What is the market area of a service and why is that important?
What will be an ideal response?
Answer: The area surrounding a service from which customers are attracted is the market area or hinterland. A market area is a good example of a nodal region - a region with a core where the characteristic is most intense. To establish the market area, a circle is drawn around the node of service on a map. The territory inside the circle is its market area. Because most people prefer to get services from the nearest location, consumers near the center of the circle obtain services from local establishments.
The closer to the periphery of the circle, the greater is the percentage of consumers who will choose to obtain services from other nodes. People on the circumference of the market-area circle are equally likely to use the service, or go elsewhere.
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