PRICE WATERHOUSE COOPERS (PWC) AUSTRALIA MARKETING PLAN
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ABSTRACT
The purpose of this report is to present a marketing plan of Price Waterhouse Coopers. In order to complete the analysis of this company, the report analyses critical areas of the company such as the company background, the target market and the marketing strategy. A conclusion is finally drawn and recommendations for improvement given based on the current state of the company.
Keywords: Price Waterhouse Coopers, target market, marketing mix, ASX, CSR
Table of Contents
ABSTRACT. 2
Company Background and Product/Service Description. 4
Target Market 5
Marketing Strategy. 7
Marketing Mix of PwC.. 7
Product 7
Price. 8
Place. 8
Promotion. 9
Process. 10
Conclusion. 10
References. 12
Price Waterhouse Coopers (PWC) Australia Marketing plan
I Company Background and Product/Service Description
Price Waterhouse Coopers (PWC) is among the largest professional services firms in the whole world. The company was established in 1998 after a merger between Price Waterhouse and Coopers & Lybrand. However, the company’s client services history date back to the 19th century where both Price Waterhouse and Coopers & Lybrand originate. Today, PwC operates in more than 150 countries and more than 700 cities all over the world and employs more than 160,000 employees all around the world.
In Australia, PWC has its offices in various cities which include Adelaide, Brisbane, Canberra, Perth, Sydney, Townsville, and Melbourne. Its services include assurance, tax consulting, performance improvement, human resource services, corporate financing, business valuation, crisis management, actuarial management, risk assessment among other activities. The firm’s client base is both private and public companies and individual clients. However, the majority of PwC relationships are business to business. The main aim of PwC is to become the world’s leading consulting firm by employing exceptional people to help the company carry out quality activities that will give a lasting impression on the side of the customer (pwc, 2017). As one of the leaders in the service industry, the firm has a marketing-oriented business that ensures the goals of the firm are met by defining the needs of the customer and providing solutions for the target market by delivering satisfying services more efficiently and competitively than the competitors such as Deloitte.
As pointed out by Kotler (2015), a product is anything that can be taken or offered to the market to get the attention of the customer or anything that is intended to satisfy the need or want of the consumer. PwC is privy of this and has for long been designing its services to suit the client wants. The service the firm provides to the customer is advice and the knowledge that is needed by an expansive client base the company has managed to acquire in Australia over the years of operations. Price Waterhouse Coopers has the intention of addressing issues that impact the competitiveness, growth, and performance of its customers by providing people based services through its experienced consultants. Although the product it offers is intangible, what differentiates the firm from other similar service providers is that PwC offers a service that is variable, non-perishable and inseparable. Despite the intangibility of the services offered the role of the consultancy is crucial in remaining on the market and selling other tangible products. PwC marketing strategy has always sought to position the company and improve the brand equity. One of the main concerns of such a master plan has been to improve and create a unique service as well as experience with the clients. This is achieved by training staff and practicing proper methods of handling or approaching clients and investing in relationships and customer values that will create value.
II Target Market
Due to the competitiveness of the business, companies have been forced to adopt a go to a market model that focuses on tackling client related issues. PwC targets specific segments based on the revenue potential and the issues the firm wants to address as well as the relationship of that particular business with PwC. It offers services to a wide range of companies such as those that provide financial services, government agencies, healthcare institutions, those in the energy sector and human resource departments of different companies. To give out proper services to its customers, the PwC services are divided into several service areas which make up the total number of services provided by the company. These services include enterprise applications, human capital, technology, strategy and finance (PWC, 2017). The target customers participate in all these areas, and the decision to divide the services into these areas allows the company to access its target client base with ease while on the other hand easing the process of managing services.
The company targets Australian organizations both government and private that are listed on ASX. Due to the varied needs of the customers, the company has also gone a step further to offer services that are tailor-made to suit each one of them. The company, however, recognizes the need to increase the customer appeal to target all organizations that are financially capable in Australia. It is important for the business to target all the segments and encourage all the customers to use all the services offered by PwC. Clients in the public sector are different from those in the private sector. One of the biggest differences with the latter is the type of decision-making they require. Clients in the public sector require a comprehensive tender decision-making process before signing a contract. On the other hand, decision-making in the private sector is likely to be made by a single person and takes a short time to be approved. PwC values all these types of customers and has ways of handling them. PwC responds to its clients with a reactive approach to selling.
PwC has put the targeted firms within Australia into some categories or horizons. These categories are based on annual revenues they generate, the amount of time it takes for these companies to award a contract and the longevity of engagement with the firm. This type of segmentation allows the company to reach all its targeted businesses and offer its services with ease and with increased efficiency.
III-Marketing Strategy
Every firm desire to come up with marketing strategies that will help it compete with the other companies effectively. In view of the growing competition in the business world, it is not just about coming up with a marketing strategy, but it is all about developing a master plan that will allow the company to remain in business. Price Waterhouse Coopers Customer and Marketing strategy team are one of the instrumental parts of the firm that helps it create executable strategies that ensure the continuity of the enterprise in the dynamic business environment. It does this by making sure that there is value creation, portfolio optimization, and differentiation of the services offered by the PwC. It further helps clients achieve their requirements by ensuring organic and customer service growth. The firm does this by regularly working in tandem with marketing, branding and strategy executives that have a mandate for achieving long-term initiatives that will ensure the business continues expanding across Australia and even all around the world.
