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Just like any other area of marketing, 5C's is one of the important topics that students come across during their marketing coursework. It is hard to find any assignment that is completely based on the concept of 5C's. However, a marketing assignment that requires the application of 5C's is highly plausible. Hence, you should understand the concept of 5C's of marketing. AllAssignmentHelp has the team of management tutors who can assist you with marketing concepts to help you score better in your classes.
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Concept of 5C's of Marketing
Five C's of marketing is an extension of the concept of 3C's itself. Five C's of marketing stands for Company, Customers, and Collaborators, Climate and Competitors . Details of each parameter are given below:
- Company: The analysis of the company is done in order to evaluate company's strategy, objectives and capabilities. Product line, Goals, Position and Performance are areas that indicates the strength of the business.
- Customers: Identifying right customers is the an arduous task and requires a thorough analysis. It involves many parameters, such as customer requirements, demographics of the customers, frequency of purchase and income level of the customers.
- Collaborators: Collaborators are useful for businesses as they leverage the business opportunity and give an edge to promote fast and build a brand. It includes suppliers, agencies, partnership firms and distributors.
- Climate: There is many factors that affect the business environment. It becomes necessary to research well about all the factors PEST analysis is used to portray the business climate. Political, Economic and Sociocultural environment analysis are done to understand the climate of the market.
- Competitors: Every business has some competition. One of the important C's stands for competitors where a company evaluates the market competition before launching a new product. SWOT analysis is done to get a fair picture of the market.
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