MKG final papers

ConocoPhillips Company Report

Introduction

ConocoPhillips is a renowned cosmopolitan energy corporation, situated in the U.S. It has got its center of operations positioned at the Energy Corridor – Houston, Texas. Currently, it is the biggest globally in terms of exploration of pure-play type of energy. In terms of segmentation, it is accredited to be one of the organizations with a viable segmentation in terms of company targets, contact segmentation and other various forms. In this paper, it takes turn discussing more regarding the array of segmentation present in this company.

Industry Segmentation Scheme

According to most of the companies, they often practice five types of industry segmentation namely; Needs, Lifecycle with Company, Potential Value, Life Stage and Value. ConocoPhillips on the other hand, has settled on delivering to the client what they need, provisioning accountability for any given kind commitments that the company pledges to as well as steering the driving goal setting in togetherness with engagement (Gibson, 2010). In the various business units of the company, they have a requirement of establishing various action plans for the purposes of outlining definite objectives and aims. The given objectives and aims as already mentioned above, subsequently addresses the company’s priorities, assets as well as to the shareholders who are contemporary within the given region.

Within the spectrum of each and every segmentation plan, there is the inclusion of particular in depth actions that entails precise accountabilities and timeframe. As a whole, the company tend to incorporate sustainability in the better part of its industrial segmentation scheme. At the same time, it is also important to note that when it comes to adherence to performance and sustainability of goals, the business is forward looking from a given outlook.

Segments the Company Targets

Needs: It is the first segment that this company targets the most. According to the marketing executives of the company, the company has for a long period of time, categorized its clientele base in regard to likeness of their needs, urgencies as well as the anticipated outcomes for support relations. The benefits of this given segment are that it tends to be effective against client know-how on the end outcomes. Such outcomes consists of; expedition of low-effort exchanges and reduction of complaints. The above segment is thereby important to the company because it bring into line the service contributions with consumer sustenance needs (Johnston and Johnston, 2014).

Value: As it is known to be the largest in the world in terms of the exploration, production, conveyance and marketing of bitumen, crude oil and other energy products, it must be having an extended customer base. It means that not all the customers can receive similar attention and service at the same time. The company therefore classifies its general customers with a basis on their on-going worth to the company. When we talk about worth in this case, we refer to the given customer’s viability, loyalty as well as to their overall product holdings.

Contact Segmentation (Marketing Communication)

The company practices four main types of marketing communication. They include; Advertising, Sales Promotion, Public Relations and the much popular online platform. With considerations as being the utmost powerful expedient of marketing, ConocoPhillips Co. uses advertisement as a platform to reach extended audience. It also comes handy with its success in the swiftness of message conveyance. PR on the other hand, is used by the company as it is productive when it comes to the creation of brand awareness among the customers of the firm, in a more appropriate approach. Through PR, the product is communicated in an enhanced objective outlook to the customer (Gibson, 2010).

Sales promotion as an example of marketing communication used by the company uses various tactics in reaching the consumer. For instance, sales promotion incorporates discounts in order to attract and retain customers. Many purchases often make spontaneous purchasing resolution instantly. In given situations, sales promotion is a very vital tool in the overall marketing of the firm. Online platform is a very useful marketing communication strategy. It involves the use of various online sites and marketing websites to market the product. Most common sites include Facebook, Twitter, Instagram and other sites. The world of today has numerous people who use online sites consistently. This makes it a very good platform to incorporate marketing of the firm’s products and services.

Trends in Customer Needs, Values, Usage

The first customer trend as observed in the company is ‘The ultimatum for the prompt and the Expectation of accretion. The company understands well that the client base of today, have got an expectation of personalized and combined information in an instant manner. Customers of today have changed a lot. It is therefore important to disseminate any new information to them instantly. Timeliness is another customer need that the company recognizes. The company is known for its outstanding great service as a result of their timeliness in delivering and responding to the customers (Johnston and Johnston, 2014).

When it comes to values, value based buying is an important factor for the company. The company has realized that the shoppers of today have become purposeful and attached any product they buy or service that is rendered to them. For this expectation on value, the company ensures that it aligns the values of the company with that of the customer. In usage, the company admires its endurances towards greening of the customer. The firm is kind of sensitive to the environment. It tries its best not to pollute the environment. At the same the company plays an important role in the general sensitization to the public concerning the importance of protecting the environment.

Conclusion

In terms of industrial segmentation, ConocoPhillips is an example of those companies that commits to delivering to the customer wholeheartedly. This paper is a perfect example of the company’s report in relation to an effective industrial segmentation scheme.

References

Gibson, C. H. (2010). Financial reporting & analysis: Using financial accounting information. Mason, OH: South-Western Cengage Learning.

Johnston, D. C., & Johnston, D. (2014). Introduction to oil company financial analysis. Tulsa, Okla: PennWell.