Principle of Marketing: Place as a marketing mix

len Alfred Ajibola - Mon, 02nd March, 2020 @ 10:36 AM

Topics in Commerce

Contract of Employment: Terms of employment contract Principle of Marketing: People as a marketing mix and their importance Principle of Marketing: Positioning as a marketing mix Principle of Marketing: Packaging as a marketing mix Elements of promotion in marketing mix Principle of Marketing: Promotion as a marketing mix Principle of Marketing: Place as a marketing mix Principle of Marketing: Price as a marketing mix Principles of Marketing: The seven principles of marketing mix Factors necessary for division of labour Disadvantages of division of labour Advantages of division of labour Concept of Outbound Marketing Inbound Marketing explained Types of production in commerce Commerce: Definitions and Scopes of Commerce Differences between balance of trade and balance of payments Balance of payment deficit and balance of payment surplus Disadvantages of foreign trade Divisions of foreign trade

Academic Questions in Commerce

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In commerce, which of the following is false with regards to a commodity?

  • A. A commodity must always have a market value

  • B. Rendered services are also instances of commodities

  • C. Products applicable to commodities can be bought or sold with money

  • D. A commodity must be standardized

  • E. A commodity must be usable upon delivery

  • F. Commodities can be traded in the futures market

Whatever is being marketed must always provide value to its potential consumers.

  • A. True

  • B. False

Which of the following is not a branch of marketing?

  • A. Merchandising

  • B. Promotions

  • C. Forex

  • D. Search Media Optimization

  • E. Social Media Optimization

  • F. Copywriting

Which of the following is not a characteristics of commerce?

  • A. The only aim of commerce is to make profit

  • B. It is a discontinuous process after profit had been made

  • C. It is accompanied with challenges and uncertainties

  • D. It is 100% business and economic activity

  • E. Transaction processes are always involved in commerce

  • F. It connects the process of production and marketing

Which of the following is not a function of commerce?

  • A. Unnecessary in times of emergencies like earthquakes and wars

  • B. Facilitates mass production of goods

  • C. Influences transportation network within and outside a state

  • D. Attempts to satisfy human needs and wants

  • E. Improves the standard of living

  • F. Acts as an online business link between buyers and sellers

One of the following is a form of division of labour.

  • A. Agonistic division of labour
  • B. Antagonistic division of labour
  • C. Mutualistic division of Labour
  • D. Advanced division of labour
  • E. Solitary division of labour
  • F. Occupational division of labour

A place where people buy homogenous goods in large quantities is called _____.

  • A. Wholesaler's Market

  • B. Goods Market

  • C. Products Market

  • D. General Market

  • E. Commodity Market

  • F. Forex Market

Any activity aimed at getting people interested in a company's product or service is termed _____.

  • A. Commerce

  • B. Economics

  • C. Financial Accounting

  • D. Marketing

  • E. Production

  • F. Distribution

Place as a Marketing Mix:

Place as an element of marketing mix may also be referred to as placement, location or distribution. Place is considered an important element of marketing because the goal of production is the product's reachability to the final consumers.

Please read on the concept of production here.

It is possible for a producer to have the best of product(s) (in terms of quality) but yet, lack an appropriate place, location or platform where such product can be marketed. This will imply that an appropriate number of consumers will not get such product. For this reason, every business person prefers to locate his or her business in strategic places and locations.

Please read on the branches of marketing here.

  • Simply put, place as an element of marketing may be defined as a location that strategically puts a business into the visibility of a large pool of consumers. It acts as a point where a product is moved from the seller's location to the point of usage of the buyers.
  • Please read on price as a marketing mix here.

The distribution channels (wholesalers and retailers) play an important role towards the availability and reachability of a product. For instance, a wholesaler may purchase a product from another country (e.g America) and sell it at various locations (places) in Nigeria. Through this process, the final consumers located in different places within Nigeria are able to get the products.

Please read on wholesale market and the wholesaler here.

Similarly, the retailers are often located around the final consumers. In fact, some may even peddle or hawk their product(s) to the place where the final consumers are located.

Please read more on the retail market here.

