Marketing Mix of KPMG and 7Ps (Updated 2024)

The Marketing mix of KPMG analyses the 7Ps of KPMG, which includes the Product, Price, Place, Promotion, People, Physical Evidence, and Process of KPMG. The name KPMG was coined after the merger between KMG (Klynveld Main Goerdeler) and Peat Marwick in 1987. The company provides other enterprises with professional services like auditing and advisory services. With US$ 24.44 Billion in 2015, KPMG is one of the biggest employers in Professional Services Vertical.

KPMG employs more than 173,000 people and provides for its employees and their families. KPMG is among other members of the Big Four Auditors of the World with Deloitte, EY, and PwC.

Ernest & Young and Price Water Cooper are KPMG’s top two competitors. With a worldwide sales and marketing presence, KPMG is constantly with customers and continually expanding its area of services offered to customers.

About KPMG

• Type: Professional services network
• Industry: Accounting, tax, and consulting
• Founded: 1987
• Founders: Marwick Mitchell & Co., Klynveld Kraayenhof & Co., William Barclay Peat & Co., Klynveld Main Goerdeler
• Headquarters: Amstelveen, Netherlands
• Area served: Worldwide
• Key people: Bill Thomas (Chairman) and Julie Sweet (CEO)
• Number of employees: 227,000 (2022)

KPMG Product Strategy

With the marketing mix of KPMG, one of the Big Four Auditors, it is bound to provide MNCs with quality tax, audit, and advisory services. The enterprise has been helping thousands of enterprises manage various aspects of their taxes, money, business development strategies, sales, and investments.

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

1. Audit: This includes external, internal, and IT audit services. The external audit involves the examination of financial statements and the accounting records of organizations to ensure accuracy and compliance with regulatory standards. Internal audits focus on assessing the effectiveness of risk management, control, and governance processes. IT audits evaluate the management and security of information systems.
2. Tax: KPMG’s tax services include tax planning, compliance, and advisory for businesses and individuals. This encompasses corporate tax, indirect taxes (like VAT or sales tax), international tax, transfer pricing, and personal tax advice. They also assist with tax-related aspects of mergers and acquisitions, restructurings, and other business transformations.
3. Advisory: This is the broadest category, covering a wide range of consulting services. It includes financial advisory services such as mergers and acquisitions, restructuring, and risk management. Management consulting, where KPMG advises on business strategy, operations, technology, and human resources, also falls under this category. Additionally, they provide services in emerging areas like digital transformation, cybersecurity, and data analytics.

KPMG Pricing Strategy

KPMG’s pricing strategy is a sophisticated blend of full-price, value-based price, and price-competitive pricing strategies, reflecting its status as one of the leading professional services firms in the world. Here’s an overview:

1. Value-Based Pricing: At the core, KPMG employs value-based pricing, setting fees based on the perceived value delivered to the client rather than the service cost.
2. Tiered Service Levels: Recognizing the diverse needs of their clientele, KPMG offers tiered pricing for different service levels. This strategy enables clients to choose a service package that fits their budget and requirements, from essential compliance to premium advisory services.
3. Customized Pricing Agreements: KPMG often negotiates customized pricing agreements for complex projects or long-term engagements. These arrangements consider the project’s scope, duration, and specific demands, ensuring a fair and transparent pricing structure.
4. Competitive Benchmarking: In the highly competitive consulting market, KPMG continuously benchmarks its prices against other Big Four firms and key competitors. This ensures their pricing remains competitive while reflecting their market position and brand value.
5. Flexible Pricing Models: Responding to market trends and client expectations, KPMG utilizes flexible pricing models such as performance-based fees or risk-sharing arrangements. Such models align KPMG’s incentives with client outcomes, fostering stronger client relationships and trust.

KPMG Place Strategy

KPMG runs tax, audit, and tax advisory operations in 155 countries. KPMG Firm in every country is a private entity but comes under the International Governing Body of KPMG, a Swiss Co-operative. The company plays an integral role in the economic development of enterprises, businesses, and countries. Tax, audit, and advisory services have helped hundreds of enterprises acquire the requisite momentum for growth and development.

