Business Project Report

Overview

When starting a new business, a business plan is an important tool to help guide your decisions.

Think of it as a roadmap to success, providing greater clarity on all aspects of your business, from marketing and finance to operations and product/service details.While some owners may be tempted to jump directly into startup mode, writing a business plan is a crucial first step for budding entrepreneurs to check the viability of a business before investing too much time or money. The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results.

For existing small businesses, a business plan should be updated annually as a way to guide growth and navigate the expansion into new markets. Your plan should include explicit objectives for hiring new employees, market analysis, financial projections, and potential investors. The objectives should indicate how they’ll help your business prosper and grow.

Assignment requirements:

Initially decide on a business that you will be interested to start and collect as much as possible information regarding your business opportunity with regards to primary and secondary data. For this major assignment you will be required to showcase your understanding of a business plan.

Prepare a business plan. A sample structure for your business plan is shown below. ( please note that the subheadings listed in this handout is for reference purposes, however the student has the discretion of organizing the topics in accordance to the business and other related factors).

1. Cover page ( please include your name, student ID number )
2. Table of content
3. Executive summary
4. Introduction page
4.1. About the business
4.2. Vision and mission
4.3. Business goals and objectives
4.4. Products offered
5. Industry analysis
5.1. Trends and statistics
5.2. PEST analysis
5.3. Porters five forces
5.4. Source of competitive advantage
6. Marketing plan
6.1. Segmentation, targeting and positioning
6.2. Application of the marketing mix ( 4p’s or 7p’s)
6.3. CRM applications
7. Operational plan
7.1. Analysis of basic operations
7.2. TQM application
8. Organizational & HR plan
8.1. Organizational structure
8.2. Recruitment process
8.3. Selection process
8.4. Performance appraisal
8.5. Financial and non-financial benefits
9. Financial plan
9.1. Initial investment
9.2. Forecasted income statement (first 2 years)
9.3. Forecasted balance sheet (first 2 years)
9.4. Forecasted cash flow statement
9.5. Break-even analysis (first year of operations)
10. Economic benefit to Canada
11. Appendix
11.1. Market research (primary and secondary research)
11.2. Sales forecast (time series application)
11.3. References
11.4. Bibliography

Report format requirement

• Word count – minimum of 4000 words

• Follow APA guidelines

• Typical essay structure (using the above the format )

• Submit as a pdf to Turnitin on Brightspace

Please watch the following video on APA guidelines
https://www.youtube.com/watch?v=VEqRqSsNDjc
https://www.youtube.com/watch?v=JNXoJ6rHkFY

The word count is applicable only from the introduction to conclusion sections of the business plan.

Solution 

Introduction 

1About the business

The XYZ business organisation will be directly involved in the oil and natural gas industry. The organisation will be focusing on the business of producing low-carbon natural gas and delivering them to the people of Canada. In addition, the organisation has also planned to LPG and store the energy powerhouse for future perspectives. Later on, the organisation is also likely to be interested in producing energy from renewable sources like wind, solar, water and others as the reserve of fossil fuel is limited. 

1.2. Vision and mission

The vision of XYZ organisation is to become the leading energy delivery organisation in entire Canada. In addition, the mission of the organisation is to supply energy to the people of Canada in a safe, sustainable, and reliable way, as the common people are the backbone of society and the economy. 

1.3. Business goals and objectives

One of the leading business goals of XYZ is first to deliver the primary purpose for which the organisation has been created. Apart from that, helping the Canadian people to meet the needs and demands of energy is another critical business goal. In addition, the objective of the XYZ organisation is here as follows:

● To maintain safety and environmental protection.
● To engage more stakeholders to boost productivity.
● To observe the climate and initiate innovative energy solutions. 
● To focus on renewable sources of energy to maintain the pace of distribution. 

1.4. Products offered

The XYZ organisation in Canada is willing to distribute crude oil and natural gas. In addition, the organisation has also planned to supply renewable sources of energy to the people of the country to capitalise on the transition to a lower carbon economy. In the future, the organisation also plans to diversify into a set of complete energy products to meet global energy demands. 

