If by location you mean position then this is not 'merely a small factor'. More like one of the biggest factors you should be considering. I don't really have a set list of of what happens first during my thought process but I'm really just a button masher. Things that make me decide which button to mash in some order prolly go like:
-Their position
-Their stats
-My position
-My image (meh)
-Stack sizes
-Their range
-What do I want them to do?
-What do they want me to do?
-etcetera?