Principles of Marketing That Impact Delloite and Touch
Over time, the marketing mix has been utilized by marketing professionals as a marketing strategy tool. It is important to note that adjustment of the marketing mix is usually relevant so as to address the dynamic needs of clients as well as conform to the marketing environment. In this ext, I concern myself with a global company in the service industry and describe the main line of business of the company. I also name some of the countries the company operates in and explain in detail the implementation of the 4pcs marketing mix concept by the company while describing and differences observed in the implementation of this concept from one country to another.
Principles of marketing that impact Deloitte and Touch.
Deloitte is one of the largest financial services firm in the world mainly specializing in a number of service lines including but not in any way limited to corporate Finance, Consultancy, Tax and auditing. The firm serves a diversified clientele in a wide range of specialties including telecommunications and media, technology, the public sector as well as industrial and consumer products. In the year 2009, the revenue raked in from the global operations of the firm stood at $6.5 billion. Some of the countries in which Deloitte operates in include the U.S., India, South Africa as well as Botswana.
When it comes to the implementation of the 4ps marketing mix by the company, it is important to note that when it comes to the product, the firm concerns itself with those financial services which have a high demand at the marketplace. The firm traditionally improves the functionality of its financial services by embracing innovation in its various areas of expertise including financial reporting as well information systems auditing. With regard to price, the company first carries out a market analysis to determine what its clients in such a market would be comfortable to pay. This is essentially the reason why the pricing of financial services by the firm differs from place to place.
Further, competition according to Pareek et al. (2009) shapes the pricing of financial services offered by Deloitte. In counties like South Africa where we have major competitors in the financial services marketplace, Deloitte has to adjust its pricing as such to remain relevant at the marketplace. When it comes to place, the company has embraced technology so as to ensure that is services are delivered in the most remote locations as well. In that regard, the company has adopted internet services and new technologies to make remote reporting as well as teleconferencing possible. As far as promotion is concerned, Deloitte as a firm operating in the financial services marketplace depends largely on referrals and repeat business as a result of ethics based restrictions on advertising for auditing and financial services firms.
When it comes to the implementation of this concept, here are a number of differences which can be observed from country to country. For instance, pricing of services tends to be different depending on the country under consideration and this is the reason why Deloitte carries out a market research to establish the amount customers would be willing to pay for services (Pride et al., 2008).
In conclusion, it is important to note that the marketing mix is crucial when it comes to the formulation of a strategy which in addition to addressing the various needs of consumers in the market also enhances the organizations performance.
Pareek, N. & Moore, K. (2009). Marketing: the basics. Taylor & Francis
Pride, W.M., & Ferrell, O.C. (2008). Marketing. Cengage Learning
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