Managerial Marketing Space Vs PlaceEssay Preview: Managerial Marketing Space Vs PlaceReport this essayAbstractConsumers today have many ways or channels to acquire goods and services. With the increased usage of the internet and the expanding global economy retailers and business have to adapt their marketing strategies to compete. The place (physical) presence is slowly deteriorating each year and shifting to the space (digital) market. Organizations that have figured out ways to capitalize on this shift and at the same time keeping the consumer buying experience transparent between the channels are winning the battle. This paper will discuss the physical and digital markets and the segments that engage both channels.
Space versus PlacePhysical brick and mortar retail locations still generate the majority of retail revenue in America but the digital stores are increasing each year. With so many brick and mortar stores now online, shoppers can choose between the convenience of ordering merchandise through the internet or purchasing it in a physical store. Some people choose online ordering because they like shopping during the time the physical store is closed, or they want to avoid crowds. On the other hand people prefer shopping in stores in order to try on the merchandise and get a feel for the item. Many people shop online because they think its cheaper. Sometimes however this is not the case and a consumer may actually be paying more for the convenience of shopping on-line.
Most retailers today are a hybrid of physical and digital locations. There are a few large retailers that only operate in the digital space for example Zappos.com and Amazon.com. Outside of the few large retailers the majority of digital only retailers are small privately owned retailers that typically handle specialty items. These days a consumer can purchase pretty much anything in the digital space and have the item delivered right to their doorstep. Many items like music and videos are seeing a rapid increase in the digital space and correlating declines in the physical space. Items like clothes and shoes are somewhat neutral still and are primarily dominated by the large retailers that occupy both spaces. Large items like furniture, home appliances and televisions are still dominated by the physical retail locations (Williams, S. J. 2001, July 20). But as logistics gets more cost effective and there is a way for the consumer to be able to replicate the in store touch experience that to will start to change.
A traditional brick and mortar business can be very costly. The start-up costs and overhead costs include the lease, inventory, taxes, utility bills and the labor. Location is very important for a brick and mortar business-it can bring about the establishments success or demise. Some of the pros of the brick and mortar locations are there is a sense of trust and reliability that comes with having your own brick and mortar store. Many customers still feel safer buying from a store. There are shady websites everywhere, so having your own physical store adds a touch of professionalism. Walk-ins are another benefit that comes with having a physical location that caters to the old-fashioned way of buying products. In high traffic locations, you can have plenty of walk-ins in a day. Many customers still want to see, feel, and touch the product physically before purchasing. Some cons for physical locations are; business is only open during business hours and there are huge startup capital and overhead costs that come with having your own brick and mortar store
A virtual online business is arguably easier to start and maintain but the target market can be difficult to isolate. The digital space can consist of business-to-business (Grainger.com), to business-to-consumer (Amazon.com or LandsEnd.com), to consumer-to-consumer (ebay.com), to consumer-to-business (Priceline.com) models (Mullins, J.W. et al, 2009). The benefit of a digital location is you are no longer limited to a specific area or location. The market segment can comprise of many different demographics due to distance not being a limitation. Utilizing online tools, social networking tools, forums, etc can help draw the correct segment to the location. One of the benefits of a digital retail space is there is smaller amount of capital dollars needed for startup and daily operating expenses which allows for larger margins than the brick and mortar locations. Marketing and advertising cost are usually lower and in some cases advertising is even free. Using forums, chat rooms and social
s, you could have a digital brand as an agent to the market. The goal of the business is to get more customers and maximize success. It can be successful in multiple ways, like by offering a marketplace with a unique content and user feedback. This can help to get people to create a product or service, especially by attracting different users and using them on different platforms. It also means paying for services provided in advance by the person who comes up with the product and service. The cost of advertising can be a little lower than the fees. In the case of online marketing you could pay a lot more money for a product or a service for a specific type of content, e.g. using the “Google Plus” to attract more users to your online presence. People who want to know if you are getting an “excellent” result will become “super happy” by doing this and you have a huge amount of money available. The cost of a real-time campaign or video to get customer feedback is only a fraction of the cost, like doing a website that uses social media marketing techniques, which are expensive for the average guy in terms of time, costs, and marketing. The cost of a social media campaign can range from a little more than $2500, to a little under $2500. Some may say that this is the price of running a digital campaign, but in reality a digital campaign can still cost a lot less because the content needs to have been designed with your own feedback. A mobile and web platform are two options available to connect with those who want to stay connected with consumers and have an interactive experience with the information available on the internet. The way to go from a site that does not need the social media marketing resources (like Facebook) and a traditional ad network to a single online store allows to create a high level of engagement. In a store with a community level of customer-based support the marketing team needs a large number of available social media links. It isn’t expensive to get as many people using your product as you think. However if you are doing a mobile and web platform with a community of users you will be spending more time of you being involved. In the current situation, it is not a problem unless you are making mobile and web-based services available on your website and mobile app. This enables you to get more people to use your brand and in the same way your retail shop can get people to connect and give feedback in a way that could change its business model without changing the quality of the customer satisfaction. If you use the internet for ecommerce in a way that may make it even more attractive, then you have an additional cost of doing business. At a minimum, the web and mobile platforms in a store are designed to allow businesses to interact online, with the users they actually want to interact with, using simple tools: e.g. ads, email, web sites or social media to interact with and give feedback and other information. For the web platform, you need to have content or features on site that is easy to interact with. The majority of people do not consider that you are providing value for money, as the internet cannot be trusted. However, if you create content that includes a lot of features such as an open forum and web and mobile site, as well as a free feature like a user base and site design in a way that can appeal to consumers, which can make it more attractive to be a more active part of the business. When people don’t use web sites and mobile content, there are two important issues that need to be addressed. One is to make sure that the data is accurate and that content is generated by the right people (such as your customers and other people who use your store or your apps). But another issue that needs to be addressed is about the quality of the content it contains. A more cost effective approach
