British Petroleum Marketing Mix: British Petroleum, commonly referred to as BP, is an international company involved in the oil and gas industry. The public-owned company is among the top seven corporations in the world that are associated with this sector. The name suggests that it is of British origin and was established in 1908; however, it was given its present name British Petroleum in 1954. The company serves all over the world and is headquartered in London. The company was the first in 1965 to locate oil reserves in the North Sea. It is up against stiff competition from other companies.
Marketing Mix Of British Petroleum
Marketing Mix Of British Petroleum is brand-based. In Marketing Mix Of British Petroleum, 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 British Petroleum Marketing Mix. Below is the detailed Marketing Mix of British Petroleum.
Let’s talk about British Petroleum Marketing Mix.
British Petroleum Main Competitors
- Chevron Corporation
- Royal Dutch Shell plc
- Exxon Mobil Corporation
British Petroleum official website: www.bp.com
Product in the British Petroleum Marketing Mix:
British Petroleum is a vertically integrated company involved in refining, production exploration distribution, trading, marketing power generation, and petrochemicals associated with the gas and oil industry. It is also involved in renewable energy projects such as biofuels and wind power. BP is among the most significant international firms that supply lubricants to allow engine movement that generates energy for heat and light, as well as petroleum-based fuel for transportation and the petrochemical products that are required to create items such as coatings, packaging, and paints. The product, as well as the service range that British Petroleum offers, includes
- Motor fuels, especially aviation fuels
- Natural gas, including Petroleum
- Services such as providing fuel cards that have payback points
Place in the British Petroleum Marketing Mix:
British Petroleum has taken various measures to expand its global operations. It is currently present in over 70 countries. It operates 15 wholly and partially owned refineries, with a production capacity of 3.3 million barrels per day and reserves totaling 17.18 billion barrels.
Distribution is essential for any business as it can retain and grow its customer base. The distribution networks of their company are incredibly efficient. They have 17,200 service points across the world marketplace; of these, 7,700 are in the United States and 1,100 in the United Kingdom.
It operates its service stations and numerous convenience stores for more significant outcomes. The retail network of the company has made it easier to distribute policies and has helped its expansion in the international markets. British Petroleum has nearly 79,800 employees, and its operations can be classified into two parts: upstream and downstream. It involves offshore terminals, onshore gas and oil fields, and pipelines for gas and oil transportation.
Price in the Marketing Mix Of British Petroleum:
To ensure an increase in the revenue of their business, British Petroleum has decided to adopt a price system that’s acceptable for all employees of its company. In addition, in Petroleum and petrochemicals, the cost is controlled by the government. This means that government regulations significantly change the final price of the products. The company has made several disciplined decisions in finance while striving to improve its cash flow to the point that it can be more resilient to changes in pricing policies.
British Petroleum undertakes periodic revaluations of markets and adjusts its pricing according to. The competition also plays an essential role in setting its prices since British Petroleum does not wish to be over-priced and would like its prices to be on par with those of its competition. Since its pricing policy is done in dollars, they affect countries whose currency rate against dollars is shallow.
Promotions in the British Petroleum Marketing Mix:
To keep to its mission of offering a long-term promise to all its investors and customers, British Petroleum has decided to implement a proactive marketing strategy. It has adopted a more progressive approach and signed an agreement with Ford to create hydrogen-powered vehicles that prove environmentally friendly. The company has built hydrogen fuel stations for its cars across the globe to help reduce the amount of air pollution.
With its ingenious plans, it is now a member of the Green Revolution. Hence it now keeps all its gasoline in tanks that have double skins to prevent spills or leaks. It also has committed itself by taking on the responsibility for earth’s natural resources and has been working to find energy sources that produce fewer carbon emissions.
BP is an internationally recognized company that is globally recognized and is well-known for its marketing. The company has placed various ads on hoardings, commercials, and other signs. They are also seen on television and on websites online. This will boost its product’s exposure and result in an increase in value for the brand.
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