Knowledge of market economy news is a critical success factor for business. Market economy news is all about knowing the target customers. It will give cues on how you should act in the present scenario. I had earlier talked about internet presence being critical for business. Same is true for news about the direction of market. Whether you are into product or services knowing the market is very essential. Here are some reasons why this piece of information is fundamental for the business.
(1) Customers preferences are changing – The tastes and preferences of the customers are changing at a fast pace. Market news updates the business with these details. Hence knowing the market news becomes necessary for knowing the customer.
(2) A key factor in customer retention – Making new customers is as essential as retaining them. Knowing the trends in the market will help the business in devising ways of retaining your loyal customers. This is critical for any business.
(3) Helps in product/service improvement – Knowing how the market is going helps in improving your product/service as per demand. It also gives ideas how to increase product demand, a much needed element for sustenance of business. Just by taking care of these three basics a business can flourish by changing with time. Knowing the news about the market helps.