Marketing Mix: Product, Brand, Place, Price and Promotion in Deloitte

This essay discusses the marketing mix of Deloitte, including product and brand, place, price, and promotional elements. It also covers the different models used by Deloitte to enhance its services and brand image.

Introduction to marketing

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................1

INTRODUCTION
Marketing refers to all those activities which are taken to promote the buying or selling of
any product. Marketing includes advertisement, selling and delivering the products to the
consumers or any other business organisations (Deepak and Jeyakumar, 2019). It is a discipline
which involves the action taken by a company in order to draw the attention of customers.
Marketing helps to build relationship between customers and the business. An effective
marketing strategy is developed under marketing process to boost the growth and increasing
number of consumers for business. Marketing mix refers to the actions or techniques used by a
company to promote its product and services. Marketing mix involves multiple areas to focus as
a part of effective marketing plan and helps to understand what can be offered to the customers
through products or services. This essay contains an outline of different areas for marketing inn
an organisation. It includes product and brand, place, price and promotional element of
marketing in an organisation.
MAIN BODY
Product and Brand in Marketing
Kotler's product level model encompasses five product level model provides different
ways to show the levels of need a customer have regarding the product or service. This product
model provides a structuring method of product portfolio of an organisation to its targeted
customers segments. The product level model for Deloitte includes the core benefit is the basic
need or want of customer which is satisfied upon acquiring a product. Some of the core services
which are provided by Deloitte includes tax compliance and reporting, workforce, technology
and analytics, core business operations, customers and marketing etc. The generic product can be
explained as the basic version made up of only those feature which are necessary for it to
function. The generic products of Deloitte includes equity compensation plans, legal business
services, tax services etc. (Deloitte, 2022). The expected product includes the additional features
which a customers expect along with the product or services. The customers of Deloitte expect
that they could acquire services at a reasonable price or provides any discount. Augmented
product refers to any product variation or extra features which are added to differentiate the
product from its competitors. It is a product which is enhanced by the seller with added features
to provide intangible benefits which goes beyond the product. Augmented product for Deloitte
1

includes providing guidance over call or at home to serve their customers better. Potential
product refers to all those improvements that a product might experience in the future. Potential
product for Deloitte can include virtual firms in the professional industry, value oriented revenue
model, back end service automation etc. It helps the company to ensure customer loyalty and
aims to delight the customers in future.
Gronroos' service model helps in smooth functioning of business is not an easy task it
requires different analysis and models (Samiee and Chabowski, 2021). Gronroos' (1987) services
model is the combination of factors like accessibility of service, customer's interaction, service
provider resources and customer's participation. It is generally based on two phases one is
technical outcome and another is functional process quality. Deloitte is providing services like
auditing, assuring, tax consultancy and financial advising as their core products. They use this
model to increase their sales figure facilitating through these services. In context to Gronroos'
(1987) services model, their main supporting products are forensic services, restructuring
projects and valuation. Deloitte is an innovative and successful enterprise of United Kingdom
using this model to create interaction and participation of customers. The interaction between
customers is a communication of business to customer that also supported by this model.
Deloitte have large customers in market segment as they are one of the leading service providers
in retail industry. It helps the organisation to solve problems of customers very fast through
messages, telecommunication and physical mode. The physical environment of Deloitte can
affect creativity and innovation in their business organisation . It can be positive affect or can be
negative and also gives attention to enhance productivity, increase flexibility and high level
interactions. Gronroos' (1987) services model helps Deloitte in different aspects of customer co-
production as well.
Deloitte is having excellent brand image in the global market. It is the most valuable
commercial services brand with value of $26.7 billion. The organisation have brand strength and
brand equity in the market segment. This company has build up well-defined brand management
structure in their organisation and successfully maintain their brand equity . This organisation
developed brand value map for creation of framework that helps to analyse factors which
influence value of their brand and evaluation mechanism (Jin, Yoon and Lee, 2019). They are
framing different strategies in regards to promotional tools and concepts for increasing their
brand image in the market. Deloitte also use scientific theories and aspects for business
2

organisation to enhance their market share in the economy. In the retail industry, this company
have many big competitors and theories like building awareness, creation of bond with
customers and reshaping their thinking. They also use promotional tools like advertising,
billboard charts, articles in newspapers and public relation to make efficient image in the minds
of people. Deloitte provides audit, consulting, legal and tax related services all over the world so,
their little step can affect their brand equity at large scale. They can also increase their brand
image by providing low cost services and by generating employment opportunities in backward
areas. It also helps society and other businesses related to various industries for benefit of
cheaper prices and income generation. Using above theories and concepts Deloitte can also
capture areas outside their market segments. They helps to develop strong brand visuals to attract
the customers towards them in the different economies.
Price element of Marketing
Deloitte offers high prices for its products and services as they provide best services to
the customers, also expand its business across the world. They are strict about the things they
provide, as managers of Deloitte believes in providing quality service so that customers get full
satisfaction. Deloitte provides opportunity to grow, learn new things as well as develop by
working with best and explore the areas which are suitable. The pricing strategy used by the
managers of Deloitte is competition based, where the prices are set according to the competitors
price. They create value by its performance by using value creation mindsets as well as
methodologies, which results in increasing profitability. The strength of the brand is essential
element of its brand value in business (Lahtinen, Dietrich and Rundle-Thiele, 2020). Deloitte is
known for its most valuable professional services brand in the marketplace as well as the third
strongest brand across the world. The managers of Deloitte has made a worth full brand image in
the countries in order to gain high market share and strong customer base segment. For the
growth and personality development an individual they provide with huge network, training,
seminars and many more thing so that a person can achieve its personal goals as well. Deloitte is
known for its financial advisory, risk advisory, audit and assurance, tax and related services in
almost all the places. They even give an opportunity to make future in the company to the
workforce so that they can have them for a long time. Most of the people grab the opportunity
and work for their career in the organisation, it impacts positively as people work hard in order to
3

