Marketing Meta Markets and Marketplace

Marketplace and Marketspace

• A marketplace is a physical location where business transactions take place, such as a store.
• A marketspace is a digital platform where business transactions occur, such as shopping on the Internet.

Metamarket Concept

• The metamarket concept was proposed by Northwestern University's Mohan Sawhney.
• A metamarket refers to a cluster of complementary products and services closely related in the minds of consumers, but spread across diverse industries.

Characteristics of Meta Markets

• Meta markets result from marketers packaging a system that simplifies carrying out related product/service activities.
• A meta market consists of various industries and companies that work together to provide a seamless experience for consumers.

Example of an Automobile Meta Market

• The automobile meta market includes:
  • Automobile manufacturers
  • New and used car dealers
  • Financing companies
  • Insurance companies
  • Mechanics
  • Spare parts dealers
  • Service shops
  • Auto magazines
  • Classified auto ads in newspapers
  • Auto sites on the Internet

Role of Metamediaries

• Metamediaries assist consumers in moving seamlessly through different parts of a meta market.
• Examples of metamediaries include Edmund's (www.edmunds.com), which allows car buyers to:
  • Find stated features and prices of different automobiles
  • Easily click to other sites to search for:
    • Lowest-price dealers for financing
    • Accessories
    • Used cars

Other Examples of Meta Markets

• Home ownership
• Parenting and baby care
• Weddings