Importance of Market Report
Market report is regarded as the mirror of the economic condition of a country. An effectively prepared market report presents the entire market conditions relating to buying and selling of a particular product. In this way, it helps the readers in taking their own decisions. It is also important in many other ways. Importance of market report is discussed below:
Informs market condition: Market report presents information regarding transactions, buying-selling, supply-demand, price level, price fluctuations, price index etc., of a product in a particular market. So the interested parties can know their necessary market information by reading the market reports.
Helps in taking decisions: Information is the fuel for taking decisions. Market reports provide information on market conditions. As a result, readers can take appropriate decisions.
Helps in papering plans: Managers need market information for preparing routine and long tam investment plans. Market report provides such information to the concerned managers.
Helps in buying and selling of goods: Market report provides market information on various products such as jute, tea, share, debenture, fish, vegetable etc. On the basis of those information business persons can perform their business activities like production, buying, selling etc.
Gaining knowledge on demand and supply of products: By reading market reports the concerned parties can know the information relating to demand and supply of any product. It helps the businessmen to take necessary steps regarding probable surplus and shortage of product.
Expansion of markets: In this age of globalization no country can confine its trade, culture, knowledge etc. within its own boundary. By studying market report, business persons can know the global business conditions and can take necessary actions accordingly.
Passive publicity of products: Market report presents information on product quality, price, brand etc. These information acts as publicity of products.