PWC Marketing Mix: PricewaterhouseCoopers is popularly known and traded as PWC. It is a multinational company that provides professional services. It is currently the biggest firm of service providers worldwide. According to a study published by Vault Accounting, PwC has been recognized as the most prestigious business worldwide for seven consecutive years and within North America for three successive years.
Price waterhouse Coopers was founded in 1998 after a merger between Price Waterhouse and Coopers Lybrand. In 2010, its name was shortened to its present name PwC for convenience and as a rebranding strategy. In 2015, it was ranked as the largest company with the no. 6 in the privately owned sector of the United States.
Marketing Mix Of PWC
Marketing Mix Of PWC is brand-based. In Marketing Mix Of PWC, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing PWC Marketing Mix. Below is the detailed Marketing Mix Of PWC.
Let’s talk about PWC Marketing Mix.
PWC Main Competitors
PWC official website: www.pwc.com
Product in the PWC Marketing Mix:
PwC has a global presence, but 40% of its work is restricted to European businesses. Various firms work with and for PwC, each having its legal entity. PwC offers services to public and private clients; however, most of its relationships are based on business-to-business organizations. It offers services to industries like exploration and development, automobile entertainment, communications, and media. Its portfolio of products is limited to the following areas:
- Consulting – It covers the consulting of performance improvement, strategy, and transaction services such as business recovery services, corporate finance, and business valuation, as well as sustainability and crisis management in areas such as actuarial advice and accounting.
- Tax – It covers tax planning and compliance for international tax purposes as well as local tax laws, customs and taxes and legal services, human resource consulting, and transfer pricing
- PwC has been working on initiatives to provide broader advice on Enterprise Risk-Management. It helps companies in outsourcing and assessing political risk in the global market. PwC also provides two consulting solutions for the actuarial department called AIMS and HRS, also known as Actuarial and Insurance Management Solutions and Human Resource Services, respectively. Actuarial covers areas such as pensions and life insurance, as well as investment and non-life insurance, and HRS, comprises services related to pensions. PwC serves US Federal-Government by implementing practices in the public sector, with more than 2000 professionals.
Place in the PWC Marketing Mix:
PwC is an internationally-based business that operates globally, with its main office in London in the United Kingdom. Its companies are situated across one hundred fifty-seven countries. They are located in seven fifty-six locations, such as Melbourne, Riyadh, Warsaw, Poland, Madrid, Auckland, and Lima. It is aware of the need for competent and skilled workers, and as of the end of the year 2015, it employed a total of 208,100 workers, with 32% of them working in Europe and 26% in the Caribbean as well as North America, and 22% in Asia. To meet the needs of its clients, it has established several teams, including analysts and external coaches, who assist in providing the best possible service.
Price in the Marketing Mix Of PWC:
The total revenue of PwC during the year of financial 2015 was estimated to be 35.4 dollars. Of this figure, 11.3 billion was created through consulting practices as well as 8.9 billion through tax practices, 8.9 billion through tax practices, and 15.2 billion through assurance practices. PwC is home to a group of experts that analyzes the needs and wants of the target market and analyzes the details of the policies of its competitors. The company then decides on its pricing policy using the information available and after reviewing the market’s current economic conditions.
As the firm provides people-based services, it is necessary to balance its pricing policy and its client’s capability. Therefore, PwC has chosen reasonable pricing policies for specific locations and clients and has a high-priced policy targeted at high-end customers. PwC has taken an approach based on value and qualitative services to formulate pricing policies that meet client approval.
Promotions in the PWC Marketing Mix:
Since the company offers services that are not tangible, it is important to advertise its offerings using top-of-the-line marketing strategies. Building brand awareness is easy; however, maintaining it over a long time is challenging. Therefore, the company must review its promotional strategies regularly to ensure that it is always fresh in customers’ minds.
It offers information on its services and its methods of dealing with them, as well as its experience in pleasing clients who have been customers before and those who are currently. PwC has set out to develop an original marketing strategy. It can position its name as the most effective through ads in print media, such as business magazines, and in digital and social networks. It gathers crucial information on the current trends in client behavior and trends by collecting data through the client feedback program.
The company’s liaison representatives meet with various potential and present clients to gather information about the customer’s needs. The company has also launched employee training programs that aid in dealing with clients. They also have a logo that gives them a distinct identity. The current PwC logo was created by Wolff Olins and was launched in 2010 to announce that the company’s name was changed to PwC.
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