A cluster of complementary goods and services across diverse set of industries is called as
|A. market place|
B. meta market
C. market space
D. resource market
The Correct Answer Is:
- B. meta market
The correct answer to this question is “B. meta market.” Let’s delve into the concept of a meta market and explain why it is the correct option, while also examining why the other choices are not accurate.
Why “Meta Market” Is the Correct Answer:
B. Meta Market:
A meta market is a concept that refers to a cluster of complementary goods and services that, while originating in different industries, collectively fulfill a common set of needs or wants for a specific group of customers. In other words, it represents an ecosystem of products and services that work together to provide a holistic solution to a customer’s broader problem or desire.
Meta markets are often characterized by their ability to create value for customers by integrating various offerings from different sectors, thereby enhancing the overall customer experience.
This concept is particularly relevant in today’s interconnected and customer-centric business landscape, where customers are looking for seamless solutions that meet their diverse needs and preferences.
For instance, the concept of a “smart home” is a meta market. It includes a wide range of products and services from different industries, such as home automation systems, security systems, energy management solutions, and entertainment systems, all coming together to provide a comprehensive solution for homeowners who want to enhance their home’s functionality and convenience.
Meta markets are increasingly important for businesses that aim to innovate and address customer needs effectively by collaborating with other companies in related industries. This collaboration can lead to new business opportunities and improved customer satisfaction, as customers appreciate the convenience of a one-stop solution.
Why the Other Options Are Not Correct:
A. Market Place:
A market place typically refers to a physical or digital location where goods and services are bought and sold. While a market place can host a variety of products and services from different industries, it does not inherently imply the strategic integration and collaboration seen in a meta market.
Market places are more about the exchange of individual goods and services rather than the coordinated provision of a comprehensive solution.
C. Market Space:
Market space is a term often used to describe the digital or online environment where businesses and customers interact. It relates to the virtual marketplace created by the internet and e-commerce. While the term “market space” can be associated with a variety of goods and services online, it lacks the specific connotation of a cluster of complementary offerings that a meta market implies.
D. Resource Market:
A resource market is a term used to describe the exchange of resources such as labor, capital, raw materials, or factors of production. It is primarily concerned with the allocation of inputs used in the production of goods and services.
While resource markets are essential components of the overall economy, they are not inherently related to the concept of a cluster of complementary goods and services spanning different industries.
In conclusion, a meta market is a dynamic concept that reflects the interplay of diverse industries and their collaborative efforts to fulfill the evolving needs and wants of customers. It goes beyond the traditional boundaries of industries and leverages complementary products and services to create value for customers.
While marketplaces, market spaces, and resource markets are important concepts in their own right, they do not capture the same idea of coordinated collaboration and integration seen in a meta market.
The notion of a meta market is particularly relevant in today’s era of interconnected businesses and customer-centric solutions, where companies seek to provide comprehensive, one-stop offerings that address multifaceted customer requirements effectively.