However, given the unique nature of services, the implications of these are slightly different in case of services.
McKinsey is one of the top four management consulting firms, having offices all across the world. McKinsey offers consulting services in its marketing mix to diverse fields. They are into almost all sectors like airspace, oil, finance, marketing, media, travel, pharmaceuticals, mining, metals, chemicals, power, electronics, electrical, forest, retail etc.
McKinsey consulting involves solving problems for the clients. This is done by extensive research of the sectors in which the problem relates to and knowledge base is increased and developed on a real-time basis. McKinsey is a top-class firm and offers services in diverse sectors.
Because of its quality of service and brand value coupled with the high-profile clients that it works with it charges a premium for 7ps management consulting service services.
Thus, the pricing strategy in its marketing mix is called premium pricing strategy. New undergraduate consultants of McKinsey are paid around dollars a year whereas for senior consultants and top management the pay is as high as million dollars a year. McKinsey consultancy services are provided by the consultants who are available at the offices of the company.
It is currently in plus locations and covers a vast number of geographical areas to offer their services. There are more than employees in McKinsey. The consultants need to sometimes travel extensively to meet their clients and hence there is a great amount of flexibility in the offering of the service.
The meetings are usually with clients who form the top management of their organizations and hence are held at high profile places. McKinsey does not need to promote itself as its position has already been established in the market as the best consulting firm.
But even before it acquired this position it always maintained a low profile. It never wanted to advertise its service nor did it want to disclose its clients.
McKinsey have always been working silently in the background and still have managed to be at the top. Although the website of the company may highlight its services it does not call out to the internet users to come visit their site. Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of McKinsey.
Therefore, every year around one fifth of the consultants are let off.
The organizational culture is therefore extremely competitive having the brightest minds of the world. The structure is flat with every consultant having a mentor. Most of McKinsey consultants are so qualified that they eventually take up high positions in top organizations or Government organizations as decision makers according to research.
McKinsey has several business processes for ease of doing business. The process involves right from getting an appointment with the consultants to the point where the project is completed. The consultants are usually people who have expertise in that particular field where the client has his or her business.In integral services management, improving productivity during service is a requisite in overall cost management; but quality, as defined by the customer, is essential .
7Ps of Services Marketing Companies are competing strategically through at the restaurant, accountancy and consulting services) can vary from service providers and customers among many other factors. This lack of homogeneity in services creates (management zone) and .
The service marketing mix is also known as an extended marketing mix and is an integral part of a service blueprint design. This marketing mix has 7ps of marketing and the three extra Ps are people, process and physical evidence.
Marketing mix of Services is used by most service businesses. Aug 27, · process: top management consulting firm • Serves around 85 of the world’s top companies & also more than 2/3rd of Fortune companies.
• Even It competes with Accenture and IBM for Technology Consulting service. Once you've developed your marketing strategy, there is a "Seven P Formula" you should use to continually evaluate and reevaluate your business activities. These seven are: product, price. Management consulting as a profession is a coveted aspiration for management professionals.
This academic note seeks to define management consulting as an industry, draw its boundaries, highlight the unique contributions of management consultants and consulting firms, and elucidate the challenges faced by the management consulting industry, with a specific focus on the Indian context.