ExxonMobil is one of the world's largest and most successful energy companies, with a long history of innovation and a strong commitment to research and development. The company's innovation strategy is centered around four key pillars: investing in advanced technologies, collaborating with external partners, building and nurturing a culture of innovation, and leveraging the expertise and capabilities of its talented employees.
One of the key ways that ExxonMobil drives innovation is through its significant investments in research and development. The company spends billions of dollars every year on R&D, with a focus on developing advanced technologies that can improve the efficiency, safety, and environmental performance of its operations. This includes investments in technologies such as advanced materials, digitalization, and renewable energy, as well as in the development of new fuels and lubricants.
In addition to its internal R&D efforts, ExxonMobil also collaborates with external partners to drive innovation. The company works with universities, research institutions, and other companies to access new ideas and technologies, and to co-develop solutions to some of the most pressing challenges facing the energy industry.
To support its innovation efforts, ExxonMobil also places a strong emphasis on building and nurturing a culture of innovation within the organization. The company encourages employees to think creatively and take calculated risks, and provides them with the resources and support they need to bring their ideas to fruition. This includes a wide range of initiatives and programs, such as hackathons, incubators, and employee-led innovation councils.
Finally, ExxonMobil leverages the expertise and capabilities of its talented employees to drive innovation. The company invests heavily in employee training and development, and provides employees with the opportunity to work on challenging projects and assignments that allow them to learn and grow. ExxonMobil also fosters a culture of continuous learning, encouraging employees to stay up-to-date on the latest developments in their field and to seek out new opportunities to learn and grow.
In summary, ExxonMobil's innovation strategy is centered around investing in advanced technologies, collaborating with external partners, building and nurturing a culture of innovation, and leveraging the expertise and capabilities of its talented employees. This holistic approach has helped the company to consistently drive innovation and stay at the forefront of the energy industry.
Case Study: Success Story of Exxon Mobil
However, it might not achieve this objective due to the inability to streamline operations across the board. Market penetration is the primary intensive growth strategy adopted by Exxon Mobil to accomplish the growth objectives. The Ansoff model of corporate strategy is predictive and mathematical which provides a clear understanding of the coming future and chaos associated with it. Over time, the implementation of the IT systems have allowed the company to focus on cost management as well as have operational efficiency and steady results. This way, they have effectively being able to manage the change and innovate their ideas. Change can be in any context.
The company have a large set of products when it comes to the variety of oils and lubricants. Exxon Mobil uses it as a secondary strategy to achieve growth objectives. All these qualities will help us to translate business priorities into a talent management strategy that can deliver the business results we are looking for. Fuel products and services are provided to aviation customers at more than 630 airports and to marine customers at more than 180 marine ports around the world. The above chart shows the strategy that ExxonMobil implements to integrate IT systems with excellence across the various divisions of the corporation Reece, Booth, 2007.
Exxon Mobil Generic and Intensive Growth Strategies
In Effy Oz ed. ExxonMobil has also utilized this particularly focused business-level strategy to serve the consumer needs of particular domestic and global market segments, increasing consumer loyalty and market share among such market segments In my view, the most important business-level strategy that can guarantee ExxonMobil with long term success is the cost leadership business-level strategy. And good for Isaacson for noting that technological innovation is a process of evolution, building on previous advances, often driven by engineers of a number of stripes. Factors contributing to this position are elucidated in the various attributes analyzed hereunder. According to the organizational context different styles are likely to be more or less appropriate. Other divisions deal specifically with minerals and coal mining business operations and activities, as well as the exploration of other minerals.
ExxonMobil presentation details strategy to grow shareholder value, protect dividend and transition to lower
High cultural intelligence has helped Exxon Mobil gain acceptance in culturally diversified consumer markets. They want to see the studies. In the past, this corporation faced criticism from the public for failing to react quickly to the Valdez oil spill. A correlation between low cost and low price leadership is assumed in this case. Consequently, the cost leader business-level strategy has enabled ExxonMobil to invest in and develop different substitutes, thereby granting it a substantial cost advantage over its different domestic and global competitors.
