Brand Audit: British Petroleum

Submitted by-
Trishik Shrestha
UN id no.- 15422923
 Contents:

Executive summary

Internal audit: Brand Inventory

-Brand analysis: Introduction and history

-bp’s mission statement

-bp’s vision

-Product portfolio

-bp’s brand strategy and tactics

-Marketing mix strengths and weaknesses

-Visual identity review

-Resonance pyramid

-Financial performance evaluation

-SWOT analysis and key brand challenges

External audit: Brand exploratory

-Market situation analysis

-Competitor positioning

-Points of differentiation and points of

parity table

-Customer perception

Strategic and tactical suggestions

Appendices
……………………………………………………….Appendix 1- Brand Plan
………………………………………………………..Appendix 2- SWOT analysis
………………………………………………………..Appendix 3- Points of differentiation and points of parity
………………………………………………………..Appendix 4- Mind mapping

…………….........References
 Executive summary

The following brand audit is conducted on British Petroleum. British Petroleum is an

international energy giant which has recently remained in the lime light. The purpose of this
brand audit is to evaluate the brand’s current situation (brand inventory and brand exploratory)
along with a SWOT analysis and key brand challenges. Also to provide strategic and tactical
recommendations to build and maintain brand equity. To further clarify the situation, the audit
uses Marketing mix, Resonance pyramid, Points of parity and points of differentiation (POP and
POD) and Mind mapping tools. A Brand plan is presented at the end of the audit in appendix-1
which will comprehend the Situation analysis, Aims and Objectives and Implementation Plan.
Internal Audit- Brand inventory
Brand analysis: Introduction and History

“It’s important to know where you came from in order to know where you’re going” – Terry
Pratchett

Based on market capitalization, production and reserves, British Petroleum (bp) is one
of the world’s leading incorporated oil and gas companies. bp provides its customers with fuel
for transportation, energy for heat and light, lubricants to keep engines moving and
petrochemical products used to make everyday objects (bp.com, 1996). Formed in 1909 as
Anglo Persian Oil company, bp has a century old history of navigating through changing times
and it continues to do so with its respectable values and visions.

bp’s mission statement

To prosper as an incorporated, international energy company with a strong technology base

and focused marketing efforts (bp.com, 1996).

bp’s vision

To fulfill the growing demand of energy by providing a mix of fuels- helping is the transition
towards a lower carbon economy (bp.com, 1996).

Product portfolio

bp’s products visibly reflects its objectives which can be seen in the product portfolio below.

Current products and services

bp ultimate Unleaded petrol
bp Ultimate diesel
Fuels
The bp Ultimate unleaded
with ACTIVE technology is
the best dirt-busting fuel
for petrol engines from BP
designed to start working
from the first fill, assisting
in the removal of dirt in the
engine and stop it from
coming back.
The bp Ultimate diesel with
ACTIVE technology is the
 best dirt-busting fuel for
diesel engines from bp. The
technology is similar to bp
Unlimitied petrol.

Avgas The high quality Avgas is

manufactured according to
strictly controlled
specifications and is
specifically designed to
deliver safe and reliable
operation in spark ignition
aviation piston engines at
altitude as well as on the
Aviation Fuel ground.

Jet fuel bp’s jet fuels (jet A-1 and

jet A) meets the (AFQRJOS)
requirements, the most
stringent requirements of
the Defence Standard
91/91 and ASTM D-1655
specifications.

Castrol Castrol provides lubricants

for various purposes for
car, motorcycles, scooters,
trucks and bus and off-road


BP Lubricants BP Lubricants provides

Visco and Vanellus car and
Lubricants commercial vehicle engine
oils of different ranges.
 BP fuel cards BP fuel cards offer a variety
of benefits including
competitive pricing, an
extensive network,
Others enhanced security and easy
control of fleet admin and
management information.

