abhishreshthaa
Abhijeet S
Amoco Corporation, originally Standard Oil Company (Indiana), was a global chemical and oil company, founded in 1889 around a refinery located in Whiting, Indiana.
It later absorbed the American Oil Company founded in Baltimore in 1910 and incorporated in 1922 by Louis Blaustein and his son Jacob. British Petroleum acquired Amoco in 1998.
The firm's innovations included two essential parts of the modern industry, the gasoline tanker truck and the drive-through filling station.[1] Its headquarters were located in the Amoco Building (now the Aon Center) in Chicago Loop, Chicago, Illinois.
Standard Oil (Indiana) was formed in 1889 by John D. Rockefeller as part of the Standard Oil trust. In 1910, with the rise in popularity of the automobile, Indiana Standard decided to specialize in providing gasoline to everyday families and their cars. In 1911, the year it became independent from the Standard Oil trust, the company sold 88% of the gasoline and kerosene sold in the Midwest. In 1912 it opened its first gas service station in Minneapolis, Minnesota.
When the Standard Oil Trust was broken up in 1911, Indiana Standard was assigned marketing territory covering most of the Midwestern United States, including Indiana, Michigan, Illinois, Wisconsin, Minnesota, North Dakota, South Dakota, Iowa, Kansas, and Missouri. It had the exclusive rights to use the Standard name in the region. It purchased the Dixie Oil Company of Louisiana in 1919 and began investing in other oil companies outside its Standard marketing territory.
Blaustein incorporated his business as the American Oil Co. in 1922. In 1923 the Blausteins sold a half interest in American Oil to the Pan American Petroleum & Transport company in exchange for a guaranteed supply of oil. Before this deal, Amoco was forced to depend on Standard Oil of New Jersey, a competitor, for its supplies. Standard Oil of Indiana acquired Pan American in 1925, beginning John Rockefeller's association with the Amoco name.[3]
In the 1920s and '30s Indiana Standard opened up dozens more refining and oil-drilling facilities. Combined with a new oil-refining process, Indiana Standard created its exploration and production business, Stanolind, in 1931. In the following years, a period of intense exploration and search for oil-rich fields ensued; the company drilled over 1000 wells in 1937 alone.
Product/Service
* What does the customer want from the product/service? What needs does it satisfy?
* What features does it have to meet these needs?
o Are there any features you've missed out?
o Are you including costly features that the customer won't actually use?
* How and where will the customer use it?
* What does it look like? How will customers experience it?
* What size(s), color(s), and so on, should it be?
* What is it to be called?
* How is it branded?
* How is it differentiated versus your competitors?
* What is the most it can cost to provide, and still be sold sufficiently profitably? (See also Price, below).
Place
* Where do buyers look for your product or service?
* If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue?
* How can you access the right distribution channels?
* Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies?
* What do you competitors do, and how can you learn from that and/or differentiate?
Price
* What is the value of the product or service to the buyer?
* Are there established price points for products or services in this area?
* Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin?
* What discounts should be offered to trade customers, or to other specific segments of your market?
* How will your price compare with your competitors?
Promotion
* Where and when can you get across your marketing messages to your target market?
* Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet?
* When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?
* How do your competitors do their promotions? And how does that influence your choice of promotional activity?
The 4Ps model is just one of many marketing mix lists that have been developed over the years. And, whilst the questions we have listed above are key, they are just a subset of the detailed probing that may be required to optimize your marketing mix.
Amongst the other marketing mix models have been developed over the years is Boom and Bitner's 7Ps, sometimes called the extended marketing mix, which include the first 4 Ps, plus people, processes and physical layout decisions.
Another marketing mix approach is Lauterborn's 4Cs, which presents the elements of the marketing mix from the buyer's, rather than the seller's, perspective. It is made up of Customer needs and wants (the equivalent of product), Cost (price), Convenience (place) and Communication (promotion). In this article, we focus on the 4Ps model as it is the most well-recognized, and contains the core elements of a good marketing mix.
