Fulbright Economics Teaching Program
2003-2004
Marketing Places
Lecture note
Business Opportunities in a Place Phan Chanh Duong
1 Xinh Xinh/Kim Chi BUSINESS OPPORTUNITIES IN A PLACE
Phan Chanh Duong

As the saying goes: “Traveling forms a young man”, our living space widens as we know
more places. For businesses, traveling is exploring opportunities.
As one goes to a new place for its good reputation, for a visit, an adventure, or business
opportunities, the first impact is the information exchange. Whether the information is
accurate and beneficial depends on the conditions, circumstances, and the following
contacts.
Whatever travelers take trips for business opportunities, for leisure, or for a new feeling
of nature, culture, and people, place marketers should understand what they are interested
in.
At a new place, the first impression is usually about the broad scenery of nature,
residency, and infrastructure (the transport system, construction works, and so on). This
impression is very important since it provides the traveler the first sense of pleasure and
amicability, or anxiousness and caution…
It is followed by the direct contacts with people, reflected in their attitudes and words.
Looking at the host, the locals, and the local authority’s behaviors to see whether they are
enthusiastic and hospitable, or glacial and suspicious, travelers adjust or strengthen their
first feelings.

2003-2004
Marketing Places
Lecture note
Business Opportunities in a Place Phan Chanh Duong
2 Xinh Xinh/Kim Chi o
Horizontal and vertical linkages to their business line
o
The general economic conditions with related factors.

With above information, the traveler can primarily outline the business opportunities
there.
Followed is a more detailed survey about the accuracy of data and information received,
the risk and returns compared with other places, the possibility to deal with them, and the
security for people and wealth, based on which the traveler can determine the size of the
project/deal. Importantly, who is the partner? Who can make decisions (the local
authority or the corporation leaders)? This point is crucial, especially for developing
countries.
Hence, place marketers not only are responsible for the first contacts with
businesspersons who come for business opportunities, or taking their own trips abroad to
market their places, but also engage in confirmation or adjustment of initial information
received by travelers, and in their place-related business decisions.
After doing so, the marketing task is almost done for a particular case. Then, the local and
non-local firms negotiate contracts and have deals.
Remember that a weakness of a place is not always disadvantageous; it may be an