Several disasters, which resulted from a lack of internal controls and risk management strategy, have led BP to develop a negative reputation amongst consumers and government officials. The company needs to develop a way to get consumers to put the past behavior of BP behind them and to make consumers believe that the new core values BP has, along with its efforts towards rectifying the situation, are truthful and valuable.
Marketing Objectives, Strategy, and Performance
Without actually defining a mission statement, BP has published a statement as to what the company stands for. BP states:
“We care deeply about how we deliver energy to the world. Above everything, that starts with safety and excellence in our operations. This is fundamental to our success. Our approach is built on respect, being consistent, and having the courage to do the right thing. We believe success comes from the energy of our people. We have a determination to learn to do things better. We depend upon developing and deploying the best technology, and building long-lasting relationships. We are committed to making a real difference in providing the energy the world needs today, and in the changing world of tomorrow. We work as one team. We are BP” ("Our Values," 2012).
One of BP’s main marketing objectives currently is the Gulf of Mexico restoration project. The company states that it is committed to making progress towards economic and environmental restoration efforts. Up to $1 billion has been provided to help fund restoration projects in the areas that were impacted by the spill ("Early Restoration Projects," 2012). BP as also set aside around $20 billion in an escrow fund to help business owners that have been affected by the disaster (Ferrell & Sawayda, 2012). The company also has been spending money towards awareness ads to inform customers of the situation and their plans to fix it.
BP currently has
Cited: Our Values. (2012, March 28). Retrieved from http://www.bp.com/extendedsectiongenericarticle.do?categoryId=9039352&contentId=7072114 Early Restoration Projects BP 4Q11 Results and 2012 Strategy Presentation. (2011) Retrieved from http://www.bp.com/assets/bp_internet/globalbp/STAGING/global_assets/downloads/B/bp_fourth_quarter_2011_results_presentation_slides_and_script.pdf Key Facts and Figures Our Code. (2011, January 01). Retrieved from http://www.bp.com/liveassets/bp_internet/globalbp/STAGING/global_assets/downloads/C/Code_of_Conduct_2011.pdf Selecting and contracting Customers. (2012). Retrieved from http://www.bp.com/sectiongenericarticle800.do?categoryId=9040119&contentId=7073258 Shefrin, H Upstream-playing to our strengths. (2012). Bp.com. Retrieved from http://www.bp.com/sectiongenericarticle.do?categoryId=9033201&contentId=7060837 Downstream-working across our value chains BP alternative energy. (2012). Bp.com. Retrieved from http://www.bp.com/sectiongenericarticle.do?categoryId=9033203&contentId=7060839 Products and services BP worldwide. (2012). Bp. Retrieved from http://www.bp.com/multipleimagesection.do?categoryId=23&contentId=7017765 IBISWorld IBISWorld. (2012). Major companies. Retrieved from http://clients1.ibisworld.com/reports/us/industry/majorcompanies.aspx?entid=103 IBISWorld Johnson, K. (2012, June 26). Potential u.s. oil boom shakes up energy politics. Retrieved from http://blogs.wsj.com/washwire/2012/06/26/potential-u-s-oil-boom-shakes-up-energy-politics/ Hiar, C IBISWorld. (2012). Operating conditions. Retrieved from http://clients1.ibisworld.com/reports/us/industry/operatingconditions.aspx?entid=103#IR Ferrell, O