(bp.com, 1996)

bp’s brand strategy and tactics

BP aims to create value for its investors and benefit the communities and societies where it
operates. BP claims to be pursuing its strategy through the following tactics-

Setting clear priorities- (run safe, reliable and compliant operations resulting in efficient
operations, target competitive project execution for efficient delivery of projects and making
proper financial choices)

Managing a quality portfolio-(Concentrating on areas of strengths, focusing on its high-value

upstream assets and downstream businesses by putting more efforts on areas that can
generate the most value)

Concentrating on and expending its distinctive capabilities- (Application of advanced

technology across hydrocarbon value chain, developing expedient products for customers and
maintain strong relations to enhance operations) (bp.com, 1996). The table below
compliments the understanding of bp’s brand tactics.
 Marketing Mix
Product- Petrol, diesel,
Lubricants, aviation fuel
Place- BP petrol Pumps, retail
shops, workshops, tankers
delivery (aviation fuel), 20,700
bp retails, ampm, wild bean
café
Price- Unleaded 91 (petrol)-
$1.83 cents
Diesel- 97 cents
Lubricants- $38.99- $89.99
Promotion-
‘Beyond Petroleum’, ‘More
than just oil, its liquid
engeneering’ tagline
(bp.com, 1996; bloomberg.com, 2016)
Strengths
-Always in demand
-Doesn’t have to be
advertised
-Need of product
-High barriers to entry in the
market
-Oligopoly
-Price in moderate control
-Emerging markets in Asia/
Pacific
-High accessibility for the
customer
-Customers get more than
fuel refill at ampm
-Presence of a good
restaurant on the road (wild
bean café)
-Higher demand eminent
-Not a lot of competition
-Prices are comprehensible
Unique
Appealing
Customer friendly
Simply memorable marketing
-Popularity in Europe
-Not a lot of marketing
required as economy is
underpinned by its energy
supply
Weaknesses
-Ecological barriers
-Targeted by media
-Changing production
methods and development
into new energy sources are
difficult
- Low government support
while going into expensive
lower-carbon energy
production
-Mature market
-Intense competition
-A lot of other suppliers from
other companies creating
higher competition
-bp’s presence in highways
(ampm, wild bean café)
affects its identity.
-Low profit
-Increasing prices in Europe
-Recovering from a huge debt,
competitors decreasing prices
is an immense threat
-Weak market outside Europe
-Intense competition
-A lot of choices among
products
-Promotion efforts stifled by
recent Gulf of Mexico oil spill
Visual Identity review

Taking into consideration the visual identity of bp, its name and logo plays a significant
role. The initials of the name British Petroleum, originally displayed in upper cases are now in
lower cases after results from bp’s focus groups found that using lower cases would perceive
the brand name to be more friendlier among customers so it was adopted- thus the reason
behind the lower case ‘bp’ along the logo.
 The logo of bp is also a crucial element of its identity. Launched in 2000, the ‘Helios’- named
after the Greek god of the sun is a representation of heat, light and nature. Also, the
interlocking shapes represents a single entity created by different parts working as one which is
perfectly relevant as the new brand was launched after a series of mergers and acquisitions.
The resonance pyramid below further describes bp’s identity.

Resonance:

Loyalty: People don’t rely on a

Judgments:
Quality: Gulf of Mexico oil spill
affected the quality perception of
customers.
Credibility: Credibility took a hit
after the 2010 oil spill.
Superiority: Failed to maintain
superiority in recent years- not been
able to keep up with changing times.
particular company.
Feelings:
Attachment; bp synonymous with
energy. Security: bp’s recent accidents
raises question of quality of its
Community: Education, Economic products.
development, environment and
charity. Social approval and Self-respect:
carbon pricing has earned it the
Engagement: customers not respect of customers.
engaged with the brand.
Resonance

Judgments Feelings

Performance Imagery

Salience

Performance:
Primary Characteristics: Providing
a mix of fuel.
Secondary characteristics:
Downstream businesses.
Efficiency: fluent efficiency with
operations in 70 countries.
Price: Dependent on the global rise
and fall of energy resources.
Salience:
Who are you: Among the world’s
leading energy companies.
The main objective: To benefit the
society by providing energy.
Characteristics: Upstream and
downstream operating segments,
producing essential sources of energy,
turning them into products that
people need.
Distinctive signs: Logo, Tagline
“beyond petroleum”
Imagery:
User profile: bp has no specific target
market.
Purchases and Uses: Production of
3.24 million BPD, and revenue $225.98
billion
Uses- transport, heat and light, engine
efficiency.
Personality and values: belief in the
need of a mix of fuels and aims to be
perceived ecological.
(bp.com, 2016)

Financial performance evaluation

British Petroleum’s financial performance in the energy industry

Market capitalization and Revenue

rd
Year (3
2009 2010 2011 2012 2013 2014 2015
quarter)
Market
capitalization 515.00 305.73 454.35 402.00 453.80 519.20 443.35
(GBX)
Revenue $
246.14 302.55 386.46 388.29 396.22 358.68 225.98
Billion

