BCG Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of BCG through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
BCG Product Strategy:
BCG or Boston Consulting Group is one of the world’s leading and largest management consulting companies. BCG provide consultancy services across various sectors and industries as a part of its marketing mix product and service strategy. Some of the industries covered are Automotive, Biopharmaceuticals, Consumer products, Education, Energy & Environment, Financial Institutions, Healthcare Payers & Providers, Media & Entertainment, Medical Devices & Technology, Metals & Mining, Public Sector, Retail, Social Impact, Technology Industries, Telecommunications, Transportation, Travel & Tourism, Principal Investors & Private Equity. The company has a global presence and expertise across domains. Some of the areas of expertise of BCG are Big Data & Advanced Analytics, Change Management, Client Enhancement, Corporate Development & Finance, Globalization, Growth, Innovation & Product Development, Lean & Manufacturing, Marketing & Sales, M&A and Divestures, People & Organization, Post-Merger Integration, Technology & Digital etc. This gives an overview of Boston Consulting Group has to offer to its customers.
Image: company website
This concludes the product strategy in BCG marketing mix & strategy.
BCG Price/Pricing Strategy:
Below is the pricing strategy in BCG marketing mix strategy:
BCG is a leading consulting company has business enterprises as its client. Hence the company focuses on a competitive pricing strategy in its marketing mix owing to the presence of several other big consultancy firms.
However, since they have a strong expertise to offer, they also charge a premium for their services. Their prices are based on the kind of consultancy they provide. The prices offered by BCG varies from industry to industry and according to the client requirements. In most cases, the solutions required are unique and customized services are to be provided.
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BCG Place & Distribution Strategy:
Following is the distribution strategy in the BCG marketing mix:
BCG have more than 90 offices in 50 countries. It is one of the big four strategy consulting firms. BCG has a global presence, not only by its offices and physical presence, but also through online studies and statistics offered by the company. Boston Consulting Group is ranked among the top in the Fortune’s list of “100 best companies to work for”.
BCG have their offices spread across Africa, Asia Pacific, Central & South America, Europe & The Middle East, North America.
BCG Promotion & Advertising Strategy:
The promotional and advertising strategy in the BCG marketing mix is as follows:
BCG’s legacy speaks for itself and hence they are not involved in ant B2C promotion. However, on various occasions the company has used various media channels to promote its B2B offerings. The various projects BCG have worked in the past and the results they get creates the reputation that brings in new clients and repeat business. They also have some commercials where they basically show an intriguing possibility that could happen in the future. BCG ask provocative questions and give us a sense that they are ready for the future and inspires their clients as well as builds trust and makes one believe that they are ahead of the curve. All the above promotions & advertising helps BCG in giving it a competitive advantage and attracts new clients by creating value for the customers.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of BCG.
People:
BCG being a leading service company, focuses on people management, be it its customers or employees. Some of the key people are Bruce Henderson who is the founder of the company. He is a Harvard Business School alumnus. Hans-Paul Burkner is the Chairman of the company. Rich Lesser is the President & CEO while Neeraj Aggarwal is the Senior Partner & MD and leads BCG offices in India. BCG have a very demanding recruitment process and one of the most difficult companies to get into. They have different rounds of computer based examinations and case based interviews to crack before one gets a chance to work for the company. They have more than 14000 employees working for them worldwide. Due to the stringent recruitment measures taken, BCG have the best quality of workforce who provide their expertise to various clients across the globe.
Process:
BCG work hard and bring results, and have several business processes. The famous BCG matrix is used by many in the industry and helps businesses to allocate resources among various production units. They use the concept of returns on investment to categorise various products of the companies and then provide insights into how to allocate working capital to each of them to derive maximum benefits in the future. Similarly, BCG have the concept of experience curves which works on economies of scale. They also have developed other tools like Advantage matrix which compares economies of scale versus product differentiation. They have developed a Digital Opportunity Matrix to compare how reengineering the value chain could offer better returns.
Physical Evidence:
BCG has its major physical presence through its offices. Their website is well designed and describes the various industries they work in and also the areas where they provide their consultancy services in. There are sections where BCG provide their insights into new ideas and innovations they are working into which provides the clients an idea about their future path as well as current competencies. Hence this completes the marketing mix of BCG (Boston Consulting Group).
About BCG:
BCG believes in helping the organizations through their consulting proficiencies to provide competitive advantage in long run. Since 1963, they have helped leaders and organizations build lasting advantage. The independent spirit of always challenging the status quo handed down from Bruce Henderson, BCG’s founder has given the firm the courage to look beyond the obvious to find solutions for the past 50 years. Some of the values they imbibe are Integrity; Respect for the individual; Diversity; Clients come first; The strategic perspective; partnership; delivering value; expanding the art of the possible; social impact. They have a global revenue of 5.6 billion US dollars.
BCG believes that the most effective way to bring value to a client is to become its partner. Each project gives them the opportunity to transform the client’s mind-set as well as their own, thereby shaping agendas and enabling meaningful, enduring impact.
Browse marketing strategy and 4Ps analysis of more brands similar to BCG. The Marketing Mix & Strategy section covers 4Ps and 7Ps of more than 800 brands in 2 categories.
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