GPS can sometimes be less reliable so we recommend setting a bigger radius within which the notification will be triggered. We recommend using around 500 metres at least. But you don't need anything to set it up - simply select the correct location and you're set.
On the other hand beacons allow you to set a smaller, more precise radius in places where GPS tends to be less reliable, e.g. shopping centres. You can set a notification to be triggered within 50 metres of a store. But you need to purchase a physical beacon and place it in your desired location to set it up.