2. Industry Analysis 

2.1. Trends and statistics

The oil and gas market in Canada is a lucrative area of development in the country. As per a particular report, it was seen that the extraction of oil and natural gas serves as an essential contributor to the Canadian economy (Statcan.gc.ca, 2022). Even though the pandemic and the Russia-Saudi Arabia price war hampered the Canadian oil and gas industry, it recovered pretty gracefully from the shock. Furthermore, from another report, it has been evident that the Canadian oil and gas industry is expected to grow further and register a CAGR of more than 1.8% from 2022-2027 (Mordorintelligence.com, 2022). The image below has helped in representing the actual and anticipated growth of the mentioned industry.
   

Figure 1: The market trend of the Canadian Oil and Gas market
(Source: Mordorintelligence.com, 2022)

According to another news article, it has been observed that the oil and gas field services in Canada have shown a 5.1% growth from 2017 to 2022 (Ibisworld.com, 2022). Total market growth of the mentioned sector by 14.7% has been observed as well. Overall, at present, with an increase in the export rate, an increase in the oil and gas industry has been observed.
  

Figure 2: The growth in the Canadian Oil and Gas market
(Source: Ibisworld.com, 2022)

Thus, considering the above statistics of growth, it can be stated that XYZ organization can achieve a massive increase in the future. Additionally, seeing the increasing demand for oil and gas from the end-user industries, the development of business in this sector can be considered to be highly profitable as well. From the studies of Gatto (2020), it needs to be mentioned that before the development of a new business, the viability of the industry needs to be considered in the long run. Hence, on this note, it can be stated that the viability of the oil and gas industry in Canada is highly viable. Moreover, Canada is experiencing a higher demand for transition fuels to achieve sustainability. Thus, it can be mentioned that the products that are to be dealt with by the company make it ideal for the long-run MBA assignment expert.

2.2. PEST analysis

Table 1: PEST Analysis
(Source: Created by the Author)

2.3. Porter's five forces

The analysis of porter's five forces helps in identifying the ways in which an industrial macro-environment can potentially affect the development of a particular company (Supe et al., 2018). The image below has helped in summarizing Porter's five forces for the mentioned company. 

Table 2: Porter's five forces Analysis
(Source: Created by the Author)

● Threats from new entrants

The threat from the new entrants in the mentioned sector can be considered to be quite strong. This is mainly because of the innovation in the oil and gas sector of Canada (Musetta-Lambert et al., 2019). New entrants mean new creations. Hence, for the company under consideration, provisions for innovation need to be maintained. 

● Bargaining Power of the buyers

The bargaining powers of the buyers for the mentioned company can be considered to be quite strong. From the studies of Paul, Acharya and Bhuva (2018), it can be stated that the smaller the customer base of the company, the more the chances of the customers availing discounts. Thus, it can be noted that the company being a new one, has the potential to reach out to a more extensive customer base.  

● Bargaining Power of the suppliers

The companies in the oil and gas sector are seen to buy their products from numerous suppliers. However, being a new company in the mentioned industry, it can be stated that the bargaining power of the suppliers is quite intense for the company. This is mainly because the suppliers are diverse in this field and occupy quite a dominant position. 

● Threat from substitutes

The threat of substitution for the mentioned company is relatively low. From the studies of Razi and Dincer (2022), it can be noted that Canada is undergoing a transition from the use of coal and petroleum to other sources of energy. Since the company deals in natural gas and oil, it can attract a wide range of customers. 

● Competitive Rivalry

Competitive rivalry for the mentioned company can be stated to be quite strong. This is mainly because the company is primarily in its starting stage, and hence the development of the brand name can take quite some time. The already established companies, such as Enbridge Inc, can be considered the core competitors of the mentioned company.

2.4. Source of competitive advantage

The areas of competitive advantage for the mentioned company lie in the types of products that are aimed to be sold by the company. From the studies of Robertson (2021), it has been evident that maintaining the stakeholders for the company is an essential aspect of gaining a competitive advantage. Hence, it can be mentioned that the development of the communities and stakeholders would be pretty easy for the company. Moreover, another crucial area of advantage for the company lies in the fact that the company has kept provisions for innovation which helps in bridging the gap in the markets. Moreover, considering the sustainability goals, it can be mentioned that focusing on being the ESG leaders. Hence, it can be stated that as a new business, the mentioned areas can help in promoting the future growth of the company.  

