BEYOND OIL: SAUDI ARAMCO'S MARKETING DIVERSIFICATION STRATEGY IN ALIGNMENT WITH SAUDI VISION 2030

Abstract

This study demonstrates Saudi Aramco's successful strategic transformation from an oil-centric company to a diversified global conglomerate. The primary aim is to analyze Aramco's diversification and globalization strategies and their contributions to alignment with and support of Saudi Arabia's Vision 2030. The research employs a qualitative methodology, utilizing secondary data from publicly available sources, including Aramco’s publications, industry reports, journals, and news articles, with the methodology structured using the research onion framework. This framework effectively illustrates the research methodology and provides clarity on the various stages of the research process. Findings reveal that Aramco is actively diversifying into non-oil sectors such as renewable energy and petrochemicals, reflecting a strong commitment to Vision 2030. The results are presented within the Ansoff Matrix and GSTIC framework, highlighting how these strategies enhance operational resilience and foster sustainable growth. These strategic initiatives not only strengthen Aramco's market presence but also contribute significantly to the economic diversification of Saudi Arabia. The insights gained can inform other organizations aiming to adapt to changing market dynamics and reduce reliance on a single revenue source, while future research may address limitations related to data availability and sector focus.