Business Overview
BHP Group Limited is a global leader in the natural resources industry, offering a diverse range of commodities, including iron ore, metallurgical coal, copper, and natural gas. The company’s headquarters are located in Melbourne, Australia. It is listed on the Australian Stock Exchange (ASX). It is also one of the world’s largest diversified resource companies, operating in over 25 countries.
Metallurgical coal, copper, and iron ore are the commodities BHP Group explores, develops, produces, and processes. Petroleum, copper, and coal are its main business segments. The petroleum section investigates, generates, and produces oil and gas. There is iron ore in the Iron Ore section. Metallurgical coal and energy coal are the primary topics of the coal section (BHP Group Ltd, no date).
Organizational Structure
Representatives of the Board of Directors manage the company through the intermediary of the Chief Executive Officer (CEO). The CEO coordinates and regulates the work of many divisions with the help of intermediaries in the field (Group President). Because each department is managed locally, it is possible to achieve efficient operations and address the current problems and needs of each department. The company comprises both departments responsible for production processes and additional segments that deal with socially responsible initiatives and employee requirements.
Key Products and Services
BHP Group produces a range of goods, such as iron ore, copper, metallurgical coal, and natural gas. With extensive experience in the business sector, the company also offers services related to the exploration, production, market research, and sales strategies for these products. In addition, since products need to be brought to the consumer, the company also provides services related to transport, trading, and logistics.
Strategic Goals and Marketing Objectives
The current strategic goals of BHP Group are centered on two primary areas. The first goal focuses on maintaining profits by increasing production across all commodities and maintaining a competitive advantage in the global market. Given its significant role in the Australian economy and its impact on the mining sector, the company also develops socially responsible strategic goals. Among them, one can mention the focus on sustainability initiatives and reducing greenhouse gas emissions.
Currently, BHP Group is focused on several marketing objectives. Among the most relevant for business processes, one can mention the increase in the visibility and brand recognition of BHP Group in the global market. It is also essential for the company to effectively interact with the end customers to ensure a stable market. To this end, customer engagement and loyalty are increased through targeted marketing campaigns.
Market Conditions
BHP enjoys a competitive edge since it outperforms its rivals. BP and Anglo-American are two of the main competitors. The company is also highly valued by its customers. It remains one of the most trusted mining companies globally. Among other things, a positive reputation has been achieved through the high quality of the final product and well-thought-out supply chains. Additionally, the company conducts market research to understand consumers’ needs and ensure their ongoing satisfaction.
BHP maintains a track record of providing shareholders with favorable returns supported by solid operational and financial results. They are actively positioning themselves for the future with a portfolio and set of skills that will help them increase their long-term value (Growing Value and Positioning for the Future, 2021). As a result, they can provide the world with the goods it needs in a sustainable manner.
The company’s success also extends to its subsidiaries, which maintain primary listings on the market. BHP operates as a dual-listed business but is now moving towards the model of BHP Ltd., adopting a single company structure (ASX) (Growing value and positioning for the future, 2021). Shares of BHP Ltd. would be listed on the Australian, London, and Johannesburg stock exchanges, as well as the New York Stock Exchange for the American Depository Receipt system.
BHP declared a robust 90 US-cent first-half dividend per share today, which is explained by the excellent results of its activities. This company remains the world’s least expensive major iron ore producer (BHP Results for the half year ended 31 December 2022, 2023). In addition, the company did an excellent job developing a business development program, including an adequate evaluation of the forecasted growth points and an increase in potential profits.
Previous Marketing and Reports
The information from the BHP group will be beneficial in helping to prepare a market strategy. Based on business reports from previous years, it can be assumed which tasks will be most important to include in the market plan. I can create it since I can anticipate sales for the upcoming year and what needs to be done to achieve them, based on the sales revenue from 2015 to 2020.
Accuracy and Currency
The accuracy and currency of the available information for BHP Group Ltd. will vary depending on the source. I will attempt to utilize the most recent data in my work (BHP Results for the half-year ended 31 December 2022, 2023), but I will also incorporate older information in the review to better assess the prospects for development (Argus and Samson, 2021). The available information would be helpful in the marketing plan I intend to write, as it provides a baseline of existing data and can be used to identify any trends or changes in the market. In addition, this data can inform the marketing plan’s objectives, strategies, and tactics.
Marketing Performance
The access to marketing performance information includes customer satisfaction surveys, sales data, market share analysis, competitor analysis, and customer segmentation. This information is helpful for the marketing plan, as it enables the identification of the target market, assessment of the competitive landscape, and measurement of the success of existing marketing strategies. Additionally, customer satisfaction surveys can be used to evaluate customer needs and preferences and tailor the marketing plan accordingly.
Key Stakeholders and Data Collection Methods
A stakeholder is an individual whose interests are aligned with those of an organization. For example, customers (local community) and stockholders are essential participants in the marketing strategy. Additionally, shareholders and consumers will be affected by the decisions I make when creating a market strategy. Thus, it is clear from the definition of a stakeholder that they will be interested (Shareholder information, no date).
I may gather information using various techniques, including focus groups, conference calls, in-person one-on-one interviews, and online surveys. I expect them to learn about the happiness of our customers and what they anticipate from the things we will be selling. I also hope they learn about the shareholders’ expectations for the return on their investments.
The first key stakeholder group that would need to be involved in writing the marketing plan is the company’s executives and managers. These individuals have the most direct involvement in the company’s day-to-day operations. Thus, they can provide the most relevant and up-to-date information regarding the company’s current market situation, goals, and strategies. As a result, these executives and managers would be able to provide the most accurate and comprehensive information necessary to create an effective marketing plan.
The company’s shareholders are the second stakeholder group to be involved in the marketing plan. Shareholders are vested in the company’s success, and their input and feedback would be precious for creating an effective marketing plan (Shareholder information, no date). Additionally, shareholders can offer valuable insights into their expectations and goals for the company, as well as the strategies and techniques they believe the company should adopt to achieve its objectives.
To consult with the executives, managers, and shareholders of BHP Group, it would be beneficial to use a combination of individual interviews and focus groups. Through personal interviews, it would be possible to gain a more detailed and in-depth understanding of the individual’s thoughts, opinions, goals, and strategies for the company. Focus groups would also be beneficial, as they would allow for a more open discussion among a group of individuals, allowing for a more comprehensive view of the company’s goals and strategies.
The information collected from the BHP Group’s stakeholders during the consultations should include the company’s current market situation, goals and objectives, strategies, and expectations for the future. This information is essential for the marketing plan as it will provide the basis for its strategy and tactics. Without this information, creating an effective and comprehensive marketing plan tailored to the company’s specific needs and goals would be difficult.
Reference List
Argus, D., & Samson, D. (2021) ‘BHP (H): Industrial Relations’’, In Strategic Leadership for Business Value Creation, pp. 423-430. Palgrave Macmillan, Singapore.
‘BHP Group Ltd.’ Web.
‘BHP Results for the half year ended 31 December 2022’. (2023) BHP. Web.
‘Growing Value and Positioning for the Future’ (2021) BHP. Web.
‘Shareholder information.’ (no date) BHP. Web.