Undoubtedly the market report has great importance in business so we discuss here the importance of market report for marketing of an agricultural product.
Importance of Market Report
The economy of Bangladesh is dependent on agriculture. Here the marketing of the agricultural product is of great importance. Therefore, a market report on agricultural product plays an important role and such a role is highlighted below:
- Organization of the market: Farmers are illiterate and unorganized. A market report provides information on the respective agricultural product at a glance. Such information can be communicated to farmers to organize them and make a market in the whole country.
- Price Equilibrium: Due to geographical distance, there may be variation in prices for the agricultural product around the country. A market report can bring the price to equilibrium by communicating such to the agricultural industry.
- Determination of Production limit: Farmers can be aware of the demand for the agricultural product if a market report is communicated to them. This really helps them to set the production limit.
- Regular supply: As the farmers can know about the demand for an agricultural product, they can easily supply to make coordination between demand and supply.
- Price Stability: Market report helps to make proper coordination between demand and supply for which price-cannot remains unstable for a long time.
- Stocking of goods: Agricultural products are dependent on nature. But the product can be’ stored and served almost all over the year. This requires proper knowledge regarding the demand for a specific product. Such can be served through the market reports.
- Nature of the transaction: Market report highlights the nature .of transactions occurring in any market selling agricultural product. The history of transactions provides a basis for marketing strategies.
- Profitable production: Market report can promote the profitable production of agricultural products by communicating the overall position of specific agricultural products to the farmers. Farmers can introduce a new line of business for agricultural products and can gain from such a business.
The above discussion clearly signifies regarding the market report for agricultural product. Such report helps for fair game in the agricultural arena.
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