Three Strategic Issues Affecting Place Strategy

Marketing Strategies
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Marketing Strategies
The place is an essential aspect of product development. Marketers have to be concerned about the place concept when making strategic issues about their product. Traditionally, place refers to where a business will put the products to ensure that the consumers can access the product more easily. Today, the place not only refers to the business location but implies the means that businesses utilize to ensure that the consumers get the product. Therefore, the place strategy refers to the mechanism by which a business avails products to the consumers.
When making decisions about the place strategy, the marketers have to consider three strategic issues: market niche, location, and merchandise assortment. The market niche is the specific population that the business targets to distribute its products. The location refers to the specific place where the population is located. It determines the distribution channels that the business will use to deliver the products to the population. Merchandise assortment refers to how the business delivers value to its customers (Armstrong, Adam, Denize, & Kotler, 2014). The main goal of merchandise assortment is to ensure consumer satisfaction. The business must establish a balance between supply and demand to ensure that the product is not in excess or limited to satisfy the consumer's expectations.
Burberry, a British luxury fashion house with its headquarters in London, England, deals mainly in fashion wear, where it designs and distributes clothes and footwear. The business manufactures superbrands to serve different target markets. The firm utilizes the place strategy as one of its approaches meant to satisfy the consumers' needs in various ways.
Before venturing into the superbrand fashion, the firm conducted thorough research to identify its market niche as a...