Knowing what you are doing is the important key to success. For a multinational company who is working on providing goods for a certain country, a valid information about what their citizen habit and interest, will improve the company income significantly. Further, if your company try to have a successful market in Bangladesh, here is the brief explanation on what you need to know about market research Bangladesh
How strong is Bangladesh economic power
Bangladesh is located on the south Asia continent and has India and Myanmar as the neighbors. Bangladesh has its own country after separating from India in 1947 and noted as one of the densest countries and successfully raised their income in 1990 twice bigger since 1975.
As one of the tropical countries, Bangladesh has 2/3 of its citizens as the farmer, particularly in the paddy field. Therefore, the agricultural industry is one of the important points in market research Bangladeshhas in it’s radar. There are many aspect that a company should consider before penetrating their business in Bangladesh:
- Do the market analysis thoroughly. Find the competent marketing company consultant who has both qualitative and quantitative analysis on what’s popular in Bangladesh recently. For example, the improving agricultural activity in Bangladesh now demands lots of plowing tractors.
- Find the business gap. During providing all information on market research Bangladesh, the marketing company consultant must find the business gap which is the business opportunity that others are not working on yet. When your company fills those business gaps then your company will be the successful one.
- According to the previous example, when there is high demand for a plowing tractor, your company should know which province needs most the tractors and how to provide tractors as much as needed within less then one month. Following those activities, there will be a transportation needed from the airport (since the tractors are the imported type) to the farmers.
- Create a local economic wisdom approach. On providing goods (industrial or others), your company should consider what the local people’s budget. For example, when the local Bangladesh people need a standard tractors type, never trying to introduce the precision agriculture tractors which is a GPS based working.
Another consideration is about the money condition of the Bangladeshi farmer. Most of them need the leasing company to afford tractors. Your company should consider this and have a legit contract with a local financial company to provide the leasing method for Bangladeshi farmers.