SPACE AND PLACE
February 28, 2011
Marketing is extremely important in any business. As stated in Mullins & Walker (2010), “marketing involves decisions crucial to the success of every organization, whether large or small, profit or nonprofit, manufacturer, retailer, or service firm.” (p. 4). In this new economy and web-savvy age that we are living in, companies must be able to have not just a physical place for the organization but a digital space for it as well to compete with their online competitors and to shift themselves into the global market that is accessible, available, marketable and viable in every way from exposure, to selling new products, to being the trail blaze with a product or in a certain region to revenue. In order to make the space and place work is to look over the marketing implications and conduct marketing research segments for the digital and physical locations of any business. Place (physical) & Space (digital)
The physical place of a business can be their only, main or just one of many locations. However, it can’t just be placed anywhere. There are strategic steps that must be taken to ensure that the physical location is a place that is safe, friendly, welcoming and assessable to its targeted market. It must follow the process of marketing, which deals with socializing that has needed activities to give customers and organizations the ability to get what they need and want by exchanging with each other to have a continuous relationship. (Mullins & Walker 2010, p. 6). One can’t happen without the other. The customers need businesses to supply their wants and needs and the businesses need customers to continue to exist and be successful. Companies need a place for their businesses to be conducted in whether it is a local place or a corporate location it is a must. The appearance of an organization can determine the business that they get. If a physical place looks nice that is also a form of marketing that draws customers. If it looks horrible or is in a bad or dangerous place, that will tend to push away customers or never receive their business at all.
The digital space is something that is very important as well to the success of a business in the new-economy age that we are currently in. According to Mullins & Walker (2010), “At the heart of the new economy is the reliance on digital means of transmitting information, some of which is recomposed into goods-CD, books and more.”(p. 394). The new-economy age allows a business to exist all over the world through the World Wide Web. The digital space deals with the consumer and commercials areas of the internet, wireless phones, and other forms of technology. Its physical place can be visualized on line but it does not need a location. It can be accessed from anywhere in the world. It allows for businesses to reach customers they will never meet in any location, it makes a company global. According to Mullins & Walker (2010), “The growing market acceptance of the Internet and other new-economy are still enormous. The growing market of acceptance of the Internet and other new-economy technologies and the inherent advantages that they bring suggest that nearly every company needs to examine how it will be affected by and can take advantage of these new technologies.” (p. 375).
“The total market for a given product category thus is often fragmented into several distinct market segments. Each segment contains people who are relatively homogenous in their needs, their wants, and the product benefits they seek, each segment seeks a different set of benefits from the same product category.” Mullins & Walker (2010) (p. 13). The market segmentation of the physical place deals with the 4 P’s which is place, age, income, sex, occupation, education and race when...
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