All you got to know about McKinsey and Company, it's marketing mix strategy, extended Ps of Marketing mix of them in detail. It will be useful for your Marketing seminar or even to know about Mckinsey if it's your dream company.

1. – Abirami GB
Abirami GB

2. About
– McKinsey and Company is a consulting
firm
– Founded by James O. McKinsey-1926.
– Best consulting firm in the world as per
experts.
– It was the first firm to hire fresh college
graduates from top institutes.
– Financial year 2016-17 generated 8.4
billion USD in revenue.
– Headquarters-New York
– Competitors- Boston Consulting Group
and Bain and Company.

3. McKinsey & Company
Marketing Mix (4Ps)
Strategy
– Marketing Mix of McKinsey & Company analyses
the;
– 4Ps (Product, Price, Place, Promotion)and
explains the McKinsey & Company marketing
strategy.
– As of 2020, there are several marketing strategies
like product/service innovation, marketing
investment, customer experience etc. which have
helped the brand grow.

4. Product
Strategy:
– McKinsey offers consulting services in its marketing
mix to diverse fields.
– They are into almost all sectors like ;
– Airpace, oil, finance, marketing, media, travel,
pharmaceuticals, mining, metals, chemicals, power,
electronics, electrical, forest, retail etc.
– McKinsey consulting involves solving problems for the
clients.

5. Price/Pricing
Strategy:
– Because of its quality of service and brand value coupled
with the high-profile clients that it works with it charges a
premium for its services.
– Thus, the pricing strategy in its marketing mix is called
premium pricing strategy.
– New undergraduate consultants of McKinsey are paid
around 80000 dollars a year whereas for senior
consultants and top management the pay is as high as 1-3
million dollars a year.
– McKinsey employees sometimes have higher earnings
than the clients’ net revenues.

6. Place &
Distribution
Strategy:
– McKinsey consultancy services are provided by the
consultants who are available at the offices of the
company.
– It is currently in 120 plus locations and covers a vast
number of geographical areas to offer their services.
– There are more than 22000 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.

7. Promotion &
Advertising
Strategy:
– 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.

8. Extended Ps
of McKinsey
– Since this is a service marketing brand, ml are the other three Ps
to make it the 7Ps marketing mix of McKinsey.
1. People
2. Process
3. Physical Evidence

9. People
– McKinsey hires fresh business graduates from top education institutes like Harvard,
Stanford, IIMS, MIT etc.
– They have the ‘up or out’ policy which means that the consultants who don’t get
promoted have to leave the organization. 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.

10. Process
– 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.
– McKinsey consultants do extensive research of the sector of the particular
geography using data analytics, insight analysis, and other research tools to come
up with a result.
– From that they come up with a strategy. All this involves several iterations and
meetings with the clients until the final feasible solution is obtained.

11. Physical Evidence:
– McKinsey offices are in locations which are upscale.
– The physical evidence consists of the office ambience and location and hence
these two aspects form the primary image of the organization as perceived by
the clients.
– The other aspect is the way the consultants offer the service.
– Right from the first meeting till the last their behavior and the quality of the
consulting form the major part of the physical evidence.
– The McKinsey website is also very sophisticated one with the kind of user
interface it has it clearly shows the precision and class of the organization.
– All these factors together form the physical evidence.

12. Reference
Links
– https://www.mckinsey.com/in
– https://www.google.com/amp/s/markmity.wordpress.com/2012/0
8/27/mckinsey-co-7ps-decoded/amp/