Podcast
Questions and Answers
What is the term used to describe a cluster of complementary products and services closely related in the minds of consumers?
What is the term used to describe a cluster of complementary products and services closely related in the minds of consumers?
What is an example of a metamarket mentioned in the content?
What is an example of a metamarket mentioned in the content?
What is the role of metamediaries in a metamarket?
What is the role of metamediaries in a metamarket?
Which of the following websites is an example of a metamediary?
Which of the following websites is an example of a metamediary?
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What is the difference between a marketplace and a marketspace?
What is the difference between a marketplace and a marketspace?
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Study Notes
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
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Description
Learn about the differences between physical marketplaces and digital marketspaces, and how metamarkets simplify consumer activities. Test your knowledge on marketing concepts and strategies.
