ConocoPhillips Oil Company Strategic Plan

ConocoPhillips Oil Company Strategic Plan

Company background

ConocoPhillips is a leading oil company based in Huston, Texas. The operations of the company involve finding and producing oil and natural gas as well as transporting and marketing their products (ConocoPhillips, 2019). The vision of the ConocoPhillips oil company is to produce refined oil and gas safely and responsibly. In their mission statement, the ConocoPhillips oil company ensures that no matter the environment, the essence of their company and core values do not change.

SWOT analysis

The major strength of the ConocoPhillips oil company is an extensive geographic presence (Management paradise, 2010). As the fifth largest private energy corporation in the world, their services have extended to many countries around the globe. The biggest weakness of the ConocoPhillips oil company is a negative public perception. It is a weakness because it hinders efficient service delivery.

The increase in demand for natural gas in North America is a big opportunity for ConocoPhillips. The increasing environmental regulations is a significant threat to the ConocoPhillips oil company.

Long-term objectives

According to John (2006), strategic planning provides a company purpose and direction. Therefore, it is essential to lay down firm and reasonable goals that can withstand the unpredictability of competition.  The long term objective of the ConocoPhillips oil company is to continue producing oil and gas safely and responsibly while upholding the core values. The company will do this by exploiting the potential market and using their broad geographical presence to reach out to society to change the negative perception. The company also aims to preserve the environment not only to meet all the requirements of the environmental preservation board but also to ensure the health and safety of the community around them.

Strategic analysis and choice

ConocoPhillips will exploit its extensive geographic presence as a platform to promote their products and publicity in North America and other parts of the world. Since North America has increased demand for natural oil, it is an opportunity to increase sales and also improve publicity stunts to uphold the company name. The company logo will be a sign of excellent services and essential corporate social responsibility.

Short-term objectives

Short term objectives are important because they are small steps towards achieving the long term objectives of any given organisation. ConocoPhillips aims to improve the perception of the public. It is essential to have a positive brand image to achieve maximum sales. ConocoPhillips seeks to accomplish this by implementing vigorous corporate social responsibility activities that will uphold the image of the company and change public perception for the better.

Tactics

According to Sarah (2013), the oil and gas industry has responded to the negative public opinion by upping communication; the effort to share information about what it does to protect the environment, pay taxes, and create jobs is beginning to resonate with the public and improving reputation. As such, the ConocoPhillips oil company will use communication as a tactic for improving publicity. Once the public knows the role the company plays in society, there will be efficient interaction, and it will enable successful corporate social responsibility activities.

Critical success factors

Critical success factors for the company rely on improving on the weaknesses as well as laying tactics to combat the threats. The company should advantage of their broad geographic presence and to create positive publicity.

Executive Summary

Investigations have revealed that the company has a competitive advantage over similar companies because of its broad geographical presence and the increase in demand for natural oil in North America. However, significant problems are facing the company such as poor publicity and strict environmental regulations. The company can combat poor publicity by taking advantage of the full geographical presence to run corporate social responsibility activities that paint the company in a positive light. Also, the company should adhere to every environmental regulation to protect the environment as well as the health and safety of society. The company can launch environmental preservation programmes such as tree planting and garbage collection days. They can also offer scholarships to local students as well as sponsor social events that pertain ecological conservation. Such activities will serve the purpose of preserving the environment as well as create positive publicity.

Rerefences

ConocoPhillips. Retrieved from http://www.conocophillips.com/about-us/

Edman, S. (2013). Public Perception of the Oil and Gas Industry. The Way Ahead, 9(02), 15-17.

Lawlor, J. E. (2006). The importance of strategic planning. London: Observatory on Borderless Higher education Long Range Planning, 21(1), 73-81.

SWOT ANALYSIS ON Conoco Phillips. Retrieved from http://www.managementparadise.com/forums/principles-management-p-o-m/208062-swot-analysis-conoco-phillips.html