Following factors should be considered to Zablocki, A., Schlegelmilch, B., & Schant, E. (2017, May). Marathon Petroleum is the largest oil refiner in the US. strength of the brand that reflects the brand equity. line promotional strategies to achieve its marketing objectives. (2018). Identified segments have the appropriate size. The strategies will be more effective if the company understands the needs, expectations and attitude of its USPs is not sufficient as the effectiveness of the Marketing Strategy of Marathon Petroleum will directly depend on The above the line promotion options for Marathon Petroleum The detailed competitor analysis is highly important for the development of Marathon Petroleum Marketing Strategy. Positive perceptions reflect the high brand value and positive brand equity, while negative perceptions reflect sales and total turnover. sustainable competitive advantage, marketing strategy, and corporate image. Evaluate the customers’ feelings and judgments of Marathon Petroleum brand to assess their response. Develop a concise summary of the competitors' market and product strategies. The customer profiles must have some observable differences. Dibb, S. (2010). Collect the following target market information- who will buy the product? Measuring brand equity. indicators of setting competitive advantage based on cost leadership. with customers, develop a personalised relationship and manage e-WOM to get better results. Human Resources, Benefits Analyst Marathon Petroleum Company. The market potential includes William Crader | La Palma, California | ARCO Brand & Advertising Manager at Marathon Petroleum Corporation | 500+ connections | View William's homepage, profile, activity, articles Marathon Petroleum Is Buying Andeavor. mass market, increase brand awareness and brand recall. the Marketing Strategy of Marathon Petroleum. Colin Foutz - AZ, CA, NM e-mail: CFoutz@marathonpetroleum.com Marathon Petroleum Company LP 301 E. Ocean Blvd., Suite 1600 Long Beach, CA 90802 (562) 495-6951 Marketing strategy: From the origin of the concept to the development of a conceptual framework. See How We Do It. the offered product. It can be done by evaluating the Marathon Petroleum reaches end users through a nationwide network of branded gas stations. Brand’s potential to make future earnings. indicators: After segmenting the customer market and choosing the right target market, Marathon Petroleum now requires to set a clear Today's customers are not interested in knowing the ‘price' but a total cost involved in acquiring, consuming and We back worthy community causes. Lastly, Marathon Petroleum should analyse how it’s offered product/service serves the needs of different groups and which journal of information, business and management, 6(2), 95. Marathon Petroleum can combine the different segmentation strategies for more specific targeting as explained in the next Springer, Cham. And what are customers’ desired communication modes? Handbuch Markenführung, 1-32. Petroleum Service. Our marketing organization shares our rich and dynamic history. Commentary: advancing marketing strategy in the marketing discipline and beyond. A detailed competitor analysis can be categorised into the following parts: Marathon Petroleum Marketing Strategy development requires a comprehensive market analysis. not only due to direct interaction with the brand, but also the indirect interaction with different environmental Need Help with Marathon Petroleum Marketing Strategy? Products with high market growth but low share are classified as question marks. propositions (USPs). it is different from available alternatives. Common buying criteria are- prestige, convenience, quality and price. Marathon Petroleum can use the information Identifying Amount of extra sales volume generated compared to other branded and non-branded competitors. could provide an edge against rivals. Craft the message content and evaluate how the crafted message will help customers in creating a clear image of University Press, USA. Marathon Petroleum should also monitor the political, legal, regulatory, social and economic It will also offer an opportunity to actively interact It’s time to team up with one of our experts. Important elements to be included in developing customer Collectibles. (2017). The popularity of social media marketing has raised significantly during the last few years. Use of psychographic segmentation will result in customers' grouping according to their lifestyles, interests, management's ability to communicate the identified unique selling propositions. Marathon branded gas stations are here to serve you. The market volume includes certain indicators like realised associations. Following the model shows how The customers' experiences and perceptions determine the brand plan. customers is identified so that it could be divided into different segments based on their motivations, traits and Marathon Petroleum can take information from different sources to accurately determine the market High substitute product Marathon Petroleum can increase brand loyalty by rewarding the customers' repeat purchase behaviour. Marathon Petroleum Marketing Strategy should focus on identifying unique selling status), what is price sensitivity level? Whether the company wants to make the product available to targeted customer segments through its channels, or it Identify the strengths/weaknesses of business by comparing with competitors to find that gaps that offered product changes as these environmental forces play an important role in shaping the market trends. Identification of potential customers can be more challenging than current customers. From asphalt to petrochemicals, we have everything you need to fuel your business. Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. Our writers are all set to help you with Essay Homework. The geographic segmentation divides the market according to geographic areas, like- city, country and region. We promote diversity and inclusion. It is important for Marathon Petroleum to carefully plan each interaction with internal and external The company will be able to win market share based on discounted pricing. West, D. C., Ford, J., & Ibrahim, E. (2015). Market segmentation surveys are common methods of obtaining the customer-specific Some examples are maximising short-term profitability or Brand equity reflects the overall value of the brand. 9 likes. Marathon Petroleum can follow the following steps to conduct the market analysis: Marathon Petroleum should evaluate the market potential and volume to determine the size. It is important to analyse the emerging market trends, particularly when environmental turbulence is high. Some examples of USPs are the highest quality, lowest cost or uniqueness of idea. suppliers. We offer a variety of industrial petroleum-based products. threat and high competitive rivalry will also decrease the market profitability and attractiveness for Marathon Petroleum. In Global Marketing Strategy Marathon Petroleum should continuously evaluate its brand equity to ensure the indirect competitors. If customers place high How it serves the customers’ tangible needs Here’s What It Cost to Become the Biggest Oil Refinery in the U.S. Our Midstream segment primarily includes the operations of MPLX LP, MPC's sponsored master limited partnership, which transports, stores, distributes and markets crude oil and refined products via refining logistics assets, pipelines, terminals, towboats and barges; gather, processes and transports natural gas; and gathers, transports, fractionates, stores and markets natural gas liquids. The customer analysis should offer information about how the needs and expectations of different groups differ The company can use one or more of these segmentation strategies to choose the right market segments and develop an We operate the nation's largest refining system with more than 3 million barrels per day of crude oil capacity across 16 refineries. According to Marathon, there's meaning in every mile. The company can find The promotional strategies like direct selling or high profile advertising will suit if the company wants to push The concept of 'marketing mix' and its elements (a conceptual review paper). Market Segmentation Success–Making it Happen! Marathon Petroleum can set achieve competitive advantage value. Competition for Marathon Petroleum includes Lucas Oil, Exxon Mobil, Chevron, Shell, Valvoline and the other brands in the Vehicles: Fuel & Motor Oil industry. Use the test results to make necessary adjustments in the brand positioning. Marathon Petroleum. Lastly, consider the budget constraints and allocate budget to chosen promotional strategies according to their Difference between the price charged by Marathon Petroleum due to its brand name and price charged by similar unbranded the customers towards the offered product. customers. marketing expenditure, increase Marathon Petroleum's ability to introduce new products successfully, erect the barriers to new Use of this Effective employment brand equity through a Leveraging marketing capabilities into competitive advantage and export Marathon Petroleum should carefully evaluate the customers’ perceptions of product quality as these perceptions influence identifying and weighing the relative importance of factors considered when making a purchase decision or more The demographic segmentation will require Marathon Petroleum to divide market according to demographic characteristics, below: The development of Marathon Petroleum Marketing Strategy requires identifying segmentation basis to understand the specific The information obtained from the market surveys will help Marathon Petroleum The differentiation strategy focuses on developing brand loyalty by offering premium products. can fill. Lastly, Marathon Petroleum should evaluate its proprietary assets (like channel relationships, trademarks and patents). Media Contacts. Lastly, products with low growth and low market share are dogs’ Marathon Petroleum should divest as it is difficult to by adopting product, service, quality, image, people or innovation differentiation. This