The 5 C’s in marketing helps marketers make informed decisions and it is highly recommended for small to medium sized firms.
Before, marketing is all about having to throw in huge amounts of budget to ensure that all marketing efforts are successful. However, marketing in today’s tech driven world has changed that practice.
Today’s marketing practices have become even more complex. For beginners, it is always essential to learn the basics in strategic marketing. It’s important to know and understand the 5 c’s in marketing.
Importance of strategic marketing
A well put marketing strategy will help organizations meet their customers’ demands as well as their overall marketing objectives. Strategic marketing entails the planning phase, implementation phase, and evaluation phase. These are vital to every organization as they map out their company goals, also how they will be able to achieve them.
Further, strategic marketing’s main objective is to fully leverage what sets an organization apart from their competition, with everything based from their customers perspective.
The 5 C’s in marketing
The 5 c’s in marketing is commonly used to assess the organization’s environment, mainly where it operates. It helps marketers have a better understanding of the most important elements of a business. 5 C analysis helps companies evaluate how these 5 elements are affecting their business. As for each “C” it represents a major function in a company’s overall business model:
Company
A 5C marketing analysis aims to distinguish the sustainable competitive advantage of the company. This can refer to technological developments, brand equity, and the like. It also includes the organization’s culture, product line, goals, and its image in the market industry.
Customers
It is always essential to determine who the target market is. As for the customers, it is important to identify what type of needs a business is trying to satisfy.
Marketers have to get a good grasp of what motivates the customers to make a purchase. What tangible and intangible advantages are the customers in search for?
Competition
Businesses need to know who they are competing with in the marketplace, most especially in meeting their customers needs. They also need to determine whether these competitions are potential threats or active competitors. What are their strengths and weaknesses? What can the organization do in terms of the specified strengths and weaknesses?
Collaborators
Collaborators refer to other organizations or establishments that help the company to produce specific products or services that they offer in the market. Examples of these entities include suppliers, distributors, and more.
Climate
Climate pertains to macro-environmental factors like the political environment, social environment, economic environment, or economic environment. Usually, marketers make use of PEST analysis in probing a company’s environment.
The 5 C’s in marketing helps marketers make informed decisions and it is highly recommended for small to medium sized firms.
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