What is Market Report or, What is marketing report? A market report is a kind of report which contains the information regarding the overall market situation of a product of a group of products or service. It reflects the market condition of a product or service in terms of its price, demand, supply, volume of transactions, market structure trend and so on. This type of report is prepared mainly on agricultural items to help the concern parties. Definition of market report, Meaning of market report, Business market report discuses below here-
What is Market Report
According to Lorenzo, “A market report is an index to business condition prevailing in a particular market at a specified period or on a fixed day.”
In the opinion of Usunier JC, “Market report contains the business or market scenario of a commodity sold at a place during a certain time limit.”
Another Scholar quoted as “A market report is the publication of records of business transactions over a specified period.”
From the above discussion we can say that a report containing the information on demand, supply, price, and quantity, quality of a product or service in a particular area or place during a particular time period is called a market report. In fact it is a statement about any market item which reveals its overall market situation.
Importance of Market Report in Business Communication
Market report plays an important role in the development of product market of a country. This type of report is prepared mainly on agricultural items to help the concern parties. It provides information on demand, supply, and price, and quantity, quality of a product or service in a particular area or place during a particular time period. The importance of market report can be discussed through the following points-
- Market Development: It also helps the development of market by supplying necessary information on the products, customers and market factors.
- Stock Exchange: From market report the investors can know the prices of different shares, changes in prices of shares and their market trend. Thus it helps to develop and expand the stock market of a country.
- Setting Price: The demand and supply of a product determine its price structure and this information are provided by market report. Thus market report helps management set appropriate price of a product or service.
- Taking Future Decision: Market report acts as the mirror of the market situation of a product and after analyzing the report one can take proper future decision.
- Market Expansion: Market report not only helps to develop the market of a product but also helps to expand its market. From it, the marketers can take proper decision on creating market base, product base and demand supply mechanism.
- Speculation of Business: Market report provides information on the future trends of market of products. This trend helps speculation of future business of any product or service.
- Taking Proper Investment Decision: From the market report of any product an investor can get different information related to the product or product group and thus take pragmatic investment decision.
- Demand Supply situation of a Product or Service: Market report clearly shows the demand supply situation of a product. It helps the management to take proper decision in formulating marketing and other policies.
- Developing International Trade: Market reports also help the development of international trade as they contain information on export-import items. From it people around the globe can learn the situation of different products in different countries and can take export-import decisions which increase the volume of international trade.
- Marketing of Agricultural Products: Market report has immense contribution in the development and expansion of market of agricultural products, especially in Asian country. From it, the farmer’s businessmen and the customers can easily get the information on production, supply, demand, price and prospect of agro products. Thus it helps in marketing of agricultural products.
- Publicity of Goods: Market report not only provides information on a product but also helps in publicizing it among the public. It acts as an indirect media of advertising that helps to promote a product or service.
- Forecasting International Market: Market reports containing information of international commodities are of special interest to the exporters and importers from it they can know the market trend of export and import items and can easily forecast their trend.
- Bringing Equilibrium in Demand and Supply: From market report the producers can know the actual market scenario of their products. Thus they can bring equilibrium in the demand and supply by taking proper steps.
From the above discussion we see that market report has great importance in the business and economic development of a country. It helps the development and expansion of market of different commodities. Its necessity is inevitable in the development of market of agro-products of a country like Asian Country. So, we should be careful in preparing it.