MANAGEMENT IN INNOVATION

The Management of Innovation

The Management of Innovation

Structural Factors

British Petroleum is the eight largest companies in the world as stated by the Forbes magazine and the third largest petroleum oil and gas company in the world after Exxon and Shell. For it to survive the turbulent changes in the industry, it must cater to the unique innovative initiatives. The role of unique performance and work output is regarded as a very important and valued quality for the purpose of making it through tough times, growing further and most importantly convincing the aim and goals of the industry (Fleisher et al. 2003, pp.350).

When failure is accepted as a challenge that needs to be overcome, the company then mentally trains itself and it becomes a sort of reassurance from the fact that development does not always to the result of success (Murray 2006, pp.132).

British Petroleum Company is the owner of the wholly owned sixteen refineries. It is an international organization which is currently very dominant in the oil and energy sector of major world organization. British Petroleum is therefore a very international organization. As one of the largest energy providers of the developed world, British Petroleum is the employer of over 92,000 staff members and it also is a very large supplier of energy for retail services, petrochemical goods, electricity, heat and fuel. It is very dominant in this field and has established its global presence (Audretsch, 2001, Pp. 19).

Legal and Moral Obligation seemed to have taken a back seat in the priority list of British Petroleum as witnesses by the fact that in the last couple of decades that have passed there have been various isolated but prominent incidences where British petroleum has proved that it considers economic profit as more importance for the environment and the society at large. In the process it has led to the development of unique technology, processes and has paved the path to excellence in its field of operation.

On a cost benefit basis it must be considered that the British Petroleum strategy has been subjected to massive penalties, Fines and Loss of customers. The business of facing these issues and if it does not act as the situation demands the problem will escalate and the situation will eventually become too large to handle.On the hope that things will work its natural course, British Petroleum has spend over one billion dollars to tackle the disaster that it faces with the added pressure that the entire world has its eyes on the company and are also expecting it to lap out of this difficulty as soon as possible. With the focus on the development of a new strategy of unique performance and deliverance on developmental goal's , it is trying to offset the losses and disasters that have occurred as a result of the cost benefit strategy that it had earliest implemented.

Innovation

Research and development is now the main point of focus in the arsenal of BOP which has set to emphasize this ...