activities in Go Green.Reduce the black mark3 years Evaluating and implementing the plan In corporate strategy, Johnson, Scholes and Whittington present a model in which strategic options are evaluated against three key success criteriaSuitability (would it charm?)Feasibility (can it be made to work?)Acceptability (will they work it?)(Source- http//en.wikipedia.org/wiki/Strategic_management) Objectives Time Line 1 year 2 year 3 year 4 year 1Increase profitability by 20%X2Increase productionXX3Financial gain by serving to the increasing demandX4Build brand value that was affected by the oil spills XXX Conclusion When it is mention about the strategic management and the leadership strategic planning is a major part of it. Strategic planning can grant in to three stages as strategic Analysis, Strategic Options and Evaluation and Implementation. The British oil colour Corporation is a we ll established organization in petroleum industry and here it is mentioned about the strategy and competitive advantages of the BP and the technical tools which could they can use to compend situations. The porters five forces investigation helps identify the competitive environment BP psychoanalysis their market for Quality production.There are so many competitors like Solar, sharp in the market and BP establish with mass production. By doing the SWOT analysis its helping company to identify the internal and external environment of the company. BP is focused on customers and they believe in their productions.They used the oil plus solar advocate combination and they used product segmentation, improve cost efficiency and some more strategies to increase their profits. They have created value through technology and this is a restraint for their competitors.Company can use strategy clock, Ansoff growth matrix tools to analysis their position in the market. To develop strategic opt ions first it should identify the external place setting and priorities and clusters. Then it should develop the strategic options. SOP matrix is best tool to identify the strategies of the company.