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Focus on research studies legal structure , vision , mission and objectives of BP . Besides the analysis of the financial situation , monetary policy and the plan is in place to develop BP . In addition, the study helps the reader see clearly the responsibility of BP to the environment and society . The success and try to become the largest oil companies in the world . Development plan to hold names . BP has created policies to adapt to the business environment in which they have achieved certain success . The company is also aware of the importance and their responsibilities towards stakeholders quan.Bao It also discusses the impact that specific competition policy and industry operational and business development BP .
BTEC HND IN BUSINESS (ACCOUNTING) ASSIGNMENT COVER SHEET NAME OF STUDENT REGISTRATION NO UNIT TITLE ASSIGNMENT TITLE ASSIGNMENT NO NAME OF ASSESSOR SUBMISSION DEADLINE Vũ Văn Tiến – Mike F06-146 Unit 1: Business Environment BP and its Environment of Jubred A Peñano November 7, 2013 I, _Mike _hereby confirm that this assignment is my own work and not copied or plagiarized from any source I have referenced the sources from which information is obtained by me for this assignment Signature BE A1 2013-2014 HVNH Date -FOR OFFICIAL USE Assignment Received By: Date: Unit Outcomes Outcome Evidence for the criteria Assessor ’s Decision Feedback First atte mpt Identify the purposes of different types of organisation 1.1 Describe the extent to which an Understand organization the organisation meets the objectives al purposes of different of business stakeholder s LO1 1.2 Explain the responsibilit ies of an organization and strategies employed to meet them 1.3 BE A1 2013-2014 HVNH Rewor k Internal Verificat ion Outcome Evidence for the criteria Assessor ’s Decision Feedback First atte mpt Understand the nature of the national environmen t in which businesses operates LO2 Explain how economic systems attempt to allocate resources effectively Assess the impact of fiscal and monetary policy on business organization s and their activities Evaluate the impact of competition policy and other regulatory mechanism s on the activities of a selected organisation 2.1 2.2 2.3 Merit grades awarded M1 M2 M3 Distinction grades awarded D1 D2 D3 BE A1 2013-2014 HVNH Rewor k Internal Verificat ion Outcome Evidence for the criteria Feedback Assessor ’s Decision First atte mpt Internal Verificat ion Rewor k Assignment ( ) Well-structured; Reference is done properly / should be done (if any) Overall, you’ve Areas for improvement: ASSESSOR SIGNATURE DATE / NAME: (Oral feedback was also provided) STUDENT SIGNATURE DATE NAME : FOR INTERNAL USE ONLY VERIFIED YES NO DATE : VERIFIED BY : NAME : BE A1 2013-2014 HVNH / / / SCENARIO BRITISH PETROLEUM, UK – PUBLIC LIMITED COMPANY BP PLC is a British multinational oil and gas company headquartered in London, United Kingdom It is the third-largest energy company and fourth-largest company in the world measured by 2011 revenues and is one of the six oil and gas super majors It is vertically integrated and operates in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading It also has renewable energy activities in biofuels and wind power BP's origins date back to the founding of the Anglo-Persian Oil Company in 1909, established as a subsidiary of Burmah Oil Company to exploit oil discoveries in Iran In 1935, it became the Anglo-Iranian Oil Company and in 1954 British Petroleum In 1959, the company expanded beyond the Middle East to Alaska and in 1965 it was the first company to strike oil in the North Sea British Petroleum acquired majority control of Standard Oil of Ohio in 1978 Formerly majority stateowned, the British government privatised the company in stages between 1979 and 1987 British Petroleum merged with Amoco in 1998 and acquired ARCO and Burmah Castrol in 2000 BP has been involved in several major environmental and safety incidents, including the 2010 Deepwater Horizon oil spill, the world’s largest accidental release of oil into marine waters In 1997 it became the first major oil company to publicly acknowledge the need to take steps against climate change BP in Vietnam BP arrived in Vietnam in 1989 with many ideas Over time, it had been able to turn those ideas into reality The business in Vietnam includes the exploration and production of oil and gas, the BE A1 2013-2014 HVNH production and distribution of lubricants, and the supply of crude oil to the first local refinery BP also invested in the growing Vietnamese power industry In the early 1990s, their