Marketing Mix of Forbes and 7Ps (Updated 2024)

The Marketing mix of Forbes analyses the 7Ps of Forbes which includes the Product, Price, Place, Promotion, People, Physical Evidence, and Process of Forbes. Forbes is a company of American origins and a subsidiary of Forbes Inc. It is associated with the media industry and is a business magazine published twice weekly. The first issue of this magazine came out for public viewing in the year 1917 on September 15. Forbes was founded by a financial columnist, B. C. Forbes, and Walter Drey, who served as his partner. Its current editor-in-chief is Steve Forbes, Randall Lane serves as editor, and Mike Perlis is CEO. It faces competition in its field from rival magazines like-

• Business Week
• Fortune
• Time

About Forbes

• Type: Business magazine
• Industry: Media and publishing
• Founded: September 15, 1917
• Founder: B. C. Forbes
• Headquarters: Jersey City, New Jersey, United States
• Area served: Worldwide
• Key people: Mike Federle, CEO, and Steve Forbes, Chairman
• Number of employees: Over 1,500

Forbes Product Strategy

Forbes is a bi-weekly periodical with several editions to its name in the global market. It caters to clients and companies in each region by addressing specific needs at that time and place. It is a capitalist magazine related to business and targets entrepreneurs and corporate houses as its target audience and potential customers.

By the end of the year 2013, its circulation was estimated at 931,558 copies. Forbes Life and Forbes Asia are some of its magazine brands, and besides English, it also publishes local editions in fifteen languages.

The product mix of Forbes in 2024 is as follows (Source).

1. Forbes Magazine: Forbes publishes a print and digital magazine that covers a wide range of topics, including business news, entrepreneurship, investing, technology, and lifestyle.
2. Forbes.com: Forbes maintains a prominent online presence through its official website, Forbes.com, which provides articles, news, and insights on various subjects, including business, finance, leadership, and technology. It also includes Forbes Lists, such as the Forbes Billionaires list and Forbes 30 Under 30.
3. Forbes Brand Extensions: Forbes has several brand extensions, including Forbes Travel Guide and ForbesBooks, which offer expertise in luxury travel and book publishing, respectively.
4. Forbes Conferences and Events: Forbes organizes and hosts various conferences, summits, and events focused on business and leadership, providing networking opportunities and valuable insights to attendees.
5. Forbes Insights: Forbes Insights produces in-depth research reports and whitepapers on business, technology, and leadership topics.
6. Forbes Live: Forbes Live is the company’s platform for streaming live events, interviews, and webinars, bringing thought leaders and experts together to discuss current business trends and topics.
7. Forbes Podcasts: Forbes produces several podcasts that cover a wide range of business and leadership subjects, making information and insights easily accessible to listeners.

Forbes Place Strategy

Forbes is one of the most recognized and popular magazines globally in most countries. Its headquarters base is in Jersey City in the United States. In India, for instance, it was established as Forbes India in 2008 and has achieved a massive circulation of nearly 50,000 copies since then. It also has a broad market in places like the United Kingdom, Japan, Israel, Mexico, the Middle East, Romania, Russia, Vietnam, Thailand, Spain, and Poland. Forbes.com is its official website, and twenty-seven million visitors access its product pages monthly.

It is the most visited portal related to business in the global market. In 2009, for example, according to the Times, this financial site was ranked as one of the top five search engines in traffic. Forbes has adopted a worldwide distribution network that allows its magazines to reach consumers easily through subscription methods by newspaper companies and vendors.

Forbes’ place strategy centers on its media distribution and online content marketing strategy and presence, ensuring its content reaches a global target audience. effectively:

1. Global Online Platform: Forbes maintains a global online presence through its official website (Forbes.com), making its content accessible to a worldwide audience 24/7. Users can access articles, reports, and insights on various topics.
2. Print Publication: Forbes publishes a print magazine distributed through various channels, including subscriptions, newsstands, and direct distribution to corporate offices and high-net-worth individuals.
3. Digital Editions: Forbes offers digital versions of its print magazine for readers who prefer the convenience of reading on digital devices. This approach caters to both traditional and tech-savvy audiences.
4. Social Media Engagement: Forbes actively utilizes social media platforms to distribute content, engage with readers, and expand its reach. It shares articles, videos, and insights like Twitter, Facebook, LinkedIn, and Instagram.
5. Syndication and Partnerships: Forbes enters into content syndication agreements and partnerships with other media outlets and organizations, allowing its content to be featured on various platforms and reaching broader audiences through trusted media channels.

Forbes Pricing Strategy

Forbes operates in a very competitive market and faces stiff price competition from competitors and some high-profile brands. The magazine has adopted a competitive pricing policy to emerge as a winner. This price move will serve a two-fold purpose.

It will, of course, help eliminate competition to some levels and help penetrate further markets by creating new inroads. It is a premium product company but has adopted mid-excellent pricing to make the cost of its product affordable to its customers. This value-based policy provides consumers with a unique product at affordable prices.