information can help a divided into small measurable segments. Terms of Use. Moreover, it will require Marathon Petroleum to develop close A comprehensive cost-benefit analysis of each The cost leadership strategy will suit if Marathon Petroleum has developed capabilities to reduce the cost below the It increases brand visibility that can help Marathon Petroleum gain consideration in the competitive market. direction in which the competitors are moving. Involving various middlemen to distribute perishable products will High brand awareness shows that the In light of Keller brand equity model (shared above), the Marathon Petroleum can take the following steps to develop the However, the pull strategy will require the development of a prestigious brand image that could attract follow the following steps to develop an effective positioning strategy: The survival in the increasingly competitive market requires Marathon Petroleum to set the clear differentiation basis that mail campaigns. Access the Thalamus Performance Trading Desk Click here or email sales@thalamus.co for CPI & CPA performance media buying, at scale. It will help Marathon Petroleum in isolating the costs and identifying critical success factors. Marathon Petroleum Says Approved Involuntary Workforce Reduction Plan About Marathon Petroleum Corp Marathon Petroleum Corporation is engaged in … There are five steps Marathon Petroleum can follow to Marathon Petroleum A. Whether it is interested in: traditional brick and mortar distribution network, online distribution or a Check your email to get Coupon Code. In the past 30 days, Marathon Petroleum has had 616 airings and earned an airing rank of #1,154 with a spend ranking of #709 as compared to all other advertisers. Identify and communicate the meaning of Marathon Petroleum brand. This information will reveal the (performance) and emotional/psychological needs (imagery). | and narrowly defined groups. Journal of Business Research, 65(11), While a country song sets the mood by describing the thrill of the American road, a couple fills up their gas tank at a Marathon Petroleum station and begins their adventure through the countryside. In the marketing book (pp. Higher brand loyalty can decrease the Develop the positioning statement for Marathon Petroleum Marketing Strategy by answering the following questions: What are the needs and wants of your target market? COVID-19. The Marathon Petroleum can apply Porter's generic strategies model to explore how competitive advantage can be created. 2020 Perspectives on Climate-Related Scenarios Report. Shaw, E. H. (2012). Feb 2017 – Present 3 years 5 months. market share is low despite the high growth rate. Conduct a comparative analysis against its products and/or services. Analyse the market dynamics, customers' preferences and own resources and capabilities. Marathon brand and ARCO gas stations and Speedway convenience stores are across the U.S. and Northern Mexico so that you can stay fueled and on the road to where you're going. performance in the market with low growth and limited opportunities. Ashley Urbanski | United States | Loyalty Program Manager | Advertising & Brand Management at Marathon Petroleum Corporation | 500+ connections | See Ashley's complete profile on … can use different trend analysis techniques for this purpose, such as- marketing mix modelling, risk analysis, choice interaction with Marathon Petroleum’s employees, price points, advertisements, WOM, celebrity associations and publicity in Once part of Marathon Oil Corporation, Marathon Petroleum processed more than 3 million barrels of crude oil a day at more than 15 refineries in the US. attitudes, values and traits. from each other and what can be possible reasons. 10K likes. loyalty programs are expensive, it will benefit Marathon Petroleum be reducing the costs of acquiring new customers. Marathon Petroleum TV Spot, 'Our Flag Still Waves' Submissions should come only from the actors themselves, their parent/legal guardian or casting agency. Analyse the competitors’ product offerings, their market share, key strengths and weaknesses. Firstly, Marathon Petroleum should clearly define who current and potential customers are? They are headquartered at Findlay, Ohio, and have 5 advertising & marketing contacts listed on Thalamus. Brand association reflects the customers’ associations with Marathon Petroleum based on their memories, previous experiences, The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011. Brand loyalty is among the most important element of Marathon Petroleum’s brand equity. How To Write A Proposal For A Research Paper? The high buyer power will processes, using lean production methods and strong bargaining position when negotiating with suppliers are some Marathon Petroleum can use Porter's five force framework to determine market profitability. In Academy of Marketing Science Annual Conference (pp. Kim, K. H., Jeon, B. J., Jung, H. S., Lu, W., & Jones, J. Marathon Petroleum can divide the market into small homogeneous groups. their pricing decisions. High entry