exploration discovered four major gas fields 320km offshore south of Ho Chi Minh City It resulted in the $1.3 billion Nam Con Son Gas Project This complex operation involved the development of the Lan Tay and Lan Do fields, the laying of a two-phase offshore pipeline (the longest of its kind in the world) and the construction of the 720 MW Phu My Power Plant in Ba Ria Vung Tau province The Nam Con Son Pipeline that BP built, operated, transferred operatorship, and expanded has become a model of sustainable, reliable, and efficient investment project in Vietnam BP and Castrol are recognised brand names in the lubricants markets here Every year, the business grows faster than the market, with a record performance of 2- times growth in 2008 alone In 2009, BP Integrated Supply and Trading signed a contract with PetroVietnam to supply crude to Vietnam’s first refinery The contract is for a minimum of 50% of their foreign crude requirement and is for the next five years (with option for extension) BP’s work in Vietnam focuses on the areas of environmental protection, poverty reduction, education and training, enterprise promotion, and access to energy So far, BP has invested more than US$6 million in community projects across Vietnam, with particular focus in Ba Ria Vung Tau Province where the company operates major production projects BP has worked with the UK's Foreign and Commonwealth Office and Leeds University to help with the training for Vietnam's government employees and students, has provided over US$620,000 in sponsoring Vietnamese students to pursue graduate studies in the UK We also initiate and provide financial support to the Marcel Loos Memorial Business Course at Da Nang University The course covers such topics as modern accounting and business skills, both of them key to Vietnam's transition to a market economy For more information about the Company, please visit: http://www.bp.com; http://www.bp.com/sectiongenericarticle.do?categoryId=497&contentId=2000747 Role You are an assistant analyst working for a consultancy firm and you are required to comment on the business environment of BP PLC Your tasks are: Tasks BE A1 2013-2014 HVNH You are to provide a write-up in tabular form to be used as ‘Induction Presentations’ as well as this coming discussion on the following matter: Identify the purposes of different types of organisation similar with and/or subsidiaries of BP PLC (1.1) Describe the extent to which BP meets the objectives of different stakeholders (1.2) Explain the responsibilities of BP and strategies employed to meet them (1.3) You are also asked to write a report on the following for record purposes: (Focus your analysis on BP PLC in UK) Explain how economic systems attempt to allocate resources effectively (2.1) Assess the impact of the fiscal and monetary policy on BP PLC and their business activities (2.2) Evaluate the impact of competition policy and other regulatory mechanisms on the activities of BP PLC (2.3) GRADING Pass is achieved by meeting all the requirements defined in the assessment criteria Merit Identify and apply strategies to find appropriate solutions (M1) Characteristics / Possible Evidence – relevant theories and techniques have been applied with various parties in the industry, the organisation, and models Select and apply appropriate techniques (M2) Characteristics / Possible Evidence – a range of methods and techniques have been applied indicating current trends, economic environment and methods used Present and communicate appropriate findings (M3) Characteristics / Possible Evidence – An appropriate structure and approach have been used to prepare a report Present data using a range of methods e.g tables, diagrammatical and graphical forms BE A1 2013-2014 HVNH Distinction Use critical reflection to evaluate own work and justify valid conclusions (D1) Characteristics / Possible Evidence – Ability to show evaluation has taken place using defined criteria such as development towards corporate objectives and plans, roles and function of agencies and appropriate use of advertising Take responsibility for managing and organising activities (D2) Characteristics / Possible Evidence – Ability to show with evidence the areas of substantial activities / projects or investigations have been planned, managed and organised with respect to competition and a clear explanation of responsibilities and implementation of business and organisational plans Demonstrate convergent, lateral and creative thinking (D3) Characteristics / Possible Evidence – An innovative and creative thought has been used to identify mission, objectives