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The key motive of this paper is to analyze the current market position of Tesco Corporation and its potential of achieving competitive advantage in its target market. This analysis has been performed by using different concepts and theories such as Porter five forces model, core competencies, and competitive analysis. These analyses help in determining how internal or competitive factors of Tesco describe its current position and business functions. The analysis represents that the Tesco Corporation is suffering with the problem of lack of resources, and and limited product line. Due to this, it lost a large number of growth opportunities and becomes failure in getting competitive advantage in its target market. Furthermore, on the basis of internal or competitive analysis, a summary is given which depicts the SWOT of Tesco Corporation. Furthermore, it can be said that the Tesco's business operations are in the gas and oil production and services industry which produce the services and different equipment's. The business of the Tesco Corporation is quite competitive with its other rival firms like National Oilwell Varco, and FMC technologies. On the basis of its internal or competitive analysis some changes are also recommended to the company. The first change that is recommended to the organization is expansion of its product portfolio. This helps the company in resolving its problem of limited product line in effective manner. On the other hand, the second change that is recommended to the company is the development of equipment for oil and gas environmental cleanup industry. This change helps the company in developing its brand image and gains the confidence of its target customers. Apart from these changes, implementation plan also depicted with which it can implement the suggested changes in required manner. Recommended change will ensure the competitiveness of the company and brand image in its potential market. Moreover, it can be said that the main source of revenue for the company is its top drive units that is too dependent on drilling activity. Therefore, it is concluded that the company have strong potential for growth, and satisfy the customers by offering required products and services.
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Chapter I: Introduction
In this paper, the strategic position of the Tesco Corporation is analyzed to measure its capabilities and potential of giving a strong competition to its customers. This has been analyzed under the light of certain concepts and theories. Tesco Corporation is considered a global leader in production, design, and service of technology-based solution for the upstream energy industry. It is popular due to its high-quality products and services. Its headquartered situate in Spring Branch district of Houston, Texas, United States. The paper describes the complete situation analysis and strategic evaluation of the Tesco Corporation performed to gain significant information about the position and working structure of the company. With the help of the strategic analysis of the Tesco Company, we can successfully measure it's financial as well as competitive position in comparison to its strong competitors. This will give us a significant glimpse of the capability and success potential of the company.
Chapter II: Company Profile
Tesco Corporation established during December 1993. It developed through the merger of different small corporations include Coexco Petroleum Inc., Shelter Oil and Gas Ltd, or Forewest Industries Ltd. It becomes popular due to its first innovative portable land top drive. For this innovation, it also received the award of Special Meritorious at OTC show. From that time, it has been achieved excellent success. After that innovation, it has branched out into casing running as well, containing the Casing Drive System, and Casing Running Tool. During 2006, the organization moved headquarters from Calgary, AB to Houston, TX.
The mission of the Tesco Corporation is to recognize by its target customers as the premier drilling services company. On the other hand, it wants to move from a top drive AMSS Company to a full rig maintenance company. Furthermore, it strives to be a famous company, and its goal is to expand its offers in order to offer a large range of full rig maintenance, and tubular services (https://www.energy-oil-gas.com/2008/03/17/tesco-corporation/). Its mission for it is recognized in its target market is to produce, and design service based technology solutions for the upstream energy industry. It is a global company that fights to make drilling operations less costly, easy, safer and quicker to create value for the customers.
The objective of the Tesco Corporation for the achievement of which it is striving enough is following:
- Create a sustainable advantage by offering the products as per demands of the customers.
- Establish significant competitive advantage by offering premier drilling and other services.
- Move from a call-out CDS service company to a full offering, broad based tubular services company.
- Move from a top-derive only product sales company to a full rig mechanization products company.
- Offer a broad range of rig maintenance and tubular services, or mechanization products.
