Question

Give reasons why place is an important part of marketing mix

Answer 1

Answer:

"Marketing mix" is a concept used by business owners, marketing executives and operations managers to describe the essential elements of a marketing strategy. ... The marketing mix's importance lies in its ability to help a business determine the suitability of a product or service for a particular target consumer base.

Product has a vital role in developing the strategy for the overall marketing mix which includes place, price and promotion. Through a definition of the product features and benefits, the rest of the marketing mix elements are determined and agreed upon.

Explanation:

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Answer 2

Place is one of important components of marketing mix or one of the Ps among the 4 Ps of marketing.In marketing,place basically refers to the location of business or the place where any business will be primarily conducted.

Explanation:

From a business standpoint,place or location of business is an extremely important consideration.Place or geographical location of any business organisation can determine its long term economic success.In this regard,the business owner has to carefully choose the place or physical location of his business operation.Some of the important factors while choosing business location are demographic features of the place,cost of doing business,additional business expenses related to the place such as taxes and other official expenses,income level of the people residing in the place or region,consumer taste and preference with regards to the product/services sold by the business,a thorough analysis of the consumer demand in the particular place or location and so forth.The goal of the business owner is to choose a place or business location which would provide the maximum revenue or profit considering the costs or expenses of doing business.