and responsibilities of BP as well as investigate related government and economic policies affects the company PRESENTATION The assignment should have a cover page that includes the assignment title, assignment number, course title, module title, Lecturer/tutor name and student’s name Attach all the pages of assignment brief/cover sheet with your report and leave them blank for official use Ensure that authenticity declaration has been signed This is an individual assignment Content sheet with a list of all headings and page numbers A fully typed up professionally presented report document Use 12 point Arial or Times New Roman script Your assignment should be word-processed and should not exceed 3,000 words in length A CD should be included with references and accompanying notes Use the Harvard referencing system Exhibits/appendices are outside this limit The assignment should be not contain a bibliography – but should contain a list of any references used in the assignment NOTES TO STUDENTS FOR SUBMMISSION BE A1 2013-2014 HVNH • Check carefully the submission date and the instructions given with the assignment Late assignments will not be accepted • Ensure that you give yourself enough time to complete the assignment by the due date • Do not leave things such as printing to the last minute – excuses of this nature will not be accepted for failure to hand-in the work on time • You must take responsibility for managing your own time effectively • If you are unable to hand in your assignment on time and have valid reasons such as illness, you may apply (in writing) for an extension • Failure to achieve a PASS grade will results in a REFERRAL grade being given • Take great care that if you use other people’s work or ideas in your assignment, you properly reference them in your text and any bibliography • NOTE: If you are caught plagiarizing, the University policy and procedures will apply BE A1 2013-2014 HVNH Table of Contents Excutive Summary Focus on research studies legal structure , vision , mission and objectives of BP Besides the analysis of the financial situation , monetary policy and the plan is in place to develop BP In addition, the study helps the reader see clearly the responsibility of BP to the environment and society The success and try to become the largest oil companies in the world Development plan to hold names BP has created policies to adapt to the business environment in which they have achieved certain success The company is also aware of the BE A1 2013-2014 HVNH 10 the most attention They always respected each person they work with On the other hand, they encourage their employees to develop each individual's ability to benefit and success of the company before personal success 1.1.4: Goals “BP has set goals for gender representation in leadership positions Our goal is for 25% of group leaders and 30% of senior level leaders to be women by 2020 We are currently working on meaningful goals for minority representation.” (Diversity and inclusion, n.d.) 1.1.5:Objectives “BP’s objective is to create value for shareholders and supplies of energy for the world in a safe and responsible way” (Our strategy and sustainability, n.d.) Objective’s BP is is quite clear However, there are a lot more of objectives was set up and will be set up to achieved the organizational desires In conclusion, all the vision, mission, goals, values and objectives are able to achieve the purpose of the organization They realize that what they want, so they always have concrete plans and strategy to make these vision, mission, value and objective become more practical BP care about the problems employees They put the benefit of workers in front of the company's benefit So BP employees always have the enthusiasm to contribute to the success of the company 1.2:Describe the extent to which an organization meets the objectives of different stakeholders 1.2.1 Type of Stakeholders Stakeholders are people hold shares and benefit from the organization.Skateholders can be affected by the organization There are many stakeholders in an organization and there are main types of stakeholders are: • • • internal stakeholder : employees, management connected stakeholders : shareholders, customers, suppliers and financiers external stakeholders: customers, suppliers, and the government This can be achieved through stakeholder mapping: BE A1 2013-2014 HVNH 14 LOW Interest/aspirations HIGH Interest/aspirations LOW Power/influence HIGH Power/influence Stakeholders map (Course book, p.41, 2010) 1.2.2: Different degrees of power to the control of policy decisions that affect