BUS 330 WEEK 2 DISCUSSION 2

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School

University Of Arizona *

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Course

330

Subject

Marketing

Date

Feb 20, 2024

Type

docx

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1

Uploaded by ChiefNightingale3206

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Location The location is a vital component in product development. The location a retailer chooses can make or break a business (White, 2019). When making strategic decisions regarding their product, marketers must consider the location. Place often refers to the location of a company's products so that customers can easily reach them. Explain at least three elements' marketers need to consider when it comes to that strategy. When it comes to location, the three elements that marketers need to consider are the demographics, building size and space, and convenience. Demographics: The more you know about your consumers, the more specific the location you can supply to satisfy your market. Find demographic information on the area's population, income levels, and age by contacting your local library. Building Size and Space: Examine the vicinity to determine if the building has enough space to accommodate your services. By using the location performances of existing locations, you can wish to compare sites and layouts. A property that is too big might make your shop appear vacant and unwelcoming. An inadequate space may result in a cluttered site that discourages your customers. Convenience: Convenience stores would be frequented by commuters, so picking a location near a busy street or transportation center would make the most sense. Explain how Burberry implemented innovative “place” strategies to create value for current and potential customers. Burberry implemented innovative “place” strategies to create value for current and potential customers by focusing on incorporating digital advertising, utilizing technichians to determine the authenticity of the luxury brands along with keeping track of the demographics of the store front locations. References: Factors To Consider When Selecting Retail Store Locations (wdgconsulting.com) Inside the retail strategy of Burberry - Insider Trends (insider-trends.com) White, S. (2019). Principles of marketing (2nd ed.) . Bridgepoint Education.
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