Marketing Mix – Mc Carthy 4Ps
Although oil industry has vast sets of products, but the main product is the crude oil, which can’t be differentiated. In this regard, BP hasn’t any choice, except planning to develop substitute products such as bio fuel. However, if we consider crude oil exploration, I can argue there is no substitute product.
The price of crude oil, as the primary product of BP and the major oil companies, is determined by international markets and OPEC, and BP can’t play with the price.
Having discussed several environmental disasters caused by PB, I can argue the image of BP in the society has already changed to a company that is not environmental friendly. However, as we can see on BP’s website, recently they are trying to show their support toward environmental awareness. I would recommend to BP to try to have advertising campaign toward a better support of environment, and environmental awareness.
I can argue that in terms of place, there are some limitations for oil companies, as the oil fields are limited around the world. BP and other oil companies can’t determine where to go for exploration, as it is a natural resource and is only available in limited number of places.
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