the organization through map : Types Stakeholders Stakeholder Mapping Key players Internal Management Stakeholders Keep Keep Minimal satisfied informed effort X Employees Connected Shareholders Stakeholders Customers X X X Suppliers BE A1 2013-2014 HVNH X 15 External Central government X Stakeholders Local authorities X Trade Unions X Managers played an important role in a company because they have duties of bringing the tactics to achieve the company goals They are the keys to the success of this company (Bp, 2013) Employees are people who make important contributions to the success of each company, but they not have the right to make important decisions so their influence is not high Shareholders are the main ones investing money to the company They are interested in the business and believe that they can get the interest from that Besides, they are powerful because they can decide to fire anyone if they want to (Bp, 2013) Customer is always the key in any business The sale of every company depends heavily on their needs If they feel satisfied, they can buy products Suppliers also have a close relationship with the company Their job is providing goods and services and getting paid promptly If they get paying late, they can stop supplying the organization and make them suffer cost of finding new suppliers The governments are the ones who enact laws and tax policies Therefore, when they increase the taxes, the company’s profit will decrease considerably Local authorities highly interest in what company to help people from unemployment and the environment, beside that they have any attention or power on other business of company Trade Unions has responsible for employee’s problem and they’ve also participate in the decision-making process If corporation’s treat the workers badly, trade unions will interfere and solve it BP found British trade union leaders decided to have a windfall tax on its £37m a day income (The guardian, n.d) Types BE A1 2013-2014 HVNH Stakeholder Objectives 16 Achieved Not achieved Internal Stakeholder Connected Employees Customers Good salary Achieved Working condition Achieved Job Security Achieved Quality product Achieved Reasonable prize Not Achieved Customer Stakeholder satisfaction Employment External Local Authorities Environment Stakeholder activities Achieved Achieved Not Achieved Employees: - Good salary: In general, Bp employee’s wage is very high In top ten, the highest paid salary belongs to Attorney, which is around $ 180.567 (2013) not including bonus Even the attendant can receive in between $7,667 and $8,225 (2013), which is the lowest salary - Working condition: In Bp, everyone will get a chance to enjoy a culture of collaboration and respect (Working at Bp, 2012).They will access to some of the most talented people in their fields Besides, BP also supports their family-friendly policies such as career breaks and adoption leave so they can contribute to their families without compromising their professional development (Working at Bp, 2012) - Job security: Bp provides strong health-care system and retirement income (Retiring from Bp, 2012) for their employees Therefore, they can get the best treatment while working as well as retiring B Customer: - Quality product: Bp’s motor oil and lubricants, Aral and Castrol are highly advanced and can work with any kind of modern engine (Products and services) - Reasonable prices: Due to the tax policies which are set by national government, the gasoline’s price is always high In some countries, tax accounts more than a half of price, especially it make ups about 70% of the total price charged at the pumps (The price of the petrol) - Customer satisfaction: Bp received an amazing feedback from their customer (Customer satisfaction survey, 2011) 77% of respondents rated Bp at least out of 10 on overall transaction process and 90% of respondents are satisfied with Bp’s product BE A1 2013-2014 HVNH 17 C Local authorities - Employment: Bp is a large corporation so it brings many chances for new and graduated students for many positions including: Process Engineer, Chemical engineer Geologist, etc (Bp, 2013) - Environment activities: On 20 April 2010 after an explosion on the Deep-water Horizon, there was millions gallon of oil gushing into the Gulf of Mexico (Sheila 2010) As a result, natural environment has been devastated strongly and many creatures were killed by water pollution 1.3: Explain the responsibilities of an organization and strategies employed to meet them Specific Responsibilities Care for the community Social Responsibilities Strategy employed Do social work