The Marketing Mix, (in the Marketing Plan) continues our endeavours in writing a business plan. The Business Marketing Plan focuses on the various considerations needed when deciding where to locate your business. Part of your Marketing Strategy.
Place
The ‘Place’ is the location of your business. For some businesses location is more important than others.
Customers versus Location
Describe the relationship between your customers and your location. For example:
Some retail shops rely heavily on passing foot traffic (such as a coffee shop) where as other retail outlets get the customers to go to their premises (these are generally for bigger sale items such as furniture or white ware).
Then there are businesses that are not Place sensitive at all. Where the tradesperson or sales person goes direct to the customers home.
Bear in mind also that location has a cost element to it. Rents are higher in main shopping malls or high streets.
Additional Location Considerations
Think about the what type of area you are moving into, is there a buoyant economy in that area, are you in an area that people can afford your product. Is your product viable in that area?
Are your competitors all located in that area? Is this an advantage or disadvantage?
Transport – are people able to easily access your place of business and is this a crucial element for your business.
What are your distribution channels? Does location have an impact on this?
Physical Considerations:
In your marketing plan you will also need to list the physical characteristics of your place and other details. These will include things such as:
- Address
- Floor plan or layout description.
- Does it need to be altered to fit your business? Does it need refurbishment?
- Will you be owning the building freehold or leasing it? If so what are the costs involved with that?
- Is there any other relevant information?
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