Challenges of market research in Bangladesh

Challenges of market research in Bangladesh 1 Challenges of market research in Bangladesh Name Course Professor Institution City and state Date Challenges of market research in Bangladesh 2 Table of contents 1.Challenges ……………………………………………………… p.3 1.1 Cultural differences ………………………………………… ...p.3 1.2 Data Accessibility ……………………………………………… p.4 1.3 Infrastructure/internet penetration ………………………………………… .p.6 1.3 Bibliography ……………………………………………………… p.8 Challenges of market research in Bangladesh 3 1.Challenges 1.1 Cultural differences:( 400 words) The marketers who research an unfamiliar environment must ensure that they pay keen observations to how the different cultural variables influence the information provided. Bangladesh is akey and unique example of amulticultural country. Around ninety-eight percent of its population consists of forty-five small ethnic groups that pose adifferent culture regarding their languages, food, and habits. Among the critical cultural backgrounds include the Bengali and santal culture in the various districts of Bangladesh. Cultural diversity in cross-cultural research is something that marketing researchers need to be aware of. (Mobarek,2017, p.15) Among the key challenges researcher sin Bangladesh face are substantial delays due to failure of response from the established people within the region. The sudden and unexpected delays demotivate the researchers. Misunderstanding between the researchers and various groups of people in different markets due to the language barrier in Bangladesh is acritical issue that makes the research decline. A product may be well if received in aparticular market where itis high in rejection differently. It thus leads to adecline in the research due to incorporation. The managers can use cross-language research methods in Bangladesh to ensure that those with language barriers have their voices contributing to market research. Understanding the characteristic cognizant and oblivious inclinations of those leading exploration with this populace and how this may arise in research is also asignificant piece of creating thorough, dependable, and legitimate cross-language research. Challenges of market research in Bangladesh 4 Translation of the interviews from the source language to atarget language helps examine the cross-cultural issues for effective and smooth research. Managers should collaborate on supportive, understanding, and flexible cross-cultural teams for effective and smooth market research with people conversant with the terrain. It is essential as itensures Theirs is aclear understanding and interaction with the Bangladesh people. Various nations have various dialects. They make issues of interpretation and correspondence. Buyer statistical surveying is met with more correspondence issues than modern statistical surveying, on account of the way that mechanical statistical surveying centers around specialized factors alone. Be that as itmay, customer statistical surveying deals with each relevant detail identified with economic situations. Any research involving human participants is essential for managers to ensure that ethical standards are maintained. (Sørensen,2017, p.20) Cross-cultural research is necessary to identify the specific variances within the research samples to address any form of research confounds. Keeping research ethics helps the researchers know the values, norms, perceptions, and behaviors within the targeted cultures to perceive more accessible research for Bangladesh markets. 1.2 Data accessibility (400 words) Most researchers face the challenge of data accessibility through inadequate data. There is always very minimal data available. In most cases, the available data is the secondary data unreliable, affecting the research from different markets during comparability. Research data, statistics, and information inconsistent with the ideal investigation are crucial for marketing Challenges of market research in Bangladesh 5 research. The study should not incorporate unnecessary information that is not valid within the subject intended. Practicality and relevance are essential. Researchers face market data constraints because most Bangladesh residents fear opening up and giving out the information. While information protection identified in the computerized world ordinarily comes from information sharing issues. It examines track down that in 2017, just about aportion of the examination information was shared and alot more. Modestly straightforwardly, helping discoverability reuse. Optional information is not accessible in sufficient volume. Further, the optional information gathered is untrustworthy. (Islam, 2018, p.35) The researchers experience the ill effects of the absence of likeness of information. The data collected may be at risk of being deficient in quality. Due to the increase in manual errors, the residents thus lead to failure in the market research's effectiveness as the data obtained is of no adequate help for the clients. Respondents wonder whether or not to outfit correct data to the examination. Their hesitance to equip information and giving off base information sometimes make the consequences of the investigation deluding. The trouble of the respondents to understand the issue keeps them from giving correct data. Pointless reactions are an inefficient exercise in the examination interaction. To reduce the problems associated with data sharing, managers find some ways to ease tension between Bangladesh and the researchers who collect the data. Managers can use the secondary data research to obtain