Major business decision to expand such as for opening new manufacturing plant, to purchase new machines/equipments, merging with another company, acquiring a company may require or may not require market survey or research? What is the practice in your country? Is it a culture for businesses in your country to conduct study/survey before having major expansion?
It is general practice to conduct market research surveys for mergers & acquisitions. The market is a knowledge information system, but it works 'a posteriori', i.e. such surveys can maybe catch the real-time state of the art, but any business expansion depends on external factors that such economic case studies are not able to cover. Here, I am now reminded to the Hayekian viewpoint:
https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/lecture/
It is natural to set up a survey to find out the need for the factory or the company and also to know the urgent need for the commodity so that the demand for goods is high and fills the need of shortage and also meets the need ...
It is general practice to conduct market research surveys for mergers & acquisitions. The market is a knowledge information system, but it works 'a posteriori', i.e. such surveys can maybe catch the real-time state of the art, but any business expansion depends on external factors that such economic case studies are not able to cover. Here, I am now reminded to the Hayekian viewpoint:
https://www.nobelprize.org/prizes/economic-sciences/1974/hayek/lecture/
In Italy this very important practice is often badly used.
In fact, these surveys are often left in the hands of people who are not very capable and little trained in the use of economic statistics.
Businesses are updated about market trend through market survey.
Though, the market survey is very important tool for businesses prosperity, however, it's not being commonly used in places like Nigeria; the organizations and institutions mostly practices a mere trial and error approach.
- Badges
- Science topic
- Similar topics
- Economics