Bain and Company Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Bain and Company through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Bain and Company Product Strategy:
Bain and company is one of the leading management consulting firms in the world. During the years 1999 and 2000, Bain launched two more consultancy practice firm called Bainlab and Bainnet. These helped mainly start-ups who were unable to afford Bain’s fees. The firm accepted partial payments in currency and rest in equity. The firm’s services are mostly tailor-made for the fortune 500 companies. It has a wide product and service portfolio as a part of its marketing mix. It advises companies on matters like the issue of equity, mergers, acquisitions, strategy, operations and finance and market analysis. It also has departments which specialize in digital technology, word of mouth marketing, loyalty, etc. In the late 2000s, the company started venturing into advising companies in having a turnaround and then selling the companies.
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This concludes the product strategy in Bain and Company marketing mix & strategy.
Bain and Company Price/Pricing Strategy:
Below is the pricing strategy in Bain and Company marketing mix strategy:
Bain and company charges premium prices to its clients. It mainly caters to the fortune 500 companies.
The company believes in not cutting on services and lowering prices to gain competitive advantage. Bain takes a 12 week time period to develop a loosely based framework to provide solutions for any company. Its engagement fee is $1000000 and this has to be paid in currency. On rare cases, the company accepts equity as a mode of partial payment.
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Bain and Company Place & Distribution Strategy:
Following is the distribution strategy in the Bain and Company marketing mix:
During the 2000s, Bain and company expanded a lot and spread its operations all around the world. In the year 2006, it started operations in India. The firm started working more with the government but still kept their specialized wing for IT and technology sector intact.
The firm has more than 49 offices in 31 countries, around the world.
Bain and Company Promotion & Advertising Strategy:
The promotional and advertising strategy in the Bain and Company marketing mix is as follows:
Bain and company promote itself through relevant corporate media and communications. The company is one of the top consulting companies, with a great track record and illustrious alumni who are leading big MNCs today. Clients of the company have shown up to 10 times increase in profits and growth in their value by 496% within 9 years. Bain has a great reputation which has been made by the value it provides. Word of mouth among top companies and CEOs are the top contributors to its promotion.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Bain and company.
People:
Bain and company are known as one of the best places a person can work in. It hires people from all fields of study. Their employees constitute MBAs, graduates, financial advisors, operation and supply chain specialists etc. Bain is very secretive about the kind of work they do with their clients. They give codenames to their clients and make employees sign non-disclosure contracts. Currently, the company has around 6000 employees. According to the employees, the firm provides good work-life balance, workplace diversity, handsome compensation and vacation opportunities, perks, and career growth.
Physical Evidence:
The physical evidence of Bain and company can be found in its worldwide operations and its huge list of clientele. The profits of its clients have grown at about 5 to 10 times compared to the fees spent for services. Studies unearthed facts which said that their client’s value increased by 456% on an average of 9 years.
Process:
Bain and company specializes in consultancy services in marketing, IT, general management, merger and acquisition, strategy and performance improvement. It provides its unique and implementable advice to sectors like financial services, healthcare, private equity, retail, public sector, telecommunications, and energy. Bain and company provides a step by step how to do it module to certain companies who need polished, top notch advice. The firm takes an engagement period of 12 weeks. During this time, the firm uses its mettle and does quantitative and qualitative analysis of the problem in hand and gives output in form of a series of presentations. These are the supporting documents to the actual recommendation. This concludes the marketing mix of Bain and company.
About Bain and Company:
Bain and Company is a global management consultancy firm. It is headquartered in Boston, Massachusetts. The company specializes in providing consultancy related to the merger, acquisition, finance, strategy, operations, etc. The company was founded by William Bain in the year 1973 after he left Boston consultancy group with six BCG executives. In the 1980s, the firm grew exponentially. By the 1987s, the company suffered setbacks and was troubled financially. Mitt Romney and Orit Gadiesh supported the firm as the CEO and chairman respectively and pulled the firm up to profitability. In the 2000s, Bain and company started venturing into newer avenues and working with private companies, NGOs, technology companies and lot more.
Word of mouth played a very important role in making the firm grow. The firm was a hot topic among the CEOs and the corporates in general.
Browse marketing strategy and 4Ps analysis of more brands similar to Bain and Company. The Marketing Mix & Strategy section covers 4Ps and 7Ps of more than 800 brands in 2 categories.
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