3. Marketing plan

3.1. Segmentation, targeting and positioning

Business organisations develop their products not only to produce value for the customers but also to initiate profit. As per the analysis of Romppanen (2021), the correct product development and marketing strategy always help a business organisation gain customers and a competitive advantage. Nowadays, globalisation has helped most business organisations prepare their profitable marketing strategy with the help of technological development and innovation, which is why it is essential for XYZ organisations in Canada to set up a good marketing strategy. STP marketing model would be the best for the organisation. 

Figure 3: Market segmentation of XYZ organisation
(Source: Created by the learner)

Regarding the type, the market segment of the organisation would be crude oil and renewable courses of energy. Considering the source, the XYZ organisation will be getting the supply of crude oil from the host countries like UAE, Iran, and others. The end product, which is by the application, will be delivered for the use of household purposes. By geography, the organisation will only operate in Canada. 

XYZ will be considering the target market only the common people of the country, as stated above. In the future, if the business operations go well, then the organisation will be targeting high-end business organisations and manufacturing plants to supply energy. 

Considering the concept of positioning, the products and services like energy supply and crude oil products of XYZ organisation will be of satisfactory quality at low prices with environmental sustainability. In addition, it will be convenient for the XYZ organisation if they align their mission and vision with their products and deliver them to the customer to generate aspiration. If the above aspects succeed, the organisation would go for multi-segment positioning in the future. 

3.2. Application of the marketing mix

4p’s marketing mix

Strategies and factors in the marketing of a business organisation play a crucial role in promoting the product. The research and analysis of Komari et al., (2020), stated that in this competitive globalised business world, the satisfaction of the customers is the backbone. In addition, the author has also indicated that customer satisfaction will only take place only if the marketing takes place correctly. That is why the XYZ organisation should opt for the 4p's marketing mix to promote their products and service for now in Canada. 

Figure 4: 4P's marketing mix for XYZ organisation
(Source: Created by the learner)

The first component of the marketing mix is the product which that mainly reflects the solution to the needs of the customers. Therefore, the XYZ organisation should focus on their first available product development in a unique way to gain the attention of the customers in the competitive market. 
The second component is pricing, as the organisation should focus on the evaluation of the price of their products for the target customer segment, which is the common people of Canada. Here, the induction of a price penetration strategy would be an excellent idea.

The third component of the marketing mix is the place/distribution, where the organisation will not only be focusing on the target customer segment but also the distribution partners as well. It would be better for the organisation to conduct the direct supply of crude oil from the suppliers without the involvement of mediators. 

The fourth and last component of the mix is promotion, where the XYZ organisation will plan to promote their products and service through radio, television, and fliers. If this strategy works, then the next step will be tradeshows, campaigns, and social media marketing. 

3.3. CRM applications

The management of the relations with the customers of a business organisation is one of the significant activities that reflects business success. Chatterjee et al., (2019) have opined that the development of CRM applications for business organisations will be necessary for analysis and comprehensive solutions regarding customer data. Similarly, the XYZ organisation should first integrate two preliminary CRM applications, which are Kyriba Treasury and Cornerstone Saba Learning Work. Kyriba treasury will help in the data management of the crude oil reserves that are directly linked with the suppliers. Cornerstone will also assist in gathering customer data and analyse for further learning and development. If these two applications work out well, the organisation could plan for the integration of AI. 

