Marketing and business Essay
Marketing is a very important tool for any business. Marketing controls the creation of goods and services, and mechanisms to implement them as a single integrated process.
According to Marketing Staff of the Ohio State University (1965), “Marketing is the process in a society by which the demand structure for economic goods and services is anticipated or enlarged and satisfied through the conception, promotion, exchange, and physical distribution of such goods and services” (p. 43).
Thus, this paper introduces a space (digital) and a place (physical) presence for an organization. It presents the marketing implications for reaching market segments, discusses if all market segments enjoy shopping at both, or should specific market segments use space or place exclusively, and provides examples of companies who have successfully established a space and place presence.
This is a widespread fact that companies should have both a digital space and a physical place for the organization in order to complete with competitors who conduct e-business, and to sell new products through promoting their services and goods to the global market.
It is necessary to examine and be familiar with the marketing implications, and to carry out marketing researches for physical and digital locations of any kinds of business.
Thus, it is very important for each organization to be located digitally and physically with the intention that they can access and deal with various partners, markets and customers easily and effectively.
Observing a digital space and a physical place presence, it is possible to mention that it is important to follow some strategic steps, which should be taken into account in order to guarantee that a physical place is a location that is accessible, friendly, and safe for potential consumers.
Furthermore, a digital space presence should satisfy consumers’ needs and wants and conduct individual approaches to each client.
Today’s technology gives such a good opportunity for a store that is located in Canada to satisfy and reach potential clients who can live in America or another country. It is very important for business conduct to reach their clients both virtually and physically because they can increase their profits and become more competitive in the global market.
Thus, it is important for any company to examine the marketing implications for reaching market segments using both mediums. Moreover, it will be very effective for each company to help its potential clients and markets move effortlessly from one to another.
Let us focus our attention on markets segments and explore if all market segments enjoy shopping at both, or should specific market segments use space or place exclusively.
First of all, market segmentation is a market-sharing arrangement into distinct groups or parts (segments) on any grounds (kind of commodity, currency type, country, region, homogeneous groups of consumers, a group of individual consumers identified by social factors, solvency, motives, culture, religious traditions etc.).
According to Litten (1979), “A market segment is a group of consumers or clients – actual or potential – with common characteristics which differ from those of other segments.” (p. 60).
All market segments can enjoy shopping at both, but despite this fact some specific market segments should use space or place exclusively because “shoppers who avoid online shopping may not trust that it’s safe, are not confident about how to do it, and/or think it is inefficient” (McGinley, 2003, para. 2).
Moreover, it should be noted that one of the examples of a company that provides both a place and a space presence is Wal-Mart. Wal-Mart Stores, Inc. is U.S. Company, the world’s largest retailer. Wal-Mart’s strategy includes terms, such as the maximum range and minimum prices, tending to wholesale.
To sum up the above-stated information, it is possible to conclude that a space and a place presence are very important and essential elements for any organization. They help to conduct businesses more easily and effectively. Nowadays, companies should be able to have both a physical place and a digital space in order to satisfy their potential customers, and to complete with competitors in conducting business on the Internet.
