3 C’s of Marketing Strategic Concept
The 3 C’s of marketing, a strategic marketing concept, is a very popular concept for marketers. This model takes into consideration 3 variables to develop an effective marketing strategy. These 3 variables are dynamic in nature and fully depend on each other. In case, any variable changes, it affects the other variables as well.
The 3 C’s of marketing strategy are
The Customer
The Company
The Competitors
The strategic 3 C’s of Marketing is a strategic triangle when integrated, a sustainable competitive advantage can be achieved. Customers have different wants and needs. The company finds out these wants and offer products and services. To fulfill customer wants and needs, the company offers low cost and differentiated products from its competitors. Similarly, competitors also try to offer a differentiated product to have a competitive advantage.
This concept of marketing strategy focuses on the dynamic and interrelated relationship of 3 Cs .
The Customers
Customers are the important part of any business. If your company customers are loyal it will be difficult for your competitors to penetrate. In case you don’t have loyal customers, it will be difficult for you to penetrate. When do a customer analysis keeping the mind the following question?
Who are your customers? what are their demographics? They are men or women, what is their disposable income?
Why do they buy? Are they looking for value, economy or prestige?
How many customers do we have in the present and future?
They are satisfied customers and are looking for improvements
What is their decision-making process?
What are the different segments in the market?
Who are the most valuable customers for our brand?
The Competitor
Customer has always a choice to buy from your company or your competitors. you should always create a unique value proposition than your competitors’ UPS, for example, Lululemon, Nike and Under Armour.
Ask the questions when conducting a competitors’ analysis.
Do the customers buy for us or from competitors as well.
Who are those competitors?
What value proposition the offer we don’t?
What are the competitor goals and accomplishments?
What are the strengths and weaknesses in terms of competitive advantages?
You can collect competitor analysis data by conducting research, gather competitive information then analyze competitive information and determine what is your own competitive position. You can use their website, newsletters and annual reports and utilize your sales force to access competitive information.
The Company
You can stand out of the crowd and reach out to your target customer if you have a completive advantage. Your company can achieve it through cost leadership strategies and product differentiation strategies.
How is the market where the company competes? Do products are commodities or can they be differentiated?
Estimate the full product cost. This cost gives you a lower bound for pricing.
Estimate the value of the product to potential buyers. This value gives you an upper bound for pricing.
Investigate your competitors’ pricing strategies. How do their products and prices compare to your company?
Set prices and take into account all these inputs.
The 3 C’s of marketing strategy is focused on certain grounds i.e. if you are unable to capture the audience, someone else will capture it. According to the 3Cs model, strategists should focus on customers, competitors and company or corporation for a competitive edge.
