購併是近幾十年企業為了提高經營績效和競爭力的重要策略之一，這幾年由於全球經濟競爭日益激烈，企業跨國併購活動也隨之頻繁。在亞洲，各國政府在產業競爭加劇、代工毛利日趨微薄的考量下，積極鼓勵產業升級，希望能藉由國際購併吸取跨國企業的經驗，提升跨國營運及品牌策略經營能力。 購併的目的主要是為了提昇企業的經營績效和競爭力，然而在許多實際的案例中，可以發現大多數的購併案無法達到當初預期的效果。品牌整合的問題通常伴隨著企業的購併而來，除了購併後新公司的名稱外，還包括公司面對各消費市場的營業單位、產品及服務的品牌整合及策略運用。品牌策略的選擇及執行成效是攸關購併案成敗的重要因素之一。 本論文以船用潤滑油產業為個案研究之主體，除了回顧當初石油產業購併風潮的動機外，也分析各大石油公司在購併後，在船用潤滑油市場上的品牌整合及策略運用。本研究以麥可•波特的五力分析模型為架構，依供應商、客戶、現有競爭者、潛在進入者、替代品，逐一分析目前的船用潤滑油市場。此外，波特認為企業競爭的基本原則是想辦法提高競爭優勢，他根據此邏輯提出企業的三種基本策略選擇，分別是「成本領導」、「差異化」和「聚焦」策略。本研究也將在藉由波特的理論針對BP、Castrol的策略選擇及整合過程予以解析，探討其購併後如何整合內部資源與運用雙品牌的策略，以不同於其他競爭者的方法，在十年後成為市場領導者，還有其可能潛在的問題。 / Mergers and acquisitions (abbreviated M&A) are important strategies for improve firms’ performance and competitive advantage. The trend of increased M&A has been caused by the intensifying global economic competition. Considering the ever-intensifying global they face, and the diminishing margin of their traditional OEM business models, most Asian governments are keen to upgrade their industries by acquiring international firms for improving their capability of international business management and global brand operation. Despite the goal of performance improvement, results of M&A are nevertheless often disappointing. Numerous empirical studies show high failure rates of M&A deals. M&A often creates brand issues, beyond the bigger issue of what to call the company after the transaction and going down to detailed choices about what business, product and service brands to keep. The future success of an M&A depends on making wise brand choices and strategy execution. This thesis presents a case study of marine lubricants industry, by reviewing the background and motivations for the latest M&A activities in oil industry, and analyzing their variant brand strategies after M&A. With Michael Porter's famous Five Forces of Competitive Position model, this provides a framework for assessing and analyzing the current Marine lubricants industry. Moreover, Porter suggested that there three Generic Strategies for firms to improve competitive advantage. They are “cost leadership”, “differentiation”, and “market segmentation (or focus)” strategies. BP has become the market leader with its duel brands for two targeted customer segments in marine lubricants industry. By adopting Poter’s three generic strategies, this study also evaluates factors of BP’s success, as well as potential issues on its brand strategies.