The place strategy analysis data out of KPMG is as follows:

1. Global Network: KPMG operates in a vast global network, with member firms in numerous countries worldwide. This extensive geographic presence allows them to serve international clients and address global business challenges effectively.
2. Local Expertise with Global Integration: While operating globally, KPMG firms focus on local markets, offering tailored services that meet regional needs and regulations, all while maintaining a high standard of global integration and knowledge sharing.
3. Strategic Office Locations: KPMG strategically locates its offices in major business centers and emerging markets, facilitating easy access to key industries and clients while tapping into diverse talent pools.
4. Digital and Remote Services: Embracing digital transformation, KPMG offers remote and online services, allowing flexibility and responsiveness to client needs, irrespective of physical location.
5. Collaboration with External Partners: KPMG often collaborates with other organizations, such as technology companies and academic institutions, to enhance its service offerings and maintain a strong position in all its operating regions.

KPMG Promotion Strategy

KPMG is a B2B business catering to enterprises in the tax bracket. One can always depend on these enterprises for tax advice and for developing a successful business plan. These enterprises hire top-class tax agents and employees to do the proper analysis and produce results that benefit partners, customers, and everyone associated with global enterprises.

KPMG, being a B2B enterprise and company, hardly requires any marketing or promotions, or it does. The company runs on the reputation it has developed over time. The partner’s and customers’ quality results analysis, business development advisory, and tax benefits earned have helped KPMG and its companies acquire the best clients, customers, and associates.

KPMG’s promotion and marketing strategy emphasizes thought leadership, strong client relationships, and digital and social media platforms and presence. They showcase expertise through industry insights and research publications, nurture long-term client partnerships through personalized service, and leverage digital platforms and social media for brand visibility and engagement with the target audience. This multifaceted marketing approach solidifies KPMG’s reputation as a leader in professional services.

KPMG constantly makes the media news by declaring merger plans with competitors, other top associates, and tax auditing companies. Government agencies and regulatory bodies have always pushed their merging plans, but the company has made it to the news.

Some Recent Video ads and Print ads of KPMG companies are:

KPMG People Strategy

When discussing the “People” aspect of the Service Marketing Mix for a company like KPMG, it’s essential to focus on the attributes that make its workforce unique and how they contribute to its overall service delivery and customer satisfaction. KPMG, being one of the Big Four accounting organizations, places significant emphasis on its people as a core component of its service delivery and marketing mix. Here are several key points to consider:

1. Highly Qualified Professionals: KPMG’s workforce comprises highly skilled and qualified professionals, including certified public accountants, auditors, consultants, tax advisors, and industry specialists. This expertise is fundamental to delivering high-quality services.
2. Continuous Training and Development: KPMG invests in continuous professional development and training programs to ensure its staff is up-to-date with the latest industry standards, regulations, and technologies. This commitment to learning and development helps maintain a high service quality and innovation level.
3. Diversity and Inclusion: KPMG strongly emphasizes creating a diverse and inclusive work environment. The company believes that diversity in its workforce leads to more innovative solutions and reflects the global market it serves. KPMG has various initiatives and programs to support diversity and inclusion within its ranks.
4. Global Mobility and International Experience: With its presence in multiple countries, KPMG offers its employees opportunities for global mobility and international assignments. This global exposure enables the staff to gain valuable insights into international markets and practices, enhancing their ability to serve clients with cross-border operations.
5. Professional Ethics and Integrity: KPMG emphasizes the importance of professional ethics, integrity, and transparency in all its operations. The firm’s reputation for ethical conduct is crucial in the highly scrutinized accounting and consulting sectors, and it plays a significant role in attracting and retaining clients.
6. Teamwork and Collaboration: The collaborative culture at KPMG encourages teamwork, knowledge sharing, and innovation. This approach ensures that clients receive well-rounded advice and solutions that benefit from the collective expertise of KPMG’s professionals.
7. Customer-centric Approach: KPMG trains its employees to adopt a customer-centric approach, focusing on understanding and meeting each client’s unique needs. This personalized service is crucial in the competitive consulting and auditing landscape.
8. Leadership and Management Skills: KPMG invests in developing its employees’ leadership and management skills, recognizing that effective leadership is vital for delivering exceptional services and driving growth.
9. Employee Engagement and Satisfaction: Understanding the link between employee satisfaction and customer satisfaction, KPMG focuses on creating a positive work environment. Engaged employees are likelier to go the extra mile to ensure client satisfaction.
10. Adaptability and Resilience: In an ever-changing business landscape, KPMG’s workforce is trained to be adaptable and resilient. This flexibility allows the firm to navigate challenges and capitalize on emerging opportunities effectively.

