EY (Ernst & Young) Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of EY (Ernst & Young) through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
EY (Ernst & Young) Product Strategy:
EY, earlier known as Ernst & Young, is one of the most recognized consulting forms across the world. EY has a wide range of services it provides as per its clients requirements. EY provides four main service lines as a part of its marketing mix offerings:
• Assurance: This service from EY has contributed to around 38% of the total revenue earned by the company. This sector comprises of Financial Accounting Advisory Services, Financial Accounting, Fraud investigation & dispute services.
• Tax: it contributes 26% of the company’s revenue. These EY services consists of Transfer Pricing, International tax services, business tax compliance, human capital, Global tax, Indirect tax etc.
• Advisory: Actuarial, performance improvement, risk, IT risk and assurance.
• Transaction advisory services
All these services from EY are based on client requirements and vary according to industry, geography, analytics needed, solutions preferred etc.
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This concludes the product strategy in EY (Ernst & Young) marketing mix & strategy.
EY (Ernst & Young) Price/Pricing Strategy:
Below is the pricing strategy in EY (Ernst & Young) marketing mix strategy:
EY has a plethora of consulting and advisory services which it offers and hence, it has a diverse price range. In terms of revenue, EY is considered as the largest network provider of professional services and considered one amongst the Big Four.
Ernst & Young, now EY, is among the top largest privately owned organisation in United States. It has integrated and professional platform for providing services to its customers and hence follows a premium pricing policy. Global recession and smarter consumers have made pricing strategies more important than ever. EY ensures good value for money, low price and availability of discounts.
Read more about EY (Ernst & Young)
EY (Ernst & Young) Place & Distribution Strategy:
Following is the distribution strategy in the EY (Ernst & Young) marketing mix:
Ernst & Young has always been amongst the largest professional services firm in the world and also amongst the “Big Four” accounting firms. It is headquartered in London, United Kingdoms. EY has its branches almost all over the world which shows its strong place strategy in its marketing mix. Ernst & young serves the clients in many countries. It is the only firm to have two member firms in United States. It opened its first Global Securities Centre in Thiruvananthapuram, Kerala.
Each EY member country is a part of the four different areas.
• EMEIA: this consists Europe, Middle East, India, Africa
• Asia-Pacific
• Americas
• Japan
In India Ernst & Young is in different areas – Bengaluru, Haryana, Kolkata, Mumbai, Hyderabad, Mumbai, Gurgaon, Pune etc.
EY (Ernst & Young) Promotion & Advertising Strategy:
The promotional and advertising strategy in the EY (Ernst & Young) marketing mix is as follows:
EY carries out extensive promotional activities. It’s one of the most effective promotional activity is World Entrepreneur of the Year Award which is carried out in around sixty countries of the world. It also spread awareness about the brand by carrying out sponsorship for various exhibitions for famous artists like Cézanne, Picasso, Bonnard etc. EY also carries out sponsorship activities for different sports to reach a greater customer base. They have also set up EY foundation for supporting youth and entrepreneurs. Through sponsorship and opening clubs etc. they carry out the promotional activities effectively and efficiently. It is also the official sponsor of the Summer Olympics in Brazil. Even when the brand was Ernst & Young, it focused on extensive promotion and brand awareness.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of EY (Ernst & Young).
Process:
EY has several business processes in place for excelling in the consulting domain. The assessment process carried out should be dynamic enough. After the client company asks for the appoints the company as the auditor, Ernst & Young selects a group of people to carry out the audit. The chartered accountants have to visit and get all the required data. Frequent check of the company’s assets, liabilities, expense, income etc. have to be done and noted. Any discrepancy noted must be informed to the client and changes to be done. After getting all the information a report is prepared by EY containing the various financial statements ad showing the true picture of the company’s position. It is very important to do complete disclosure of all the facts and things observed.
People:
EY is ranked first in Forbes magazine as the best accounting firm and claims that it treats its employees the best. EY is ranked no.1 as the best place to start your career. EY launched an initiative in China to encourage its staff to take low paid leaves and those who opted got 20% regular salary and benefits. It has 10000 staff in China and Hong Kong while 11200 in UK. EY has in total 230,000 employees all over the world as in 2016. Currently, Mark Weinberger is the chairman and CEO. John Ferraro is the global COO.
Physical evidence:
EY has various hoardings and posters displaying the new services. It sponsors various events with its logo being associated all over the national and international events that take place. Its headquartered in London. EY provides various merchandise to its employees like notebooks, stationery, apparels which increases visibility socially. Even earlier, Ernst & Young has promoted itself effectively as a B2B consulting service provider. EY also releases industry trend reports and analysis, which are widely available and add a lot of value to the brand. Hence this covers the marketing mix of EY (Ernst & Young).
About EY (Ernst & Young):
EY earlier known as Ernst & Young, is amongst the top professional service firms in the world. It is also amongst the Big Four accounting firms. It was founded in 1989 as a result of merger between Ernst Whinney and Arthur & Young & Co. the firm has its business spread worldwide and is successful in reaching its target customers. EY is headquartered in London, United Kingdom. In 2016 the Forbes magazine ranked EY as 49th amongst the 100 Best Companies to Work for. This is a huge success for the company. EY has around 231000employees in 700 offices running in nearly 150 countries in the world.
Each of its branch follows different legal structure. In India Ernst & Young operates as a Limited Liability Partnership firm.
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