a. Need for selecting suitable site or location:
Selecting a suitable site or location is crucial for any business or organization as it can significantly impact its success. A well-chosen site can help a business attract the right customers, reduce operating costs, and increase profitability. On the other hand, a poorly chosen site can lead to low foot traffic, high operating costs, and ultimately, failure.
b. Objective of selecting suitable site or location:
The objective of selecting a suitable site or location is to find a place that meets the specific needs of the business or organization. This can include factors such as accessibility, parking, visibility, zoning regulations, local competition, and demographic characteristics of the surrounding community. The goal is to find a location that will maximize the potential for success and growth.
c. Steps in Location selection:
The steps in location selection may include:
1. Defining the business needs and objectives
2. Conducting market research to identify potential locations
3. Evaluating the potential locations based on factors such as accessibility, parking, visibility, zoning regulations, local competition, and demographic characteristics of the surrounding community
4. Making site visits to assess the locations in person
5. Negotiating lease or purchase terms with property owners
6. Obtaining necessary permits and licenses from local authorities
7. Setting up the business or organization at the chosen location
d. Within the country or outside:
The decision to locate within the country or outside depends on the specific needs and objectives of the business or organization. Choosing to locate within the country may offer benefits such as familiarity with local regulations, lower operating costs, and easier access to suppliers and customers. However, locating outside the country may offer benefits such as lower labor costs, access to new markets, and favorable tax laws. Ultimately, the decision should be based on a careful analysis of the costs and benefits of each option.