Marketing Mix of PwC
PwC follows the 6Ps of marketing in rendering quality client services to its target customers. These include price, place, promotion, process and people.
Product
PwC is among the leading consulting firms not only in Australia but also in the world. It provides services such as audit, consulting, tax, legal services, assurance and financial advisory. The firm also helps clients through the provision of services in areas such as technology integration, human capital, outsourcing, operations among other areas. Additionally, the company has made a name through the provision of financial services including, auditing, settling of financial issues, personal finances, e-discovery, property valuation services, project consulting, business portfolio analysis, management of risk and overseeing large companies. From these services, PwC has become a household name in Australian firms and is among the most trusted partners to many organizations in the country.
Price
PwC’s pricing strategy is dependent on solutions required, the human resource involved and the geographical location. Being a leading firm in the provision of various services around the country, the company charges a reasonable amount of money for its premium and high-quality services. The company is strict in the services it offers which allow only the services that are exceptional to be availed to the customer. Although the cost has been faulted by some individuals to be high, the strictness concerning the quality of services offered justifies the price. With the competitive nature of the market in Australia, PwC offers services which are affordable to the firms while on the other hand has the capability of meeting the required needs. Although some of the services may require a huge amount of money, these services can be tailor-made to suit the needs of every customer without sidelining any single client. However, the international services as stated earlier attract a higher charge than the services offered to firms within the country.
Place
Price Waterhouse Coopers has a profoundly felt presence in Australia with its offices in Adelaide, Brisbane, Canberra, Perth, Sydney, Townsville, and Melbourne. This, however, does not mean that the employees operate entirely in these offices. Most of the activities of the company are done outside the offices primarily in the client premises. This is spread all over the country and even across the borders. Although PwC Australia is autonomous, it reports to the headquarters in London, England where all the major decisions are made. Each member of PwC retains its independence and acts as a separate legal entity despite being under the larger Price Waterhouse Coopers umbrella. The flexibility of the service offered to the client has given the firm an upper hand hence allowing them to get more contracts than its competitors. Additionally, the autonomy of each of the branches of PwC allows them to make quick customer-related decisions without having to go through the long process of conducting the head office.
The closeness of services to the client and quick decision-making process has allowed the firm to attract more customers who are willing to pay a high amount of money. Such things have substantially contributed to the success of the business and the growth that has led to the spread of the firm all over Australia. On the other hand, the diversity of the products and skill set availed to the customer gives the customer a variety to choose from. The solutions offered to the clients cover most of the organization ensuring that none is left out.
Promotion
PwC considers promotion as one of the most important aspects of the business. The firm believes in promoting its services by offering quality services that will make the firm come back for more. This is a unique marketing strategy that has seen the firm getting new customers regularly and having the old ones returning for the services. It holds a belief that when one provides quality services, there will be little or even no need for advertisements since the customers will do the job. Although some may consider this strategy as weird, PwC has managed to breach Australian boundaries and has done well domestically with the provision of quality services (PWC, 2017). The firms CSR activities that are lined up have also contributed a lot to the positive relationship between the firm and society. This has acted as an indirect promotion for the company while on the other hand mutually benefiting people who have managed to know more about the services offered (Huang, 2014).
Process
PwC has a centralized process. Since the firm is a multinational and operates in many countries, lack of centralization might become problematic. On the other hand, the firm boasts of a huge client base, and this requires simplification since clients most of the time are selective about the way they require their services. With all these customer dynamics, PwC has a provision for customization of its products and services to suit the desires of the customer.
People are also an important aspect of the company. Customers, for instance, are highly connected to the company which feels that the customers should be satisfied with the quality of the services they offer and the kind of service the customer wants from the firm. It is through this that the company views customers, employees, management and everyone as important in contributing to the prosperity and growth of the company.
IV Conclusion
Although Price Waterhouse Coopers has experienced its share of disappointments in the service industry, it has managed to remain as one of the forces to recon in Australia. It has managed to become a global company with brand awareness and visibility not only in Australia but in all the other countries that it has operations. The target market has continued growing significantly as its success in the market continues to thrive. The use of the company’s marketing strategy of customized 6P of place, product, promotion, price, people, and the process has given the company a wholesome approach to issues in the market and enabled it to increase its sales. All these put together has given the firm an edge over its competitors such as Deloitte and KPMG and allowed it to survive the competition. Additionally, its engagement on the CSR activities and sponsorships has allowed the company to relate well with the Australian market and has also increased the market share. Although the company has succeeded in many areas, there is a need for it to employ new technology in rendering its services. The strategy of effectiveness is threatened by ever-changing technologies and lack of compliance. On the other hand, although the company needs opportunities out there, there is a pressing need to pursue those clients that are on strategy more.
References
Armstrong, G. K. P. H. M. &. B. R., 2015. Marketing: an introduction. S.l.: Pearson Education.
Bahadir, S. C. B. S. G. &. S. R. K., 2015. Marketing mix and brand sales in global markets: Examining the contingent role of country-market characteristics. Journal of International Business Studies, pp. 596-619.
Brown, J. a. K. B., 2004. Hazardous duty pay and the foraging cost of predation. Ecology Letters, 7(10), pp. 999-1014.
Huang, R. &. S. E., 2014. How brand awareness relates to the market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors. S.l.: Springer New York.
pwc, 2017. corporate-responsibility.html. [Online]
Available at: https://www.pwc.com.au/corporate-responsibility.html
pwc, 2017. services.html. [Online]
Available at: https://www.pwc.com.au/services.html