Space and Place in Marketing

Space and Place in Marketing

Introduction

In today’s high paced world, businesses must know how and be able to market their goods and services to consumers, both in the physical world and the virtual. Marketers must know their targeted market segment, and how to create successful marketing plans that include “space”, “place”, or something in between. Businesses must be able to adapt any marketing plans for many different mediums if they wish for their organization to become successful.

Space VS. Place

“Space”, also known as digital, or the virtual market has become a major area of commerce. A company that has a space presence is an organization with some form of e-commerce business online. They are companies that operate completely online, without a physical or brick and mortar store. They sell their goods and/or services online, where customers can only browse items and then the company ships the physical goods from a central location, or deliver the virtual goods to the consumer via the internet.

Now, the complete opposite is the “place”. This is a physical store or brick and mortar organization. They sell their goods and services from a physical location, were customers can physically interact with products before purchasing.

Marketing Implications for Space and Place

When it comes to marketing, some of the same things apply to both mediums. Both Space and Place organizations must do complete research and know exactly which market segment they are aiming for, they both must utilize marketing tools that identify their markets, they both must find advertising mediums that can get their products to the right consumers, and they both must take into consideration their businesses location (online or real world) when dealing with various venders, clients, and consumers. They have to take into account that consumers more and more of the time are doing research on products and services online looking for the best value, and spending their money where...