Difference between e-marketplace and marketspace
In order to create value for consumers, publishers must aggregate all content, context, and infrastructure activities into a single value proposition. In the new arena of the marketspace, content, context, and infrastructure are easily separated. Information technology adds or alters content, changes the context of the interaction, and enables the delivery of varied content and a variety of contexts over different infrastructures.
Consider what happens to the newspaper when it becomes part of a marketspace product like America Online AOL. AOL has disaggregated content, context, and infrastructure and has thus reconfigured the traditional value proposition. The content belongs to a dozen national newspapers that supply an editorial product. The infrastructure relies on a combination of assets, none of them owned by AOL: telephone lines, electronic networks, as well as consumer-owned PCs equipped with modems.
So what does America Online actually sell? The newspaper will not disappear with the advent of America Online-type offerings. But its role as a cent portable printed information device changes radically in a marketspace-intensive world. Indeed, as products like AOL proliferate, most newspaper publishers may find themselves competing in a service-focused, rather than product-focused, business.
For example, Pacific Pride PP , which sells diesel fuel to truckers, has successfully captured a significant share of the commercial fuel market in the Pacific Northwest by taking its business into the marketspace. Pacific Pride has created a unique distribution system using ATM-like machines to operate unattended gas stations along interstate highways.
The system provides fast and efficient access to fuel, allows trucking companies to bulk-buy fuel for their fleets rather than reimburse truckers for individual transactions, and creates the capability for companies to monitor the fuel efficiency of individual trucks and drivers across an entire trucking system. Now consider this value proposition in terms of its basic elements: content, context, and infrastructure. PP provides a new interface for its two key customer groups, truck drivers and fleet operators, and offers both new sets of benefits related to fuel consumption.
For the truck driver, the context is the use of an ATM-like network with benefits like hour accessibility, shorter lines, and self-activation. The content is fuel, and the infrastructure is a series of gas stations conveniently located for the commercial user for example, near industrial parks and logging sites and specifically outfitted for trucks for instance, large spaces between pumps.
In addition, the fleet operator gets the convenience of a credit line from PP corporate. Borrowing a concept from another industry, PP management has maximized the attributes of marketplace and marketspace transactions.
For its part, the system makes it easier for PP to invest in facilities that service remote locations. Through its new infrastructure, PP can also monitor the entire customer base on a daily basis, which has proved particularly useful in helping the company achieve a credit loss well below the competition. With this strategy, PP charges prices eight cents above the market—and this in an industry where net margins are three to five cents!
Customer Loyalty in the Marketspace Managing in the marketspace—and in the hybrid world of marketplace and -space—means combining content, context, and infrastructure in new and creative ways based on the important premise that the interaction, or interface, between customer and company has radically changed.
As a result, customer loyalty in the marketspace looks very different than it did in the marketplace. Time Warner produces filmed entertainment and distributes it to the viewing public through movie theaters, cable-television programming, and, ultimately, videocassettes. The traditional marketing mix—product, price, promotion, and distribution—provides a convenient way to summarize the task of taking such a product to market. For example, a videocassette of Terminator 2 is branded by the title of the film; its price is set either for sale or rental; it is advertised by Time Warner and by its channels, such as video rental stores and other media retailers; and its channels bring the product to consumers.
This is a pure marketplace transaction. There is very little difference, then, between the marketing mix definition for a videocassette and for any other kind of branded consumer product, such as Ray-Ban sunglasses or a Michael Crichton novel. When Time Warner Cable markets the same film, however, the value proposition to the customer becomes more complex; the transaction occurs in the marketspace, and the traditional marketing mix provides less useful guidance.
Consider a customer with a cable system that permits orders to be placed by phone for pay-per-view entertainment selections. Time Warner has been offering just this kind of programming in its Quantum Project in Queens, New York, for several years. It projects an even larger test in Orlando, Florida.
The service is called video-on-demand. Our model reveals the interesting possibilities that this marketspace transaction opens up. While Terminator 2 is the content purchased, both the purchase and the consumption of that content must take place in a context—via a cable channel such as Home Box Office HBO or Cinemax.
In other words, for customers to purchase and consume a pay-per-view selection, they must first have some loyalty to subscribe to a context in which that selection is vended. Of course, the context in which the company-customer interface is established and through which customer loyalty is maintained cannot exist without the cable-TV system.
For Time Warner Cable, then, the content is the film Terminator 2 rather than the videocassette. The context is the premium cable channel, HBO or Cinemax. In this particular marketspace, the customer may find content the movie in a variety of contexts cable channels delivered by a variety of infrastructures cable networks. The customer intending to rent or purchase a video could seek a particular content the movie in a variety of contexts video rental stores , with little regard for the infrastructure manufacturing, distribution, and channel activities that made this transaction possible.
Time Warner has a new opportunity in the marketspace to manage directly its interface with customers at all three levels. It can define and control the contexts through which its content is vended. More important, it can achieve brand differentiation and customer loyalty at both levels. In those areas where it is a dominant cable operator, it may even cement loyalty at the infrastructure level as well.
Time Warner Cable need no longer rely on channel members to maintain relations with customers because now, as with the customer-company interface in voice mail, the company can manage its customers directly. In this case, customer loyalty will pay off only if it is developed at the context level rather than at the content level. If a customer has not developed loyalty to a cable offering such as HBO and expressed that loyalty through a willingness to pay premium subscription fees, then there will be no selling opportunities related to content.
