Utilization of TOPSIS Approach to Formulate Strategy in IRANOL Oil Company

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 itsrelated industries. Thisindustry has a unique quality and attractiveness when its total number of manufactured products and their markets are considered. Therefore, gaining competitive advantage is ofsignificant importance to the players of thisindustry. The purpose of thisresearch isto develop strategiesforIRANOL 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 SWOTmatrix, 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, conservaƟve 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 lateralservices by developing sales engineering offices’ and ‘utilizing the company’sfull advertising power’.