Improving quality of living of Focus on training worker worker Minimize Protecting environment Environment Working by law Honest in Business image the company company clearly working Making policy about award and bonus image of Organization advertising forms 1.3.1: Social Responsibilities Over the last 40 years, BP has showed a commitment to communities in the UK BP has supported for arts and culture in the UK over 35 years Nowadays, they focused on the BE A1 2013-2014 HVNH 18 energy Show problem that faced the environment Public relations and Corporate Improve of and Paying tax fully Ethic and Business Management Responsibilities exploitation use resources Collection and waste disposal Reducing pollution Efficient the of partnerships with the Royal Opera House; National exhibition; British Museum; and Tate Britain (Bp, n.p.) These partnerships have recently been renewed for five years, with an investment of nearly £10 million from BP (Bp, n.p.) 1.3.2 Environment Responsibilities Reducing environmental pollution is an important responsibility of every organization and of course BP is not the exception To this task, BP should have a strategy to cut emissions in production, more investment services processing waste in the environment Waste of BP (Bp,nd) The chart shows the groups of wastes of BP from 2008 to 2012 In 2008, the amount of hazardous waste disposed, non-hazardous disposed and non-hazardous waste recycled and recoverd off-site were about 200, 570 and 320 in a row But in 2012, the amount of groups of waste decreased: hazardous waste disposed was about 190, non-hazardous disposed was about 5460 and non-hazardous waste recycled and recoverd off-site was about 195 BE A1 2013-2014 HVNH 19 1.3.3: Ethic and Business Responsibilities Bp always pays the tax on time including trading tax, income tax and so on In addition to a fundamental requirement to obey the laws and regulations wherever we operate, the code sets out how we should behave when faced with choices about our behavior at work, ranging from basic rules on safety and the environment to detailed expectations on competition and antitrust issues ( sustainability report, 2007) 1.3.4 Management Responsibilities In order to make their customer happily, Bp has billions of barrels of proven oil equivalent reserves Bp also provides for Customer service professionals that link between their products and services and the huge range of people and businesses that need them Bp is always working hard to deliver a service that’s as inspiring as their products to the consumer (Bp, n.p.) 1.3.5: Public relations and Corporate image Responsibilities BP should clearly identify closely related to the public through meetings introduce the company to the customer, the customer support Actively participate in customer support Image of BP and stakeholder influence strategy to build the company's image in the public Bp is using a lot of slogans with purpose of expanding the image to the consumer They tends to stress into their strength, for example, it’s time to go on low carbon diet (Oozing image, 2010), or cleaner burning fuels, cleaner air, or Biofuels, solar ,hydrogen, natural gas, We think it’s important to diversify, too (Bp, n.p.) 2.1 Explain how economic systems attempt to allocate resources effectively The economic system of UK The United Kingdom is one of the world’s biggest economical countries It is a mixed economy (both public and private) which has been reducing public ownership over the last 20 years While it was the first to industrialise in the 18th century, the UK’s economy has turned more towards the service sector over the years, particularly insurance, tourism, business services, and banking (England's Government and Economy, n.p.) The UK also has significant oil, gas, and coal reserves, but they are steadily declining The economy of the UK is much globalized and in 2009 had a GDP per capita of $35,200 Its capital city, London is considered the world’s largest financial center (England's Government and Economy, n.p.) 2.1.1 Labor resources The employment rate for those aged from 16 to 64 for June to August 2013 was 71.7%, up 0.3 percentage points from March to May 2013 There were 29.87 million people in employment aged 16 and over, up 155,000 from March to May 2013 (Labor Market Statistics, 2013).We can see that the UK workforce is very rich and the very rapid growth BE A1 2013-2014 HVNH 20 Thus BP has many options in the labor market in the UK BP is an oil and gas company which there are many activities around the world and also the company has a good reputation in the use of human resources 