International Journal of Business and Management, 10 2 , 186-195. Demand for these lower-emission technologies could create multi-trillion dollar markets by 2040. The major oil companies are competing with each other to increase their market share. Resource-based theory and international growth strategies: an exploratory study. The 5 major players in the industry have been dominant in terms of market dominance and revenues especially Exxon Mobil is still the largest oil company. Thus the cultural communication gaps needs to be recovered. Intensive Growth Strategies 2.
ExxonMobil Corp: Business and Corporate Level Strategies
Journal of Business Strategy. Exxon Mobil Chemical is an integrated manufacturer and global marketer of olefins, aromatics, fluids, synthetic rubber, polyethylene, polypropylene, oriented polypropylene packaging films, plasticizers, synthetic lubricant base stocks, additives for fuels and lubricants, zeolite catalysts, and other petrochemical products. Innovation in technology is an important area to because the source of energy is often found in challenging environment. Market Development Supporting Strategy What is a market development strategy? ExxonMobil and Branding: A Knowhow Company Despite the fact that none of the technology related choices that ExxonMobil has made so far can be considered groundbreaking, it positions itself to the target audience as a technologically advanced entrepreneurship. Based on the reports prepared by OPEC and the international energy agency, the oil industry is struggling to keep up with the increased demand Opec. However they are also a technology company, applying science and innovation to find better, safer and cleaner ways to deliver the energy the world needs.
It helps Exxon Mobil in expanding the customer base despite the market becomes saturated. The volatility and instability of the government in the major petroleum producing countries has made the partnership between the major giants of oil industry and state backed petroleum industries very vulnerable. Hence we conclude through our research the oil and gas industry will have a very aggressive marketing and sales strategies amidst the volatility and uncertainty of the industry. For example, in response to the growing criticism by environment protection groups, the company attempted to offset the loss from declining sales by investing in green business practices and making business partners with the positive brand image. However, due to major dents in its HR strategy, the company may be facing another era of going downhill. EFFECTIVENESS OF MANAGING THE CHANGE WITHIN THE ORGANISATION The effectiveness of managing the change is depending on how management, employees and finally the organization as a whole face to the change event.
As a result, the current HR policy results in company losing the chances to hire experts and selecting less competent employees because of their gender and personal preferences. The lower-carbon business opportunities leverage decades of ExxonMobil experience in deploying technology at scale, and competitive advantages demonstrated in its existing businesses. Business Level Strategies Used by ExxonMobil Corp Business Level Strategies refer to those strategies that different business organizations and enterprises normally employ to enable it to gain an adequate competitive advantage over its significant rivals and competitors and to also help them achieve long term success, growth, and profitability. The Exxon, Mobil, Esso, and On the Run brands serve motorists at nearly 29,000 service stations and provide over one million industrial and wholesale customers with fuel products. The low-cost focus strategy is adopted by serving the needs of a niche market segment at the lowest possible price. Because the company has many products that requires high technology such as machines to get heavy oil from tight reservoirs or deep water, the high level of technology use spreads into all areas of the company. This corporation is doing little to meet consumer needs, and it faces the risk of being overtaken by rival firms such as Chevron Corporation, Royal Dutch Shell, and ConocoPhillips.
We are proud to be selected by leading universities in Thailand for our talents to partner and teach the new generation in our business. Those external forces of change can not be predicted and also effect to whole organization. Management and Administrative Sciences Review, 2 2 , 196-206. Personnel Keeping the track of changes in the realm of the information technology era is not easy. Naumann and Philippi 2014 cite diversification as a key strength of ExxonMobil. People: in search for experts with an outstanding attitude ExxonMobil is very straightforward in its HRM principles. Alcheikhhamdon and Hoorfar 2016 claim that this corporation plans to expand its overseas market.