My clarification question to the interviewer would be:
Do we want to put a value on the company or just list qualitatitive factors that we should look at?
If you want to create a valuation, you would for instance need to estimate the earnings potential of the company (including a multiple). In that case, 3C1P would not work but rather a type of market sizing approach including a plausible market share assumption for the company.
If you want to qualitatively evaluate the business, 3C1P could work but likely won't impress the MBB interviewer. Case interviews for top-tier firms are about understanding a problem and deriving a creative approach / solution, not about memorizing frameworks or books.
Try to come up with your own approach and be sure to make it very concrete and tailored to the situation.