Place in marketing mix

The marketing mix strategy (4 PS of marketing) contains the following four components:

Product, Price, Place, Promotion

In this article, we are going to talk about “Place in marketing mix” specifically because a lot of entrepreneurs find it hard to choose the most appropriate place for their product. Also, choosing the right place for your product can help you reach your target customers.

What is Place in marketing mix?

Place in marketing mix refers to the location where you will sell your product or service. The location can be anywhere in the market labor such as your shop in the town or online such as selling products on Facebook or Instagram.

How to build a successful place marketing strategy?

1. Choose the right place

The most important point you need to consider when you want to choose a place for your product or service is to pick up the right place. When we talk about the right place, we mean that you should choose the place where you will find all your potential clients.

The rule is simple: “Sell the food to the hungry people”

For example, building a library in front of a university is a perfect place to reach your customers who are students.

So, you should know where the clients who want to buy your product and depending on that you will find the best place to sell your product.

2. Build an attractive place

Finding a good location to sell your product is not enough to start getting a high amount of sales. You should make it the best place for your customers to get the service they want.

Imagine that you have a hotel in a popular tourist area but you don’t offer a high-quality service for your guests. For example, the hotel building is pretty old and not clean. The result will be unsatisfied and you will lose all your clients because your customers can’t find the services they want in your hotel.

As a result, you should take care of your business place quality and make sure it is appropriate to offer a high-quality service.

3. Keep up with the market requirements

It is not enough to be constant all the time. You should keep up with the developments around you.

The rule: “Keep following your clients”

You may need to change your business place depending on the market. For example, you can sell your current business place because you found a better one. Or, you can open another place to reach more clients and sell more products.

Also, you may find that you can sell your products online. So, you can create a business page on Facebook to achieve more sales.

In summary, the place in marketing mix is the location where you can sell your product to your clients.

Related Topics

Marketing mix elements with examples