4. Operational plan

4.1. Analysis of basic operations

As mentioned above, the most basic function of the XYZ organisation is to deliver energy and the network of crude oil and natural gas. Liu et al., (2019) have suggested that the basic operations of a business organisation dealing with oil, natural gas, and energy should consume low power. In addition, the author also suggested that a superior operation optimisation model integration would be an excellent idea for operating and analysing basic operations. For now, the XYZ organisation is at its beginner stage. That is why the integration of the operation optimisation model will not be applicable, as it is costly. In order to manipulate the basic operations, the organisations should ensure safe places for the employees as the working procedures with crude oil is quite dangerous. In addition, regarding the analysis of the basic operations, the keen observations of the pipelines of the incoming crude oil from the suppliers will be taken into primary consideration. The development of the essential integrity system by the XYZ organisation with a handful of skilled human resources will do the perfect job. One of the primary basic operations that can reflect the integrity of the organisation is to reduce greenhouse gas emissions while processing crude oil. This will only be successful with the help of preliminary energy investments for a limited amount. As the operations go on, the XYZ organisation will be able to build meaningful relationships with the communities of the same industry and stakeholders. Thus the fruitful outcome of the fundamental operation analysis will help in getting more investments in the future. 

4.2. TQM application

The concept of total quality management integration in a business organisation to operate all the functions and processes conveniently with a business organisation. The main aim of a business organisation regarding the total quality management application is to initiate the continuous improvement of the internal operations for the production of valuable goods and services (Journalppw.com, 2021). The just-in-time method can be used for maintaining the quality management of the XYZ organisation (studycorgi.com, 2020). Success factors have been observed in the Libyan oil and natural gas industry through the implementation of just-in-time to achieve sustainable performance in a balanced view (Journalppw.com, 2021). Six sigma could also be implemented in XYZ organisation which is actually a set of tools that helps in the enhancement of the business (studycorgi.com, 2020). 

Figure 5: The six sigma tool
(Source: Qualitymag.com, 2018)

As the organisation is in the beginner stage, six sigma could be practical as the set of tools and practices not only helps in enhancing the business processes as mentioned above but also eliminate business operation errors and variations. In addition, the implementation of six sigma will also help in improving the manufacturing process and quality of products and services. Lastly, benchmarking is also a total quality management tool that is actually the collection of critical strategies for quality improvement. As mentioned above, the XYZ organisation is at its starting stage, and in order to gain experience, the follow-up of the other leaders in the same industry will be applicable at some time. That is why benchmarking will play a good role in helping XYZ to evaluate the industry leaders and determine the best practices.

Figure 6: The TQM flow chart
(Source: Created by the learner)

The flow chart in the total quality management application in the organisation will help in identifying the correct time to implement the tools mentioned above. The proper time could be the response evaluation, as mentioned in the figure above. 

5. Organizational & HR plan

5.1. Organisational structure

The base of the XYZ organisation is obviously the core oil, natural gas, and energy in Canada which plans to produce and distribute power to the common people of the country. As the organisation is at its initial stage, the decentralised organisational structure for XYZ business organisation will be feasible. In this early stage, the XYZ organisation will need an in-depth leadership aspect to define a chain of effective command for the management of human resources. 

Figure 7: The decentralised organisational structure
(Source: Biz.libretexts.org, 2022)

In industry 4.0, opting for the decentralised organisational structure at the beginning will be fruitful for XYZ. As the organisation will grow, the upper hierarchy can change its design. 

5.2. Recruitment process

As the XYZ business organisation could move forward with the decentralised organisational structure, the recruitment process of the employees should also be compatible with the design. The decentralised recruitment process contains a group of managers who are dispersed in each business unit of the business organisation (harver.com, 2020). Each team will be solely responsible for hiring the employees. 

5.3. Selection process

The XYZ organisation's selection process will depend on the hiring managers. The step-by-step process for selecting the employees for the organisation will be application, screening & pre-selection, interview, assessment, background check & references, decision, offer & contract. 

Figure 8: The selection process for XYZ organisation
(Source: Created by the learner)

In addition, the employees should be provided with training for 1 to 2 months in which they will be able to learn their duties and responsibilities towards the organisation. 

5.4. Performance appraisal

The concept of performance appraisal helps in promoting the employees to the upper hierarchy along with the increment of monetary value. Therefore, regarding the initial stage of XYZ organisation, it should maintain a performance appraisal strategy for the goodwill of the employees. 