s, you could have a digital brand as an agent to the market. The goal of the business is to get more customers and maximize success. It can be successful in multiple ways, like by offering a marketplace with a unique content and user feedback. This can help to get people to create a product or service, especially by attracting different users and using them on different platforms. It also means paying for services provided in advance by the person who comes up with the product and service. The cost of advertising can be a little lower than the fees. In the case of online marketing you could pay a lot more money for a product or a service for a specific type of content, e.g. using the “Google Plus” to attract more users to your online presence. People who want to know if you are getting an “excellent” result will become “super happy” by doing this and you have a huge amount of money available. The cost of a real-time campaign or video to get customer feedback is only a fraction of the cost, like doing a website that uses social media marketing techniques, which are expensive for the average guy in terms of time, costs, and marketing. The cost of a social media campaign can range from a little more than $2500, to a little under $2500. Some may say that this is the price of running a digital campaign, but in reality a digital campaign can still cost a lot less because the content needs to have been designed with your own feedback. A mobile and web platform are two options available to connect with those who want to stay connected with consumers and have an interactive experience with the information available on the internet. The way to go from a site that does not need the social media marketing resources (like Facebook) and a traditional ad network to a single online store allows to create a high level of engagement. In a store with a community level of customer-based support the marketing team needs a large number of available social media links. It isn’t expensive to get as many people using your product as you think. However if you are doing a mobile and web platform with a community of users you will be spending more time of you being involved. In the current situation, it is not a problem unless you are making mobile and web-based services available on your website and mobile app. This enables you to get more people to use your brand and in the same way your retail shop can get people to connect and give feedback in a way that could change its business model without changing the quality of the customer satisfaction. If you use the internet for ecommerce in a way that may make it even more attractive, then you have an additional cost of doing business. At a minimum, the web and mobile platforms in a store are designed to allow businesses to interact online, with the users they actually want to interact with, using simple tools: e.g. ads, email, web sites or social media to interact with and give feedback and other information. For the web platform, you need to have content or features on site that is easy to interact with. The majority of people do not consider that you are providing value for money, as the internet cannot be trusted. However, if you create content that includes a lot of features such as an open forum and web and mobile site, as well as a free feature like a user base and site design in a way that can appeal to consumers, which can make it more attractive to be a more active part of the business. When people don’t use web sites and mobile content, there are two important issues that need to be addressed. One is to make sure that the data is accurate and that content is generated by the right people (such as your customers and other people who use your store or your apps). But another issue that needs to be addressed is about the quality of the content it contains. A more cost effective approach
s, you could have a digital brand as an agent to the market. The goal of the business is to get more customers and maximize success. It can be successful in multiple ways, like by offering a marketplace with a unique content and user feedback. This can help to get people to create a product or service, especially by attracting different users and using them on different platforms. It also means paying for services provided in advance by the person who comes up with the product and service. The cost of advertising can be a little lower than the fees. In the case of online marketing you could pay a lot more money for a product or a service for a specific type of content, e.g. using the “Google Plus” to attract more users to your online presence. People who want to know if you are getting an “excellent” result will become “super happy” by doing this and you have a huge amount of money available. The cost of a real-time campaign or video to get customer feedback is only a fraction of the cost, like doing a website that uses social media marketing techniques, which are expensive for the average guy in terms of time, costs, and marketing. The cost of a social media campaign can range from a little more than $2500, to a little under $2500. Some may say that this is the price of running a digital campaign, but in reality a digital campaign can still cost a lot less because the content needs to have been designed with your own feedback. A mobile and web platform are two options available to connect with those who want to stay connected with consumers and have an interactive experience with the information available on the internet. The way to go from a site that does not need the social media marketing resources (like Facebook) and a traditional ad network to a single online store allows to create a high level of engagement. In a store with a community level of customer-based support the marketing team needs a large number of available social media links. It isn’t expensive to get as many people using your product as you think. However if you are doing a mobile and web platform with a community of users you will be spending more time of you being involved. In the current situation, it is not a problem unless you are making mobile and web-based services available on your website and mobile app. This enables you to get more people to use your brand and in the same way your retail shop can get people to connect and give feedback in a way that could change its business model without changing the quality of the customer satisfaction. If you use the internet for ecommerce in a way that may make it even more attractive, then you have an additional cost of doing business. At a minimum, the web and mobile platforms in a store are designed to allow businesses to interact online, with the users they actually want to interact with, using simple tools: e.g. ads, email, web sites or social media to interact with and give feedback and other information. For the web platform, you need to have content or features on site that is easy to interact with. The majority of people do not consider that you are providing value for money, as the internet cannot be trusted. However, if you create content that includes a lot of features such as an open forum and web and mobile site, as well as a free feature like a user base and site design in a way that can appeal to consumers, which can make it more attractive to be a more active part of the business. When people don’t use web sites and mobile content, there are two important issues that need to be addressed. One is to make sure that the data is accurate and that content is generated by the right people (such as your customers and other people who use your store or your apps). But another issue that needs to be addressed is about the quality of the content it contains. A more cost effective approach