BUSINESS ADMINISTRATION
RETAIL MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Customers
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Labour
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Raw materials
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Competitors
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Detailed explanation-1: -The overall finding is that out ofthirty-four factors that are commonly thought to influence location decision, only seven are considered as crucial. These determinants can be distilled into four, namely, access and transport, power, information and communication, and physical plant requirements.
Detailed explanation-2: -Analyzing your area, reading about potential customer demographics, and considering where competitors are located are all important aspects to finding and choosing the right location. It’s also important to consider your needs as a business owner before deciding on a location.
Detailed explanation-3: -For businesses such as takeaways, corner shops, clothes shops, pop-up food businesses and hairdressers, being close to their market is extremely important. If these businesses were not close to their market, they would miss out on sales as they would not be easily accessible to their target market .