Market report has a great importance in business research so we are going to discuss here about the importance of market report.
Market acts as the heart of modern economy and market report indicates the occurrence of all transactions or activities in a market. Therefore, the importance of market report cannot be underestimated.
The following discussions clearly state the importance of market report
- Business position: Business condition regarding any specific product or service is reflected to respective class of people. This helps manufacturers, traders and other businessmen.
- Price Determination: Price is determined on the basis of demand and supply. As market report provides information regarding demand and supplies both, it helps the respective businessmen to fix the price for respective product.
- Reason for price variation: Why there is a change in the prices for a product, a market report clearly states the reason. This helps businessmen to frame future activities.
- Help speculative business: Market report is a source of information to the speculators. Such report helps them gain from goods, stock, securities and other products.
- Increasing Investment: Based on the information of a market report, a potential investor can take decision to make investment or not.
- Expansion of market: In this competitive age, a market report helps preserve, expand and develop a market for a specific product.
- Drafting plan: Producer, trader and intermediaries are user of a market report because such report is a store house for information. As a result, they can make plan which helps expand their business.
- Marketing agricultural product: To market any agricultural product requires various information such as demand, supply, price, nature of transaction, market trend and others which are supported through market report.
- Providing International knowledge: Market report based on international affairs or activities provide knowledge to the businessmen. This increase marketing of products in the international arena.
- Bull and Bear position: Based on the information of a market report, a businessman can analyze and forecast about future. This helps to make decision.
So, Market report does not help only specific section of people, it helps all the people in the society by providing market related information.
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