What is Meta-Market?
To put it simply, a meta market is a network of markets which focuses on an event or industry and not on a particular item or product. In short, it is a market of interdependent products. From the customer’s point of view, these products are closely related to each other. In practice, these products belong to different industries.
This network of markets enables the producer to reach economies of scale. Also, the customer gets a wide variety of choices for fulfilling his needs.
Concept of Meta market
The concept of Meta Market is coined by E.J. Kelly. It aimed at providing a better channel of communication and business between the participants, i.e. buyers and sellers.
Experts say that it is an approach which takes into account all the aspects of life, be it social, ethical, scientific or business experience.
The concept of meta-market originates from a basic notion but in-depth insight that customers perceive products and markets in a distinguished manner from the method with which products and markets are grouped together and placed in physical form on the market. In short, consumers take it in terms of activities, whereas firms take it in terms of products and services.
Here, you must note that activities combined in a rational manner in the intellectual space can be very widespread. This is because they are related to different suppliers in the market.
In simple terms, the meta market is a cognitive bunch of interconnected activities determined for customers who are dedicated to meeting a set of unique needs.
So, these are markets from the customer’s point of view. Further, the dividing line of these outlets originates from the activities that are interconnected into a cognitive framework of individuals and not from the fact that they are developed by companies belonging to related industries.
Definition of Meta market
To be precise, a meta market equals a cluster of intimately related or complementary goods and services that revolves around a specific consumption activity. It facilitates all the activities concerned with obtaining an item for the purpose of consumption.
Let us take a look at meta-market participants in the case of the automotive business.
- Car Buyers
- Manufacturers
- Banks
- Spareparts dealers
- Mechanics
- Car dealers
- Insurance firms
- Aftermarket parts and accessories
- Repair services
- Credit unions
- Driving School
The group of intangible markets like the internet, which promote tangible or intangible products, is called the meta market. Meta market brings together all the buyers and sellers online or offline in a single place. It sells a bundle of products from different industries to a single customer.
Therefore, while planning to buy a car, the car buyer comes into contact with different participants of the meta market. Thus an opportunity for metamediaries is developed that assists buyers in seamless transactions with these participants. However, in general, they are not connected in terms of physical space.
What is Metamediary?
Metamediary is an intermediary person or business that facilitates consumers in getting goods from suppliers within a meta market along with providing services like financing, insurance and so forth.
Example
Suppose the meta market for laptops includes antivirus, bags, wireless keyboards and mice, pen drives and hard disks, insurance, finance companies, etc.
In the same way, metamarket for weddings include event organizers, hotels, banquet halls, jewellery designers, flower decorators, choreographers and videographers, etc.
Conditions for the creation of a Meta-market
- A wide spectrum of related activities in the cognitive arrangement. These activities are important in terms of customer, time and economic impact.
- To carry out the tasks, customers must be introduced to a diverse range of products and services spread across different industries.
- The openness of consumers in terms of time and finance.
Wrap Up
Meta Market is a group of several businesses offering related products from consumers’ viewpoints having no direct connections. Due to the rise in the accessibility of the internet on laptops, tablets and smartphones, the meta market is growing.
The meta market also facilitates the movement of physical goods using an online platform. For example, makemytrip.com brings together travellers, travel service providers, hotels, cabs, etc.
You might have observed one important thing here is that the factor that contributes the most to the metamarket is the convenience of the consumer. It brings all the products and services at one click.
