The market report has great importance in business research so we are going to discuss here the importance of market report.
The market acts as the heart of the modern economy and the market report indicates the occurrence of all transactions or activities in a market. Therefore, the importance of market reports cannot be underestimated.
The following discussions clearly state the importance of market report
1. Business position: Business condition regarding any specific product or service is reflected in the respective class of people. This helps manufacturers, traders, and other businessmen.
2. Price Determination: Price is determined on the basis of demand and supply. As the market report provides information regarding demand and supplies both, it helps the respective businessmen to fix the price for the respective products.
3. 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.
4. Help speculative business: The market report is a source of information to the speculators. Such a report helps them gain from goods, stock, securities, and other products.
5. Increasing Investment: Based on the information about a market report, a potential investor can take the decision to make an investment or not.
6. Expansion of the market: In this competitive age, a market report helps preserve, expand, and develop a market for a specific product.
7. Drafting plan: Producer, trader, and intermediaries are a user of a market report because such a report is a storehouse for information. As a result, they can make a plan which helps expand their business.
8. Marketing agricultural product: To market any agricultural product requires various information such as demand, supply, price, nature of the transaction, market trend, and others which are supported through the market report.
9. Providing International knowledge: A market report based on international affairs or activities provide knowledge to the businessmen. This increased marketing of products in the international arena.
10. Bull and Bear position: Based on the information of a market report, a businessman can analyze and forecast the future. This helps to make a decision.
So, Market report does not help only a specific section of people, it helps all the people in the society by providing market-related information.
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