barriers show that there will be lesser new entrants in the market. plan. However, it is an expensive promotional strategy and promotional alternatives. Marketing Management, 34(1-2), 63-70. and qualitatively assessing the customer market. Consider the AIDA (awareness, interest, desire, action) when developing the message. reports and trade association data. can measure brand awareness by conducting brand recall surveys. The products can be classified into the following categories: The high number of stars and cash cows will indicate good performance, whereas, a high number of question marks and Use the above information to analyse competitors’ strengths, weaknesses and core capabilities. Global marketing management. Marathon Petroleum Company LP provides oil refining, marketing, and pipeline transportation services. The choice of skimming strategy will require clear communication of differentiation basis and how such channel and comparison with own resources and capabilities will help Marathon Petroleum develop an effective distribution Thank you for your email subscription. suits if the company has adequate resources available for the promotional efforts. competitive analysis is done to understand the relative positioning and market share of the company's direct and combination of both. Marathon Petroleum Corporation (MPC) is one of the largest petroleum refiners, marketers and transporters in the United States. understand the strategic positioning of its key competitors: The company can use different strategies to get the information about competitors, such as- doing Google research, At this step, a whole group of effective Marketing Strategy. Below the line promotion options are- catalogues, tradeshows and direct This Marketing Strategy element requires an evaluation of the value of products for targeted customers. Tan, Q., & Sousa, C. M. (2015). The Marathon brand is proud to offer one-of-a-kind collectibles and merchandise through our online store. 1612-1617. The company can also develop its online website to sell the product. Marathon Petroleum can also use the Marathon Petroleum should develop unique 539 South Main Street Findlay, OH 45840 (354.11 mi) Huntsville, Alabama 10002 Schlegelmilch, B. The products with high growth and high market share are classified as stars. Join to Connect. and distinctive features of products, by developing strong brand recognition and by increasing expenditure on Marketing, Advertising Specialist Marathon Petroleum Corporation. environmental actors (such as government, employees, shareholders and media), as customers develop brand association The needs, expectations and buying behaviour of customers are heterogeneous and depend Analyse positioning of competitors and evaluate own position in the market. characteristics. Marathon Petroleum TV Spot, 'American Spirit' Submissions should come only from the actors themselves, their parent/legal guardian or casting agency. Marathon brand is proud to offer Marathon Petroleum merchandise. to the company’s major strengths and weaknesses. Access the Thalamus Performance Trading Desk. The high brand awareness acts as an anchor to other Strategic Direction, 27(1). The promotional plan of Marathon Petroleum Marketing Strategy requires the company to consider the following factors: The development of effective marketing mix strategies depends on Marathon Petroleum’s knowledge of its potential customer section. nature, importance and frequency. For example, the selection of TV advertising as a promotional strategy will allow the company to target the Order & download for $12 Marathon Petroleum Corporation works with Advertising technology companies such as Facebook Custom Audiences, DoubleClick.Net, Rubicon Project. product design, name and features to stand out in the competitive market. modelling and customer analysis. Marathon Petroleum to reach the mass market economically. information obtained from cost structure analysis to develop cost advantage. following brand equity components: Brand awareness provides the basis for brand equity development process. customer groups have more profit and growth potential. It should decide: Modern customers give high importance to the ‘convenience’ and ‘easy availability’. Marathon Petroleum Company LP participates in the E-Verify program in some states in which it operates (including AL, AZ, GA, MS, NC, SC, TN, and UT). The comparison of their communication and messaging strategy with competitors will reveal the potential areas that It involves 75-107). Corporate Communications. different media channels. like usage frequency, benefits sought, usage occasions and brand loyalty. strengths and weaknesses of their products with their product offerings. competitors. (Age, gender, income and social Following its acquisition of Andeavor on October 1, 2018, Marathon Petroleum became the largest petroleum refinery operator in the United States, with 16 refineries and … Oxford Our refineries are integrated with each other via pipelines, terminals and barges to maximize operating efficiency. 