Figure 9: Performance appraisal strategy for industry 4.0
(Source: Peoplebox.ai, 2022)

As per the figure mentioned above, XYZ organisation should opt for the strategy and then select an effective process. Three main types of performance appraisal exist, which are general, negotiation, and management by objective (MOB) (peoplebox.ai, 2022). The general assessment is the automatic promotional process that keeps on forwarding an employee to the higher level of an organisation. In addition, the negotiation appraisal reflects the requirement of a mediator, which is beneficial at the time of disagreement between the employee and the upper hierarchy. Management by objective is the best practice done by various start-up business organisations where the management and employees work hand-in-hand and discuss progress (peoplebox.ai, 2022). For XYZ organisation, the management by objective could be the best performance appraisal strategy at the initial stage.

5.5. Financial and non-financial benefits

The XYZ organisation in Canada could get non-financial benefits such as the start-up Visa program or travelling outside the country and promoting business. The start-up visa program helps in participating in gathering the pool of resources regarding innovation and business development (fastercapital.com, 2022). Other non-financial benefits could be R&D facilities, meeting the entrepreneurs, easy to access government funds. In addition, the organisation could get financial benefits either directly from the Canadian government or from investors in the form of venture capital, direct government investments and others.  

6. Financial Plan 

6.1. Initial investment 

An initial investment of $15 billion dollars can be considered to be ideal for setting up the mentioned organization. 

6.2. Forecasted income statement (first 2 years)

Table 3: Forecasted income statement (first 2 years)
(Source: Created by the Author)

6.3. Forecasted balance sheet (first 2 years)

Table 4: Balance Sheet
(Source: Created by the Author) 

6.4. Forecasted cash flow statement

Table 5: Cash Flow Statement
(Source: Created by the Author)

6.5. Break-even analysis (first year of operations)

A breakeven analysis can be referred to as a financial calculation that helps in weighing the cost of the new business or product against the unit sell price. Considering the studies of Norouzi (2021), it can be stated that the breakeven analysis helps in revealing the investment that is returned dollar for dollar after the business starts rolling in the market. In other words, it can be expressed that the breakeven point reveals the extent to which one company has sold enough units that help in covering all the other expenses of the business (Bhadeshiya and Pitroda, 2021). Overall, a good breakeven point signifies that at that point, a company neither has any profit nor losses.  

In the case of the mentioned company, the breakeven point can be signified to be dependent on the oil prices. As per a particular report, it has been seen that the cheapest breakeven point for oil barrels is US $29, while the expensive breakeven point for oil in Canada has been seen to be US $74 (Oilandgasinfo.ca, 2022). Hence, from this point of view, it can be mentioned that the development of said company would take at least 2 years to reach a breakeven point while investing in cheap oils. On the other hand, a total of 3 years can be considered to be necessary for the company to reach a breakeven point for the expensive oils. 

7. Economic benefit to Canada

The oil and natural gas industry provide a lot of economic benefits to the country of origin. As per the analysis of Orazalin & Mahmood (2018), sustainability is one of the critical benefits closely related to the economy of a country from an oil, natural gas, and energy manufacturing organisation. Similarly, the XYZ organisation could provide extensive revenue to the government for public services. Canada has some oil reserves, and that is why the extraction of the national oil can be put to use. In addition, the import of foreign oil by the organisation could help in increasing employment opportunities which will indirectly serve as an economic benefit for Canada. 

The domestic refinement of oil and energy production not only showcases the trade deficits but also saves a good number of monetary value due to the demand for essential industry products. As mentioned above, the XYZ organisation will also work on producing renewable energy sources. Therefore, the use of renewable sources of energy for the people of Canada in their everyday life could save energy that will eventually help in the savings of revenue. 

Therefore, the XYZ organisation will be willing to boost the economy of Canada by making people use sustainable energy sources in the future. Moreover, the economy of Canada will also increase by meeting the demand of the people in terms of energy. The XYZ organisations will be aiming for the production of sustainable fuels. In doing so, by the year 2040, the organisation could not only increase the economic aspects of the country but also meet one-fifth of the world's energy demands. The reduction of carbon & surface footprint will help in the reduction of greenhouse gas, and thus it will lead to a clean national environment. Indirectly, this will attract investors, and more industries will be formed, triggering the economic growth of the country and maintaining the ecological balance of nature. 
 

