Marketing Strategy of British Petroleum – British Petroleum Marketing Strategy: British Petroleum is the world’s most renowned oil and gas corporation (based on capitalization; 2015). capitalization in 2015) has a pool of talent with more than 80,000 workers all over the world who assist the company in producing as well as marketing items and services, such as petroleum products, petrochemicals, lubricants and the transportation of hydrocarbons via various modes of transportation.
British Petroleum At A Glance – Marketing Strategy of British Petroleum
Company: British Petroleum Company PLC
CEO: Bernard Looney
Founder: William Knox D’Arcy | Charles Greenway | 1st Baron Greenway
Year founded: 1909, London, United Kingdom
Headquarters: London, United Kingdom
Annual Revenue: US$18.08 billion
Profit | Net income: US$8.49 billion
Number of employees: 60,000
Products & Services: Petroleum | Natural gas | Motor fuels | Aviation fuels
British Petroleum Competitors
Competitors: TotalEnergies | Eni | MOL Group | Polski Koncern Naftowy Orlen | SHV Energy | ENGIE | ExxonMobil | Shell
British Petroleum Fun Facts: BP has also spent approximately £4.5bn on its biodiesel business in the Americas, and as result holds a market share of around 10%.
Marketing Strategy of British Petroleum
British Petroleum’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 British Petroleum? Let us discuss.
Segmentation, Targeting, Positioning – British Petroleum Marketing Strategy
BP utilizes a combination of geographical segmentation techniques to collaborate with customers and comprehend their evolving requirements.
In certain products segment, the company employs a distinct target method in other segments, while it employs non-differentiated targeting strategies.
It utilizes values-based positioning strategies to enhance brand recognition and visibility. brand on the marketplace.
British Petroleum Mission Statement
“To create value for our investors and benefits for the communities and societies where we operate”
British Petroleum Vision Statement
British Petroleum Tagline
Competitive Advantage – Marketing Strategy of British Petroleum
Differentiated Portfolio: British petroleum has created a range of products that help the business not just retain customers, but also to improve the value-added system, which makes customers feel satisfied.
Global Reach: Being available in over 70 different countries, with this wide range of offerings, has allowed the company to gain knowledge of those regions and the changing requirements.
Collaborative Partnerships with the stakeholders: Closely working with government, Oil companies, resource providers, and local communities have helped British Petroleum in creating trust and long-lasting relationships with various entities/stakeholders.
BCG Matrix – British Petroleum Marketing Strategy
The businesses within the area in which British Petroleum operates are Stars within the BCG matrix whether it’s the bio-fuels, bio-lubricants, petroleum products, or hydrocarbons.
Distribution Strategy – Marketing Strategy of British Petroleum
Its global supply chain to deliver its many products and services around the globe helps the company to make its offerings readily available on time.
It has integrated its marketing and IT operations to determine the markets that could be tapped and distribute the products to customers via the closest refineries and/or manufacturing facilities of third-party suppliers. Utilizing the resources efficiently will further assist the company in reducing its costs in operation.
Brand equity – British Petroleum Marketing Strategy
Certain of its brands, like BP, Aral, and Castrol (in the business of lubricants) are well-known brands across the world. It also serves the aviation fuel requirements of all the aviation businesses around the world.
British Petroleum products, as well as services, enjoy high visibility because of its position across a range of countries.
Competitive Analysis – British Petroleum Marketing Strategy
There are a very small number of companies on the market due to the high technology and infrastructure costs of the process.
Its competitors include Shell, OMP, Shell, Z energy, OMP, Exxon, etc. The firms that are in this business are strictly monitored by the federal authorities.
Market Analysis – Marketing Strategy of British Petroleum
The oil and gas sector is confronted with challenges that include limited non-renewable sources of energy and fluctuating prices, exchange rates and evolving ways of life as well as rising costs for raw materials, and a lack of resources. These issues are limiting the expansion of firms in the sector, whereas forward integration and backward integration are aiding companies in the industry to respond to the demands of customers.
Customer Analysis – British Petroleum Marketing Strategy
The customers of BP are public and private organizations (in the B2B segment) that deal in the energy sector of oil and gas products or the products related to by-products or related products all over the world. It is involved within the B2B segment, providing businesses with transportation fuel energy, heat energy and light, lubricants that make other products and keep engines running efficiently, and the petrochemicals that are required to make everyday products.
In the B2C segment, customers of BP include auto service outlets along with oil pumps.
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