5C’S of Marketing
1. Customer – Determine what are the needs and from which clients that you’re trying to satisfy. A few areas of research can be market segments, frequency of purchases, quantity of purchases, retail channel, and customer needs depending on trends over time.
The customers for Urban Silva would be expecting beautiful photography in order to keep up to date with the latest trends and products. The needs would change over time depending on what is currently trending however the particular style would change and be expected across all of the collateral.
2. Company – Determine if your company is in a position to meet those customer needs. For example, whether your company has the right product line and technical expertise. A good tool to find out your company’s strengths and weaknesses is “SWOT” analysis.
• Strengths: innovative products, expertise and procedures
• Weaknesses: lack of knowledgeable technical support or average product quality
• Opportunities: a new international market or a market led by a weak competitor
• Threats: a new competitor or price war
MY swot analysis goes over the basics from the strengths, weaknesses, opportunities and threats. The strengths on Urban Silva include having a unique concept which is ideal for a large array of age groups. The weaknesses include that not everybody enjoys gardening and can be seen as a more feminine product. Opportunities include it being a unique idea and one of the firsts in the industry as well as having amazing design that others won’t. Threats include other companies being able to sell the plants at a cheaper price however this wouldn’t include all of the aspects that Urban Silva would.
3. Competition – Determine who competes with your company in meeting the customer’s needs. Is the competitor an active competitor or is it a potential threat? What are their products exactly? What are their strengths and weaknesses?
Juicykits.com is dedicated to do-it-yourself terrarium kits that house beautiful succulents and air plants. Our products make unique, memorable gifts and part of each purchase from our store goes to charity: water to help bring clean drinking water to people in need. Our DIY terrarium kits are super easy to assemble because we’ve pre-measured and included everything you need. You just choose your plants and get creative.
Juicy kits doesn’t include all the same steps for theirs as they are more about decorating the plant rather than planting it however they follow the same idea with the do it yourself process.https://www.juicykits.com/about/
4. Collaborators – Determine if there is any outside source or third party help that can help the company such as distributors, suppliers etc.
At the begging the business wouldn’t be using as much inventory however when popularity strikes bigger companies like Bunnings could provide a great service for buying bulk plants and supplies. Another aspect could be getting good packaging printing deals with companies.
5. Context – Determine if there are any limitations due to
• Political issues: legal problems, trade regulations, taxes or labor laws
There are no political issues
• Economic issues: growth rate, labor costs, and business cycle stage
Economically DIY have been popular due to trends which people are okay with paying a decent amount on luxury items.
• Social impacts: demographics, education, and culture
Education could involve the learning process of doing the DIY teaching individual learning and following steps.
• Technological developments: impact on cost structures
Porters 5 Forces
Five Forces Analysis assumes that there are five important forces that determine competitive power in a business situation. These are:
- Supplier Power: Here you assess how easy it is for suppliers to drive up prices. This is driven by the number of suppliers of each key input, the uniqueness of their product or service, their strength and control over you, the cost of switching from one to another, and so on. The fewer the supplier choices you have, and the more you need suppliers’ help, the more powerful your suppliers are.
- Buyer Power: Here you ask yourself how easy it is for buyers to drive prices down. Again, this is driven by the number of buyers, the importance of each individual buyer to your business, the cost to them of switching from your products and services to those of someone else, and so on. If you deal with few, powerful buyers, then they are often able to dictate terms to you.
- Competitive Rivalry: What is important here is the number and capability of your competitors. If you have many competitors, and they offer equally attractive products and services, then you’ll most likely have little power in the situation, because suppliers and buyers will go elsewhere if they don’t get a good deal from you. On the other hand, if no-one else can do what you do, then you can often have tremendous strength.
- Threat of Substitution: This is affected by the ability of your customers to find a different way of doing what you do – for example, if you supply a unique software product that automates an important process, people may substitute by doing the process manually or by outsourcing it. If substitution is easy and substitution is viable, then this weakens your power.
- Threat of New Entry: Power is also affected by the ability of people to enter your market. If it costs little in time or money to enter your market and compete effectively, if there are few economies of scale in place, or if you have little protection for your key technologies, then new competitors can quickly enter your market and weaken your position. If you have strong and durable barriers to entry, then you can preserve a favorable position and take fair advantage of it.