8. Appendix

8.1. Market research (primary and secondary research)

(Source: Statista.com, 2021)

 
(Source: Researchandmarkets, 2021)

8.2. Sales forecast (time series application)
 

(Source: Cer-rec.gc.ca, 2019)

 
(Source: Canadaaction.ca, 2021) 

8.3. References

Bhadeshiya, R. N., & Pitroda, J. R. (2021). Construction Finance and Accounting: A Review. Reliability: Theory & Applications, 16(SI 1 (60)), 165-179. Retrieved from: https://cyberleninka.ru/article/n/construction-finance-and-accounting-a-review 

Canada.ca, 2022. About The Crown. Retrieved from: https://www.canada.ca/en/canadian-heritage/services/crown-canada/about.html [Retrieved on 22-11-2022]

Canadaaction.ca (2021) “Renewable energy in Canada” available from:  https://www.canadaaction.ca/canadian_renewable_energy_climate_action_statistics 

Careersinenergy.ca, 2022. Employment and Labour Data. Retrieved from: https://careersinenergy.ca/employment-and-labour-data/ [Retrieved on 22-11-2022]
Ceicdata.com, 2022. Canada Nominal GDP. Retrieved from:  https://www.ceicdata.com/en/indicator/canada/nominal-gdp [Retrieved on 22-11-2022]

Cer-rec.gc.ca (2019) “Canada Crude oil export” available from:  https://www.cer-rec.gc.ca/en/data-analysis/energy-commodities/crude-oil-petroleum-products/report/canadian-crude-oil-exports-30-year-review/ 

Chatterjee, S., Ghosh, S. K., Chaudhuri, R., & Nguyen, B. (2019). Are CRM systems ready for AI integration? A conceptual framework of organizational readiness for effective AI-CRM integration. The Bottom Line. https://www.emerald.com/insight/content/doi/10.1108/BL-02-2019-0069/full/html 

Datacommons.org, 2022. Canada. Retrieved from: https://datacommons.org/place/country/CAN?utm_medium=explore&mprop=count&popt=Person&hl=en [Retrieved on 22-11-2022]

Energy-exchange.net, 2022. Energy and Canada’s GDP. Retrieved from: https://www.energy-exchange.net/fuel-electricity-canadian-gdp/ [Retrieved on 22-11-2022]

Fastercapital.com (2022) “What are the benefits of start-up visa program?” available from:  https://fastercapital.com/blogs/what-are-the-benefits-of-a-startup-visa-in-canada.html 

Gatto, A. (2020). A pluralistic approach to economic and business sustainability: A critical meta‐synthesis of foundations, metrics, and evidence of human and local development. Corporate Social Responsibility and Environmental Management, 27(4), 1525-1539. Retrieved from:  https://onlinelibrary.wiley.com/doi/abs/10.1002/csr.1912 

Harver.com (2020) “Centralized and de-centralized recruitment: choosing the right model for HR department” available from:  https://harver.com/centralized-vs-decentralized-recruitment/ 

Ibisworld.com, 2022. Oil & Gas Field Services in Canada - Market Size 2004–2028. Retrieved from: https://www.ibisworld.com/canada/market-size/oil-gas-field-services/ [Retrieved on 22-11-2022]

Investcanada.ca, 2022. TECHNOLOGY. Retrieved from: https://www.investcanada.ca/industries/technology [Retrieved on 22-11-2022]
Journalppw.com (2021) “Total quality management implementation in oil and gas sector” available from:  https://journalppw.com/index.php/jpsp/article/download/4641/3055/5261

Komari, A., Indrasari, L. D., Pariyanto, A. Y. T., & Santoso, H. B. (2020). The Effect of Marketing Mix 4P Towards Marketing Product Performance Of Tenun Ikat Small Industry In Bandar Kediri. In 3rd International Conference on Social Sciences (ICSS 2020) (pp. 805-809). Atlantis Press. https://www.atlantis-press.com/proceedings/icss-20/125945088 

