Essay Title: 

1. Identify 4 factors that affect place strategy. For your discussion, use Place factors from the 4P factor document in your readings above.

March 24, 2016 | Author: | Posted in political science, social sciences

Place Strategy

Place

The place where a product or service is being offered is a necessary element to consider when marketing the product . Often times , the success of a product is dependent on certain factors concerning the placement of the said product . Such factors include the physical and geographic location , the company image , the modes of distribution or channels of distribution , as well as the merchandise itself

Geographic Location

The geographic location of the product refers to the physical area in which the business is found . Simply , the geographic location [banner_entry_middle]

means the location of the business on as found on the map . Also , considering the geographic location entails considering the climate and weather patterns of the area where the business is situated as well as the environment of the said area . These factors have some effect on the success of the business . For instance , when a business is trying to sell beach wear in an area where it is predominantly cold , there is a great certainty that the products will not sell well

Scenery is an important factor especially for businesses that are trying to use ambiance as a competitive advantage . This is most applicable to restaurants and cafes since part of dining is usually enjoying the view of the sunset , the forest , or some other beauty either manmade or natural

Far Horizon is located in an area which offers a beautiful view Furthermore , the climate in the area is just right . It is neither too hot nor is it too cold . These are elements that may provide an advantage for Far Horizon especially for its restaurant and its convention center Couples planning a marriage will love to hold their wedding in an area with a scenic view . Lastly , Far Horizon is easily accessible

Competition

In assessing the location of the business , it is necessary to scout the competition nearby . This means that one must consider where there is a large number of competitors in the market that the business is trying to penetrate . Moreover , marketing requires that the place of the competitors is analyzed in to determine how advantages can be created . For instance , if a certain business does not have ample parking space , one should ensure that ample parking space is provided to differentiate it and make it more appealing to the market . Also , it is important to study the area surrounding the location of competitors . The main concept is that the location of the business must be well-differentiated from its competitors in to attract a larger portion of the market

This factor is especially important for Far Horizon . The main product being offered is a venue for gatherings . If Far Horizon has a better location than its competitors then it would be a great advantage . Also Far Horizon must use the scenic view it has as a selling point to customers that want to hold special occasions like weddings and birthdays . The beautiful scenery that would make the event or gathering more memorable which clients… [banner_entry_footer]

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