abhishreshthaa
Abhijeet S
Conoco Inc. was an American oil company founded in 1875 as the Continental Oil and Transportation Company. It is now a brand of gasoline and service station in the United States which belongs to the ConocoPhillips Company. Before the merger, Conoco had its headquarters in what is now the current ConocoPhillips headquarters in the Energy Corridor of Houston, formerly known as the Conoco Center.
In 1875, the Continental Oil Company was founded in Utah.[1] Based in Ogden, Utah, the company was a coal, oil, kerosene, grease and candles distributor in the West.[citation needed] The main office was later moved to Ponca City, Oklahoma, when in 1929, Marland Oil Company (founded by exploration pioneer E. W. Marland) acquired the Continental Oil Company.[1] Marland Oil acquired the assets (subject to liabilities) of Continental Oil Company for a consideration of 2,317,266 shares of stock. At that time, Marland Oil changed its name to Continental Oil Company. The acquisition gave Conoco the red triangle symbol previously used by Marland and would become Conoco's logo from 1930 to 1970, when the current capsule logo was adopted.[citation needed]
The company ran into early trouble when, shortly after acquisition, it was hit by the Great Crash of October 1929. Conoco became a key supplier to the United States government during World War II.[citation needed] Under the leadership of Leonard F. McCollum, Conoco grew from a regional company to a global corporation. Another rough patch for the company came during the 1970s oil crisis, from which it did not recover until 1981, when Conoco became a subsidiary of former rival DuPont.[citation needed]
In 1981, cash rich and wanting to diversify, Seagram Company Ltd. engineered a takeover of Conoco Inc., a major American oil and gas producing company. Although Seagram acquired a 32.2% stake in Conoco, DuPont was brought in as a white knight by the oil company and entered the bidding war. In the end, Seagram lost out in the Conoco bidding war. In exchange for its stake in Conoco Inc, it became a 24.3% owner of DuPont.[citation needed] By 1995, Seagram was DuPont's largest single shareholder with four seats on the board of directors
The 4Ps are:
* Product (or Service)
* Place
* Price
* Promotion
A good way to understand the 4 Ps is by the questions that you need to ask to define you marketing mix. Here are some questions that will help you understand and define each of the four elements:
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?
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?
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?
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?
In 1875, the Continental Oil Company was founded in Utah.[1] Based in Ogden, Utah, the company was a coal, oil, kerosene, grease and candles distributor in the West.[citation needed] The main office was later moved to Ponca City, Oklahoma, when in 1929, Marland Oil Company (founded by exploration pioneer E. W. Marland) acquired the Continental Oil Company.[1] Marland Oil acquired the assets (subject to liabilities) of Continental Oil Company for a consideration of 2,317,266 shares of stock. At that time, Marland Oil changed its name to Continental Oil Company. The acquisition gave Conoco the red triangle symbol previously used by Marland and would become Conoco's logo from 1930 to 1970, when the current capsule logo was adopted.[citation needed]
The company ran into early trouble when, shortly after acquisition, it was hit by the Great Crash of October 1929. Conoco became a key supplier to the United States government during World War II.[citation needed] Under the leadership of Leonard F. McCollum, Conoco grew from a regional company to a global corporation. Another rough patch for the company came during the 1970s oil crisis, from which it did not recover until 1981, when Conoco became a subsidiary of former rival DuPont.[citation needed]
In 1981, cash rich and wanting to diversify, Seagram Company Ltd. engineered a takeover of Conoco Inc., a major American oil and gas producing company. Although Seagram acquired a 32.2% stake in Conoco, DuPont was brought in as a white knight by the oil company and entered the bidding war. In the end, Seagram lost out in the Conoco bidding war. In exchange for its stake in Conoco Inc, it became a 24.3% owner of DuPont.[citation needed] By 1995, Seagram was DuPont's largest single shareholder with four seats on the board of directors
The 4Ps are:
* Product (or Service)
* Place
* Price
* Promotion
A good way to understand the 4 Ps is by the questions that you need to ask to define you marketing mix. Here are some questions that will help you understand and define each of the four elements:
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?
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?
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?
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?