new business module

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BUSINESS SKILLS
all available products all the time. Branding is a way of making
your product identifiable. For someone running a small business,
it may mean making the product recognizable and
putting contact information on the product so people can
identify who produced it. For example, a business producing
dumplings and selling them to little shops and supermarkets
should make sure consumers can identify its product easily so
they can find it without difficulty when they return to the shop
the next time. The contact information could be useful if the
business is also selling directly to end-consumers. It would
allow consumers to identify the business and shop there.
2.4 Place
The place refers to the location of a business. Location can have
a strong impact on sales volume. A kiosk selling candy next to
a school or playground is likely to sell more candy than a kiosk
located in an industrial zone next to a power plant. However,
place also refers to the way in which the business intends to
bring its product to the customer. For example, is the product
to be sold from a market stand, door to door, on a street near
a strategically chosen location, or to wholesalers on a wholesale
market?
Entrepreneurs should choose a location that is affordable,
close to the customers and as far from the competitors as possible.
However, there will always be trade-offs. There are plenty
of aspects to evaluate when choosing a business location.
• Is it close to the customers?
• Is it far enough from the competitors?
• Is it adequate for my needs?
• Is it reasonably priced?
• Do I have access to the facilities and infrastructure I need?
• Is the location safe?
• How far do I have to commute?
If an entrepreneur is planning to open a retail shop, being close
to customers may be the prime consideration. Good locations
for retail shops are often expensive, so the entrepreneur must
assess whether the potential extra sales justify the extra cost.
Again, there are always trade-offs and choices must be made.