If you've ever worked with management consultants or MBAs, you've probably heard them name drop a variety of business frameworks.
There's a variety of standard frameworks in the business world. We say standard because there are many similar frameworks and different companies pick different standards.
We'll cover some of them in the course, but there's a framework called the five C's that's similar to the areas we've just covered. It's a situational framework meaning it helps you understand a company's current situation so that you can create an opportunity hypothesis.
This is one of the core responsibilities of most product managers. The five C structure is generic, useful to product, marketing and more, whereas the way we presented the sections in this course is very focused on product management.It's good to know what the five C's stand for because you'll likely hear five C's mentioned in a variety of areas.
Plus, if you need to do a situational analysis on your own, it's relatively easy to remember and apply. With company, this refers to the company's experience, technology, culture, goals, and more.
It's similar to the material we covered in why does the company exist
How do we know if our products are good?
And what else has been, is being or will be built?
With customers, we're looking at who are the people buying the product? What are the market segments?
How big are they?
What are the people's goals with buying this product?
How do they make the buying decision?
Where do they buy this type of product?
With collaborators, who are the external people to make the product possible?
Including distributors, suppliers, logical operators, groundwork support personnel and so on.With competitors, who is competing for your customers' money?
This includes actual and potential, present and future.
You should look at how they position their product, the market size they address, their strengths and weaknesses, and more.
And with climate, these are the macro-environmental factors like cultural, regulatory, or technological trends and innovations. So this provides you with an understanding of the basics of the five C analysis, and how it can be applied in the context of product management.
