According to Clark and Clark, market information means “all the facts, estimates, opinions and other information used in marketing of goods”. From the above definition the details about the market may be obtained from conducting market research and other inventory methods. Market research is solely concerned with the collection of information about the market.
The following information may be collected:
1. Goods needed by the customers.
2. Time and want of the goods
3. Quality wanted
4. Size of the market
5. Means of transport
Use to Invent New product: Adequate and accurate information help in the formulation of policies. Based on the taste and preferences, demand and supply of the products, the company can introduce new product. Also the company has to increase the quality and number of products depending upon the information available.
