If you have the slightest connection to marketing, you must have heard about the so called 5 C’s of marketing: the five factors that influence any organization’s strategic development. If you happen not to be familiarized with this topic, let us give you a short insight into the most important analytical tool of marketing. The five C’s are as follows:
Each company should be aware of all its weaknesses and strengths. That is why it is vital to analyze a company’s mission, image, quality of the services provided and so on. They say that there is always space for improvement, so this type of analysis should be conducted regularly even by organizations that are considered to be leading in their area.
A company cannot be profitable if it doesn’t cater for the needs of its target group. Producing high-quality goods or services is, without a shade of a doubt, a great feature of a company. However, it does not make much sense if no one is interested in them. That is why analyzing your potential or existing clients’ desires and paying capacity is extremely important.
Sound competition is what makes companies constantly strive for development and self-improvement. An organization should always observe similar companies operating in the same area. Analyzing their strengths and weaknesses can also help an organization to determine its place on the market and see what it needs to change in order to outdo its rivals.
Collaborators can facilitate the development of your company significantly. It can be all sorts of companies, like suppliers, distributors, etc., who are more or less connected to your area. You should keep in mind that this type of business relationships should be mutually beneficial, which means that you have to offer something in return for their services.
The last but not least, a company should be fully aware of the climate it operates in. If there are any outside factors that can influence your organization in any way, you should be able to see it beforehand and to react as efficiently as possible in order to eliminate the possible negative impact. The four external factors that should be analyzed regularly by any company are politics, economy, social sphere, and technologies.