What is Meta Market?
The meta market can be defined as “a market based on the new form of communication World Wide Web centered around an event or an industry and not on a single product’’. These are the markets of complementary products, which are closely interrelated in the minds of consumers, belonging to different sectors.
From a specific marketing approach, nearest to the customer vision of the business practices, the concept of meta market consists “in a proposal or a variety of proposals, defined by reference to all elements (activities and services) which are included in the cognitive space of the client’’ (Lambin, J.J., Chumpitaz, R, Schuiling, 2007).
In other words, a meta market is created when the cognitive associations between various logic-related activities, are physically reproduced on the market, optimizing the actions and perception of the customers and giving them a unique experience.
The concept of meta market comes from a simple idea, but profound insight: customers think about products and markets in a very different manner from the way in which products and markets are physically combined and placed on the market.
In other words, consumers think in terms of activities, while firms think through the products and/or services. Activities that are logically linked in the cognitive space can be extremely widespread, as belonging to the various suppliers in the market. Meta markets are thus cognitive clusters of related activities, found for customers, who are committed to meeting a set of distinct needs.
Some Examples of Meta Markets
They are markets in the customer’s minds, the boundaries of these outlets being derived from the activities which are closely related to the cognitive structure of individuals, and not derived from the fact that they are created or associated by the companies from related industries.
Meta markets are closely related markets from the customer point of view but are a different set of industries. For example, in the automobile meta market, different industries are Automobile Manufacturers, Insurance Providers, Service Centres, Spares, Driving academies, Finance Companies, etc.
These are markets of complementary products that are closely related in the minds of consumers but spread across different industries. The combination of an intangible market such as the internet, promoting closely related tangible or intangible products is known as a Meta market.
An online website such as the Maruti Suzuki website for second-hand cars which promotes the purchase of physical goods (Maruti Suzuki cars) is known as a meta market. Let’s take a look at the automobile industry. Whatever company it may be, an automobile company would involve suppliers, channels, service providers so, and so forth.
Thus the meta market will bring all these buyers and sellers online in one place for one purpose only. Rather than giving multiple products to one customer, the meta market brings together different customers of the same product.
It can also be said that the combination of various entities within the same industry can be known as a meta market. The meta markets are on the rise because of the increase in accessibility of the internet on both computers as well as smartphones.
Almost every individual in urban areas has access to a computer and the internet. There are plans being made by the Indian government to have an internet outlet in every 2 Km of India thus making internet available to even the rural population.
The meta market helps facilitate the movement of physical goods through online mediums. Take the example of 99acres.com a real estate portal. It brings together buyers and sellers of real estate. Yatra.com brings together travelers and travel providers. Shaadi.com brings the marriage service providers and the groom/brides’ family together. So on and so forth. Thus both Yatra.com and 99acres.com are meta markets for real estate and travelers respectively.
The factor contributing most to meta markets is the convenience of users. Nowadays you can make purchases in one click. However, what if instead of going on eBay or amazon, which offers tons of different options, you want to go for the website which is specific to your niche itself? That’s a meta market. Among the essential conditions for the construction of meta markets are:
- A whole range of related activities in the cognitive space. These activities should be important in terms of customer, in terms of time, and economic impact.
- To perform these tasks, customers must be “confronted” with a diverse set of products and service providers, including a number of industries.
- An openness of the consumer, in terms of time and financial resources.
FAQ Related to Meta Markets
What is the meaning of the meta market?
The meta market can be defined as “a market based on the new form of communication – World Wide Web centered around an event or an industry and not on a single product’’. These are the markets of complementary products, which are closely interrelated in the minds of consumers, belonging to different sectors.