Marketspace
Topic: Finance
From HandWiki - Reading time: 3 min
A marketspace is an information and communication-based digital exchange environment.[not verified in body] It is a marketing concept that emerged in the mid-1990s. In marketspaces, physical boundaries do interfere with buy/sell decisions. Several industry-specific marketspaces are available. The term was introduced by Jeffrey Rayport and John Sviokla in their 1994 article "Managing in the Marketspace" that appeared in Harvard Business Review.[1][2]
Definition
A marketspace is an information and communication-based digital exchange environment.[1][2] In a marketspace, information and/or physical goods are exchanged, and transactions take place through computers, using networked elements such as blogs, forums and dedicated applications.[3] Businesses and customers create conversations about products and services, conversations outside the sphere of control of a given business (such as a physical store) when a marketing campaign or customer-service issue captures the attention of consumers. Later, the term internet came to encompass the same concepts.[citation needed]
Marketplace
A marketspace provides similar services for buyers and sellers. Sellers can list their goods, while buyers can list their needs. The marketspace matches appropriate buyers and sellers based on matching price, location and timing. Online marketplaces such as Etsy or eBay allow vendors to display and sell products taking advantage of the traffic to the site. The marketplace owner typically takes a commission on the sale.
In 1999, The Cluetrain Manifesto discussed the notions surrounding how the traditional marketplace (or bazaar) was adapting itself to the age of the web—where "markets were conversations". By 2010, online marketplaces such as Amazon, eBay, Facebook had established dominant positions.
Impact
The Harvard Business Review article led to various academic investigations,[4][5][6] especially in international business.[7][8] Jim Hamill, a reader in the marketing department at the University of Strathclyde in Scotland, U.K., at the time, was one of the first to note this link in a 1997 paper.[9][10]
Bibliography
- Rayport and Sviokla (1995), Exploiting the virtual value chain, Harvard Business Review.[full citation needed]
- Rayport and Sviokla (1994), Managing in the marketplace, Harvard Business Review (Nov.-Dec. 1994): 141–150.[full citation needed]
References
- ↑ 1.0 1.1 "Managing in the Marketspace". November 1994 (Harvard Business Review). November 1994. http://hbr.org/1994/11/managing-in-the-marketspace/ar/7. Retrieved 23 July 2013.
- ↑ 2.0 2.1 "John J. Sviokla". https://www.forbes.com/profile/john-j-sviokla/.
- ↑ Their article predated Twitter, but such a micro-blog would qualify as this type of service.[citation needed]
- ↑ "Sarkar, M.B., M. Butler, and J. Steinfield (1998), "Cybermediaries in Electronic Marketspace: Towards Theory Building," Journal of Business Research, 41 (3), 215-221.". Elsevier. https://www.dhi.ac.uk/san/waysofbeing/data/economy-crone-sarkar-1998.pdf.
- ↑ Berthon, P., Pitt, L., Berthon, J.-P., Crowther, C., Bruwer, L., Lyall, P., Money, A. (1997): Mapping the Marketspace: Evaluating Industry Web Sites Using Correspondence Analysis. In: Journal of Strategic Marketing 5(4), pp.: 233-242.. Tayloer & Francis. doi:10.1080/096525497346749.
- ↑ "Hoffman, T., T. Novak, and T. Peralta (1999), "Information Privacy in the Marketspace: Implications for the Commercial Use of Anonymity on the Web," The Information Society, 15 (2), 129-139.". Tayler & Francis. https://www.researchgate.net/publication/2240598.
- ↑ Beckerman, W. (1956). "Beckermann, W. (1956), "Distance and the Pattern of Intra-European Trade," Review of Economics and Statistics, 38, 31-40.". The Review of Economics and Statistics (The MIT Press) 38 (1): 31–40. doi:10.2307/1925556. http://discovery.ucl.ac.uk/17858/1/17858.pdf.
- ↑ Ghemawat, Pankaj (September 2001). "Ghemawat, P. (2001), "Distance Still Matters - The Hard Reality of Global Expansion," Harvard Business Review, September, 137-147.". Harvard Business Review (Harvard Business Publishing). https://hbr.org/2001/09/distance-still-matters-the-hard-reality-of-global-expansion. Retrieved 7 September 2019.
- ↑ Hamill, J. (1997), "The Internet and International Marketing," International Marketing Review, 14 (5), 300-323.. MCB UP Ltd. doi:10.1108/02651339710184280.
- ↑ See also the work, shortly thereafter, of a PhD student at the same department, who investigated the link between marketspace and international business explicitly: Brock, Jèurgen Kai-Uwe. (2000). Brock, Juergen Kai-Uwe (2000), Virtual Globals: Marketspace and the Internationalisation of Small Technology-Based Firms. hD Thesis; Glasgow, Scotland: University of Strathclyde (Thesis). University of Strathclyde. doi:10.48730/sghz-f818. Retrieved 7 September 2019.
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