Chevron Corporation Marketing Strategy – Marketing Strategy of Chevron Corporation: The largest energy company is in the upstream business, which deals with natural gas, deepwater shale, tight resources, exploration, and a downstream business that deals in chemical manufacturing, refining, mining, and refinement.
It is responsible for the exploration, production, and transportation of crude oil and natural gases; refining, selling, and distributing fuels and lubricants; and manufacturing, distributing, and marketing petrochemicals and their by-products.
Chevron Corporation At A Glance – Marketing Strategy of Chevron Corporation
Company : Chevron Corporation
CEO: Michael Wirth
Founder: Charles N. Felton | Lloyd Tevis | George Loomis
Year founded: 10 September 1879, California, United States
Headquarters: San Ramon, California, United States
Annual Revenue: US$146.5 Billion
Profit | Net income: US$5.54 Billion
Number of employees : 42,628
Products & Services: Gift & Credit Cards | Lubricants & Fuel Additives | Chevron Auto Club | Chemicals | Fuels | Caltex fuels & lubricants | Chevron fuels | Chevron Auto Club | Gasoline | Diesel | Marine and aviation fuels | Premium base oil | Finished lubricants
Website: Chevron Corporation Chevron.com
Chevron Corporation Competitors
Chevron Corporation Fun Facts: There are only two fuel brands in the world that are Top Tier certified. One of them is Chevron and the other is QuikTrip.
Marketing Strategy of Chevron Corporation
Chevron Corporation’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Chevron Corporation? Let us discuss.
Segmentation, Targeting, Positioning – Chevron Corporation Marketing Strategy
Chevron Corporation, a highly-specialized company in the oil & gas sector, is one example. It uses psychographic and geographic segmentation strategies to market its products for B2B segments, while its retail products segment uses demographic segmentation strategies.
Chevron uses different targeting strategies to market its products and services.
Positioning allows you to see where the brand is in the mind of consumers compared with other brands. Chevron employs positioning strategies that are value-based and user benefit-based.
Chevron Corporation Mission Statement
Chevron Corporation Vision Statement
“To be the global energy company one which is admired for its people, partnership, processes, and performance”
Chevron Corporation Tagline
“ Getting results the right way”.
Competitive Advantage – Marketing Strategy of Chevron Corporation
Integration: The IT wing, which is comprised of three companies, Chevron energy, Chevron information tech, and Chevron ventures, has established technology centers in the United States, United Kingdom, and Australia. This group, which includes 3 companies, Chevron information, and Chevron technological ventures, is helping to optimize its business operations and provide strategic inputs to its global businesses.
Operational Excellence: It follows a systematic approach to different business processes in order to make well-informed decisions and get results on time. It measures performance metrics like total stockholder returns, days away from work rate, spills volume, and many others. These metrics enable the company to achieve superior environmental performance, personal and process safety, reliability, and efficiency.
BCG Matrix – Chevron Corporation Marketing Strategy
The upstream business produces natural gas and crude oil. In 2015, there was a 2% increase in oil equivalent production. 2.65 million barrels per day. Its downstream business, which is involved in petrochemicals as well as the marketing of its byproducts, processed 1.75 million barrels per day of crude oil (2015 data). Both of its business segments are Stars within the BCG matrix.
Distribution Strategy – Marketing Strategy of Chevron Corporation
Chevron Corporation was founded in 1879 and invests heavily in its people resources as well as operational excellence. There are 11 refineries that manufacture, sell, transport, and transport premium base oils, fuels, and lubricants. They are part of the Texaco, Chevron, and Caltex brands. These products can be purchased through a distribution network that includes 14000+ retail outlets. Affiliated companies are also sold.
Brand equity – Chevron Corporation Marketing Strategy
The well-known name Chevron Corporation is in the oil and energy industry. It was ranked 28 th on the global 2000 list Forbes, with its brand valued at $ 192.3 million (Market capitalization method).
Competitive Analysis – Chevron Corporation Marketing Strategy
Due to the development of alternative fuels & substitution energies, oil and energy exploration companies face various obstacles that make it difficult to continue operating and sustain their businesses.
Chevron is in competition with companies such as Exxon Mobile and British Petroleum in one or more of its business segments.
Chevron’s shrinking margins due to higher depreciation costs and lower earnings in its upstream business have caused it to reduce jobs and capital expenditure and sell some assets. The most recent assets are $ 3 Billion in geothermal assets (Nov. 2016 data), which were acquired by the Philippine group.
Market Analysis – Marketing Strategy of Chevron Corporation
Companies in this industry are affected by rapid industrialization in developing countries, fluctuating crude oil prices, promotion of alternative sources of energy, changing regulations, and high infrastructure costs involved in energy exploration, distribution, and maintenance.
Customer Analysis – Chevron Corporation Marketing Strategy
Chevron’s customers include companies from diverse industries and government organizations worldwide.
Chevron’s customers in retail segments are households, vehicle owners, and customers of all ages, depending on what product it offers.
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