Space and Place

As this course has progressed it has become more and more apparent to me that just as a part of the title indicates, marketing, in part, is truly about strategic decision making. Real world businesses, both brick and mortar and Web, are smart to have very good marketing savvy people in place in order to be competitive and survive in the global economy. Nowhere is this more evident than in how customers should always remain as the focus of any business. The value of the customer-business partnership begins with the exchange relationships that are developed between them. According to Mullins and Walker (2010), individuals and businesses alike, look to obtain goods and services via exchange transactions. One side of this relationship begins with businesses and organizations marketing their products. Businesses can be either digital (space) or physical (place) when building these relationships and it is important to make sure the proper markets are targeted. In todays economy companies are taking a developmental approach to participate in varying aspects of e-commerce and the internet. In the digital environment it is important that the proper mediums are explored when participating in these technologies. The internet, web, social networks and email are all vital to success in the digital world. Mullins and Walker (2010), noted that there are three important steps in the market segmentation process; identifying a homogeneous segment that differs from other segments; specify criteria that define the segment; and determine segment size and potential. In the space/digital world, when done strategically, utilizing demographic, geographic, geo-demographic and behavioral segmentation can all be critical when attempting to reach target markets for the product or service being offered. Similarly, physical (place) presence for businesses and organizations is important when trying to reach target markets. Place is important because it helps to identify the...