Market research is a very important part of any business that wants to offer products or services that are focused and well targeted. Business decisions that are based on good intelligence and good market research can minimize risk and pay dividends. Market research can help shape a new product or service, identify the need, and ensure that the development of a product is highly centered towards demand. It can create benchmarks and helps entrepreneurs measure the progress. Sometimes, findings of appropriate research can help to communicate better.
From the present context of Bangladesh, market and product diversion is extremely important as the high labor-intensive export basket becomes very concentrated on a few markets. About 90 per cent of our export, of which about 83 percent is readymade garments, goes to the USA and to EU countries. The high dependence of the entire export basket on a few labor-based manufacturing sectors fetches the necessity to diversify the basket with new products for new destinations.
The Chamber conducts action-based market research to cater to the needs of the members and provide guidelines whenever necessary. The findings of the studies are shared with the private sector and the public sector from time to time.