The marketing mix includes price, location, promotion, and product. Place refers to the best channels to effectively get goods to the customer, including demographic studies, retailers, the internet, and distributors.
Marketing mix refers to the right combination of marketing factors with the goal of achieving the best results that will help a company sell the products under consideration. The marketing mix includes price, location, promotion and product. These four marketing factors have established economic principles or conditions that must be met to achieve maximum sales. The role of post in the marketing mix is its importance as a means of deciding on the best channels to effectively get the goods to the customer.
An important factor to note about the importance of place in the marketing mix is that it does not relate to the position of the company itself, but rather the position of the customers. The site addresses the strategies the firm can employ to get its assets from its current location to the customers’ location. Such a project must necessarily involve a demographic study constituting customers with the aim of finding out their location. In an increasingly global economy, the location of a Singapore-based company’s customers could span several continents of the world.
Therefore, the company has to find the best way to route its products from Singapore to its customers in Africa, Europe and other continents. In this way, it is easy to see the role of place in the marketing mix. This allows such companies to propose the best methods to achieve the maximum distribution of goods to customers. One of the examples of a place or channel includes the retailer. After identifying your target market, retail stores located nearby could serve as a place to reach these customers.
Another element that could serve as a place to reach customers is the Internet. If the company is located in an industrialized country, it’s safe to assume that a large number of its customers use the Internet in some way. This element illustrates the importance of place in the marketing mix because such customers can order directly from the company through websites, which the company has set up in advance for that purpose. In this sense, the Internet serves as a place to reach customers.
Place could also refer to the methods and channels for distributing the product effectively and quickly to the target customers. Such channels may include distributors of the product. It may also include well-coordinated methods of transporting goods to final consumers.
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