Market share and Enterprise value

Market Gazprom Rosneft ExxonMobi PetroChina BP (5th) Royal Chevron
Share (1st) 8.38 (2nd) 5.0 l (3rd) 4.10 (4th) 4.07 3.24 Dutch (7th) 2.62
(Barrels million million million BPD million million Shell million
Per Day) BPD BPD BPD BPD (6th) 2.95 BPD
million
BPD
Enterpris Gazprom Rosneft ExxonMobi PetroChina BP $121 Royal Chevron
e value $84.3 $72.5 l $390 $303 billion Dutch $207
billion billion billion billion Shell billion
$216
billion

(google finance, 2016; forbes.com, 2016)

SWOT analysis and key brand challenges

Every company has its strengths, weaknesses, opportunities and threats in its market.
Bp’s SWOT analysis is given below.

Strength Weaknesses
 Human Resources  Outdated business model
 Technological capabilities  Weakness of shareholders
 Upgrading refineries  Gulf of Mexico oil spill
 Infrastructure  Decline in production
 Leadership in Europe  No nuclear and hydro energy
 Experience  Recovering from a bad debt
 Strategic planning  Weak market outside Europe
 Innovative working styles  Dependent on a very few oil fields
 Partnerships in Russia
Opportunities Threats
 Carbon pricing  Mature market
 Shale oil and gas  Intense competition
 Nuclear and hydro energy  Environment regulations
 General public still remains dependent  Substitute products
on oil as main source of energy  Customers retaliation
 Emerging markets in Asia  Media
 Technological advancements
(bp.com, 2016; Stevens, 2016)

A detailed format of the SWOT analysis is present at appendix-2

Key Brand Challenges

BP is a company that aims to provide the world a variety of fuels in order to fulfill the energy
demand meanwhile aiding the transformation into a lower-carbon society. Recent focus has
been given to renewable resources bio fuel and shore wind which are in demand. However, bp
has not tapped into a few other energy sources meaning that it still has more to venture in to
deliver fully on its objectives. Considering the information bp has the following challenges.

Possessing a compelling vision: Although bp’s vision is intriguing, it somewhat doesn’t hold
entirely true- still producing and using carbon rich resources.

Creating new sub categories: BP might see itself in a huge advantage if it comprises within itself
a few other energy products of different cleaner origin.

Generating breakthrough: This remains a challenge for all members of the energy market-
coming up with a revolutionary output or a solution to energy demand.

Realizing integrated marketing communication (IMC): With a number of sub brands entailed
within bp, integrating the promotional tools in order to harmonizing their output becomes a
challenge.

Building the brand internally: With a tarnished reputation after the 2010 Gulf of Mexico spill,
bp tried to mend an external damage internally through its ‘We are BP’ campaign (prezi.com,
2013). This campaign however didn’t bring expected success. Therefore with the brand equity
still in jeopardy, fully regaining the people’s trust still remains a challenge.
External audit: brand exploratory

Market situation analysis

With prices of renewables and non-renewables constantly fluctuating, the energy market can
be deemed extremely dynamic. bp predicts 34% rise in energy demand by 2015. Fossil fuel
prices continues to decrease from 2014 but will remain unpredictable in the future. Cost of
renewables- which is in increasing demands remains high. This however is predicted to change
with innovation and technological enhancements (bp.com, 2016). Most efforts being focused
on lower-carbon intensity, Shale remains in popularity (oilprices.com, 2011).

Competitor positioning

Gazprom, Rosneft, ExxonMobil, PetroChina, Royal Dutch Shell and Chevron remain the
competitors of bp with immense capabilities. Their position in the market on the basis of
market capitalization, revenue, market share/ production and enterprise value can be seen in
the financial performance tables. The POP and POD mentioned below further explains the
position of bp in the market and the characteristics of the energy industry itself.

A detailed format of the table can be seen at appendix- 3 . Presented below is the shortened
version of the POP, POD table.

