In Marketing Five C’s is an Adjunct of the concept of 3C’s in marketing itself. Five C’s refers to the Climate, Competitors, Customers, Company, and Collaborators. Attributable study is provided of each parameter are given as below:
CLIMATE –There are numerous factors that affect the business environment. It is very crucial to understand and analyze the factors of PEST analysis in order to portray the business climate. PEST analysis stands for Political, Social culture, Economic environment and Technological analysis. PEST analysis is deeply analyzed in order to understand the climate condition of the business.
COMPETITORS – Every Business has some vying. It is considered to be one of the most important C’s, where company assesses the market competition before launching the new product. In order to obtain a fair picture of the market, SWOT analysis is being performed.
CUSTOMERS – The identification of the right customers is the onerous task and requires a detailed analysis. This analysis is performed on various parameters, such as the customer’s frequency to purchase, customer requirements, demographics of the customer, and income level or budget of the customers.
COMPANY – Company analysis is performed in order to evaluate the company’s capabilities, objectives, and strategy. Position, Performance, Goals, and Product Line are the areas which indicate the strength of the business.
COLLABORATERS – They are useful in order to leverage the business opportunity and provide an edge in order to promote faster and to build a brand name. It includes distributors, suppliers, partnership firms, and agencies.
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