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Critically discuss the reasons why location has again become a critical issue in explaining the global competitiveness of firms - Essay Example

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Companies which operate in the global business arena, regardless of their particular industry, must work within unique operating environments and be adaptable to whatever external trend drives their business strategy. For example, a fashion retailer headquartered in the United…
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Critically discuss the reasons why location has again become a critical issue in explaining the global competitiveness of firms
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Critically discuss the reasons why location has again become a critical issue in explaining the global competitiveness of firms

Download file to see previous pages... However, as part of the marketing mix, promotion has historically been most effective in differentiating one company from another in competitive marketplaces.
Place, as part of the marketing mix, refers to “the location at which the activity takes place, or the distribution channel by which the product is made available to consumers” (Haugtvedt, Herr and Kardes, 2008, p.28). As a means to avoid costs, some companies are reverting back to more traditional elements of marketing by focusing on aspects of place in order to differentiate the business from competitors. Further, place is improving competitiveness in global companies because it improves community and consumer relationships, as well as giving businesses a positive identity in local markets with unique cultural values and preferences. This paper discusses the importance of place in securing global business competitiveness.
Customers in many different industries and different market environments want extra value when buying products. This seems to be an evolution which has occurred with the growth of competition and the need to offer incentives to customers in order to differentiate the business and make it appear to provide more value than competing firms. In order to provide this value, companies should “beautify marketing and gain the upper hand with customers” (Brandweek, 2004, p.25). Beautification of marketing refers to aesthetics and incorporating content which provides perceptions of value from target consumers. Appealing to consumer values related to aesthetics is not an easy task through regular advertising and other visual promotions, therefore markets which appreciate the aesthetics of a shopping experience can be exposed to place marketing. For example, companies which offer household goods to consumers might have a business model which supports stand-alone retail stores designed with more expensive architectural materials, such as marble or ...Download file to see next pagesRead More
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