8 Importance of Market Report for Marketing of Agricultural Product

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 products plays an important role and such a role is highlighted below:

1. 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.

2. Price Equilibrium

Due to geographical distance, there may be variations in prices for agricultural products around the country. A market report can bring the price to equilibrium by communicating such to the agricultural industry.

3. Determination of Production limit

Farmers can be aware of the demand for agricultural products if a market report is communicated to them. This really helps them to set the production limit.

4. Regular supply

As the farmers can know about the demand for an agricultural product, they can easily supply to make a coordinate between demand and supply.

5. Price Stability

The market report helps to make proper coordination between demand and supply for which price-cannot remains unstable for a long time.

6. 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 market reports.

7. Nature of the transaction

The market report highlights the nature of transactions occurring in any market selling agricultural products. The history of transactions provides a basis for marketing strategies.

8. Profitable production

The 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.

Importance of Market Report
Importance of Market Report

The above discussion clearly signifies the market report for agricultural products. Such a report helps for the fair games in the agricultural arena.

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