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Overview of Operations
Tesco operations include four different segments. These segments are; products, tubular services, corporate, research and engineering. The products segment operations of the company mainly provide services to production, contractors, and exploration companies throughout the world. On the other hand, tubular service segment operations of the company contain a suite of proprietary offerings, as well as tubing running services and conventional casing for both offshore and onshore markets. All these services are typically contracted on a call out basis. Furthermore, the research and engineering operation segment of the company mainly performs investment in research and development activities (https://www.marketing91.com/swot-analysis-of-tesco-corporation/). This is performed with the sole motive of introducing innovation and creativity in products and services. On the other hand, the corporate operation segment of the Tesco Corporation mainly consists of expense at the corporate level, that contains selling, marketing, administrative costs, and executive management.
The marketing strategy of the Tesco makes an extensive use of media and prints advertising as a tested channel and transmit the messages to potential and current customers. During 2015, Tesco Corporation decreased its marketing budget. It is because of huge popularity and continuous growth (Albrechts, 2013). The efficiency of its media and print advertising has been increased with the passage of time. It becomes possible due to its innovative application of marketing differentiation. Apart of the printing advertisement, it also used the social media to cover a large number of customers in a single time. The main motive of the company behind this marketing channel is to reach its business to a wide range of customers.
During 2014, Tesco Corporation introduced a new business strategy to grow its operations and expand itself in multi nations. The operations and plans over the coming years containing those already put into motion, place Tesco on the path to attaining the short-terms as well as long-terms goals and business opportunities laid out in this strategy for success (https://ir.tescocorp.com/phoenix.zhtml?c=118467&p=irol-homeprofile). The following are some business or corporate strategy of the Tesco Corporation:
- Launch the additional pipe handling products and adoption of top drive rental businesses.
- Enlargement of aftermarket services to third party service equipment.
- Tubular service business expansion especially in offshore.
All of these corporate strategies of the Tesco Corporation help it in providing best customer experience and products and services. Therefore, it able to establishes itself in the eyes of the customers.
Tesco Corporation belongs from the oil and gas manufacturing and services industry. This industry mainly focuses on drilling, finishing oil and gas wells, expanding the existing wells, and testing. The industry operates in the both onshore and offshore operations which are a combination of five different business segments (Bhasin, 2014). Oil and Gas industry has enough potential to grow further. It is known for its high quality and innovative working structure.
The target customers of the Tesco Corporation is different production and manufacturing business operations that engage in the drilling, or oil and gas activities. The company targeted these customers because they can help the company in fulfilling its objectives in an effective manner than the others. On the other hand, the specific target customers of the Tesco Corporation is drilling contractors, equipment brokers, and rig builders. This has been done by the company through maintaining its highly experienced field personnel who are solely responsible for delivering quality services to its target customers (https://www.tescoplc.com/media/1426/tescoar15.pdf). Furthermore, E&P companies are also part of its target market satisfied by giving after sales services and innovative products.
The big factors that differentiate the competitors in the oil and gas industry are a degree of offered services, and breadth of product line. Tesco Corporation has a different strategic position in its target market than its competitors. It deals in three big segments. These are the top drive segment, tubular service segment, and the research or engineering segment. The strongest competitors of the Tesco in these market segments are Nabors Industries limited, National Oilwell Varco, and NOV. All these competitors are giving a strong competition to the Tesco Corporation by focusing more on research and development and launching new products and services (Quaresimin, 2014). Although, these type of companies are not big in size but creating a big threat to Tesco Corporation as growing manufacturer of Top Drive Systems.
Tesco Corporation is a leading provider of services and equipment for the upstream energy industry to make operations of drilling very effective than prior. Its mission is to formulate a strong relationship with its customers to help them in removing wasteful non-productive time during their operations. The essential part of its mission statement is expansion and recognition which works as core success factors of the company. Its products and services contain aftermarket sales and services, top drive products, rentals, and tubular services. It dominates its target market in automated casing running and top drive rentals. Therefore, it can be said that the Tesco Corporation has good business operations.
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