Marketing:Exxon Mobil Corporation
Impactof globalization and changes in technology
Inthe oil and gas industry, I selected the largest public company,Exxon Mobil Corp. that has been recording the highest revenues in allthe financial years. Increased globalization and the changes intechnology have contributed to the complexities that exist in theenergy field necessitating the company under consideration to takethe appropriate measures to counter their competitors who are dealingin the same products. These changes in technology have come up withadverse effects on the socioeconomic conditions of the Exxon MobilCorp.
Theimpact of changes in technology has been felt in different sectionsof the oil and gas exploration industry as far as the Exxon MobilCorp. is concerned. The parts where the changes in technology havebeen felt includes deepwater drilling, exploration, hydraulicfracturing, vehicle technologies, energy efficiency, extended reachtechnology, and liquefied natural gas. In deep water drilling, it wasformerly impossible to produce offshore oil but due to theadvancement in technology, the production is now possible and also,the gas deposits can be extracted from the water depths. Theexploration part has witnessed intense reservoir mapping as well asseismic mapping due to the changes in technology. Because of theglobal nature of the company, geological and geographicalenvironments can now be explored due to the advancement intechnology. Seismic mapping can be done using the technology tolocate the oil and gas fields in deep water levels (Yusuf, 2004).
TheExxon Mobil Corp. has invested in the extended reach technology thathas enabled it to do both horizontal and vertical drilling in thewells where the oil and gas have been discovered. This can be doneregardless of the distance of the location of oil and gas from thesubsurface. None of the fields can’t be accessed by the companycurrently, and also, this has witnessed a reduction in environmentalimpacts. The changes in technology as well led to liquefied naturalgas that is now extensively being used in household and commercialuses because it is environmentally friendly.
Howto earn above-average returns
Theindustrial organization model has been used by Exxon Mobil Corp. toensure that the company gets the above-average. This has beenachieved by the company putting an optimum emphasis on the externalenvironment, making the company attractive in the industry,formulating of the attainable strategies, assets and skills,implementations of the formulated strategy, and finally focusing onthe superior returns. The external environment study has provided thecompany with information on the general industry including that ofcompetitors. The company has used the information to maximize on theweaknesses of its closest competitors. The company has becomeattractive within the industry, and this has enabled it to retainmuch of its customers. The company has ensured that it acquires therequired assets and skills that are meant to ensure that theformulated strategy will be implemented without straining. Having allthe necessary requirements, the corporation has implemented itsstrategies that are meant to ensure that it earns superior returns.The superior returns so earned are responsible for the above-averagereturns for the company.
Onthe other side, the resource-based model employed by the company hasensured that Exxon Mobil Corp. has all the necessary resources thatare basic to its strategies. The unique resources the company enjoyshave ensured that company remains the best performer in the industry.The firm has taken time to study its resources and capabilities thatwill help it outdo all its competitors. The management knows thepotential of the firm in the industry, and that has enabled them tohave an advantage over their rivals. The company has exploited allthe opportunities in the oil and gas industry, an activity that hasensured that it an above-average returns.
Missionand vision statement
Thevision statement of the corporation is that “Exxon Mobil iscommitted to being the world’s premier petroleum and petrochemicalcompany. To the end, must continuously achieve superior financial andoperating results while simultaneously adhering to high ethicalstandards” (Group International, Inc. Staff & Icon Group Ltd,2000). This mission statement is very strong and appealing to thecurrent and the expected customers of the company as it has maximizedon the core concepts of the premier, the financial results, and theethical standards. To achieve the required premier in the industry,the company recruits and retains the best performing personnel whohave helped the company move a step further. These personnel are oneof the strengths of the company responsible for the quality productsof the company that has witnessed the required customer satisfaction.The best financial results are achieved due to the belief by themanagement that they have been mandated by the shareholders to makemoney. The management has invested the funds of the company indifferent profitable businesses that have necessitated a superiorreturn for the shareholders. Lastly, the company has observed thenecessary ethical standards by manufacturing the environmentallyfriendly products and also observing all the laws and regulations setby the relevant authorities (Icon Group International, Inc. Staff &Icon Group Ltd, 2000).
Thevision statement of the company is “Energy is fundamental to theworld’s economies. Improving living standards around the globerequires affordable, reliable energy” (Group International, Inc.Staff & Icon Group Ltd, 2000). From this vision statement, thecompany is responsible for its actions to the environment and makessure that the energy so provided is safe for the customers, and itdoes not exploit the environment at the expense of the companygaining superior returns.
Impactof stakeholders of the company
Thecommon stakeholders of Exxon Mobil Corp. are the government,community, shareholders, customers, and employees. The government hasset out the rules and regulations that should be made by the companyin the course of their operation. The company has as well ensuredthat it has observed all the necessary conditions to avoid possiblepenalties by the government and other responsible agencies.
Thecommunity in which the company operates is always in need to get therelevant information concerning the operations of the company. Toensure that the company succeeds, the management normally organizesspecial sessions with the community annually to deliver the requiredinformation.
Theinvestors of the company have continued to support the operations ofthe company and the company in return ensures that it offers therequired information to the investors to enable them to make adecision to invest or not to invest. The company holds meetings withthe shareholders throughout the year to ensure that they are up todate on the operations of the company.
Customersare always in need of the quality products so that they would remainto be loyal to the company. Failure by the company to meet therequirements of the customers, the company is likely to witnesscustomers shifting to the rival companies.
Theemployees have ensured that they do their best make quality productsthat can make the company outperform other rival firms in theindustry. In return, the company has ensured that the workingconditions for its employees are favorable.
IconGroup International, Inc. Staff & Icon Group Ltd. (2000). ExxonMobil Corp. International Competitive Benchmarks and Financial GapAnalysis.Icon Group International, Incorporated.
Yusuf,S. (2004). GlobalProduction Networking and Technological Change in East Asia.Washington, DC: World Bank.