Points of parity of oil and gas companies Points of differentiations

-Following energy resource demand trends -Partnerships in Russia
-Mainly categorized into upstream and -Global energy trading
downstream sections -Innovative offers for the customers-
-Main products Cooperative partnerships
-Quantitative assets -Finding profitable arrangements
-Service and supply
-Following price trends
-Following government regulations
-Mining and production processes
-Maintaining international standards
-Environment concerns
-Ethical
(petroleum.ac.uk, 2015; Agnihotri, 2015; oilprices.com, 2015)
Customer Perception

The customer perception of bp has continued to deteriorate since the 2010 oil spill. When it
comes to public tolerance, the level vastly depends on the size of the spill. The fault mostly goes
to the dysfunctional working procedures- just because they worked brilliantly in the past
decade, which were perceived to work just as well today (edition.cnn.com, 2016). This is due to
the outdated business model mentioned in the SWOT analysis table- (weakness). Despite the
marketing efforts of bp to regain trust among the general public, it was found that 59% were
still unaffected by the commercials. In 2000 bp changed its posture from “British Petroleum” to
“Beyond Petroleum” investing about $200 million on the tagline “Beyond Petroleum” whose
impact at the time was positive (prwatch.org, 2010). bp remains in the need of such successful
campaigns in order to rebuild its brand equity and trust. An idea of customer perception can be
gained from the mind mapping in appendix- 4

