Final answer:
The statement is true, as 'Place' refers to distribution in the marketing mix, which is about providing the right product at the right place and time to meet consumer demands. Place involves channels of distribution, location decisions, and logistics management, all crucial to product accessibility.
Step-by-step explanation:
The statement "The Place element of the marketing mix deals with the distribution of a firm's good or service" is true. The 'Place' in the marketing mix, also known as distribution, involves making the product or service available to the consumer at the right time, location, and quantity. It includes tactics such as selecting appropriate channels of distribution, deciding on the geographical areas to sell the product, and managing logistics.
Place is one of the four P's in the marketing mix, which also includes Product, Price, and Promotion. The physical aspects, such as an 'unbreakable bottle' or a 'nonstick surface', fall under the Product element, whereas Place is more about how the product reaches the customer. A well-situated business, like a gas station at a busy intersection, can influence sales due to higher visibility and traffic. The example of a supplier locating near a car factory demonstrates the importance of Place in reducing transportation costs and improving supply chain efficiency.
Therefore, a firm’s location and the way it distributes its products are crucial components of the Place aspect of the marketing mix, impacting consumer access and purchase decisions.