Once the consumer has expressed such loyalty through fee payments, however, a wide array of new value propositions becomes possible. Merchandising opportunities—beneath the brand umbrella related to context—proliferate. But loyalty must be developed at the context level first. And delivery of context requires access to, if not ownership or control of, the infrastructure.
The credit card industry provides another illustration of the dynamics of customer loyalty in the marketspace. The content of the credit card includes elements like time-shifted payment, the ability to get cash electronically, and buying power. The context includes customer service, status associated with the card, and speed of credit approval. The infrastructure includes the network of computers, computer software, communications that enable credit approval, electronic funds transfer, and merchants who are willing to accept that particular card.
Given that so many of the possibilities related to content, context, and infrastructure are generic, how do individual card issuers differentiate themselves? They tend to focus on one layer or another. For example, American Express emphasizes the context of service and the prestige of being a member. This emphasis is reinforced through newsletters and other inducements to make customers feel as if they are part of the club.
Diners charges retailers high rates and is accepted at a relatively small number of establishments throughout the world. So how does a card that is expensive for consumers to use, costly for retailers to accept, and useful across a limited infrastructure manage to survive as a profitable business? Diners uses a variety of value-adding approaches to build loyalty at both the content and context levels. Content differentiation is based on gift points and frequent-flyer-mile credits based on dollars charged.
Context is built out of newsletters, end-of-year summaries and analyses, consumer tips, rewards programs, and occasional sales promotions for merchandise of interest to Diners users. Companies such as MasterCard and Visa have a different strategy.
They emphasize their superior infrastructure. Visa prices its product at low rates to retailers in order to achieve intensive distribution, exploiting a more powerful infrastructure to establish—and differentiate—its franchise. Other companies in the credit card business, such as banking companies, offer significant content differentiation in the form of extremely liberal credit policies.
These players use a generic infrastructure and invest little to differentiate context. What they are doing is providing the commodity content—buying power—in new ways to underserviced sectors of the market. They add value at the content level, either by offering credit to consumers who do not qualify for other vendors or by requiring large, high-interest cash advances for cash-starved consumers who otherwise could not borrow such sums.
The commodity nature of this business is difficult to escape, even with innovative differentiation strategies at the different levels. As a result, some companies have sought ways to link with other sources of brand equity at the content level in order to call attention to the uniqueness of their offerings.
In addition, other vendors have orchestrated content tie-ins. How Value Is Created in Different Businesses In short, in mature marketspace environments, it is possible to mix and match content and context in ways that may at first seem unrelated to the core transaction. Once the consumer is in the marketspace and loyal to a particular context, the potential for related transactions may be limited only by the imagination of the strategic members involved.
In mature marketspace environments, it is possible to mix content and context in ways that at first seem unrelated to the core transaction. The credit card business has been in the marketspace for a long time. Since the earliest application of computers to banking and securities, information about money has often been more important than the physical money itself.
Today it would be absurd to think of wealth in terms of gold bullion, let alone some form of specie. The money marketplace has always been a trivial part of the equation; the real action is in the marketspace. But the implications and difficulties of managing in the marketspace become increasingly relevant as more and more products and services, marketing-management processes, and even markets themselves move from place to space.
Opportunities in the Marketspace The first challenge for executives and strategic planners is to understand how the transition from marketplace to marketspace is unfolding in key industries. Which competitors are establishing a presence on the networks? Who is using the network to market products or provide after-sales services?
Which companies are adding value to their commodity products by providing superior information about that product or service? Managers will need to understand what the implications of these marketspace presences are for their individual businesses. The second challenge is to discover and act on new opportunities in the marketspace. This task may not be an easy one. Learning to manage in the marketspace requires a radical shift in thinking: from markets defined by physical place to ones defined by information space.
Companies must carefully examine what they are offering, how they are offering it, and what enables the transaction to occur. Then they must decide which mix and emphasis will best serve their purposes. Managing in the marketspace requires a radical shift in thinking: from physical place to information space.
What is critical to understand about marketspace strategies is that they are dynamic. It is possible to develop a strategy that focuses primarily on one layer of the model, as suggested by the credit card example. Creating content that has unique, innovative, or functional appeal can be very profitable. It is not concerned with context and infrastructure, so it concentrates on the creative expression of the story.
And it is hardly alone in its preferred emphasis. In the marketspace, which enables niche markets to be easily accessed, creativity will flourish. In addition, it is possible to develop a context-focused strategy. As we have seen, America Online does not have its own proprietary content or infrastructure. Instead, AOL creates an information-based context in which people consume, communicate, and transact. There are, as the scramble to get onto the information superhighway suggests, fortunes to be made—and lost—in establishing new market contexts.
Man climbing a rope Marketspace is a term coined to describe a virtual selling space. Specifically, it refers to all the spaces on the Internet in which a business markets its products or presents them for sale. It can be a single website or a combination of electronic spaces, including digital advertisements, blogs, social networking sites, and formal business websites.
As the purchase activity of individuals and businesses has shifted with the development of online options, so has the terminology used to describe purchase decisions and transactions. The term marketspace is a prime example. It is used to differentiate between actual, physical selling spaces — generally called the marketplace — and virtual, non-physical selling spaces. The cornerstone of a business' virtual marketspace is usually its company website.
This site might be a purely informational site, but often includes an e- commerce component that allows customers to make purchases directly from the site. The site might also contain links to social media sites or other virtual locations. Such sites frequently offer interactive components such as a blog on which customers can comment; a space where customers can exchange information and opinions; and a portal through which customers can sign up for email notifications of sales, coupons, or news.
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