1.      Increased diversification of the energy industry. Chevron Corporation has made several investments in renewable energy sources other than conventional oil and gas sources. For example, when the price of oil and gas skyrockets, the firm may continue to operate at a lesser cost since it has invested in geothermal energy (Saenz, 2023): Entrepreneurial Strengths and Actions to Increase Value Creation.

2.      Research and development. Chevron Corporation boasts of a strong investment in research and development. Further, the company has successfully improved its technology to decrease its greenhouse gas emissions and carbon footprint. Notably, this research and development enhances the company’s ability to gain a competitive advantage and reduce expenditure.

3.      A robust global footprint. Chevron Corporation makes money by operating in several foreign markets. With 180 branches throughout the globe, the business can contact as many clients as possible. The company’s numerous overseas offices also allow it to cut expenses associated with delivering completed goods from its domestic production facilities.

4.      Strong financial standing. Over the previous five years, Chevron Corporation’s sales have increased. Revenue growth strengthens the company’s finances, allowing it to recruit highly qualified personnel and stay debt-free.

1.      Cooperation. The business works with creative entrepreneurs who make significant contributions to the creation of new products.

2.      Acquisitions and mergers. The company’s strategy to foster entrepreneurial synergy involves mergers and acquisitions of upstart businesses.

Elements of Value Creation

1. Enhancement of customer service. By providing its clients with excellent customer care, the business adds value for them. Workers get training on upholding the highest moral standards when dealing with clients. Consequently, the business has mandated that all staff members treat clients with dignity and see them as members of the team (Xu, 2022). As a measure to identify opportunities for development and preserve client loyalty—a crucial component of value creation—the business usually analyzes its customer care offerings.

2. Invest in trade discounts. By providing trade discounts, Chevron Corporation adds value for its clients. When compared to competitors, discounts guarantee that the business stays competitive (Bernstein, 2020). Consequently, the reduced prices draw in more clients.

Chevron Corporation is thinking about using a joint venture approach in foreign markets. In essence, this move will guarantee that the business has access to new markets and increase its worldwide market presence. As more clients are acquired, more money will be made.

References: 

Saenz, C. (2023). Case Study: Chevron Nigeria Case. In Social Management Responsiveness in

Business (pp. 125-134). Emerald Publishing Limited.

Xu, T. (2022, December). Hedging Strategy Analysis for Chevron Corporation. In 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022) (pp. 1129-1133). Atlantis Press.