Growth and IBM Marketing Strategy | Marketing Mix (4Ps) of IBM
To study the 4Ps (product, price, place, and promotion) of IBM, we are going to analyze IBM Marketing Strategy and marketing mix. It includes several marketing strategies that will help the company to position itself in the competitive environment. Analyzing such factors are essential for gaining success in the long term. They are also crucial for obtaining business objectives and goals. Here is the complete marketing strategy and marketing mix of IBM:
Product Strategy of IBM:
International Business Machines (IBM) Corporation is one of the most reputable names in the tech sector, operating worldwide. Its product portfolio is really diversified, which plays a massive role in its success. It has numerous offerings from computing to security, IT framework, internet, and portable.
Most of its offers are incorporated with different equipment. ATMs, HDD disks, stripe cards, and floppy disks are some of the most renowned inventions of IBM. It also provides Cloud Data Encryption Services. In short, it has a huge name in providing versatility and innovation in computing.
According to Forbes and Interbrand, IBM is one of the most valuable brands in the world. Its association with other companies enables them to attract more customers and revenues. Moreover, it has made various successful acquisitions to diversify its services.
Price Strategy of IBM:
IBM believes in creating customer-centric offerings according to their affording nature. For this purpose, they make strategies to make the right decisions to offer customers incentives. They need to create a harmony between utility and cost. According to several enterprises, IBM’s services are a bit expensive. It is an alarming sign for the company and can hurt its profitability in the long run. The annual revenue of the company is growing, though. But, they should resolve some areas in price strategy as soon as possible.
Place Strategy of IBM:
The company has a worldwide presence with a strong product portfolio. It is continuously expanding its services in different areas. These factors will make the company highly competitive in the market. It has a strong presence in more than 150 countries. It has various research labs in Melbourne, Texas, Beijing, California, and Bangalore. Its subsidiaries are present in Japan, Norway, China, Austria, Germany, and many more. Right now, the company has more than 70 branches and subsidiaries across the globe. This thing gives a wonderful growth and expanding opportunity to IBM.
Promotion Strategy of IBM:
In advertising the brand, the company has an aggressive marketing strategy. Its main aim is to retain existing giant customers and new companies. To achieve their aim, the company has invested a considerable sum in advertising and marketing. Even though the tech sector is highly challenging, but IBM has successfully targeted its customers. They use every advertising medium such as Radio, TV, social media, compelling video ads, magazines, and newspapers. Just because of this effective marketing policy, they have earned immense popularity worldwide.
IBM is a service marketing brand, so we will also discuss 3 other Ps, such as Process, Physical Evidence, and People in the company’s marketing strategy and marketing mix.
Process:
It is a site for IT experts and programming engineers. The administrative offerings and technical know-how of IBM use Redbooks that are widely available online books around verified procedures with the system of IBM. On the other hand, the company also holds the record of producing most licenses because it is a famous research association.
Physical Evidence:
If you want to see the physical evidence of IBM, then you can see its computers, offices, hardware, software, etc. People from these segments are the main customers of IBM. The company has provided various IT frameworks, software solutions, and other related services to many customers as well as enterprises. Moreover, the company also claims itself the weather company, which provides climate information and incorporates weather.com.
People:
The company has successfully survived in the competitive environment just because of its high-quality services and loyal customers. The company has received many awards and medals for different achievements. Its main strengths are its customers. It is one of the biggest companies in the world that offers numerous services. It stands out when it comes to service providers.
About IBM:
IBM specializes in various innovative technological solutions. It is a leading multinational organization headquartered in Armonk, United York. It was established in 1911, and since then, it has been going strong. Indeed, the main competitors of IBM are Hewlett-Packard, Accenture, Capgemini, Genpact, Xchanging, and much more.
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