2)Strengths: BP’s “Helios” initiative serves as an opportunity to explore the different approaches to eco-friendliness that will attract customers and enable them to develop a new approach to gas purchases (Chapter 2 47). In addition, this approach provides BP with a means of expanding its green strategy to encompass new perspectives and eco-friendly materials to attract customers to achieve greater growth and success (Week 3 Initial 2).
Weaknesses: For BP, Helios is a tremendous and costly undertaking which requires significant time and resources to accomplish (Week 3 Initial 2). In addition, there are no guarantees that the program will lead to success for BP in this area of focus, even over the next three years (Week 3 Initial 2). Finally, some consumers may reject the concept simply because they do not easily align gasoline with eco-friendliness (Week 3 Initial 2).
Opportunities: BP is challenged in its efforts to produce an environment that is both sustainable and attractive to customers; therefore, this alternative is a feasible option in supporting this endeavor (Week 3 Initial 3). In addition, this endeavor could be effective in attracting new types of investors and a larger customer base (Week 3 Initial 3). Helios supports a new direction for BP that is both innovative and out of the box (Week 3 Initial 3).
Threats: BP may serve as a strong example for other companies to duplicate with their own endeavors, thereby removing some of the uniqueness of this concept from the minds of customers (Week 3 Initial 3). This strategy may also threaten the cost of gas prices, which many consumers believe are already too high (Week 3 Initial 3).
3)BP possesses a great opportunity to develop a communication strategy that will allow consumers to view BP in a new light and in a manner that goes against the grain for a petroleum company, which may be attractive to a specific customer base. Furthermore, the staff must provide unique information to customers that will allow them to return to the location in the future (Graham Richard).
4) There are a number of long-term benefits of this strategy for society because it promotes a more eco-friendly approach to gasoline, which is designed to protect the environment and preserve human health. These efforts also provide a greater sense of accomplishment and understanding for BP and its contributions to sustainability. At the same time, BP gains a greater reputation with some market segments that are focused on the environment and other factors that contribute to a sustainable marketplace.
5) Finally, in evaluating this marketing strategy, it is important to recognize the value of the youth market and their role in BP’s sales and growth. In addition, this market is more likely to appreciate sustainability and eco-friendly products and locations than older markets. These contributions are critical because they support the ability to develop a new strategy to measure the success of the Helios initiative by using a more youthful approach. This will go a long way in establishing an effective marketing strategy that could be applied to a larger customer base.
Graham Richard, Michael. “BP Helios House: A little better. 18 September 2013: http://www.treehugger.com/cars/bp-helios-house-a-little-better.html
“Video Case 2. BP: Transforming its strategy “beyond petroleum.”” From Chapter 2: Developing Successful Marketing and Organizational Strategies, pp. 47-49.
Week 3 Initial. “Initial Post: Chapter 2: VC Q#2(3/e)-BP’s “Helios” initiative SWOT, pp. 1-7.