2.1.2 Land and natural resources (England's Government and Economy, n.p.) The below pie chart illustrates the using land in UK in total of 25 Mha The biggest are is used for Agricultural land Grasses and rough grazing accounting 51% The following ones is Crops ad bare fallow and Urban land and land not otherwise specified occupying 19% and 14% respectively The smallest used land Is Agricultural land Other taking 4% BE A1 2013-2014 HVNH 21 2.1.3 Capital resources As can be seen, capital investment spending was 47 billion pounds, and it kept rising gradually during months After that, it peak the top at approximately 66 billion pounds in august However, then it declined dramatically until 51 billion pounds due to the increased risk of investment and finance available (Economic environment, n.p) Then there was a fluctuation in the capital investment during the next months and it stopped at 52 billion pounds As can be seen from the first table, the labor has divided into many sections, in which, professional accounts the highest number, it shows how quality of the labor in UK Besides, there are numerous areas including other occupations to show the reasonable allocation in UK Besides that, a half of land used for agriculture and rough grazing, and urban land just accounts 14% It is a bit unbalanced between area because UK is known as a strong industrial country However, in the future, UK can easily convert land for agriculture to industry With regards to capital, as the recession happened during this time, business needs to invest more with purpose of keeping the economic stable Therefore UK business needs to be confident in decision-making especially investment, for example, to invest in equipment and in stock, this will rise in aggregate demand brings about a boom In conclusion, UK is utilizing above resources quite effectively but there are still several exited problems need to solved as mentioned aboved BE A1 2013-2014 HVNH 22 2.2 Assess the impact of fiscal and monetary policy on business organizations and their activities A Fiscal policy Fiscal policy involves the government changing the levels of taxation and government spending in order to influence Aggregate Demand (AD) and the level of economic activity (Fiscal policy, n.p) Its purpose is to keep inflation low and starbilise economic growth avoiding a boom and bust economic cycle (Fiscal policy, n.p) Income Tax (Trading and Other Income) Act 2005c.5 (income tax, 2005), this acts imposes charges to income tax under trading income, property income, savings and investment income and certain miscellaneous income Any kind of profits of a trade, profession or vocation or amounts treated as income on a change of accounting basis are charged (trading income, 2005).Besides, income from land in the United Kingdom and abroad as well as postcessation receipts and certain charges arising from changes in the basis on which a taxpayer calculates property business profits (Income Tax (Trading and Other Income) Act, 2005) This act also includes the laws relating to savings and investment income There is also several incomes that is charged, for instances, receipts from intellectual property or certain telecommunication rights (Income Tax (Trading and Other Income) Act, 2005) Any kind of tax has a significant impact on Bp businesses The change in income taxes affects work in a good aspect because it reduces the post-tax income of those in tax leading to each hour of work taken the total net income is lower (Effects, n.p) It encourages BP employees working more with purpose of maintaining money so Bp will benefit from supplying extra hours of their labor On the other hand, if the trading tax is high, it can direct affect Bp adversely Another one tax can be considered is receipts from intellectual property Bp has strong forces of quality staffs, so they can produce lots of original product Thus they will be charged much more but likely the first aspect, it just a motivation for they to work harder B Monetary policy Monetary involves altering base interest rates, which ultimately determine all other interest rates in the economy, or altering the quantity of money in the economy (monetary policy, n.p) The Taxes (Interest Rate) (Amendment) Regulations 2010 No.410 sets out the circumstances in which employment related loans give rise to a taxable benefit on the amount by which the interest actually paid is less than the amount that would have been due if calculated at “the official rate of interest” (legislation) This focus on directors and employees earning $8,500 a year or more are liable to tax on benefits in kind they