achieve the goals (Purohit, Paul and Mishra, 2021). They provide with affordable salary and
bonus to their subordinates which makes them fulfil their basic needs by working for the firm.
Promotional element of Marketing
Deloitte promote its products by rendering quality service to the customers which fulfils
their needs and wants. They promote their products and through magazines, newspaper,
hoardings, internet, campus connect and many more. The managers of Deloitte believes that if a
company provides quality services then they don't need to do any promotion of the brand. They
usually use the advertising, commerce and marketing strategy in the firm which is helpful in
building up good brand value in the marketplace. This helps in creating healthy customer
segment, high market share and expanded its products and services in all over the globe. People
are aware about the products and services rendered by the company which gives them
satisfaction after using it (Eti, 2020) Deloitte created its image in the market by giving best and
quality services to the customers which attain the demand of people. They have expanded their
business internationally which helps them in gaining more profits and compete their competitors
in sales. The managers of Deloitte have also planned CSR activities which benefits them in
ensure that services provided are worth it for them or not, which indirectly promoting their
products in front of new customers.
This results in spreading information about the company and service provided among the
people who are not aware of the brand. The mangers of Deloitte have spend a lot on its
promotion so that it is known in every local market as well. With the current promotional
strategies used in the organisation they have also managed to breach the national boundaries
which is helpful for them in their future growth. Through these promotional strategy more new
people are attracted and willing to use the services and products which in return makes them
satisfied (Helmold, 2022).
Place element of marketing
Place is related to where customers or buyers purchases or discover the product and
goods of the organisation. It helps companies in making goods accessible to its target consumers
in most cost effective manner (Kitchen, 2020). It aids in attracting large number of customers
and gaining sustainable competitive advantage over others. Deloitte started their business with
keeping in mind the national boundaries only. Later on they expanded their business within the
country and gradually open their branches in the other continents. There are different kind of
4

distribution channels such as physical distribution, intensive distribution, exclusive distribution,
channels of distribution and selective distribution. The important element of placing their
products, managers of Deloitte use physical distribution. It is the set of activities which is more
concerned with the efficient physical movement of products from the manufacturer to the
buyers. It is the significant part of place mix and key aspect of marketing in Deloitte. There are
some challenges which are faced by the managers of Deloitte while making available their
product to their customers like attracting the perfect consumer, customer loyalty and many more.
They have to face higher competition in the market as there are a lot of organisations
which provides same type of goods and services to the people. If they are selling their product
online then they have to face biggest issue of cyber and data security, online identity verification
and many more (Charlesworth, 2020). Managers of Deloitte face difficulty in building trust
online, closing deals, sales and marketing team integration, avoiding discounting, getting a
response from prospects and many more. Deloitte managers are now extending their business
and keeping in mind the top MNCs and giving them best service and solutions. Various countries
in which they are operating are Russia, Africa, USA, Ukraine, UK and so on.
CONCLUSION
From the above essay it is concluded that the marketing mix plays an important role in
attracting desired and targeted customers and achieving sustainable competitive advantage over
others in the same industry or market. Marketing mix refers to the set of marketing tools and
techniques which is used by the managers of organisation to sell their goods and services in the
target market to achieve its marketing and companies objective. In marketing mix place is the
key element in selling the companies product to the target customers and providing their
products to the large number of people. Price is important for the organisation as it helps them in
fixing its product price according to the needs, status, financial position and many more of the
people. Promotion helps firms in giving its brand and product awareness to the large number of
customers over the world to attract more people which increases their sale, profitability.
5

REFERENCES
Books and Journals:
Charlesworth, A., 2020. Absolute essentials of digital marketing. Routledge.
Deepak, R. K. A. and Jeyakumar, S., 2019. Marketing management. Educreation Publishing.
Eti, I. A., 2020. Theoretical Inspection And Rethink of Marketing Mix. Available at SSRN
3685642.s
Helmold, M., 2022. Marketing Mix. In Performance Excellence in Marketing, Sales and
Pricing (pp. 95-103). Springer, Cham.
Jin, C., Yoon, M. and Lee, J., 2019. The influence of brand color identity on brand association
and loyalty. Journal of Product & Brand Management.
Kitchen, P. J., 2020. Marketing communications. In A reader in marketing communications (pp.
1-9). Routledge.
Lahtinen, V., Dietrich, T. and Rundle-Thiele, S., 2020. Long live the marketing mix. Testing the
effectiveness of the commercial marketing mix in a social marketing context. Journal of
Social Marketing.
Purohit, S., Paul, J. and Mishra, R., 2021. Rethinking the bottom of the pyramid: Towards a new
marketing mix. Journal of Retailing and Consumer Services. 58. p.102275.
Samiee, S. and Chabowski, B. R., 2021. Knowledge structure in product-and brand origin–
related research. Journal of the Academy of Marketing Science. 49(5). pp.947-968.
Online:
Deloitte. 2022. [Online] Available through: < https://www2.deloitte.com/us/en.html#>