When I drop a ball, and I'm required to drop it within a club's length of a required point, does this club length limit refer to the point on which I'm supposed to stand, or the point on which the golf ball must land when it touches the earth?

I understand it's then allowed the 2 club length's roll (not closer to the hole), and I understand that sometimes it needs to be dropped in a direct line and the club length rule doesn't apply, but don't understand where I should be stood when I drop it at other times.