chapter6 Flashcards
Definition of market research
It is the systematic and objective search for and analysis of information
relevant to the identification and solution of problems in the field of marketing.
* It involves collecting, recording and making the sense of all the available
information which will help the firm to understand its market.There are several research methods household survey, FGD, RRA or PRA tools
could be used.
Importance of marketing research
Identify potential customers
- Understanding your existing customers
- Set realistic targets
- Develop effective strategies
- Examine and solve business problems
- Prepare for business expansion
- Identify business opportunities.
define Market information
It refers to communication or reception of knowledge or intelligence. It includes
all the facts, estimates, opinions and other information which affect the marketing
of goods and services
importance of market information
It helps in improving the decision making power of the farmer. Price
information helps him to take this decision.
* Market middlemen need market information to know the pulse of the market
(sluggish or active), the temperature of the market (prices rising or falling), and
market pressure (supply abundant or scarce).
* The availability of market information leads towards the competitive situation
in the economy. In the absence of this system, different prices will prevail,
leading to profiteering by specialized agencies.
* Market information is essential for the government in framing the agricultural
policy relating to the regulation of markets, buffer stocking, import-export, and
administeringprices
Types of market information
Market intelligence:
* This includes the information relating to such facts as prices that prevailed in
the past and market arrivals over time.
* It is record of what has happened in the past.
* It is of historical nature.
* Analysis of the past helps to take decision about the future.
Market news:
* This term refers to the current news about the prices, arrivals and changes in the
market conditions.
* It helps farmers in taking decision about when and where to sell his produce.
* The availability of market news in time and speed is of utmost value.
* Sometimes a person who gets the first market news gain a substantial
advantage over his fellow traders who receive it late.
define Agriculture Marketing Infrastructure
Marketing infrastructure can be defined as the entire support system that
facilitates food trade and affects transaction costs of commodities.
Marketing infrastructure is the set of transportation, communication, and
credit and storage facilities that allow a smooth and reliable functioning of
markets.
classification of agriculture infrastructure
- Physical infrastructure:
- Physical infrastructure refers to the basic physical structures required for
carrying out marketing function in efficient way. - Social/Infrastructure Infrastructure:
- Infrastructure which facilitates marketing activities and proper utilization of
physical infrastructure are social infrastructure.
- It includes marketing networks
market information system (MIS) - concept
A market information system (MIS) is a set of procedures, tools, and data that are used to collect, analyze, and disseminate information related to a specific market or industry. The purpose of an MIS is to provide decision-makers with timely and relevant information that can be used to make informed decisions regarding pricing, production, marketing, and distribution strategies.
market information system (MIS) -importance
Improved decision-making:
Reduced risk:
Increased efficiency:
Better customer service
