Actually, PricewaterhouseCoopers (PWC) is a global service provider. As a matter of fact, it is the second largest in the world in the professional services, also among the four accountancy industry. Their main goal is to enhance decision making, assess performance, and totally improve the firm business line. They are mostly among the best providers of professional services in the world. Its Global headquarters is in London in the United Kingdom. The firm was formed in the year 1998.
Arguably, PWC professional development have been strongly been integrated globally. As a matter of fact, the company operates in approximately 154 countries worldwide and has its offices in 757 cities (Philip & Gary, 2008). Additionally, it employees approximately 161,000.This countries include US, Kenya, Bangladesh, Nigeria, Norway and Angola just but to mention some. Globally PWC has three main lines of service. They deal on assurance services, advisory as well as consultancy. The service line of PWC faces the markets in countries they operate by broad industry specialization (Tinson, 2004).
PWC Company is a very large organization; hence making a coherent marketing strategy is very difficult. The company operates in different markets all over the world. In order to win and compete in today’s market; international companies such as PWC should focus and reflect on cultural adaptability, talent and inclusion (Tinson, 2004). The PWC 4ps are product (service), place, price and promotions. These are the strategies which increase the marketability of the company when implemented well. They are the elements of the marketing mix.
PWC Company faces lots of competitive threats from other major service companies; such has deloitte, KPMG and Ernst & Young international. Despite all this competition PWC has dominated in the market. This success and survival in the service market are achieved through numerous factors. Nowadays the market place is very aggressive as compared to the past. PWC employs young, energetic, competent and smart fresh students from the university. The process in very competitive, hence at the end of the process they get very intelligent employees (Chandrasekar, 2002). In addition, they provide perfect support to these employees, this triggers them to perform well. The firm too has diversified to different fields of professions as well as wide geographical area, therefore they enjoy economies of scale.
Product (service) strategy is very important for the success of PWC. The service strategy acts as a road map, to where to go, how to carry out the activities and why it will be successful. The firm provides good services to its customers. Within the firm, they have established numerous divisions that are dedicated to respective professions and countries at shared service centre. The quality service they deliver is credited to quality assurance team. Another service strategy is diversification of line of operations.
Promotion strategy of PWC deals with the communication link between them and the customers. The purpose of it is to inform, influence and persuading potential customers. PWC promotes its services through advertisement via Internet and magazines. The emerging technologies help in promotion (Philip & Gary, 2008). The company is able to reach a wide range of customers globally through the Internet. Most of the services offered by PWC are delivered in person. Hence it sells the service one by one through competent staff. The company too promotes its services through organizing and sponsoring competitions. For example, PWC jersey young musician competition in which the company sponsored.
Price is one of the major marketing mix, mostly it is related to the position of the service. Actually, pricing policies affect other elements of the marketing mix. Pricing strategies at PWC company changes as the services go through its life cycle. This is so because; there are many constraints on the freedom of the company in pricing the product at different stages (Chandrasekar, 2002). PWC deals with diverse services and customers, hence the price of each service depends on different factors. The power of price in affecting consumer flexibility, and decision makes the pricing strategies important in meeting PWC objectives in a competitive market. The wealth and the progressiveness of PWC depend on pricing strategy and the perception of customers on the prices of services offered (Pearce & Branden, 2009)
PWC pricing strategies include market oriented pricing, price discrimination, competition-based pricing and premium pricing. PWC sets its prices discriminately depending on the institutions in which they offer their service. Additionally, the company in most cases keeps the prices of services artificially in order to great a favorable perception on the customers (Chandrasekar, 2002). Deloitte is the highest competitor of PWC, therefore PWC sets its prices based upon deloitte prices.
Historically PWC has become most successful service industry. Pricing strategy is very important because it decides whether the customers have the purchasing power. The prices of PWC are friendly to customers. The prices of PWC are determined through negotiation and bargaining. Prices are set depending on buyers needs and the cost of production.
Place (distribution) strategy is very important in facilitating the link between the service providers and its customers. In every service industry, distribution enables customers to access PWC service.PWC always offers delivery solutions that support demand and supply, self-provisioning and cloud based that does not face the location and physical barriers (Tinson, 2004). Actually, the services of PWC, support elastic scaling meant to avoid disruptive capacity and shortfall of its services. Additionally, PWC facilitates rapid provision of its services and support creativity to its customers. The Internet and other forms of communication have facilitated easy progress and service delivery. PWC has set out many service delivery centers in all the countries they operate.
Philip, K & Gary, A. (2008). Principles of Marketing. New York: Pearson.
Pearce, J & Branden, R. (2009). Formulation, Implementation, and Control of Competitive Strategy. Irwin: McGraw-Hill.
Tinson, J. (2004). Marketing Strategies. California: Prentice.
Chandrasekar, B. (2002). Marketing Management. New York: Wiley.