Final answer:
Customers need to know the physical aspects of a product and the strategic location of the firm, as these can influence purchasing decisions. Advertising highlights product features, while a firm's location can provide logistical advantages. Online or mail-order firms must overcome imperfect information with guarantees and quality reputation.
Step-by-step explanation:
Most importantly, a customer needs to know not only where products are stocked but also the physical aspects of a product and the location of a firm. Physical aspects can be critical for customer decisions and are often highlighted in advertising, such as products being unbreakable, nonstick, freezer-to-microwave compatible, non-shrink, or extra spicy. Location also plays a pivotal role. For instance, a gas station at a busy intersection will likely sell more gas due to high traffic, similar to how a supplier benefits from being near an automobile manufacturer for logistical advantages. Moreover, companies like L.L. Bean that predominantly sell through mail, telephone, or online must deal with challenges of imperfect information, and therefore rely on a money-back guarantee and a reputation for quality to build trust and facilitate sales.