In today's world, the internet has now become a market place where almost every kind of goods are sold and services rendered. To this end, business owners may own physical locations and online platforms where they sell goods and render services simultaneously.

Please read on promotion as a marketing mix here.

We live in a digital age where every product can be purchased from the comfort of our homes. This implies that products located (or placed) online will likely have a global audience if properly managed. This is probably why we see numerous e-commerce stores and web adverts on the internet. As an instance, you may see some web advertisments on Len Academy and other web applications.

Please read on the internet of things (IoT) here.

Recall that the process of inbound marketing requires that consumers search for their needs and wants until they eventually find their product of choice (if it falls along their search). Therefore, the processes that effectively accomplishes inbound marketing activity will require an appropriate place, placement or location. This is extremely important towards achieving an increase in the sale of a manufacturer's product.

Please read more on inbound marketing here.

You can read on scale of preference and opportunity cost here.

It is important to state that physical locations (structures) are crucial factors often required for successful marketing. This is true because those whose shop(s) are located in a densely populated area will likely make more sales when compared to another in a less populated area.

Please read on the concept of business here.

Meanwhile, understand that a business may also be managed successfully without a physical location. In this case, the internet provides a virtual marketplace.

Please read on the characteristics of business here.

Finally, the marketing executives will provide the best points of sale for their organization's products in order to maximize profit.

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Amazing facts in Commerce

With Amazon Smile, you can donate 0.5 percent of your purchases to a charity of your choosing

Check it out here

The brewery, Sankt Gallen in Japan, produces a beer called Un Kono Kuro from elephant's dung

North Korea and Cuba are the only countries in the world where you can't buy Coca-Cola

Amazon is an e-commerce website launched in 1995. It did not make any profit for its first seven years.

Amazon's first profit was in 2003. Its founder 'Jeff Bezos' is the richest man in the world as at 2018/2019


prepayment is somewhat an opposition to deferred payment. This is true because the concept of prepayment oversees that the buyer makes payment beforehand and must wait to enjoy whatever had been paid for after some significant time had elapse.

In short, you can think of a prepayment as 'paying in advance'. An example is when a tenant pays in advance to a landlord for an apartment yet to be used. Another example is an online payment for items yet to be received.

Deferred payment is defined as a future payment eventually made after a buyer receives goods and services without an initial payment. Think of it as the: 'buy now, pay later' type of transaction.

From the perspective of the seller, the money yet to be received after the supply of goods or services is called an accrued revenue, unrealized revenue or accrued assets.

According to the buyer, the money yet to be paid after the delivery of goods or services is called an accrued expense. For instance, a company that owes employees salary can be said to have an accrued expense.

Please read more on deferred payment here

For an item to be considered a commodity, it must satisfy three conditions. These are:

  1. It must be standardized. In the case of agricultural commodities, they must be in their unprocessed state.

  2. It must be usable upon delivery

  3. The price of a commodity item must vary.

A commodity market can therefore be defined a place where people buy and sell homogenous goods in large quantities.

Homogeneous goods are products that essentially have the same physical characteristics (or qualities) as similar products from other brands.

It is noteworthy to state that foreign currencies, data and bandwidth have all been included as part of today's commodity markets. In this regard, a commodity market will always have it's own set of rules and regulations.

Please read more n commodity market here

Marketing is a broad field of study. Below are branches or divisions of marketing:

  • Advertising

  • Search Engine Optimization (SEO)

  • Merchandising

  • Branding

  • Promotions

  • Copywriting

  • Social Media Optimization (SMO)

  • Event planning

  • Customer Relationship Management (CRM)

  • Graphic Design

  • Internet Marketing

Marketing is defined as any activity or process aimed at getting people interested in a company’s product or service.

The processes utilized in marketing can take place via posters, public relations campaigns, handbills, social media, radio and television, buses, walls along the streets, the internet or just anywhere.

Below are some of the branches of marketing:

  • Advertising

  • Search Engine Optimization (SEO)

  • Merchandising

  • Branding

  • Promotions

  • Copywriting

  • Social Media Optimization (SMO)

  • Event planning

  • Customer Relationship Management (CRM)

  • Graphic Design

  • Internet Marketing

Please read more on marketing here