Proximity to market refers to how close a business is located to its target customers or consumers. In GCSE Business, understanding that being close to the market improves the business’s success is important. It reduces transportation costs, improves delivery times, and allows for a better understanding of customer needs and preferences.
Businesses that are nearer to their customers can often respond more quickly to market changes and trends, providing them with a competitive edge. Proximity to market is a critical factor in the decision-making process when locating a business or opening new branches.
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