Posted in Marketing and Strategy Terms, Total Reads: 25444
Definition: 5 C’s of Marketing
They are used to analyze the five key areas that are involved in marketing decisions for a company and includes : Company, Customers, Competitors, Collaborators, and Climate. The 5 C’s are a good guideline to make the right decisions, and construct a well-defined marketing plan and strategy.
1. Customer – Determine what are the needs and from which clients that you’re trying to satisfy. A few areas of research can be market segments, frequency of purchases, quantity of purchases, retail channel, and customer needs depending on trends over time.
2. Company – Determine if your company is in a position to meet those customer needs. For example, whether your company has the right product line and technical expertise. A good tool to find out your company’s strengths and weaknesses is “SWOT” analysis.
• Strengths: innovative products, expertise and procedures
• Weaknesses: lack of knowledgeable technical support or average product quality
• Opportunities: a new international market or a market led by a weak competitor
• Threats: a new competitor or price war
3. Competition – Determine who competes with your company in meeting the customer’s needs. Is the competitor an active competitor or is it a potential threat? What are their products exactly? What are their strengths and weaknesses?
4. Collaborators – Determine if there is any outside source or third party help that can help the company such as distributors, suppliers etc.
5. Context – Determine if there are any limitations due to
• Political issues: legal problems, trade regulations, taxes or labor laws
• Economic issues: growth rate, labor costs, and business cycle stage
• Social impacts: demographics, education, and culture
• Technological developments: impact on cost structures