Innovation and Enterprise Buisness plan Essay Example | Topics and Well Written Essays - 2000 words

Innovation and Enterprise Buisness plan - Essay Example ......................4 3.2 Opportunity specification indicating costs and payback.......................5 3.3 Staffing of the proposal.........................................................................7 3.4 Application of the proposal to future planning......................................8 4. Conclusion...................................................................................................9 References...............................................................................................................10 1. EXECUTIVE SUMMARY Competition is a characteristic of every market and thus, businesses have to come up with ways that they can use to deal with the competition in their market. In the sector of petroleum engineering, the competition is high since the number of businesses dealing in exploration and sale of oil and gas products is very high. The report aims at giving one strategy that can be used by a business to increase its customer base. The strategy d iscussed in the report is introduction of new products in the market through exploration. Chevron is petroleum engineering Coorporation based in California, which mainly deals with exploration and sale of crude oil, natural gas, and other petroleum products. The report gives the details that the company will follow in its proposal of exploring a new petroleum reservoir in UK. Therefore, the report will analyse such issues as the staffs required, the financial analysis, and the use of the proposal in future planning of the company. 2. INTRODUCTION Chevron Company was started in the year 1879 as Pacific Coast Oil Copmany. It is in the year 1984 that its name was changed to Chevron, after a merger with a company referred to as Gulf Oil Corporation. The company explores, produces and transports crude oil and natural gas. In addition, the company also manufactures and transports petroleum products. Over the years, it has also managed to generate power and produce renewable energy sources such as geothermal energy. Chevron Corporation is recognized as one of the leading energy companies in the world due to its high capacity fuel production. For instance, the company produces over 2.5 million barrels of oil per day. Despite this high production, the company still desires to explore more oil in order to meet the increasing energy demands of the world. Therefore, the company is planning a project that will aid in aid in exploration of a certain identified oil reservoir. The major objective of the exploration is to assist the company to increase its production capacity. The products manufactured thereafter will also widen the market of the company since; customers will have a variety of petroleum products from which to choose. In addition, the company will be able to meet customers demand for energy. 3. PROJECT DESCRIPTION 3.0 Goals and Objectives The key goals and objectives of the project are to ensure increased and diversified variety of energy sources in the company (Kahn,  2006, 5). In addition, the project also aims at increasing the number of customers served by the company. On the other hand, other factors such as competition and increased demand for petroleum products have also caused the company to consider exploring the new oil reservoir. This is because; the company will be more competitive in the market if it serves more variety of products than its competitors do. The company also has a goal of meeting the customers’ needs that have not yet been met. For instance, some customers