KPMG Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of KPMG through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
KPMG Product Strategy:
KPMG is a professional service company and these services. KPMG’s services cover its product strategy in its marketing mix. It can be categorized into 4 categories:
a. Audit and Assurance: Some of the offerings of KPMG in this category are financial statement audit, Dynamic risk assessment, Audit data and analytics, financial reporting framework (IFRS), Online Accounting research.
b. Tax: KPMG offers Dispute Resolution & Controversy Services, Energy & Natural Resources Tax, Financial Services Tax, Global Compliance Management Services, Global Indirect Tax Services, International tax, Value Chain Management, Sovereign Wealth & Pension Funds, Global Legal Services and many more.
c. Advisory: Some of the offerings by KPMG in this category are Management consulting, Risk consulting, Internal audit risk & compliances services, Accounting advisory services, Financial risk management, Deal advisory, Growth strategy, Operating strategy & cost and many more.
d. Enterprise: Some of the offerings in this category are Assurance, Business Planning, Business strategy services, cash and working capital management, corporate tax, cyber security, fraud risk management and many more.
All these services by KPMG are offered to various industry sectors like Consumer market, Defence and Aerospace, Education, Energy and Natural resources, Family enterprise, financial services, Life Science, Media and many more.
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This concludes the product strategy in KPMG marketing mix & strategy.
KPMG Price/Pricing Strategy:
Below is the pricing strategy in KPMG marketing mix strategy:
KPMG operates in a B2B market by offering professional services to its clients that can be a large corporation, government or any public agencies, enterprise etc. The price for the service offered by the company is competitive among its big four competitors which include PwC, E&Y and Deloitte.
But as compared to other consulting and professional service firm the pricing strategy is premium. The pricing strategy of KPMG depends on a lot of factors like duration of the project, Size of the client’s organization, Location of client’s company and many other factors. Generally the big four auditing companies charges around 300 to 400 thousand $ to its client per employees per year. The pricing strategy in its marketing mix also depends on the kind of services that the company offers like auditing, assurance, advisory, Enterprise etc. The daily average rate to clients per KPMG consultant is around 3000$.
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KPMG Place & Distribution Strategy:
Following is the distribution strategy in the KPMG marketing mix:
KPMG is one of the largest professional service companies which operate globally in 150+ countries. It is the third largest internationally operating accounting firm. The KPMG company has close to 200,000 employees working under it. KPMG started its operation in India in year 1993. KPMG has now got its offices across major cities in India covering Mumbai, Pune, Ahmadabad, Kochi, Chandigarh, Delhi, Kolkata, Chennai, Bangalore and many others. In India, KPMG has got a client base of more than 2700 clients. KPMG international functions as independent group of firms but their businesses and policies are on similar lines. The company offers many tools that can be accessed online tools like tax tools and IFRS.
KPMG also offers online accounting research about financial reporting and associated literature with proper guidance from KPMG about reporting standard.
KPMG Promotion & Advertising Strategy:
The promotional and advertising strategy in the KPMG marketing mix is as follows:
KPMG is a professional service company which operates in a B2B market. It is one of the four big four auditing companies and has got a great brand awareness and brand perception. KPMG hardly indulges into promotion of its services but as it has built reputation over the years it helps the company to gain more client base. KPMG is very active in media. The company organizes and takes part in various business events and conferences around the world like KPMG tax and accounting congress, KPMG procurement and innovation challenge conference, Economic forum etc. KPMG experts also participate in industry events held at local and national level to give lectures and their views. The company also actively takes part to share their press releases on social media websites like facebook, twitter etc. KPMG also promotes their services using webcast of various articles, market researches, alerts etc. The company also shares analysis of industry trends around the world and encourages like-minded people to share their views and connect with them.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of KPMG.
People:
KPMG operates in over 155 countries and maintain the same culture in all its offices. KPMG pays special importance to fostering talent within its employees and maintain a proper work life balance. KPMG provides flexible working environment to its employees by offering part-time work, shared leave policy, sabbatical, unpaid leave policy. The company organizes focus group meetings with employees to know grievance and take proper initiatives to improve contribution and morale of the employees. KPMG pays special focus on maintaining gender diversity and has introduced initiative called KNOW (KPMG Knowledge of Women) initiative). This initiative creates favourable work environment and promote women to take initiatives and enhance their skill set. There are many other employees’ welfare policies that promotes openness to share ideas and get the support of senior team members to create a healthy work environment. KPMG also runs various career enrichment program for its employees.
Process:
KPMG operates in a B2B market by providing professional service to its client comprising government agencies, corporations etc. It has several processes in its marketing mix. KPMG focuses on providing customer experience by delivering good bottom line results and therefore developing a loyal fan base. KPMG pays special attention to understands the needs and wants of its clients and based on the type of business the client operates KPMG develops framework and prioritizes decision regarding marketing, sales or other strategies. KPMG pays special attention to the changing market environment and adapts itself according to conditions that are beneficial for the company as well as its clients. KPMG also has a proper customer centric information system in place and it also uses tools regarding development of new workflow for marketing, sales and other financial decisions. This has allowed KPMG to optimize customer experience and generated returns for all the stakeholders.
Physical Evidence:
KPMG is known as one of the Big Four auditor companies on this globe. KPMG operates in 152 countries and hires more than 1.9 lakh employees. KPMG international functions as independent group of firms which has got offices all around the world. KPMG started its operation in India in year 1993. KPMG has now got its offices across major cities in India covering Mumbai, Pune, Ahmadabad, Kochi, Chandigarh, Delhi, Kolkata, Chennai, Bangalore and many others. In India, KPMG has got a client base of more than 2700 clients. This all offices around the world serves as a physical evidence for the company. KPMG has also got its own website which helps the potential clients to see what all services that the company offer. KPMG also offers online accounting research about financial reporting and associated literature. These all articles and other resources also act as physical evidence that the company offers. This concludes the KPMG marketing mix.
About KPMG:
KPMG is a professional services company which was founded in the year 1987. The company was formed by the merger of Peat Marwick International and Klynveld Main Goerdeler. KPMG is known as one of the Big Four auditors and the other companies are Deloitte, Ernst & Young and PricewaterhouseCoopers. The headquarter of the KPMG company is at Amsterdam, the Netherlands. The chairman of the company is J.B. Veihmeyer. KPMG has more than 200,000 employees around the globe. The operation of the company can be found in 150+ countries. In India, KPMG was established in the year 1993 and it has grown rapidly with a client base of over 2700 companies in India.
KPMG offers a wide range of services which includes financial, tax and regulatory service, risk advisory services, internal audit service and many more. KPMG is known for its quality and timely business advice to the clients which includes business corporations, government agencies etc.
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