When choosing a business location, companies consider both quantitative and qualitative factors. Quantitatively, businesses aim to minimize production costs by evaluating fixed costs like site and utility expenses as well as variable costs such as transportation and access to materials and labor. Qualitatively, non-financial considerations like customer access points, industry norms, and cultural compatibility for international expansion must also be assessed. The location decision process involves balancing these monetary and non-monetary factors to find the optimal spot for a company's target market and operations.