receive by reason of their employment BE A1 2013-2014 HVNH 23 Besides, where a tax charge arises, employers has to pay National Insurance contributions on the taxable benefit (2010) This policy has positive effect on Bp business because it facilitates Bp’s staff to participate more in production As be mentioned above, if Bp’s staffs earning $8,500 or more, they will receive a favor which is that they are able to make loans with low interest rate Even though, they have to pay tax but they still benefit from it Therefore, Bp are likely to have advantage because of this legislation According to ‘contribution’ based (State benefits), if BP’s employment pays enough National insurance contribution, they will have support allowance In conclusion, fiscal and monetary have both good and adverse effect on Bp business in several aspects such as encouraging employment working harder but it also raise Bp’s product price too because of trading tax 2.3: Impact of competition policy and other regulatory mechanisms on the activities of BP There are essential competition policies in the office of fair trading (OFT): Competition enforcement (CE) prohibit agreements between businesses that prevent, restrict or distort competition or are intended to so and which affect trade in the UK and/or EU (Anti-competitive agreements, n.p.) There are some main aspects needed to be considered in this policy: Competitive agreements will be prohibited if the company will now fix prices charged for goods or services produced Besides, the client will distinguish himself The next one, cartels are the most serious form of an-competitive agreement (Anticompetitive agreements, n.p.) These agreements’ purpose is to not let businesses compete and damage each other A business holds a dominant position in a market from abusing that position will be prohibited because of some actions including: charging excessively high prices or refusing to supply an existing long standing customer without good reason Overall, in general, the legislation will alert BP from making mistakes For example, Bp is known as one of the biggest and powerful petroleum so if Bp raises gasoline’s price sharply without any reason, which will bring great negative impacts on the other business or people’s life Besides, if Bp rumors that their rival company’s petrol consisting a half of water with purpose of damaging their image and be detected by OFT Then they will receive critics or even lawsuit, and they can be seen as a company willing to anything for profit Consumer Regulation Enforcement (CRE) provides guidance to help businesses comply and information for business and consumers about current and completed consumer enforcement work and the outcome of formal and informal legal action (Consumer enforcement, n.p) BE A1 2013-2014 HVNH 24 It ensures that customer legislation and regulations are properly enforced and also take action against unfair traders The consumer will be provided information to understand the rights and make the best choices (Business Environment, p.82) Besides, they are also encouraged to contact Citizen Advice regarding any problems they made in buying goods and services (Consumer Protection from Unfair Trading Regulations 2008) Citizen advice will their best in term of resolving consumer’s legal money and others problem by offering free and confidential advice Bp is one of the best companies in term of providing good services for customer through many years, and they are willing to adapt any requirement or solve any existed problems for them Thus, CRE just helps Bp to build better images as a company always put their customer’s rights in the first position Market and Policies Initiatives (MPI) complements the OFT's competition and consumer regulation enforcement divisions It takes a broad perspective in reviewing markets that could work better for consumer includes three main areas (business environment, p.82) It provides the central resource of specialist economic, statistical, and financial advisers MPI is also responsible for the OFT's enhanced role in investigating markets that might not be working well for consumers MPI co-ordinates with Government and other organizations (both national and international) involved in consumer protection and competition matters, manages a public information line on matters within the OFT's responsibilities (Consumer Protection from Unfair Trading Regulations 2008, n.p.) This law will provide a platform to address social issues that affect Bp, such as health care, education, immigration, and energy and the environment As a result, Bp can know what effect would