Forbes’ pricing strategy is multifaceted, balancing its commitment to providing clients with valuable business insights, tools, communications strategies, and expertise with its revenue generation goals:

1. Tiered Subscription Model: Forbes offers tiered subscription options for print and digital publications. This approach caters to various customer segments, providing pricing and access level flexibility, such as premium content or special reports for higher-tier subscribers.
2. Advertising Revenue: Forbes leverages its extensive readership to attract advertisers, offering opportunities for brands to reach a high-profile and influential audience. This advertising revenue stream allows Forbes to provide free access to a wide range of its digital content.
3. Event and Conference Fees: Forbes generates revenue through ticket sales, sponsorships, and partnerships for its conferences, summits, and events, which bring together industry leaders and thought experts for networking and knowledge sharing.
4. Forbes Insights Reports: Forbes monetizes its research and in-depth reports through paid access, offering businesses and professionals valuable industry-specific insights and data.
5. Brand Licensing and Partnerships: Forbes extends its brand through licensing agreements and partnerships, allowing other organizations to use the Forbes name and branding for a fee, thereby expanding its revenue streams.
6. ForbesBooks: Forbes monetizes its expertise by assisting authors in publishing books through ForbesBooks, generating revenue from book sales and related services.

Forbes Promotion Strategy

Forbes has adopted a diversified branding campaign and marketing strategy to create awareness and positively influence consumer mindset. It is an international brand with a good and solid reputation amongst its customer base. One example of the essential tagline is “The Capitalist Tool.” Forbes on Radio and Fox is an example of the two most critical shows associated with this prolific magazine aired on radio and television.

Steve Forbes and several writers associated with Forbes magazine take part in both shows and offer advice on various strategies for businesses and investments. In January 2014, Forbes announced a deal with app creator Maz, and the company launched Stream, a social networking app. It allows sharing and saving visual article content from Forbes.com and magazines with other readers.

Forbes’ promotion campaign marketing strategy focuses on the following key elements:

1. Quality Content Creation: Forbes produces high-quality, authoritative content across various media platforms, establishing itself as a trusted source of business and leadership insights.
2. Thought Leadership and Expert Contributions: Forbes actively engages with industry leaders and experts to contribute content, interviews, and op-eds, enhancing its reputation and attracting a diverse readership.
3. Multi-Channel Distribution: Forbes leverages its digital presence, social media engagement, email newsletters, and partnerships with other media outlets to distribute its content, amplify its reach, and drive traffic to its online platforms, ensuring broad exposure for its content and brand.

Some Recent Video ads and Print ads of Forbes are:

Forbes People Strategy

When discussing the “People” aspect of the Service Marketing Mix for Forbes, it’s essential to highlight the importance of various groups that play a crucial role in delivering its services and maintaining its brand reputation. Here are some key points:

1. Editorial Team: The backbone of Forbes’ content creation, including journalists, editors, and contributors who research, write, and curate articles and stories. This team ensures the content is relevant, accurate, and engaging for its readership.
2. Management and Leadership: Forbes’s executives and senior management set the organization’s strategic direction, culture, and ethical standards. Their decisions impact the brand’s market positioning, partnerships, and success.
3. Sales and Marketing Staff: Responsible for advertising sales, partnership management, and promotional activities. This team works to attract advertisers, manage brand partnerships, and develop marketing strategies that align with Forbes’ audience interests and industry trends.
4. Customer Service Representatives: The frontline personnel interacting with subscribers, advertisers, and the general public. They handle inquiries, feedback, and issues, ensuring a positive experience with Forbes’ platforms and services.
5. Digital and IT Specialists: The technical team maintains Forbes’ website, mobile app, and IT infrastructure. They ensure that digital platforms are user-friendly, secure, and up-to-date, facilitating seamless access to content and services.
6. Contributors and Freelancers: External experts, thought leaders, and writers who contribute to Forbes under its contributor model. They add diversity and depth to Forbes’ content, covering various topics and industries.
7. Event and Conference Staff: Organizers and coordinators of Forbes’ events, such as the Forbes Under 30 Summit and Forbes Women’s Summit. They are vital in extending the Forbes brand beyond digital and print into live experiences, networking opportunities, and thought leadership forums.
8. Research and Development Team: Involved in market research, audience analysis, and product development. They help Forbes stay ahead of industry trends, innovate its content delivery, and ensure the service offerings meet the evolving needs of its audience.
9. Human Resources and Training Departments: Responsible for recruiting, training, and retaining talented individuals across all departments. They ensure the staff is skilled, motivated, and aligned with Forbes’ values and goals.
10. Legal and Compliance Team: Ensures that Forbes operates within legal and ethical boundaries. They manage copyright issues, data protection policies, and compliance with advertising standards, safeguarding the brand’s integrity.

