Place, as one of the 4Ps (Product, Price, Place, Promotion) of marketing, refers to the location of the business and the channel of distribution chosen to reach customers.
This element plays important role in developing a good marketing strategy. But, how it relates? Well, more often than not, we ask questions like:
• Is this a strategic location?
• Is the rent rate reasonable?
• Will there be many potential customers?
• Will your potential customers find out about your business?
• Will there be many competitors located around your site?
• How many competitors do you have?
In theory, no bosses want competitors nearby their business.
In truth, however, competition is actually good for your business.
For instance, Low Yat Plaza is a place where directly competing businesses open right next to each other. Most shops in Low Yat Plaza sell similar IT and electronics product. When several people offer the same types of businesses, it implies that consumers have freedom of choice – in products, services and even, price. In some way, each competitor benefits from the others’ marketing activities. Consequently, shop owners in this mall continue to do well because all competitors work to bring new customers, and increase revenues.
What’s more, competitors could actually make you stronger. They make you understand your business, and make the most of it. They teach you better business strategies, and make it easier to get customers. They teach you what makes you different, and highlight your business’ strengths – in the customers’ eyes.
Nevertheless, before choosing a location for the retail shop, carrying out a simple market research concerning your target customers/buyers; your competitors; and the nature of the product/service could be beneficial. Let us help you, please do not hesitate to:
Call +603-9281 4564
Email info@bmi-research.com
Visit http://www.bmi-research.com/
This element plays important role in developing a good marketing strategy. But, how it relates? Well, more often than not, we ask questions like:
• Is this a strategic location?
• Is the rent rate reasonable?
• Will there be many potential customers?
• Will your potential customers find out about your business?
• Will there be many competitors located around your site?
• How many competitors do you have?
In theory, no bosses want competitors nearby their business.
In truth, however, competition is actually good for your business.
For instance, Low Yat Plaza is a place where directly competing businesses open right next to each other. Most shops in Low Yat Plaza sell similar IT and electronics product. When several people offer the same types of businesses, it implies that consumers have freedom of choice – in products, services and even, price. In some way, each competitor benefits from the others’ marketing activities. Consequently, shop owners in this mall continue to do well because all competitors work to bring new customers, and increase revenues.What’s more, competitors could actually make you stronger. They make you understand your business, and make the most of it. They teach you better business strategies, and make it easier to get customers. They teach you what makes you different, and highlight your business’ strengths – in the customers’ eyes.
Nevertheless, before choosing a location for the retail shop, carrying out a simple market research concerning your target customers/buyers; your competitors; and the nature of the product/service could be beneficial. Let us help you, please do not hesitate to:
Call +603-9281 4564
Email info@bmi-research.com
Visit http://www.bmi-research.com/
Maria Azlan
Chief Operating Officer
BMI Research (Malaysia)
