Leave the default name for the new virtual directory, or type in a new name. If you need to install the instance into an existing virtual directory, select the directory from the list. This name is used to access the content from the URL.
NOTE: The virtual directory name will become a part of the URL that your users will be using to access the web application. For example, if your server's host name is "www.company.com", specifying "webapp" as the virtual directory name will result in the following URL: https://www.company.com/webapp/.
Physical Path - Leave the default path of the content folder. When needed, click the ellipsis button to navigate through the file system to find a different folder, or type in its physical path.