Research is essential for the production and marketing of any product. Problems would arise if a proper pre-production research market survey in not done in the following areas: • Availability of raw material Example: Setting up a carpet centre in a non-wool producing area thereby increasing the cost of transportation and production. • Identification of buyers and review of customer needs and demands • Untapped skills • Training and skill improvement facilities • Financial forecasting.
Answers
Starting the production and marketing without getting information regarding the needs of the buyers will ultimately lead to the wastage of products or the producer will have to look for another market that may be far from the place.
It is essential to know that how much skill is untapped before the start of production. If not done so, producer will ultimately end up with conventional ideas and products.
It is important to know, what training and skill improvement facilities will be provided before the production starts. Otherwise, special arrangements will have to be made to do so.
If a producer fails to do Financial forecasting before production, it may lead him to less profits, more investment and ultimately liable to taking loans for survival.
Answer:
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