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Every firm follows specific marketing strategy to promote the company products in domestic and international market. ExxonMobil markets its products under the brands of – Exxon, Mobil and Esso. Esso is the largest patrol retailer in the UK with around 1630 stations. Esso produces 10% of UK oil and gas. It also takes ownership in other subsidiaries every year to increase its presence in other countries and market. These are few general strategies out of various marketing strategy that each firm follows in order to promote their products successfully in the international market. Seven P’s of marketing is most important strategy to create better opportunity for a product.
The seven P’s of marketing strategy is used to estimate and revaluate carry on the business activities of a firm. The seven P’s are- Product, price, promotion, people, place, process and physical evidence. Customer’s demand changes rapidly, the firm must revise their seven P’s to make sure the firm is on track and accomplishing the competitive advantage in the current competitive market.
Price: ExxonMobil has a various portfolio of businesses, it has different pricing strategy for different product. Though, the single most important factor of ExxonMobil’s pricing judgments is dynamics of oil prices on the international market. Fuel prices are determined by changes in the price of crude oil, supply and demand, fuel specifications, government rules, taxes and transportation cost (ExxonMobil, 2008, Factors in the fuel pricing).
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Products: Exxon Mobil Corporation is parent of Esso, Mobil and ExxonMobil companies, offers a variety of products and services. This firm boasts a full product cycle, from geological exploration and ending with oil related products to commercial and individual consumers.
Places: The third P in the marketing mix is place, where the firm offers its products and services. ExxonMobil is a largest oil and gas company based in the US. ExxonMobil is largest company by revenue as per Time & Fortune Global 500 list. ExxonMobil has around 37 oil refineries in 21 countries constituting a large combined daily refining capacity. It has 100,000 employees worldwide.
Promotions: Promotion is most important strategy in this competitive market. Creating brands awareness among firm customers is the key to the company’s success. Another focus for promotion is public relations. ExxonMobil runs programs targeted to worldwide health issues like malaria etc. ExxonMobil focuses in education is on math and science for success in today’s high-tech world. ExxonMobil runs programs to create healthy and educated communities in which women have equal opportunity to play a valuable and productive role. They promote respect for human rights and to helping as a positive inspiration in the communities where they serve. They educate and train, purchase and invest in each community. They give contributions to non-profit organisations and social projects through wide range of joint venture and other agreements. They promote economic, environment and social growth worldwide. They promote wide range of charity and social activities.
People: ExxonMobil always encourage and give attention towards the talented people who are strives hard for the success of the firm. They focus to retain talented employees by creating good working environments there by getting better outcome from the employees. The safety if their employees and contractors is the core commitment to operations integrity. They continue dedicated in their goal that nobody gets hurts. The safety drill of legacy ExxonMobil assets through year end 2011, did not meet their expectations. Due to this failure, they have increased emphasis on the avoidance of serious incidents. They arranged cross industry training efforts to study and implement new techniques. Process safety is framework for managing the integrity of operating systems by implementing good design principles, engineering and operating practices.
Process: ExxonMobil is well positioned to take advantages of market changes and have unique experience in competitive markets. They focus on safe and effective process. They have particular team to manage safe process. Safety management stops the uncontrolled discharge of hydrocarbons and other harmful chemical substances to avoid major incidents with potential for serious injuries and fatalities and other impacts. They had 71 tier 1 process safety events during 2011. Their focus on process safety management across the firm remains constant, as they investigate, analyse and learn from these and implement.
Physical evidences: Physical evidence is the component of the service mix which permits the consumer again to make judgement on the firm. Physical evidence is an essential ingredient of service mix. Consumers will make opinion based on their sight of the service provision which will have an influence on the firm’s perceptual plan of service. ExxonMobil delivers products and services using business to business model across three key segments- industrial and wholesale (1 million consumers), aviation (630 airports) and marine (180 ports). ExxonMobil is spending more than $100 million in a testing to develop a technology to make carbon capture and storage less costly. This firm follows a range of projects to increase energy efficiency.
Targeting: ExxonMobil is always search for the new markets to improve its business volume. As a part of this ExxonMobil acquired Celtic Ltd in Oct 2012. ExxonMobil acquired 545,000 net acres in the Duvemay shale and additional acreage in the other areas of Alberta. This acquisition will add significant liquid- rich resources to their existing North American unconventional portfolio- said Andrew Barry, president of ExxonMobil Canada.
ExxonMobil opened new services at the Hawkins Field in northeast Texas that will improve an additional 40 million barrels of oil equivalent, an amount equal to the annual energy requirements of more than 1 million Texas households.
In Russia, ExxonMobil announced a $3.2 billion joint venture with Russian oil company Rosneft to develop two offshore oil fields- the east field in the Kara Sea and the Tuapse field in the black sea.
ExxonMobil with Rosneft announced the range of Vostochniy Offshore structures construction yard to conduct a concept estimation and possibility study for a platform capable of safety exploring Kara Sea’s shallow waters.
ExxonMobil has 70% ownership in Imperial oil.
ExxonMobil carry on to increase the portfolio and business mix through expanded revenue and strong research and development capability. Though, firm’s operation could seriously affected by instability in some oil producing regions.
Capturing the premier quality exploration opportunities using its resources: ExxonMobil identify, evaluate and prioritize the highest quality assets opportunities using its geoscience ability and understanding of the global hydrocarbon potential.
Strong research and development competency: ExxonMobil has great research and development capability.
Diversified financial stream
Decreasing net liquids manufacturing and oil reserves
Litigation and contingencies
Demand of shale gas:
Growing global energy demand:
Strategic collaboration with Rosneft
Threats about unpredictability in some oil producing regions
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