Natural Resources Market Research
How can you tell if a market is viable? One of the ways is by knowing its access to natural resources. Many countries tie their wealth to their natural resources. Countries like Saudi Arabia are rich due to their oil deposits. Likewise, Australia can credit much of its growth to its export of iron.
Why is Natural Resources Market Research important?
It is vital to know what natural resources a country offers to the table. It can give business owners and investors a good idea of the market forces. Shortages and surpluses can impact the health of a business or country. It can also affect the countries around it. For example, finding a new oil well can be a boon for Country A. It can now produce its oil and does not have to import as much to support any industries that depend on it. It also doesn’t need to rely on other countries as much. This change in the status quo affects the nations that benefit from it. Other nations might need to reduce their oil prices. Why? Because Country A has reduced its demand for oil.
Key Job Titles
Economists: Natural Resource Economist (NRE) is an important job title. NREs measure the impact of natural resources. This field seeks to address the relations between human economies and natural ecosystems.
NREs have the task of looking at how human economies relate to nature. But it takes a true ecologist to see the full-scale impact. Ecologists measure how the use of a natural resource may affect where wildlife lives. They also look at its effects on animal numbers, weather patterns, and climate.
Geologists decide the use of natural resources. They also choose how best to get at these resources. Many natural resources such as iron, copper, oil, gas, and sand need expert knowledge. The geologists are the experts for practical mining. For example, when mining iron, the geologists know what iron ore looks like, its hardness, and how to find it. They also know how to smelt it, what by-products it will produce.
Market Research Analyst
This title is one of the most important to market research. As its name suggests, these analysts examine market trends.
Why Businesses Need Natural Resources Market Research
Natural resources have an impact on all firms. They all depend on secure supplies of resources to function. Natural resources also allow firms to innovate. But, a company’s use of natural resources can pose a reputational risk. So does its attitude toward the sustainable use of the resource. The lack of secure access to resources can also have a direct impact. A consumer goods company cannot operate if there’s no access.
Key Success Factors
Businesses need to know what resources are available in any given region. A company could misuse its resources if it lacks that data. Thus, it must know what is scarce or in surplus. That info is vital for maximizing how much a business can produce. It also helps the firm to use raw materials sustainably. It allows firms to decide whether to buy at lower prices when the opportunity arises. Shortages do not faze such companies. Other firms that are not as savvy can suffer huge losses.
About Natural Resources Market Research
What’s the best way to get practical and accurate info? Companies need to use many data-gathering techniques. Making use of Qualitative and Quantitative research is an excellent tool for this. Those tools can help determine what works and what doesn’t. Finding the best course of action is vital for any business.