Every reference on marketing principles will mention the marketing mix within the first moments of discussion. The very important Four P’s of marketing are the cornerstone of the discipline. Every brand must address product, place, price, and promotion for even the slightest chance of success. In so many cases, these are interdependent on one another. This knowledge is important when addressing each during the marketing strategy. Take place for example; it is not only a location, a building but anywhere the consumer can make an exchange to obtain a product or service.
There is no debate that the location of your business is of chief importance. The lack of access to the right location halts the development of a many entrepreneurship. Planners know that prime locations are very valuable to a brand. Placing a brand in the view of customers keeps it relevant. Remember, out of sight; out of mind.
One should not hang too much importance on physical locations though. Place includes much more than that. The supply chain is one aspect to consider; the speed in which inventories can be replenished and at what cost provides benefits and challenges that can affect your market. Another consideration is where your target customer is located. Customers concentrated in one location call for a localized location. Place is not always physical with the rise of the information age.
Technological advances have made the world smaller and more mobile. The phrase “location, location” has been replaced by accessibility. Brands have found ways to put themselves in front of customers beyond their physical location. Mobile place strategies allow your brand to overcome challenges such as shifts in customer traffic patterns. Joint ventures or other collaborative means are creative ways to distribute a brand that can be designed to combat unexpected changes in the market. The online market place not only addresses this issue but also opens brands up to markets that beyond the reach of the physical location.
Marketing strategists must be cautious not to over extend with mobile plans. The brand’s value can be sacrificed when positioned in environments in which it is not handled well. It also opens for direct competition in man instances. Think of a grocery store; a local dairy producer decides to market product throughout regional stores risks its brands being placed next to its competition with little to distinguishing features beyond labels and prices. Multiple collaborative deals also tend to pit the brand against itself once over saturation occurs.
Brand managers have the opportunity to reach the intended customer while also searching for new markets when designating a place to go to market. This type of positioning allows small brands to become serious players in their industry and local markets. When looking at the challenges of a physical location, look beyond the walls and find ways to present your product or service where the customer can find it without disruption to their daily activities.