Market Space

Author Topic: Market Space  (Read 200 times)

Offline Jeta Majumder

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Market Space
« on: March 30, 2014, 01:57:41 PM »
Market space is an information- and communication-based electronic exchange environment—is a relatively new concept in marketing. Since physical boundaries no longer interfere with buy/sell decisions, the world has grown into several industries specific market spaces which are integration of marketplaces through sophisticated computer and telecommunication technologies. The term market space was introduced by Jeffrey Rayport and John J. Sviokla in 1994 in their article "Managing in the Market space" that appeared in Harvard Business Review. In the article the authors distinguished between electronic and conventional markets. In a market space, information and/or physical goods are exchanged, and transactions take place through computers and networks. These networks consist of blogs, forum threads, and micro-blogging services like Twitter. Businesses and their customers are enabled to create conversations and two-way communications about products and services. These conversations may also happen outside the sphere of control of a given business, when a marketing campaign or customer-service issue captures the attention of web-savvy consumers.