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Published byNora Lester Modified over 9 years ago
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DETERMINING THE RIGHT LOCATION & PROMOTING THE BUSINESS
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DETERMINING THE RIGHT LOCATION
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WHAT IS THE RIGHT LOCATION refers to that one which bring the highest possible benefits to the firm
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“RIGHT” OR “WRONG” Selecting the REGION MODE Criteria population growth average annual income of families
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Selecting the PROVINCE MODE Criteria proximity to markets proximity to supply raw materials labor supply business climate
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PROXIMITY TO MARKETS small businesses must be as near to their markets as possible
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PROXIMITY TO SUPPLY RAW MATERIALS the company must consider locating where the raw materials are sourced reducing acquisition cost
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LABOR SUPPLY small business must be located where its labor requirements will be supplied sufficiently Labor requirements: 1. Managerial 2. Specialists 3. Skilled laborers
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BUSINESS CLIMATE thrive in places where they transact business more efficiently
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Selecting the CITY or TOWN MODE Criteria population trend local laws & regulations competition compatibility with the community transportation public services police & fire protection reputation of the location
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POPULATION TREND population size and density growth trends family size age breakdowns education income levels sex religion ethnic groups
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LOCAL LAWS & REGULATIONS compare local laws or regulations of different towns locate a climate conducive to small business operation
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COMPETITION locate areas with unsaturated types of businesses
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COMPATIBILITY WITH THE COMMUNITY the small business must be compatible with the community where it will be located
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TRANSPORTATION located where there are adequate and reasonably priced transportation services
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POLICE & FIRE PROTECTION located where there are provisions for protection
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PUBLIC SERVICES located where there are provisions for: water & sewage, trash & garbage collection and among others
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REPUTATION OF THE LOCATION Cities and towns with established reputation
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STEPS IN SELECTING A BUSINESS LOCATION FOR RETAILERS Choosing a viable community Selecting the trading area Evaluating the specific site
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PROMOTING THE SMALL BUSINESS
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WHAT IS PROMOTION activities used by SBOs to persuade prospective customers to buy the company’s products or services
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TYPES OF CUSTOMER DEMAND Established demand – purchases made by people as a result of any or all of the following: a. Positive experience with the firm’s product b. Convenience of the location c. Attractive appearance of the firm Newly created demand (promoted demand) – when the firm engages in activities designed to attract people to buy from the firm
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METHODS OF PROMOTION Advertising Personal selling Publicity Sales promotion Word of mouth
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TYPES OF ADVERTISING RETAIL SERVICE TRADE INDUSTRIAL INTITUTIONAL
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TYPES OF ADVERTISING MEDIA TV Radio Newspaper Magazines Outdoor billboards Specialty advertising
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TYPES OF ADVERTISING MEDIA Public transportation Yellow pages Direct mail Local cable TV Cinema Others: catalogs, samples, handouts and the like
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METHODS OF PROMOTION Personal selling – direct, personal & face-to-face Publicity – news generation Sales promotion – temporary sales incentives Word of mouth – promotion of satisfied customers
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