Seven C's of Business by Vijay Wankhede

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Seven C's of Business by Vijay Wankhede

The Seven C’s of Business are the seven most important areas of marketing. When marketing executives make marketing decisions, they should consider the seven C’s of Business Marketing. The Seven C’s stand for Company, Cost, Customers, Competitors, Collaborators, Communication and Climate. These Seven C’s act as a guideline when we are creating a marketing plan or devising a marketing strategy. A marketing strategy exists when a company combines all its goals and objectives into one plan.

 

Company

The first C of Business is COMPANY, This involves an analysis of the company’s product line, its culture, goals and objectives, and image in the market. We also look at the company’s technology and experience. The main aim here is to determine whether the company is in the best position to meet customer needs.

 

Cost

The Second C of Business is cost. Don’t confuse the cost of your product with its price. Price is only a small segment of the overall cost of buying a product to a customer. It is important to determine of overall cost – not price – of your product to the customer. Cost not only includes price of the item, but also may include things such as the time it takes for the customer to get to your location in order to buy your product, or the cost of gas that it takes to get them there. Cost can also include the product’s benefit, or lack-there-of, to the customer.

 

Collaborators

The third C of Business are Collaborators. Collaborators are businesses or entities that can help the company achieve its goals and objectives. Suppliers and distributors, for example, are collaborators.

 

Customers

The Fourth C of Business are Customers. It is important to identify your customers and determine which of their needs you are attempting to satisfy. What tangible and intangible benefits is the customer seeking? To compete successfully in the marketplace, you need to know what the motivation behind your customers’ purchases is. Possible areas of research are market size, market growth, market segments, purchasing frequency, and seasonal factors.

 

Competitors

The Fifth C of Business are it's Competitors. Above all, you need to know who you are competing against in meeting your customers’ needs. Is the other company a potential threat or an active competitor? How many of them are there? What are your rivals’ weaknesses and strengths? Is there anything you can do regarding those weaknesses and strengths?

 

Communication

The Sixth C of Business is Communication. Communication requires interaction between the buyer and seller. This marketing strategy can very easily be implemented through the use of social media. Marketing a product on your social media sites, or even including links to your social media profiles can be very beneficial to your customers. This allows them to interact with your brand on a personal level and will eventually lead to greater brand loyalty among your customers.

 

Climate

The seventh C of Business is Climate. When looking at climate, we are assessing macro-environmental factors, i.e., external factors. The economic environment, political environment, and regulatory environment, for example, are part of the ‘climate.’ Society’s fashions and trends, i.e., the social/cultural environment, are also part of the ‘climate.’

 

 

“The 7 C’s are a good guideline to make the right decisions, and construct a well-defined marketing plan and strategy.

The 7 C’s of marketing can be highly beneficial to any marketing strategy. This strategy forces marketers to really understand their audience before they even being to develop a product. This strategy requires communication throughout the entire process, from start to finish, and begins with understanding what the customer wants and needs out of your product.