Global Marketing Management. British Petroleum Essay

Global Marketing Management. British Petroleum - Essay Example Internationalisation in terms of marketing can be defined as the outward venture of a company into the international shores to expand its objective, market share and explore new opportunities. Every major company worldwide have ventured or are planning to venture in foreign land to grab the opportunity lying ahead in terms of resource availability, manpower, technology, etc. Internationalisation has helped in bringing the business around globe under one umbrella by making the goods & services available across the different continents and emerging as global brands. Global marketing is the need of the hour in today’s time with more & more organisations making their presence felt in almost all countries. Global venture for the organisations has helped to standardise their products, improve the services and lastly integrated marketing (Johanson, 2008, p. 11-15). There are number of companies from different parts of the world who are now not subjugated as companies concentrating on domestic market, but, can be termed as companies catering to multi-domestic market. Organisations have believed in being a global company then domestic player with their approach of considering every country as their home country and doing business as per the ethics and cultural background of that country. There are various examples of such companies which have been a global partner over many decades and one of them is Britoil Public Limited Company. This company was established in the year 1975 as a nationalised company, named as British National Oil Corporation which was later christened as Britoil Public Limited Company. Later in the year 1988 it was acquired by the British Petroleum Company. British Petroleum is a company which is a pioneer in the petroleum field and has been in this business since 1909. British Petroleum is one of the largest oil producing companies in the world with the revenue standing at USD 297, 107 million as of 2010 (BP, 2012). British Petroleum Company: British Petroleum has made its presence felt in around every corner of the world exploring fuel and natural gas, manufacturing other petroleum products, refining, and marketing and into retail. British Petroleum Company has been venturing into different countries with its mission and vision intact. If furthe r it has to be considered that British Petroleum is planning to enter into different horizon what has to be the internationalisation plan for the company, how will the company process its business plan of internationalisation? What will be the market opportunities? Who will be its competitors? What will be its prime purpose for exploring new country? What has to be the preparedness factor the company to opt for internationalisation in different territory? Will the company be capable of implementing its true skills in offshore market where language and culture can halt the company’s plan? These factors can be analysed in a sequential manner to get a clear picture of the whole plan of internationalisation by British Petroleum (Hollensen, 2009, p. 5-7). Financial Status of British Petroleum: British Petroleum is a cartel firm of different companies with main business interest in discovering, producing and marketing of the natural resources of energy. As a company British Petrole um