Sinopec Marketing Mix: Sinopec is a public corporation of Chinese origin that is linked with the oil and gas industries. Its head office is in Beijing, located in China; it is also listed in New York, Shanghai, and Hong Kong. It is an affiliate of the subsidiary Sinopec Group. Sinopec Group was established in 2000 as a joint-stock company within its parent company. It is the biggest oil refiner in terms of the volume processed each year across Asia and is a major downstream player. In 2009, it was ranked 9th largest; in 2010, it was 7th; in 2011, it was the 5th largest company in sales figures.
Technology-related innovations and frequent overhauls have helped the company become one of the most successful in recent years. Sinopec has chosen to adopt the newer strategy of slowing down its expansion with the aid of a better economic structure applying advanced strategies to integrate markets, resources internationalization, and low-carbon development to build an enterprise focused on its people.
Marketing Mix Of Sinopec
Marketing Mix Of Sinopec is brand-based. In Marketing Mix Of Sinopec, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing Sinopec Marketing Mix. Below is the detailed Marketing Mix Of Sinopec.
Let’s talk about Sinopec Marketing Mix.
Sinopec Main Competitors
- Exxon Mobil Corporation
- BASF SE
Sinopec official website: www.sinopecgroup.com
Product in the Sinopec Marketing Mix:
Sinopec is a major company with a large portfolio of products. Its core business includes oil and gas exploration, marketing, refining, sales, and manufacturing of chemical fertilizers, Petrochemicals, chemical fibers, and other chemicals. It also participates in the transportation of pipelines and storage of crude oil and natural gas and agency business, as well as the import and export of refined oil products, petrochemicals, and various other chemical products.
Sinopec has established operations related to mixed operations by restricting and introducing private capital. This has helped to increase enterprises’ value and speed up the business transformation from being a provider of petroleum products into a supplier of integrated solutions. It has made advancements in high-end technology by adjusting and optimizing product mix, increasing the speed of upgrading quality, and providing higher quality and better-quality items.
Place in the Sinopec Marketing Mix:
Regarding the transformation mode, commercial operation in the Shale gas field began and produced Shale gas that could be used commercially. Sinopec has improved refined products that deal with oil and increased the production of premium-grade gasoline. Sinopec is meeting China’s domestic demand for China for petrochemicals and petroleum due to its effective establishment and management of the distribution channel. Sinopec has an integrated business model based on a well-organized and efficient infrastructure. Sinopec has been progressing steadily by accelerating reforms, promoting innovations, and restructuring the business model.
The distribution and marketing segment has increased its capabilities and operational performance by optimizing and upgrading its channels and networks. The company has partnered with private investors and set the way for better services. The company plans to sell its 30 percent stake to 25 investors. The company will keep retail units that are 70.01 percent. Sinopec operates the convenience store sector, which includes 23,000 stores and 30,000 petrol stations, and has over 80 million gas card holders for use in the domestic market. It is the biggest network of distribution and oil sales in China in terms of more than 30,532 fuel stations. Its network of convenience stores is one of the largest in the country.
Price in the Marketing Mix Of Sinopec:
Sinopec has been a major service provider to the Chinese market concerning the oil and gas industries. According to estimates, the company’s non-fuel operations are growing, and the company’s revenues have been increasing by 28%. Sinopec has implemented measures to control costs, which has assisted it in dealing with the issues arising from the fluctuation in crude prices. Sinopec has maintained steady production and has improved its ability to deal with risk. The overseas assets for upstream that the firm has risen, and this has assisted in expanding its resources base.
Sinopec has made major modifications to its policies to offer an pricing strategy that is suitable for Sinopec, its investors, and consumers. It has categorized its pricing strategies in line with the product. For high-end products, the company continues to offer a higher price. In contrast, products marketed to consumers maintain a competitive price since consumers are not likely to purchase items related to gasoline and oil that are priced higher than the competition.
Promotions in the Sinopec Marketing Mix:
Sinopec has seen significant growth throughout the years regarding revenues and sales. This was achieved through its promotion activities, which have contributed to improving its image as a brand. The logo of Sinopec is of the rising sun. It is licensed with its leading company, which permits its use at no cost. Sinopec has issued various cards that assist customers in winning prizes and discounts. The card also provides parking discounts and additional discounts when purchasing properties. It has invested a lot in its online promotions since it realizes its significance in the present market.
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