Management of Marketing: Place

Section 1: Introduction to ‘Place’ in Marketing Management

‘Place’ in the context of marketing refers to the location or channel where a product or service is sold.
It’s not merely about the physical location, but also refers to distribution strategies, such as online sales or through intermediaries.

Section 2: Importance of Choosing the Right ‘Place’

Selecting the correct ‘Place’ is important to ensure that the product reaches the target market.
It could significantly contribute to the visibility of the product, influencing the sales success.
‘Place’ has a vital role in satisfying the customer demands, thereby directly impacting the brand image and reputation.

Section 3: Factors Influencing the Choice of ‘Place’

The choice of ‘Place’ depends on various factors like product type, target market’s preferences, and marketing strategy.
It also relies on where the competition is selling similar products, the product’s life cycle stage, and logistical considerations.

Section 4: Different Types of ‘Place’

The types of ‘Place’ can include physical stores or locations, e-commerce websites, catalogues, or direct mail.
Firms can also sell their products via third-party retailers or directly to the consumers.

Section 5: Management of ‘Place’

The management of ‘Place’ involves making strategic decisions on where to sell the product to reach the target market most effectively.
This requires a clear understanding of the market and consumer behaviour, as well as logistical constraints.
Regular review and adaptation of ‘Place’ strategy is necessary to stay relevant and competitive in changing market conditions.

Section 6: Interconnection of ‘Place’ with Other Elements of the Marketing Mix

‘Place’ does not function in isolation but directly affects and is affected by the other 3P’s of marketing - Product, Price, and Promotion.
An effective marketing strategy should ensure that these components work harmonically together without undermining each other.
The management of ‘Place’ should therefore be integrated within the wider marketing management strategy.