Answered: Explain factors that you have to…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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1. FIVE reasons why creative thinking and innovation is important to
entrepreneurs.

2. Explain factors that you have to include in your environmental
scanning when choosing a business location.

Please answer question two

Expert Solution

Introduction

Every business will create value for customers but will require various components to be successful for creating the right value. Every product and service must have proper product market fit, prices, marketing awareness and brand value for becoming successful.

Providing consistent high quality of products to customers will help to reach to that high brand value and high retention rate. Location is one of the most important factor for various retail businesses which will impact its sales and profits.

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