Petronas Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Petronas through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Petronas Product Strategy:
Petronas is catering to the needs of people in more than 35 countries. They have products catering to individual needs of fuel and gas, enterprise and industries’ needs, petrol and diesel requirement for individual consumers as well as natural gas for public and domestic use. Petronas are the only company catering to industrial as well as domestic needs of customers. The Petronas Group comprises of 100+ wholly owned subsidiaries, some partly owned outfits and more than 50 associated companies. Thus the product strategy in Petronas marketing mix is basically the fuel and its by products extracted and distributed by the company.
Image: company website
This concludes the product strategy in Petronas marketing mix & strategy.
Petronas Price/Pricing Strategy:
Below is the pricing strategy in Petronas marketing mix strategy:
Economy of a country, transactional costs as well as mining cost contribute a lot to the pricing of products in the petroleum sector. Hence, primarily the pricing in the Petronas marketing mix is dependent on factors like government prices, crude oil prices & demand for fuel.
Many countries impose heavy taxes on gas and oil. Government being the main decision making body monitors the oil and gas prices as per international pricing levels. Any increase or decrease in pricing greatly affects oil companies, and thus for Petronas as well.
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Petronas Place & Distribution Strategy:
Following is the distribution strategy in the Petronas marketing mix:
Petronas has successful operations in 35 countries. They are growing substantially in the European region but owing to tough competition they need to strategize their business appropriately. Also as Petronas are headquartered in Malaysia, they occupy a huge portion of the Asian market.
Over the years, with the aim of global expansion, the company has constantly increased its global footprint in terms of exploration, distribution and market reach.
Petronas Promotion & Advertising Strategy:
The promotional and advertising strategy in the Petronas marketing mix is as follows:
Oil and Gas being a very essential requirement does not require a lot of promotions. Especially in the Asian countries as they have a huge customer base and they being the only trustworthy and profitable Oil and Gas Company they do not need promotions. The only place they pay for advertising are at gas stations where most of their customers are frequent visitors. Petronas has actively sponsored racing events and has been a face of many events that occur across the world. Malaysian Grand Prix is a major event where Petronas actively sponsors the races. Hence, this concludes the Petronas marketing mix analysis.
About Petronas:
Petronas, headquartered in Kuala Lumpur is a Malaysian Natural Oil company which was founded in the year 1974. It is the largest multinational corporation as per Fortune 500.
It is one of the most profitable and largest corporation in the world. Petronas is recently been identified as one among the seven sisters by financial times.
Browse marketing strategy and 4Ps analysis of more brands similar to Petronas. The Marketing Mix & Strategy section covers 4Ps and 7Ps of more than 800 brands in 2 categories.
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