KPMG Process Strategy

The “Process” element of the Service Marketing Mix for KPMG encompasses the methodologies and procedures that the company employs to deliver its services efficiently and effectively. This includes how services are designed, delivered, and evaluated to ensure client satisfaction and maintain high standards of quality and professionalism, among other services. Here are several key points to consider when discussing the process aspect of KPMG’s service and marketing mix strategy and the marketing mix of KPMG:

1. Client Onboarding: KPMG has a structured onboarding process that includes understanding the client’s business, setting expectations, and establishing clear communication channels. This process ensures a smooth start to client engagement and sets the foundation for a successful partnership.
2. Service Delivery Model: KPMG utilizes a client-centric service delivery model focusing on delivering tailored solutions to meet each client’s needs. This model often involves multi-disciplinary teams that bring together expertise from different areas of the firm.
3. Project Management: The firm employs rigorous project management practices to ensure services are delivered on time and within scope and budget. This includes using project management tools and methodologies to plan, execute, and monitor engagements.
4. Quality Assurance and Control: KPMG has quality assurance and control mechanisms to maintain the highest service standards. This includes regular reviews and audits of their work to ensure compliance with professional standards and regulatory requirements.
5. Risk Management: The process includes a comprehensive approach to risk management, identifying potential risks early in the engagement and implementing mitigation strategies to protect the client and the firm.
6. Feedback and Continuous Improvement: KPMG has mechanisms for collecting feedback from clients at various stages of the engagement. This feedback continuously improves service delivery, processes, and client satisfaction.
7. Technology and Innovation: The firm incorporates the latest technology and innovative solutions in its service delivery processes. This includes using data analytics, artificial intelligence, and digital platforms to enhance efficiency and provide insights to clients.
8. Compliance and Ethics: Compliance with legal, regulatory, and ethical standards is embedded in KPMG’s processes. The firm conducts its business with integrity and transparency, ensuring that all services are provided ethically and in compliance with professional standards.
9. Communication and Reporting: Effective communication and reporting processes are in place to keep clients informed about the progress of their engagements. This includes regular updates, reports, and meetings to discuss findings, recommendations, and next steps.
10. Training and Development: KPMG invests in the training and development of its employees to ensure they are equipped with the latest knowledge and skills. This commitment to professional development ensures that the firm’s processes remain cutting-edge and aligned with industry best practices.

KPMG Physical Evidence Strategy

The “Physical Evidence” component of the KPMG marketing mix strategy and the Service Marketing Mix refers to the environment in which a service is delivered and any tangible elements that facilitate the service or help consumers evaluate the service provider. For a professional services firm like KPMG, physical evidence plays a crucial role in shaping perceptions of quality and professionalism. Here are several points to consider when discussing the physical evidence aspect of KPMG’s service and marketing strategy and its marketing mix:

1. Office Locations and Environment: KPMG’s offices worldwide are designed to reflect the firm’s professionalism and commitment to excellence. High-quality office environments, often in prestigious locations, create a positive impression on clients and employees, reinforcing the firm’s status as a leading professional services provider.
2. Branding and Corporate Identity: The KPMG logo, along with the firm’s specific color scheme and branding materials, serves as a solid visual identifier. This consistent branding across all physical and digital touchpoints helps to establish and maintain trust and recognition among clients and the broader market.
3. Website and Digital Platforms: KPMG’s website and digital platforms are critical elements of physical evidence in the digital age. They offer a user-friendly, informative, and professional online presence, providing insights into the firm’s services, values, and expertise.
4. Client Reports and Documentation: The quality, format, and presentation of reports, proposals, and other documents provided to clients are tangible representations of KPMG’s professionalism and attention to detail. These materials are meticulously prepared to meet the highest clarity, accuracy, and usefulness standards.
5. Marketing and Promotional Materials: Brochures, flyers, and other promotional materials are designed to be visually appealing and informative, providing potential clients with a tangible sense of what KPMG offers and how it stands out from competitors.
6. Corporate Social Responsibility (CSR) Reports: KPMG’s CSR reports and sustainability documents provide physical evidence of the firm’s commitment to social and environmental responsibility, an increasingly important consideration for clients and employees.
7. Professional Attire: The dress code for KPMG employees is aligned with the firm’s professional image, often leaning towards formal business attire. This helps to reinforce a sense of professionalism and competence in client interactions.
8. Technology and Tools: Using state-of-the-art technology and tools in service delivery, including proprietary software and platforms, is evidence of KPMG’s commitment to innovation and efficiency.
9. Client Workspaces: Within KPMG offices, dedicated client workspaces equipped with modern amenities and technology reflect the firm’s commitment to providing a comfortable and productive environment for client meetings and collaborations.
10. Awards and Recognitions: Displaying awards, certifications, and recognitions in KPMG offices or on its digital platforms serves as physical proof of the firm’s achievements and excellence in the professional services industry.

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