Strategic and tactical suggestions

The actions that bp is suggested to embark upon are all interrelated. Firstly, pointing out to the
failure of the initially successful “Beyond Petroleum” campaign- This campaign although gaining
popularity initially, quickly took a hypocritical tone when the fact that bp’s clean energy
production was dwarfed by its colossal oil production (prwatch.org, 2016). Further, bp’s 2011
“We are BP” campaign also failed to gain popularity as the 2010 incident had completely lifted
trust off the organization (prezi.com, 2013, marketingweek.com, 2016). It has been mentioned
that as long as bp sells a large quantity of oil, the public image doesn’t matter (forbes.com,
2014) but here a question must be asked “Till when can bp sell this amount of oil?” Therefore
the crucial step for bp would be to invest and concentrate additionally on marketing activities
focused on rebuilding its trust in the society. Only then can it build its brand equity. In order for
this to work, bp must take a bold step into environmental health- investing primarily on
renewable and other clean energy sources. This step will ensure the survival of the company in
the market or further, help it thrive.
 Appendix-1: Brand Plan
Situation Analysis
Vision:
To fulfill the growing demand of energy
by providing a mix of fuels- helping is
the transition towards a lower carbon
economy
Strengths:
 Renewable energy operation
 Experience
 Strategic planning
 Innovative working styles
 Partnerships in Russia
Weaknesses
 Business model
 Gulf of Mexico oil spill
 Bad customer perception
 Failed campaigns
Opportunities
 Environment and people
focused marketing
 Shale oil and gas
 Nuclear and hydro energy
 Emerging markets in Asia
 Technological advancements
Threats
 Cutthroat competition
 Lower market share
 Media
 Consumer retaliation
 Lawsuits
Brand Challenges
 Possessing a compelling vision
 Creating sub-catagories
 Generating breakthrough
 Realizing IMC
 Building the brand internally
Aims and Objectives
Strategies
 Focus on building brand equity
(regaining trust) and clean energy
technologies simultaneously
 Reposition brand toward a lower-
carbon energy company.
 Shift focus onto renewable
resources in a way that clean
energy generation will be higher
than oil and gas production in the
next 3 years.
Objectives
 Initiate marketing activities focused
on environment health and people.
 Invest primarily on clean energy
resources, restoring the Gulf of
Mexico oil spill damage and lower-
carbon environment focused
campaigns.
Marketing Mix
Product
 Bio fuel
 Electricity (on shore wind)
 Electricity (Solar energy)
 Nuclear energy based fuel
 Shale gas
 Shale oil
Place
 bp retailers (adding a few more)
 Delivery to valuable clients
(airports)
 bp gas stations
Price
 In accordance with government
regulation
 2-3% lower than competitors
(depending on profitability)
 Customer sensitive
Promotion
 Environment focused
 People focused
 Accordance with current activities
Implementation Plan
Marketing Budget (%of total marketing
budget)
 “Beyond Petroleum” campaign-
20%
 “We are BP” (focused on people)
campaign- 20%
 Gulf of Mexico restoration
(before and after) commersials
10%
 bp- Sub-brands harmonization
programs- 15%
 Social media- 10%
 Environment conservation
campaigns- 10%
 Sub-Brand promotion- 15%
Controls
 Upstream assets maintenance
 Customer perception review
(outside sources)
 Marketing success review
 Enterprise value review
 Market share review
 Monthly sales review
 Social media management
 Campaign operation
 Active focus groups
 Budget monitoring
 Trend monitoring
 Frequent competitor analysis
Appendix- 2 SWOT analysis
Strengths
-A lot of experience in the dynamic market
-Strategy already in-line with a lot of the
challenges that the industry may face (re-
shuffling assets to produce products useful in
the future, focus on high value upstream
assets, flexibility to adapt strategy to a lower
carbon environment.)
-Largest operated renewable energy business
compared to competitors. Activities focused
on bio gas and on shore wind.
-Versatile range of energy source so a price fall
in one area will not seriously affect revenue.
-Promoting clean energy (example- supporting
the movement of putting a price on carbon)-
such activities starting to have a positive
impact on customer perception.
-Promoting lower-carbon environment
suggesting BP’s readiness towards changing
and possible future trends.
Opportunities
-Launching more flexible pricing policy to
compete with competitors.
-Using carbon pricing to its advantage
regarding customer perception.
-Re-launch campaigns like “beyond
Petroleum” in 2000 to regain customers trust.
-Invest in Nuclear and Hydro-electricity
-Innovation in lower-carbon energy
technologies.
-Using the ‘pricing carbon’ movement,
influencing the end consumer to purchase
lower-carbon fuel.
-Investing in Shale oil and gas.
(bp.com, 2016; Steven, 2016)
Weaknesses
-Outdated business model based on
(maximizing shareholder value based on a
strategy that provided benchmarks for
financial returns, maximizing bookable
reserves and minimizing costs).
-Delusion of shareholders on the business
model based on assumptions.
-No involvement in Nuclear and Hydro-energy
production.
-The 2010 Gulf of Mexico Oil spill.
-Decline in production.
-Bad customer perception of the company
after the Gulf of Mexico incident.
Threats
-Competition from the listed competitors.
-Lower market share in time of crisis.
-Media thrashing regarding the Gulf of Mexico
oil spill.
-Consumers retaliation after loss of good will.
-Decreasing prices of oil coal.
-Lawsuits regarding company’s ecological
activities.
-The reducing prices of oil and increasing cost
of operation and production affecting profit.
Appendix- 3: Point of parity and point of differentiation
Points of parity of oil and gas companies
-Following energy resource demand trends:
in line with customers demand
-Mainly categorized into upstream and
downstream sections: explorations,
productions, refineries and manufacture
-Main products: Petrol, diesel, lubricants, gas
and oil for other purposes
-Quantitative assets: rigs, reserves, transport, physical products such as crude oil, refined
refineries
-Service and supply: oil and gas stations,
retailers
-Following price trends: in line with demand
and competition
-Following government regulations:
environmental laws, taxation laws
-Mining and production processes
-Maintaining international standards:
Aviation Fuel Quality Requirement for Jointly
Operated Systems (AFQRJOS), ASTM D-1655,
TS-1 etcetera
-Environment concerns: carbon emmision
-Ethical
(petroleum.ac.uk, 2015; Agnihotri, 2015; oilprices.com, 2015)
Points of differentiations
-Partnerships in Russia- creating a successful
presence in a country with some of the largest
oil and gas reserves and the greatest potential
worldwide through partnership with Rosneft,
the world’s largest listed oil company in terms
of production volume.
-Global energy trading- trading a range of
products, natural gas, LNG and power, and
aim to maximize value from our assets by
managing the flow of these products.
-Innovative offers for the customers-
providing customers with a comprehensive
range of products, designed to meet their
needs. Example, Castrol’s history in innovation
making it industry’s first and bp’s newly
launched Nexcel oil-change technology. Also in
retail, combination of quality brands creates a
highly distinguished offer. In the UK the
partnership with Marks & Spencer, market-
leading loyalty programme with Nectar, the
Wild Bean Café and Apple Pay can be taken as
examples.
-Cooperative partnerships- partnership with
national and international oil companies in the
Shah Denis Stage 2 and Southern Corridor
project. Respectable history of working with
the government.
-Finding profitable arrangements- found a
way to operate in the conflict stricken,
underinvested Rumaila oil field in Iraq in
partnership with China National Petroleum
Corporation.
 Appendix- 4: Mind mapping

Petrochemicals Oil and gas Rebranding

Aviation fuels Gulf of Mexico oil Biofuel

spill
ampm Reputable

Aral Popular

Castrol
Deep history

Open
Carbon pricing
communication
movement
Huge energy
producer
Penny savers
Onshore wind energy

Mishaps Lawsuits
Green

“Beyond Petroleum” Ecological criminal

Constantly
changing image

Friendlier
More than just oil
marketing
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