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The 5c’s of marketing by management as explained by our experts
The 5c’s of marketing by management analysis is one of the tools that managers use as part of the situation analysis. It helps an organization analyze its internal and external environment. It helps the firm understand its customers, its capability to serve them and the environment in which this process occurs. The 5c’s of marketing by management strategy are:
- Customer- It is necessary to define the needs of the customers and try to satisfy their requirements. The retail channels, quantity of purchases, rate of purchases are few areas of research.
- Company- Decide if your business is in a situation to satisfy those clients’ demands. This includes an analysis of factors that need to be improved in a product line and market image.
- Competition- In meeting the clients’ demands and requirements. decide who engages with your organization. It helps to analyze the present and the future of an individual business. It focuses on three major aspects namely mapping out the competitors, product sold by them, chalking out potential opportunities along with the understanding threat that opponents might impose in the near future.
- Collaborators- Decide if there is any external source or any third-party support that can assist the organization such as suppliers, distributors, etc. This analysis deals with understanding the shared interests that help in the company’s growth.
- Context- Due to the following, decide if there are any limitations- social impacts, political issues, economic issues or technological developments. It is also referred to as PEST analysis (political, economic, social and technological).
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