Sinopec Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Sinopec through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Sinopec Product Strategy:
Sinopec’s prime products include petrochemicals, fuels and lubricants. The larger portfolio includes chemical fibres, chemical fertilizers, and other chemical products. The company explores, markets, refines, sales and produces these oil and gas products. Sinopec supplies high-end products to its customers by optimising, adjusting, product mix supplying better cleaner and upgraded products. It initially supplied oil products but over the years it has been providing integrated services. Its products are also transported through pipelines and storage of crude oil and natural gas, export, import and agency business. This covers the products in the marketing mix strategy of Sinopec.
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This concludes the product strategy in Sinopec marketing mix & strategy.
Sinopec Price/Pricing Strategy:
Below is the pricing strategy in Sinopec marketing mix strategy:
The pricing of the company varies depending upon the products being offered by Sinopec. It uses multiple pricing in its marketing mix strategies.
The premium products are as expected priced higher than most of its products in the market. Sinopec's sole focus is on cutting the cost incurred in exploring, refining of the products. The controlling of the cost has helped the company to stabilize its production and face risks more positively. Most of its pricing for consumer products has remained competitive.
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Sinopec Place & Distribution Strategy:
Following is the distribution strategy in the Sinopec marketing mix:
Sinopec has transformed and began yielding shale gas for usage in commercial market. Sinopec has efficiently set up and handles its distribution channels. The company has opted for integrated business model that is mainly dependent upon its competent infrastructure. Sinopec’s core competence lies in its deepening reforms, restructuring of business model and promoting of innovation. Due to this core competence, it has succeeded in making steady progress over a period of years. Its capability and operational quality has tremendously increased due to its distribution and marketing thereby optimising and upgrading current channels and networks. It has decided to provide better services by collaborating with local investors and selling its 30% stake. Sinopec has 80 million gas card holders, 23000 convenience stores and 30000 gasoline stations.
Sinopec has largest distribution network of petroleum across China.
Sinopec Promotion & Advertising Strategy:
The promotional and advertising strategy in the Sinopec marketing mix is as follows:
Sinopec has enhanced its brand image very highly and made a very good image in the market through its promotions. This has led to high growth in its revenues as well as sales. The company has offered discounts and prizes to its customers by issuing various cards. Its logo which is a rising sun is registered with its parent company and hence available for usage at free of cost. If selected properties are procured Sinopec offers extra discount and parking privileges. Since online promotion is highly important the company has invested in extensive online promotional activities. This concludes the Sinopec marketing mix.
About Sinopec:
Sinopec is also known as China Petrol & Chemical Corporation is based in Beijing, China. It is an Oil and gas company which is listed in Hongkong and trades in New York and Shanghai. Headquartered in Chaoyang district of Beijing, its parents group owns major Petroleum energy and Chemicals companies in China. Among all the companies in China, Sinopec is the highest tax payer in cash. It is the first Chinese corporation to be ranked in the top ten Fortune 500. In Asia, Sinopec is the largest oil refiner.
Its newer policies hint towards its people oriented strategy that concentrates on slower growth process. It is believed that better economics structure will lead to integration, internationalization, market, resources and low-carbon development.
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