Marketing 5 c’s Analysis
What Is 5 C’s Of Marketing?
5 C’s Of Marketing is a situational analysis framework used by marketers to gain insights on the Company, its Context of operations, Customers, strategic Collaborator alliances, and predominant Competitors. Understanding each of these Cs carries significant weight when developing a marketing campaign.
5 C’s Of Marketing Example
Company Z makes soft Beverages, and in the recent past, it noticed reduced sales volume. This company wants to develop a new marketing plan and is seeking to strategize its marketing campaigns. It has been using the same marketing campaigns for a long time, and it seems they are no longer effective. Prioritizing a marketing message is essential when rolling out a new marketing campaign. Company Z decides to use the 5 C’s Of Marketing to make new marketing campaigns more effective.
How Do You Do A 5 C’s Analysis?
- Assess customers’ behaviors and demands
- Study company’s internal and external environments
- Evaluate the context of your company’s operations
- Appraise collaborators
- Analyze competitors
What Are the 5 C’s Of Marketing?
The 5 C’s Of Marketing are customers, Company, Context, Collaborators and Competitors.
1. Customers:
They are the end consumers of goods and services produced and/or sold by a company. When developing a marketing campaign, the nature of customers must be understood. Organizations need to have all relevant insights about these customers.
First, an organization must ask itself, “is this marketing campaign targeting new customers or existing customers?” A company should understand where to get the customers’ attention to consume a marketing campaign.
It aids in the elimination of what would be the least effective marketing channel. Understanding customers’ behaviors, how to reach them, and their needs aids in designing an appropriate call to action. Depending on the nature of customers, designing a call to action should accurately direct customers appropriately.
Take, for instance, a company that sells baby clothes. The major target customers for such a company are parents. The company could be marketing clothes in terms of gender, size, age, color, and other specifications. This company could be marketing to attar more traffic to its store. Thus, the call to action for such a company would be ‘visit us at our stores.’
READ ALSO
Performance Appraisal Definition, Elements and Types
Marginal Cost Definition, Formula, Example and Importance
2. Company:
A company is a business entity producing and/or selling goods and services. When a company is marketing, it looks to paint an image of what it can do best. A marketing campaign highlights the strengths of a company and how these strengths create customer value. A company thus must do its SWOT analysis to understand its strengths and weaknesses.
A company needs to compare itself with direct competitors and learn what it can do better. Customers want to know why a company’s product or service is the best in the market. Marketers must know to incorporate a company’s competitive advantage into marketing campaigns.
Take, for instance, a logistic company whose competitive advantage is last-mile logistics. This company has the best packages when delivering to the final clients. Its marketing campaign mentions that it delivers goods using the safest and most appealing packaging.
3. Context:
It involves those factors in the external environment that dictate the operability of a company. An organization’s executive staff must share with marketers the context of a marketing campaign. The marketing campaign should be aligned with the current status of the business in the market.
A marketing campaign should communicate how a company product or service is helping customers adapt to specific market trends. The marketing message should also consider different immediate environmental messages that affect consumption behaviors.
For instance, a marketing campaign should consider the aspect of technology and also people’s culture. Aligning messages in a marketing campaign with the current and projected future trends. Alignment of a marketing campaign with prevailing forces in the market brings relevance.
4. Collaborators:
Collaborators are partners and other stakeholders forming strategic alliances with a company. A company has to identify who it refers to as collaborators in its strategic alliances. A marketing campaign is for customers. It should thus communicate what is relevant to customers. The marketing decisions should benefit all B2B alliances that a company has.
A company must look at its shared goals and objectives with its business partners. A marketing campaign should thus strengthen and enhance the achievement of these shared goals and objectives.
5. Competitors:
These are the producers/sellers of goods or services produced and sold by a company in its industry. Both direct and indirect competitors will probably be the final consumers of a marketing campaign. They are probably watching what other companies in their industry are doing.
Competitors are noting how a company is promising to create more customer value. They know that if they can craft their marketing campaign better, they can lure more customers.
A company thus must forecast likely reactions from competitors once a marketing campaign starts. A company should capitalize on what competitors are likely to get wrong. This is a competitive advantage that a company has.
Executive staff needs to continue improving strategies for optimal business operation. This is to reach a business success that competitors would struggle to surpass.