Forbes Process Strategy

The “Process” element of the Service Marketing Mix for Forbes involves the procedures, mechanisms, and flow of activities through which Forbes delivers its services to customers. This encompasses different marketing strategies: content creation, distribution, marketing strategy, customer engagement, and feedback mechanisms. Here are some key points that outline the process at Forbes:

1. Content Creation and Curation: Forbes follows a structured process for generating and curating its content, involving topic selection, research, writing, editing, and fact-checking. This process ensures the content is accurate, engaging, and aligned with Forbes’ standards and audience expectations.
2. Digital Publishing Workflow: Utilizing a digital-first approach, Forbes employs a streamlined workflow for publishing content online, including SEO optimization, multimedia integration (images, videos), and social media sharing. This process ensures timely and wide-reaching dissemination of content.
3. Contributor Network Management: Forbes has a unique contributor model that allows experts and thought leaders to publish content directly on its platform. The process includes vetting contributors, managing submissions, and ensuring content quality and compliance with editorial guidelines.
4. Subscription and Access Management: For premium content and digital subscriptions, Forbes implements processes for subscription management, access control, and user authentication. This ensures a seamless and secure experience for subscribers accessing exclusive content.
5. Advertising and Partnership Execution: Managing advertising and partnerships includes identifying potential partners, negotiating terms, executing campaigns, and measuring performance. This systematic approach ensures that advertising and sponsored content are relevant and add value to Forbes’ audience.
6. Feedback and Continuous Improvement: Forbes has mechanisms for collecting feedback from readers, advertisers, and partners. This feedback informs continuous improvement processes, helping Forbes to refine its content, services, and user experience.
7. Event Planning and Execution: For events like conferences and summits, Forbes follows a detailed process for planning, promoting, hosting, and post-event follow-up. This ensures events are valuable networking and learning experiences for attendees and reflect the Forbes brand positively.
8. Market Research and Trend Analysis: Regular market research and trend analysis inform Forbes’ strategic decisions, content planning, and service offerings. This process helps Forbes stay relevant and ahead of industry trends.
9. Quality Control and Assurance: Forbes implements quality control measures across content creation, digital platforms, and customer service. This ensures high standards are maintained, protecting the brand’s reputation and customer satisfaction.
10. Technology and Platform Development: Ongoing development and maintenance of Forbes’ digital platforms (website, mobile app) ensure they are user-friendly, secure, and capable of handling high traffic volumes. This process includes regular updates, security checks, and feature enhancements.

Forbes Physical Evidence Strategy

The “Physical Evidence” component of the Service Marketing Mix for Forbes encompasses the tangible and intangible elements customers experience and associate with the Forbes brand. This aspect of the marketing mix is crucial in service marketing, as it helps substantiate the quality and existence of the service provided. Here are key points regarding the marketing mix and physical evidence of Forbes:

1. Website and Digital Platforms: Forbes’ online presence, including its website and mobile applications, is a primary form of physical evidence. These platforms’ design, usability, and overall user experience reflect the brand’s quality and reliability.
2. Forbes Magazine: The physical magazine, with its distinctive design and high-quality print, acts as tangible evidence of Forbes’ commitment to delivering insightful business news and information. The magazine’s cover, often featuring influential figures, and its layout are iconic elements associated with the brand.
3. Office Buildings and Workspaces: Forbes’ headquarters and global offices physically represent the brand in various locations worldwide. These offices’ architecture, interior design, and location contribute to the brand’s prestige and positioning as a leading business media company.
4. Branded Merchandise: Forbes-branded merchandise, such as apparel, accessories, and office products, serve as physical tokens of the brand. These items help extend the brand’s presence beyond digital and print media into everyday life.
5. Events and Conferences: Forbes hosts numerous events, including the Forbes Under 30 Summit and Forbes Women’s Summit. The physical setup, branding at these venues, and the overall experience at such events provide tangible evidence of Forbes’ industry leadership and community engagement.
6. Awards and Recognitions: Forbes is known for its lists and rankings, such as the Forbes 400, Billionaires List, and 30 Under 30. The physical awards or certificates given to those who make these lists serve as physical evidence of the brand’s authority and influence in recognizing business and entrepreneurial success.
7. Publication Quality: The quality of the paper, printing, and imagery in Forbes magazine and other printed materials underscores the brand’s commitment to excellence and attention to detail.
8. Marketing Collaterals: Forbes’ marketing materials, including business cards, brochures, reports, and presentation templates, carry the brand’s visual identity and values, serving as physical evidence of its professionalism and business focus.
9. Digital Content Quality: The visual quality of Forbes’ digital content, including videos, infographics, and interactive media, enhances the brand’s perceived value and credibility among its audience.
10. Social Media Presence: While primarily digital, consistent branding, content quality, and engagement on social media platforms like LinkedIn, Twitter, and Instagram provide tangible evidence of Forbes’ active and influential presence in the digital landscape.

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