The 5Cs of Marketing
We previously touched on the 4Ps of marketing, also called the Marketing Mix, now let’s talk about the 5 C’s of marketing:
(This is not to be confused with “The 4 Cs and Ps” - read here)
The 5 C’s of Marketing are used for constructing an effective marketing strategy:
Company: Are your company’s resources and capabilities in a position to meet customer’s needs? Start by creating a SWOT analysis HERE.
Context (or climate): Are there limitations due to political (Trade regulations, taxes, legal issues, labor laws), economic (Labor costs, growth rate), social (demographics, culture, education, etc) or technological trends (does it affect cost)? This is also called the PEST analysis.
Customers: Analyze the needs, wants and characteristics of current and potential customers. Try looking at market segments, how frequently purchases are made, how many items are purchased, will the needs of the customer change over time, etc.
Competitors: Look at the strengths and weaknesses of current and potential competitors as well as trends in the competitive environment.
Collaborators: Make a list of potential distributors, suppliers, or any other party that could help with your goals.
Companies that make use of the 5 C’s of Marketing have a clearer vision of what they can accomplish, so give it a try or give us a shout to help out!