BP Oil Spill: Marketing Terms and Key Concepts Essay -- Marketing

According to BP website (â€Å"BP at a Glance,† n.d.), â€Å"BP is one of the world's leading international oil and gas companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items.† Currently, they are the world’s third largest oil company and the largest oil and gas producer in the United States (Hoover’s, Inc., 2012). Prior to 2010, BP attempted to brand itself as an environmentally friendly company by expanding its markets into alternative energies, such as wind and solar. On April 20, 2010 a BP-licensed oil rig located in the Gulf of Mexico exploded and killed 11 people (Kinver, 2011). In addition to the people killed, the oil spill released 4.9 million barrels of oil into the Gulf (Kinver, 2011). At the time, the effect on the environment, people, and BP were not fully realized. It is known that the Gulf of Mexico is home to many different types of wildlife including shrimp, fish, and pelicans. Although it is still too early to measure the full impact of the spill, scientists are doing their best to study it. Some conclude that the long-term effects could be devastating while others figure that it will not be as bad as originally speculated (Kinver, 2011). In addition to the wildlife, the people of the Gulf area experienced great loss as a result of the oil spill. Many of the residents rely on the fishing industry either directly or indirectly. Since the fishing industry took a hit, the people and towns suffered as well. In fact, many of the people have left and businesses shutdown (Dymond, 2012). The oil spill of April 20, 2010 was the worst in U.S. history (â€Å"BP p.l.c.,† 2012). While BP learned many valuable lessons from t... ...rieved from http://www.bbc.co.uk/news/world-us-canada-17186786 Gulf of Mexico Restoration. (n.d.). Retrieved on April 7, 2012, from www.bp.com Hoover’s, Inc. (2012). BP p.l.c. Overview. Retrieved April 7, 2012, from Hoover’s database. Jennings, M. (2010). What bp teaches us about ethics, risk, and business management. Corporate Finance and Review, 15 (2), 38. Kinver, M. (2011, April, 19). BP oil spill: The environmental impact one year later. BBC News. Retrieved from http://www.bbc.co.uk/news/science-environment-13123036 Raymond, M. A. and Tanner, J. (n.d.). Principles of marketing. Retrieved from http://www.flatworldknowledge.com/pub/1.0/principles-marketing Vranica, S. (2010, June 7). BP steps up bid to fix image: Company readies series of tv spots to address its response to gulf oil spill. The Wall Street Journal. Retrieved from ABI/Inform Global