The 5C framework is a very useful framework to understand both, the internal and external environments in which the firm is operating. It helps you to identify what is helping the company to succeed and which factors are restricting it from achieving what is expected.

Let's hear from Amit about this framework.

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Here are the 5Cs of the framework:

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The 5C analysis is considered the most useful and common way to analyse the market environment, because of the extensive information it provides. Since you are now aware of the framework, the only thing that you need is to structure your interview to incorporate this framework. With its help, you should try to reach answers that help you attain the end goal, which is, a hypothesis.

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Let’s put the 5C framework to work now. One thing that you should understand is that the result of using the framework will highly depend on the flow of questions that you ask because those answers will form the basis for the hypothesis. Hence, you need to blend the framework in the interview in a structured and planned manner.

When you are using the 5C framework, you aim to understand the 5 Cs around the company. You need to list down all the questions that will help you understand a particular C.
Also, one person will not be able to answer all the questions. You should map the set of questions to different teams who will provide you with the answers and cover all the Cs of the framework.

Considering the same problem of revenue returns, examples of basic questions that you would want the answers for are:

Customer

Who are the customers that the firm caters?
What is the size of the market in which the firm operates?
Are the customers satisfied with the final products or the services that they receive?

Company

What are the products and services that the firm provides to the customers?
How much time is allotted for the team to complete a project?
What is the reputation of the firm in the market?

Collaboration

Does the IT firm has partnerships with any other firm?
Who are the suppliers that provide the raw materials for the final product?
Are there any promoters that help you market your product?

Competition

Who are the competitors in the market?
What is the market share of each competitor?
What is the price that they charge their customers?

Context

How is the industry performing over the past years?
Have there been any technical developments in the industry?
Are there any regulations in the market that have affected the operations at the firm?

The interview will flow in a particular direction based on the answers that you receive for the questions asked. Once you have an answer to a specific question, multiple follow-up questions will help you reach a final point, which will form the basis for a hypothesis. In the following video, Amit discusses a list of possible hypotheses that you can reach after conducting an interview.

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The main aim of interviewing any person is that you have a hypothesis at the end of the interview. As you interact with multiple members of different teams, you will end up with multiple hypotheses for the same problem. They will be termed as a hypothesis until you have validated them using some data.