Liu, E., Lv, L., Yi, Y., & Xie, P. (2019). Research on the steady operation optimization model of natural gas pipelines considering the combined operation of air coolers and compressors. IEEE Access, 7, 83251-83265. https://ieeexplore.ieee.org/abstract/document/8744251/ 

Mordorintelligence.com, 2022. CANADA OIL AND GAS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027). Retrieved from: https://www.mordorintelligence.com/industry-reports/canada-oil-and-gas-market [Retrieved on 22-11-2022]

Musetta-Lambert, J. L., Enanga, E. M., Teichert, S., Creed, I. F., Kidd, K. A., Kreutzweiser, D. P., & Sibley, P. K. (2019). Industrial innovation and infrastructure as drivers of change in the Canadian boreal zone1. Environmental Reviews, 27(3), 275-294. Retrieved from: https://cdnsciencepub.com/doi/abs/10.1139/er-2018-0056  

Norouzi, N. (2021). Post‐COVID‐19 and globalization of oil and natural gas trade: Challenges, opportunities, lessons, regulations, and strategies. International journal of energy research, 45(10), 14338-14356. Retrieved from: https://onlinelibrary.wiley.com/doi/abs/10.1002/er.6762  

Oilandgasinfo.ca, 2022. Oil Supply cost. Retrieved from: https://oilandgasinfo.ca/patchworks/oil-supply-costs/ [Retrieved on 22-11-2022]

Orazalin, N., & Mahmood, M. (2018). Economic, environmental, and social performance indicators of sustainability reporting: Evidence from the Russian oil and gas industry. Energy policy, 121, 70-79. https://www.sciencedirect.com/science/article/pii/S0301421518304038 

Paul, S., Acharya, S., & Bhuva, K. (2018). A review on providing loyalty discounts to customers in retail stores. Academy of Marketing Studies Journal, 22(3), 1-8. Retrieved from:  https://search.proquest.com/openview/93bda25e136733d6ad5fd5e30f6aa174/1?pq-origsite=gscholar&cbl=38744 

Peoplebox.ai (2022) “15 types of performance appraisals for startups in 2022” available from:  https://www.peoplebox.ai/types-of-performance-appraisals/ 

Qualitymag.com (2018) “Back to basics” available from:  https://www.qualitymag.com/articles/94429-back-to-basics-six-sigma 

Razi, F., & Dincer, I. (2022). Challenges, opportunities and future directions in hydrogen sector development in Canada. International Journal of Hydrogen Energy. Retrieved from:  https://www.sciencedirect.com/science/article/pii/S0360319922000155 

Researchandmarkets.com (2021) “Renewable energy in Canada: Market summary” available from:  https://journalppw.com/index.php/jpsp/article/download/4641/3055/5261

Robertson, J. A. (2021). Culture of excellence: Entrepreneurial culture as a key element to gaining sustainable competitive advantage. Strategic Direction. Retrieved from: https://www.emerald.com/insight/content/doi/10.1108/SD-10-2021-0117/full/html  

Statcan.gc.ca, 2022. The oil and gas sector in Canada: A year after the start of the pandemic. Retrieved from: https://www150.statcan.gc.ca/n1/pub/36-28-0001/2021007/article/00003-eng.htm [Retrieved on 22-11-2022]

Statista.com (2021) “Revenue of Canadian oil and natural gas” available from:  https://www.statista.com/statistics/433977/select-canadian-oil-and-gas-company-revenues/ 

Studycorgi.com (2020) “Total quality management implementation in oil and gas industry” available from:  https://studycorgi.com/total-quality-management-in-the-oil-and-gas-industry/ 

Supe, L., Zeps, A., Jurgelane, I., & Ribickis, L. (2018). Factors affecting the competitiveness of a Higher Education Institution: Systematic literature overview. 
Research for rural development, 2, 245-252. Retrieved from:  https://www2.llu.lv/research_conf/proceedings2018_vol_2/docs/LatviaResRuralDev_24th_2018_vol2-245-251.pdf 

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