Utilization of TOPSIS Approach to Formulate Strategy in IRANOL Oil Company

Amirhossein Tayebi Abolhasani () and Shahin Rouhani Rad ()
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Amirhossein Tayebi Abolhasani: PhD. Student of Business Management, Allameh Tabataba'i University in Tehran, Iran
Shahin Rouhani Rad: PhD Student of Business Management, Yazd University in Yazd, Iran

European Journal of Studies in Management and Business, 2019, vol. 12, 1-18

Abstract: Energy is a strategic commodity that its supply and security plays a critical role in international security and the global economy. Considering Iran’s place among the countries active in production of oil and its related industries, identification of strategies related to this sector is of significant importance. At the present time, lubricants industry has become an imperative part of the development of machinery industry and its related industries. This industry has a unique quality and attractiveness when its total number of manufactured products and their markets are considered. Therefore, gaining competitive advantage is of significant importance to the players of this industry. The purpose of this research is to develop strategies for IRANOL Oil Company which is an active and important player in the lubricants industry in Iran. This study is an applied research which utilizes both descriptive and analytical approaches. By using field study method, the lubricants sector was analyzed. Then, by utilizing SWOT matrix, external and internal factors and strategies were identified and then defined through IE matrix. At last, the factors were prioritized based on TOPSIS method. Based on the results, conservative strategy, meaning the 11 strategies in the WO section, were selected for further evaluation and prioritization Which in order of 3 priority are:‘strengthening the R&D department’, ‘designing and implementing comprehensive marketing strategies incorporating appropriate lateral services by developing sales engineering offices’ and ‘utilizing the company’s full advertising power’.

Keywords: Strategic Management; Strategic Planning; SWOT Matrix; TOPSIS; IRANOL Oil Company (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:bco:mbrqaa::v:12:y:2019:p:1-18

DOI: 10.32038/mbrq.2019.12.01

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