have on them, and they can solve it and protect their customer as well as themselves To sum up, it is essential for Bp to follow these rules closely It helps Bp to get the effective information about their customers, and what they need to avoid when running businesses Conclusion As a result, BP can both satisfy stakeholder task just as well with the environment and society In addition, BP can well with the company responsible government Committed to BE A1 2013-2014 HVNH 25 offering quality products, affordable prices, is not harmful to the environment Besides obvious that the government is always to help facilitate the development of BP may also like the ability to keep his name in the market of the petroleum industry Therefore, more companies should be more responsible with the words of his commitment to the company and further development Reference BE A1 2013-2014 HVNH 26 Legal Structure n.d Michigan One Stop, [online] Available at: http://www.michigan.gov/business/0,4539,7-255-52647_60434-271829 ,00.html [Accessed: Nov 2013] Bp 2013 [online] Available at: http://www.glassdoor.com/Salary/BP-Salaries-E9011.htm? sort.sortType=BP&sort.ascending=false [Accessed: Nov 2013] The price of petrol 2013 [online] Available at: http://www.bp.com/en/global/corporate/about-bp/what-we-do/selling-fuels-and-products/theprice-of-petrol.html [Accessed: 15 Jan 2014] Our values 2013 [online] Available at: http://www.bp.com/en/global/corporate/sustainability/our people-and-values/ourvalues.html [Accessed: Nov 2013] objectives 2013 [online] Available at: http://www.bp.com/sectiongenericarticle.do? categoryId=16003491&contentId=7020708 [Accessed: 15 Jan 2014] life benefit 2013 [online] Available at: http://hr.bpglobal.com/LifeBenefits/Sites/core/BPLife-benefits/Retiring-from-BP.aspx [Accessed: 15 Jan 2014] our goal 2013 [online] Available at: http://www.bp.com/sectiongenericarticle.do? categoryId=16003448&contentId=7020192 [Accessed: 15 Jan 2014] BP n.p BP in the community, [online] Available at: http://www.bp.com/en/global/corporate/about-bp/bp-worldwide/bp-united-kingdom/bp-inthe-community.html [Accessed: 15 Jan 2014] BP n.p BP in the community, [online] Available at: http://www.bp.com/en/global/corporate/about-bp/bp-worldwide/bp-united-kingdom/bp-inthe-community.html [Accessed: 15 Jan 2014] BP n.p [online] Available at: http://www.bp.com/en/global/corporate/sustainability/environment/managing-our-impact-onthe-environment.html [Accessed: 15 Jan 2014] England's Government and Economy n.p [online] Available at: http://www.eurolearn.org/destinations/england/government_and_economy/ [Accessed: 15 Jan 2014] England's Government and Economy n.p [online] Available at: http://www.eurolearn.org/destinations/england/government_and_economy/ [Accessed: 15 Jan 2014] Income Tax (Trading and Other Income) Act 2005 2005 Income Tax (Trading and Other Income) Act 2005, [online] Available http://www.legislation.gov.uk/ukpga/2005/5/introduction [Accessed: 15 Jan 2014] BE A1 2013-2014 HVNH 27 at: Effects n.d [online] Available at: http://tutor2u.net/economics/revision-notes/a2-macrofiscal-policy-effects.html [Accessed: 15 Jan 2014] state benefits n.d [online] Available at: http://www.hmrc.gov.uk/incometax/taxableincome.htm [Accessed: 15 Jan 2014] Enterprise Act 2002 office of fair trading, [online] Available at: http://www.oft.gov.uk/about-the-oft/legal-powers/legal/enterprise-act/#.UnmU8ScUfVs [Accessed: 15 Jan 2014] Financial Services and Markets Act 2000 office of fair trading, [online] Available at: http://www.oft.gov.uk/about-the-oft/legal-powers/legal/enterprise-act/#.UnmU8ScUfVs [Accessed: 15 Jan 2014] Anti-competitive agreements n.p [online] Available at: http://www.oft.gov.uk/about-theoft/legal-powers/legal/competition-act-1998/prohibitions#.UnmnzycUfVs [Accessed: 15 Jan 2014] Consumer Protection from Unfair Trading Regulations 2008 n.p [online] Available at: http://www.oft.gov.uk/business-advice/treating-customers-fairly/protection#.UnnN-icUfVt [Accessed: 15 Jan 2014] BE A1 2013-2014 HVNH 28 ... environmen t in which businesses operates LO2 Explain how economic systems attempt to allocate resources effectively Assess the impact of fiscal and monetary policy on business organization s... provide financial support to the Marcel Loos Memorial Business Course at Da Nang University The course covers such topics as modern accounting and business skills, both of them key to Vietnam's transition... paper presents an BE A1 2013-2014 HVNH 11 overview of the business environment in the UK as well as the main factors that influence the business of BP 1.1: Identify the purposes of different types