STR/581 Week 2 Discussion Questions What parts of the external environment (general, industry, and competitive) do you believe BP considered or didn’t consider prior to drilling off the Gulf Coast?
The Gulf Coast oil spill disaster not only resulted in oil and tar balls washing up on local beaches but contributed to the evaporation of the wedding business on the beach. In one family business, 85 percent of the business and $90,000 were lost while the firm received only $20,000 in emergency payments. The first year after the spill, resentful wedding business owners were still living day to day. They contended that British Petroleum (BP), which owned the Deepwater Horizon oil rig where the explosion and subsequent leak occurred, had not fulfilled its obligations to them and their true losses would never be recovered. With government intervention, the $20 billion fund established by BP had paid out only $3.8 billion at the end of the first year. Government attorney Kenneth Feinberg emphasized at that time that 200,000 claimants had been compensated in nine months.
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- What parts of the external environment (general, industry, and competitive) do you believe BP considered or didn’t consider prior to drilling off the Gulf Coast? What should the wedding business owners now consider in their external environment?
- How should BP have handled an external environmental analysis and what environmental changes and trends (opportunities and threats) might the firm have discovered?
- Analyze BP using the five forces of competition model to determine the industry’s current attractiveness in terms of profitability potential.
- Who might be in BP’s strategic group and why?
- What would a competitor of BP now discover about the firm by completing a competitor analysis?
Answer the above discussion questions limited 100 Words each.
Course: STR 581 Strategic Planning & Implementation
School: University of Phoenix