It later absorbed the American Oil Company founded in Baltimore in 1910 and incorporated in 1922 by Louis Blaustein and his son Jacob. British Petroleum acquired Amoco in 1998.
The firm's innovations included two essential parts of the modern industry, the gasoline tanker truck and the drive-through filling station.[1] Its headquarters were located in the Amoco Building (now the Aon Center) in Chicago Loop, Chicago, Illinois.
Standard Oil (Indiana) was formed in 1889 by John D. Rockefeller as part of the Standard Oil trust. In 1910, with the rise in popularity of the automobile, Indiana Standard decided to specialize in providing gasoline to everyday families and their cars. In 1911, the year it became independent from the Standard Oil trust, the company sold 88% of the gasoline and kerosene sold in the Midwest. In 1912 it opened its first gas service station in Minneapolis, Minnesota.
When the Standard Oil Trust was broken up in 1911, Indiana Standard was assigned marketing territory covering most of the Midwestern United States, including Indiana, Michigan, Illinois, Wisconsin, Minnesota, North Dakota, South Dakota, Iowa, Kansas, and Missouri. It had the exclusive rights to use the Standard name in the region. It purchased the Dixie Oil Company of Louisiana in 1919 and began investing in other oil companies outside its Standard marketing territory.
Blaustein incorporated his business as the American Oil Co. in 1922. In 1923 the Blausteins sold a half interest in American Oil to the Pan American Petroleum & Transport company in exchange for a guaranteed supply of oil. Before this deal, Amoco was forced to depend on Standard Oil of New Jersey, a competitor, for its supplies. Standard Oil of Indiana acquired Pan American in 1925, beginning John Rockefeller's association with the Amoco name.[3]
In the 1920s and '30s Indiana Standard opened up dozens more refining and oil-drilling facilities. Combined with a new oil-refining process, Indiana Standard created its exploration and production business, Stanolind, in 1931. In the following years, a period of intense exploration and search for oil-rich fields ensued; the company drilled over 1000 wells in 1937 alone.
Product/Service
* What does the customer want from the product/service? What needs does it satisfy?
* What features does it have to meet these needs?
o Are there any features you've missed out?
o Are you including costly features that the customer won't actually use?
* How and where will the customer use it?
* What does it look like? How will customers experience it?
* What size(s), color(s), and so on, should it be?
* What is it to be called?
* How is it branded?
* How is it differentiated versus your competitors?
* What is the most it can cost to provide, and still be sold sufficiently profitably? (See also Price, below).
Place
* Where do buyers look for your product or service?
* If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue?
* How can you access the right distribution channels?
* Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies?
* What do you competitors do, and how can you learn from that and/or differentiate?
Price
* What is the value of the product or service to the buyer?
* Are there established price points for products or services in this area?
* Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin?
* What discounts should be offered to trade customers, or to other specific segments of your market?
* How will your price compare with your competitors?
Promotion
* Where and when can you get across your marketing messages to your target market?
* Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet?
* When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?
* How do your competitors do their promotions? And how does that influence your choice of promotional activity?
The 4Ps model is just one of many marketing mix lists that have been developed over the years. And, whilst the questions we have listed above are key, they are just a subset of the detailed probing that may be required to optimize your marketing mix.
Amongst the other marketing mix models have been developed over the years is Boom and Bitner's 7Ps, sometimes called the extended marketing mix, which include the first 4 Ps, plus people, processes and physical layout decisions.
Another marketing mix approach is Lauterborn's 4Cs, which presents the elements of the marketing mix from the buyer's, rather than the seller's, perspective. It is made up of Customer needs and wants (the equivalent of product), Cost (price), Convenience (place) and Communication (promotion). In this article, we focus on the 4Ps model as it is the most well-recognized, and contains the core elements of a good marketing mix.