Marketspace Versus Marketplace
Marketing is a managerial process of understanding and identifying the set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. The market process consists of the 7P’s & 7C’sfactors that can control all marketing activities. Marketspace and marketplace differences are laid down for an exchange or transaction that occurs between a buyer and a seller, (information ability and information access) with technological advancement. This can be separated from the actual product or the service offered.
Is the physical locations of buyer and seller interactions. They meet each other individually and share information. Exchange of products and services occurs. They may be retail stores, outlets, supermarkets, and online shopping can be found. This marketplace depends on some factors too,
Such as Democratic, Geographic, Social, and Spiritual factors are having their influence on marketing.
The information and communication technology-based operations took place. Physical factors cannot be found with the firm. The buyers and the sellers interact with each other and transact in a virtual environment. Online distribution of goods and services took place and they used websites and sales engines to buy and sell goods and services. (Physical and demographic factors don’t have any influence on the market operations) The main function is that value creations and value propositions are revolutionized within the sphere. A highly secured operating system can be observed within it.
Differences can be seen in some areas. Such as:
Physical Presence: Marketplace: The marketplace has a physical location, physical buyers, and physical sellers. The transaction occurs through direct negotiations.
Marketspace: The market space is not required to have a physical location or physical buyers or sellers. All are electronic based on information and technology infrastructure.
- Cost / Investment
Marketplace: At the marketplace, the cost can be marginally higher due to the infrastructure and the possibility of a smaller number of customers. Spending on buildings, maintenance, and staff would incur overheads into the product pricing.
Marketspace: At the market space, the cost can be lowered by ingenious ways of thinking by reducing the overheads, shared ownership (infrastructure owned by different parties of the transaction), online money transfer, etc.
- Value Creation
Marketplace: At the marketplace, the content, context, and infrastructure are aggregated and inseparable to have a transaction. Brand equity and value proposition is based on the total of these factors.
Marketspace: In the market space, the content, context, and infrastructure can be separated and can become the basis for perceived customer value.
Conclusion: Marketspace and Marketplace are totally different from each other. Democratic, Geographic, Social, and Spiritual are included in Marketplace but Marketspace never consists of these kinds of any factor within. Marketspace is online oriented functioning unit that makes their business flow easier with the help of technology virtualization.