Trade area analysis and mapping tell you: Where a stores customers are coming from How numerous customers you have in a trade area Where to look for for to a greater extent customers Benefits of Trade Area Analysis Identify gaps or overlaps in the market coverage of your existing store network, and make corrections by opening, closing or moving stores Make ameliorate site selection decisions by using characteristics of existing trade areas to predict trade areas around potential locations Define a geographic area to analyze for market potential, market penetration, and militant threats Become more efficient and effective at target marketing by reaching out only to those customers and prospects in a stores trade area Use as a key input into customer profiling Factors that meeting Trade Areas Analyzing trade areas should be performed regularly to provide key metrics for improving sales and marketing performance. Adding new stores to your network will cause the trade area of nearby stores to change. In a saturated market, or if stores are placed also close to one another, cannibalization can occur. A change to fruit offerings will impact the trade area, as will shifts in population and demographics, the existence of competitors, changes to highways and roads, and the addition of other businesses that attract great deal to the area. Retail Trade Area Analysis: Concepts and New Approaches By Donald B. Segal Choosing a retail site in the absence of goodish trade area analysis is a lot like flying an airplane with blinders: It forces a business to commit itself to a course in the absence of... If you want to get a full essay, order it on our website: Ordercustompaper.com
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