Exxon Mobil Company is international oil and Gas Company incorporated in 1882 and has ever since engaged in the energy business. The corporation deals in exploration, transportation, and sale of natural gas and crude oil, besides it, manufactures and sell petroleum and deals in a range of specialty products. The corporation uses innovation, creativity, and technology to meet the globes growing energy demands.
The corporation strategic vision is to the globes leading provider of quality petroleum and gas products. This vision will steer the company forward in its quest to achieve its long-term objective of conquering international markets through extensive innovation and exploration of petroleum products (Reider, 2015). Moreover, the vision will help the corporation to have a competitive age on its competitors since it will able to provide quality petroleum products.
Exxon Mobil company performance will be measured by setting of pre-objectives together with appropriate analytical processes that will allow the management of the company to measure, assess, and track its progress (Niven, 2005). The company management will have to compare the performance measures with the pre-set goals and objectives. Moreover, the corporation will use performance measures tools like the balanced scoreboard that will assist in assessing the financial and non-financial performance of the company across the globe's markets. Moreover, the financial objective and cost reduction and monitoring of result will be achieved through the use of budgeting by developing a sound annual financial pan (Tiffin, 2014).
The company will be advanced using the following strategies. First, the company will have to exhaust and target new markets which will enable to spread globally. Moreover, the company should engage in product diversification with improved unique quality and features. This will boost customer loyalty and increased the purchase of company products (Tiffin, 2014). Lastly, the company should engage in online advertisement and sale of its products since the World Wide Web will offer the company a very cost-effective way of advancing its scope.
The implementation of the company strategy is essential since it will enable the company to realize high productivity at a reduced cost hence it will be implemented in the following ways. First, will be improving the efficiency of the workforce of the company, by employing creative and innovative employees to meet the objective of product diversification, secondly, the management should set attainable targets to everyone in the organization besides adopting the most recent technology. Moreover, the strategies should be implemented in phases and be monitored to ensure its effectiveness and efficiency in different global markets (Niven, 2005).
Exxon Mobil has taken some of the social responsibility actions which are aimed at improving and developing education in the field of technology and engineering, science and math. Moreover, the corporation has assisted women in less developed nations to achieve their economic goals. Besides, Exxon Mobil has also supported biodiversity by giving financial support to various organizations conducting research on climatic change and has promoted initiatives to prevent the spread of HIV/AIDS and malaria (Niven, 2005).
Through its strategy and combination of globally sustainable development goals, Exxon Mobil has promoted sustainability by expanding supplies and standard price energy products needed for economic growth and progress. And in doing this, the company has taken a balanced approach that has considered the impact of its operation on local communities, environment, and economies (Lee & Kotler, 2013). Moreover, the company has designed its approach to sustainability and development around the following key areas: safe and healthy workplace, managing the risk of climatic change, employment, and environmental performance.
Information Resources Management Association. (2018). Global business expansion: Concepts, methodologies, tools, and applications.
Lee, N., & Kotler, P. (2013). Corporate social responsibility: Doing the most good for your company and your cause. Hoboken, NJ: Wiley.
Reider, R. (2015). Developing successful business strategies: Gaining the competitive advantage.
Niven, P. R. (2005). Balanced scorecard diagnostics: Maintaining maximum performance. Hoboken, NJ: Wiley.
Tiffin, R. (2014). Executive finance and strategy: How to understand and use financial information to set strategic goals.
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