the information that already exists within the stipulated area and that which can be from different outside sources. It is necessary to curb the challenges on the members unwilling to share off their information. Similar strategy and methodology of statistical surveying do not hold great constant altogether showcases. (Hiebert,2016, p.25 The nature, type, Challenges of market research in Bangladesh 6 and volume of statistical surveying must be changed, as indicated by the conditions winning in abroad statistical surveying. Managers can help their researchers paraphrase their research questions to be friendly with the Bangladesh residents. Clear, precise, and warm questions help to avoid confusion among the people. Smooth and natural surveys draw in the attention of the residents, thus creating soft market research. Making use of specific statistical results is essential in reducing the issues of data inadequacy. They help to frame the conclusions and recommendations needed for the required data. Instead, equal-weighted importance should be to literature reviews and patterns regarding the research findings alongside the statistical analysis bin line with the research objectives in data research analysis. 1.3 Infrastructure/internet penetration(400 words) Infrastructure is abasic provides aprimary network interconnected for the best functioning of the society. Bangladesh is acountry consisting of small and huge rivers. Most times, its territory is regularly flooded. Due to the floods and impassable roads, itis more complex and expensive for the market researchers to penetrate the markets and carry out the required research. The government of Bangladesh also has poor and limited resources necessary for the construction of roads and rails. Poor infrastructure makes itdifficult for the researchers to obtain information in various market regions. Over the most extended period, Bangladesh has faced poor internet penetration is gradual. The Internet impacts business exploring market as organizations use itto get enormous data for research, including essential information and auxiliary information. Due to its poor access, it poses achallenge to the market researchers as they may not get enough access to the broad Challenges of market research in Bangladesh 7 markets within the region to get the relevant information needed for the market integration. The lethargic web infiltration brings afew troubles in guaranteeing preliminaries for quantitative exploration like constant interference while the respondents do the online polls, overviews, or interviews. Suppose the researchers are not exposed to comprehensive market research and data collection due to poor internet penetration and infrastructures. In that case, they are posed with significant risks in achieving their market research objectives. (Razzaque, 2017,p.30) However, the managers can help solve this by researching the accessible areas before the data collection process. It is through visiting and surveying the area before the survey is conducted. It reduces the cost and saves time for the researchers; the researchers can go ahead to the accessible markets and get the necessary and relevant information for their research. A corporation with the government to educate them on the importance of the research and impacts ithas to the people of Bangladesh for itto make the place accessible and penetrate quickly to the targeted regions, and finally, with the few individuals, the managers can necessitate face to face interviews which will give direct information regarding the area under study thus accruing the little information which is essential for the development of the entire market regions. Managers can also get access to gadgets that can boost the area's internet coverage for their projects' smooth functioning and research. Challenges of market research in Bangladesh 8 Bibliography Earls, M., 2020 Advertising to the herd: how understanding our true nature challenges the ways we think about advertising and market research. International Journal of Market Research ,45 (3), pp.311-336. Hasan, J., 2018. The competitiveness of ready-made garments industry of Bangladesh in post MFA era: How does the industry behave to face the competitive challenge? Journal of Economics, Management and Trade ,pp.296-306. Hasan, M. and Huda, M.N., 2018. E-commerce challenges, solutions and effectiveness perspective Bangladesh. International Journal of Computer Applications ,70 (9). Hiebert, D., Rath, J. and Vertovec, S., 2016. Urban markets and diversity: Towards aresearch agenda. Ethnic and racial studies ,38 (1), pp.5-21. Islam, M.M., Khan, A.M. and Islam, M.M., 2018. Textile industries in Bangladesh and challenges of growth. Res JEng Sci ,2278 ,p.9472. Mobarek, A., Mollah, A.S. and Bhuyan, R., 2008. Market efficiency in emerging stock market: Evidence from Bangladesh. Journal of Emerging Market Finance ,7(1), pp.17-41. Mobarek, A. and Keasey, K., 2010, May. Weak-form market efficiency of an emerging Market: Evidence from Dhaka Stock Market of Bangladesh. In ENBS Conference held on Oslo (pp. 1-30). Razzaque, M.A., 2017. Challenges to logistics development: The case of aThird World country ‐Bangladesh. International journal of physical distribution & logistics management . Challenges of market research in Bangladesh 9 Rahman, S.M., 2017. Optimizing digital marketing for generation Y: An investigation of developing online market in Bangladesh. International Business Research ,8(8), pp.150- 163. Sørensen, J.B., 2017. Organizational diversity, labor markets, and wage inequality. American Behavioral Scientist ,50 (5), pp.659-676.