Response strategies adopted by HASS petroleum (K) Ltd to environmental challenges
The objective of the study was to identify environmental challenges facing Hass Petroleum (K) Ltd and the response strategies adopted by Hass Petroleum (K) Ltd to these challenges. The study considered Hass Petroleum (K) Ltd as a case study. Primary data was collected by use of an interview guide where the Chief Executive Officer of Hass Petroleum (K) Ltd was interviewed on environmental challenges facing the organization and its response strategies to those challenges. This data was further subjected to rigorous data processing and analysis using content analysis. The findings revealed that Hass Petroleum (K) Ltd faced environmental challenges such as political, technological, social, economic, regulatory and industry. Political instability in the region, inadequate infrastructure, lack of sharia compliant banking and insurance products, high interest rates, exchange rates and inflation rates, tax prepayment policy, price controls, open tender system, merchant refinery and stiff competition are the challenges in the oil industry. The organization responded to these challenges through corporate, business and functional strategies. Corporate strategies included diversification by moving to non-regulated product lines and markets, portfolio analysis and parenting strategies. These are basically growth strategies applied by Hass Petroleum (K) Ltd in response to environmental challenges. The organization also responded through business strategies such as differentiation by offering personalized services to its customers. This enabled Hass Petroleum (K) Ltd achieves competitive edge in the industry. Functional strategy was also employed by Hass Petroleum (K) Ltd in a hierarchical way to support business and corporate strategies.