British Petroleum being world’s leading oil and gas company (based on market capitalization; 2015) have a talent pool of more than 80,000 employees across the globe who continuously help the company in manufacturing and marketing energy products and services such as fuels, lubricants, petrochemicals and moving of hydrocarbons through different mediums of transportation.
Segmentation, targeting, positioning in the Marketing strategy of British Petroleum –
BP uses a mix of geographic segmentation strategies to collaboratively work with customers and understand their changing needs.
In some of its product segments, it uses differentiated targeting strategy while for others it uses undifferentiated targeting strategies.
It uses value-based positioning strategies in order to increase the visibility of the brand in the market.
Marketing mix – Here is the Marketing mix of British Petroleum.
Mission- “To create value for our investors and benefits for the communities and societies where we operate”
Vision- “Not Available”
Competitive advantage in the Marketing strategy of British Petroleum –
Diversified Portfolio: British petroleum have integrated a portfolio of offerings which helps the company to not only retain its customers but also excel the value delivery system which makes the customers feel delighted.
Geographical Reach: Being present in more than 70 countries with such a wide offerings helped the company in gaining expertise over these markets and their evolving needs.
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 in the Marketing strategy of British Petroleum –
The businesses in which British Petroleum operates are Stars in the BCG matrix whether it is lubricant segment or bio-fuels or hydrocarbons or petroleum products.
Distribution strategy in the Marketing strategy of British Petroleum –
Its collaborative supply chain for delivering its various products and services across the globe is helping the company in making its offerings available well in time.
It integrated its marketing & IT activities in order to identify the potential markets and making the products available to the customers from the nearest refineries / or production facilities of the third party suppliers. Optimum utilisation of the resources has further helped the company in minimising its cost of operations.
Brand equity in the strategy of British Petroleum –
Some of its brands such as BP, Aral and Castrol (in lubricant business) are renowned brand worldwide. It also caters to the Aviation fuel needs of most of the aviation companies across the globe.
British petroleum products and services have high visibility due to its presence in various economies.
Competitive analysis in the Marketing strategy of British Petroleum –
There is very limited number of companies in the market due to high infrastructure and technological cost involved in the same.
Some of its competitors are a shell, Z energy, OMP, Exxon etc. Companies operating in this industry are highly regulated by the government.
Market analysis in the Marketing strategy of British Petroleum –
Companies in oil and gas industry are facing constraint such as limited non-renewable sources of energy, fluctuating prices, exchange rate, changing lifestyle, increasing raw material prices, limited resources. These factors are restricting the growth of the companies in the industry whereas backwards and forward integration is helping the companies in the industry to cater to the changing needs of the customers.
Customer analysis in the Marketing strategy of British Petroleum –
Customers of BP are the private and government institutions (in the B2B segment) who are dealing in the oil and gas energy products or in the by-products/ related products across the globe. It deals in the B2B segment to provide the companies with fuel for transportation, energy for heat and light, lubricants to produce various other products and keep engines moving efficiently and the petrochemicals required to produce everyday items.
In B2C segment customers of BP are auto service outlets and oil pumps.
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