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Essay on Inpex Company Australia-Free-Samples -Myassignmenthelp.com
Question: Write an Essay on Inpex Company Australia. Answer: Strategies form an indispensable part of the overall business plan of the major companies as well as the business organizations (Barney, 2014). Therefore, the major business organizations as well as the companies try to develop effective strategies which will lead to the overall growth and the development of their entire business operations (Barney, 2014). However, it is often seen that a mistimed or misplaced strategy can instead of leading to the overall growth as well as development of the business organization or the company can hamper the prospects of the company or the business organization in the longer run (Eden Ackermann, 2013). It is a reflection of this that the various companies take into consideration the internal and the external environment of their operation for the purpose of the development of effective strategies (Barney, 2014). This essay intends to shed light on the business process of the Australian company Inpex and its related aspects. The company INPEX Corporation was originally founded in the nation of Japan in the year 1966 (INPEX in Australia, 2018). The company is one of the most reputed ones in the field of oil and gas industries and explores for oil and gas in various parts of the world (Tissot Welte, 2012). According to the Forbes Magazine (2018), the company has a current market value of $14.8 billion and is the 978th largest company in the world in terms of the yearly revenue which it generates. It is significant to note that the company Inpex Australia was started around 30 years ago and has become one of the major oil and gas companies in the nation of Australia within a very short time (INPEX in Australia, 2018). In addition to stabilizing the economy of the nation the Ichthys LNG Project under which the company was founded intends to deliver jobs as well as sound economy to the nation for many more years to come (INPEX in Australia, 2018). The company currently has its headquarters in Darwin, Norther n Territory, Broome and The Kimberly and operates primarily in the Timor Sea and the Carnarvon, Browse and Bonaparte basins (INPEX in Australia, 2018). The internal environmental factors which affect a particular company or business organization can be analyzed by the framework of the SWOT analysis. As per this particular framework the strength of the company Inpex Australia can be said to be its stable relationship with its parent company Inpex Corporation based in Japan and the availability of the oil and gas resources in several parts of Australia (Eden Ackermann, 2013). The weakness of the company can be said to the non-renewable nature of the oil and gas resources and also the various environmental threats which the oil and gas industry is facing at the present moment (Ford et al., 2014). The opportunity which the company can utilize in the near future is the by become more diversified by tapping for other kinds of energy sources as well (Eden Ackermann, 2013). The major threat which the company is facing at the moment is from the environmental cauldron and also from the depleting nature of the natural resources. The external environmental factors which affect the business operations of a particular business organization or company can be measured by the framework of PESTLE analysis. The political climate of the nation of Australia is very suitable for the conduct of business and the government of Australia takes active initiatives for the promotion of trade and commerce (Eden Ackermann, 2013). Therefore, this particular political environment is especially suitable for the business of the company Inpex. The economic condition of the nation of Australia is a very stable one yet it is reeling from the effects of the economic recession which the world is facing at the moment. Therefore, this particular economical condition is very uncongenial for the interests of the business organization Inpex. The social environment of the nation of Australia is a very liberal one and very congenial for the conduct of trade and commerce. It is to be noted that the people of Australia constantly need regular s upply of oil and gas and it is here that the role of the company Inpex becomes very significant. The nation of Australia is a fairly advanced one in terms of technology and latest innovations. Therefore, this will help to boost the prospects of the company Inpex in the nation. The nation of Australia has several legislations in place like Safety and Health Act, Equity Payment Act, Equality Act and others which the various companies and the business organizations need to follow in a bid to conduct their business in the nation (INPEX in Australia, 2018). Therefore, this is likely to hurt the prospects of the company Inpex as this will hurt the interests of the company in the longer run (Kumar Rabinovitch, 2013). The company Inpex, since it belongs to the oil and the gas sector needs to take into consideration the various environmental factors and needs to make contributions to the safety of the environment on a regular basis (Leather et al., 2013). Therefore, this again is likely to hurt the prospects of the company Inpex in the longer run. The oil and gas industry faces a considerable amount of risk due to the dynamic nature of their business (McNeil, Frey Embrechts, 2015). The primary risks which they face in on the account of the limited nature of the oil and the gas resources which they drill (McNeil, Frey Embrechts, 2015). Another significant risk which the company faces is on account of the various environmental factors which they need to take into consideration for the conduct of their business (Haslam Mckenzie, 2013). In addition to that, they also need to follow the various health and safety stipulated by the World Health Organization (Haslam Mckenzie, 2013). Another significant risk which the company faces at the moment is the threat from the rise of various competitors that are likely to impact the business of the concerned company (Leather et al., 2013). In the present day business world organizational performance forms an important part of the overall business plan and therefore the various business organizations and companies take the help of various strategies and policies to enhance the performance of their organization (Truss et al., 2015). The company Inpex also takes the help of several strategies for the enhancement of their organizational performance. The company Inpex in order to enhance the performance of its company should introduce several rewards as well as performance bonuses for the employees (Eden Ackermann, 2013). In addition to that, the company can also look for new sites for drilling oil and gas in a bid to overcome the threat from the depletion of the natural resources which it is facing at the moment. Furthermore, the company can also take the help of the process of effective leadership to enhance the performance of not only its employees but also its overall organization (Lee, 2017). These in short are some o f the strategies which the company can take the help of in order to improve its organizational performance. The exploration for the new sites for drilling oil and gas resources is likely to significantly impact the business of the organization in a positive manner. Furthermore, the association of the company Inpex with its parent company Inpex Corporation of Japan is likely to affect the prospects of the company in the nation of Australia in a positive manner. In addition to that, the political as well as the social climate of the nation of Australia is also to affect the business of the company in the nation of Australia in a positive manner. Furthermore, the initiatives taken by the company as regards to the environmental as well as the climatic change is also likely to affect the prospects of the company in a positive manner (Hitt, Ireland Hoskisson, 2012). These in short are some of the factors which is likely to help the company Inpex in the nation of Australia in a positive manner. Therefore, from the above discussion it becomes clear that there are several factors which the business of a particular company or business organization in a particular country. The business of the Australian company Inpex is a case in instance. In addition to that, the various companies should also take into account the various internal and the external factors which affect their business. The identification of the risks and the formulation as well as the implementation of effective strategies for the mitigation of those risks is also important for the entire business process of any company concerned. Another aspect which forms an important part of the overall business plan of any company or business organization is the concept of organizational performance. It is to be noted that the various business organizations often take the help of various strategies for the formulation and the implementation of effective strategies which can improve their organizational performance. References Barney, J. B. (2014).Gaining and sustaining competitive advantage. Pearson Publication. Eden, C., Ackermann, F. (2013).Making strategy: The journey of strategic management. Sage. Forbes Welcome. (2018).Forbes.com. Retrieved 3 April 2018, from https://www.forbes.com/companies/inpex/ Ford, J. A., Steen, J., Verreynne, M. L., Farrell, B., Marion, G., Naicker, S. (2014). Confronting the productivity challenge in the high cost economy: Evidence from the Australian.Global perspectives on achieving success in high and low cost operating environments, 153-171. Haslam Mckenzie, F. (2013). Delivering enduring benefits from a gas development: governance and planning challenges in remote Western Australia.Australian Geographer,44(3), 341-358. Hitt, M. A., Ireland, R. 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