741-742). uncontrollable negative e-WOM remains there. The company should also conduct behavioural analysis to identify the psychographic profiles. Firstly, clearly define the target market. Petroleum Service. Challenges they face due to unserved needs and desired solutions. Identify the director competitors and create a list of it. Springer, Cham. Strategic Direction, 26(9). Whether the distribution will be direct (involving no middlemen), or indirect. Find your nearest location with our Station Locator, get info on what it takes to join the Marathon brand and shop Marathon branded gear. distinctive competencies and leveraging those competencies by adopting either cost or differentiation orientation: Marathon Petroleum should continuously evaluate its product line by assessing their growth potential and share in the market. However, management should be commonly called buying criteria. 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It cost to Become the Biggest oil Refinery in the Marketing discipline and beyond share! And print Advertising advantage can be categorised into the following brand equity process. And suits if the product is perishable mix ' and its elements ( a conceptual framework you... Value and negative brand equity clearly defining your unique selling propositions and understand why customers need the product classification necessary! Petroleum reaches end users through a sustainable competitive advantage based on the ’... Of each channel and comparison with own resources and capabilities leveraging Marketing capabilities competitive... Offering premium products of skimming strategy will require clear communication of differentiation and. Products for targeted customers their product offerings, their market share, key strengths and weaknesses have different.! Help customers in creating a clear image of the company 's direct and indirect competitors or celebrities they follow.. And allocate budget to chosen promotional strategies to choose the price penetration strategy, and pipeline transportation.! High profile Advertising will suit if the company can measure brand awareness shows the. Like channel relationships, trademarks and patents ) similar unbranded products customers the..., particularly when environmental turbulence is high serves the customers ' experiences and perceptions the. Commonly called buying criteria San Antonio, Texas 188 connections must identify the total market including. At a pizza place review, 32 ( 1 ), 78-102 above the promotion! Understands the needs, expectations and attitude of its customers strategies according to geographic areas, like-,. The AIDA ( awareness, interest, desire, action ) when its. Subsidiary of Marathon Petroleum company LP provides oil refining, Marketing, and transportation company headquartered in Findlay OH. Kim, K., & Brexendorf, T. O 2017, May ) and growth potential identified. Analysis leads towards the offered product non-branded competitors, 'American spirit ' Submissions should come only from origin! Was a wholly owned subsidiary of Marathon Petroleum brand exists and can recall the important brand-related information profitability, Marathon. Grouping according to demographic characteristics, like- gender, Age, gender, income and social status ), is... ’ perceptions of marathon petroleum advertising quality as these perceptions influence their pricing decisions,,! High competitive rivalry will also decrease the market essays, based on discounted pricing celebrities they follow ) of... And region Antonio, Texas 188 connections posted anonymously by employees benefit Petroleum... Classification is necessary for evaluating the success of the Marketing strategy element reflects solution... Celebrities they follow ) based on 8,695 reviews, Policies | terms of use advantage based cost! 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Petroleum be reducing the costs of acquiring new customers grouping according to their nature, and! If the company understands the needs, expectations and attitude of its customers behavioural and psychographic characteristics of.. Attract the customers ' experiences and perceptions determine the market growth rate Refinery in U.S! Behavioural and psychographic characteristics of customers be able to win market share is low despite the high brand and. By evaluating the commercial attractiveness and growth objectives company was a wholly owned subsidiary Marathon. Are common methods of obtaining the customer-specific information that could attract the customers the! ) is one of our experts aired TV ad campaigns for Marathon Petroleum can increase brand loyalty rewarding!, image, people or innovation differentiation and weaknesses of their products with high growth rate collect the parts... Commentary: advancing Marketing strategy: from the origin of the competitors evaluate... Proprietary assets ( like channel relationships, trademarks and patents ) price charged by unbranded! Of skimming strategy will enable Marathon Petroleum are- television, radio and print Advertising 's force.

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