Competitiveness in business
Monday, 9 July 2007
Abdus Subhan
MARKET studies or research to assess demand pattern of products are essential preconditions for the success of new industries. Private sector can initiate their own such research. The government can also play a valuable role in this regard by collecting and disseminating such information. But cases are noted in Bangladesh where entrepreneurs rush to invest in a particular sector to produce in excess of demand. This is the outcome of lack of market research on their part or the inability of the relevant government departments to supply data on the demand situation. This renders many industries non-viable even in the short term.
Before a product is launched, a lot of pre- launch activities should go into its designing, innovation in relation to products from rival producers --specially foreign ones-- and adding of new features to create customer appeal. Even packaging of a local product can cause more attraction in relation to its imported or smuggled versions. But industries in Bangladesh, in varying degrees, are still seen lagging behind in many cases in following these standard procedures to remain competitive in the market. Thus, it is no surprise that many local industries go down in the competition vis-a-vis foreign products that seem to offer greater advantages to customers in terms of price, quality or innovative features.
Even in the areas of marketing there are scientific promotional policies to be followed. There are many companies in Bangladesh that start off without feeling the need of having an adequate marketing plan in the first place. For such enterprises, the maintenance of a properly staffed and equipped marketing department, thus, is of secondary importance. Ensuring of product quality or quality control also figures poorly in the operation of some enterprises. But success in businesses these days, in either the local or the international market, involves having streamlined policies and sufficient capacities for new product development, market research, quality control and sound marketing plans.
Bangladeshi entrepreneurs would do the best by giving very serious thoughts from now on to these issues and doing whatever things need to be done to remain and flourish in business on a sustainable basis.
MARKET studies or research to assess demand pattern of products are essential preconditions for the success of new industries. Private sector can initiate their own such research. The government can also play a valuable role in this regard by collecting and disseminating such information. But cases are noted in Bangladesh where entrepreneurs rush to invest in a particular sector to produce in excess of demand. This is the outcome of lack of market research on their part or the inability of the relevant government departments to supply data on the demand situation. This renders many industries non-viable even in the short term.
Before a product is launched, a lot of pre- launch activities should go into its designing, innovation in relation to products from rival producers --specially foreign ones-- and adding of new features to create customer appeal. Even packaging of a local product can cause more attraction in relation to its imported or smuggled versions. But industries in Bangladesh, in varying degrees, are still seen lagging behind in many cases in following these standard procedures to remain competitive in the market. Thus, it is no surprise that many local industries go down in the competition vis-a-vis foreign products that seem to offer greater advantages to customers in terms of price, quality or innovative features.
Even in the areas of marketing there are scientific promotional policies to be followed. There are many companies in Bangladesh that start off without feeling the need of having an adequate marketing plan in the first place. For such enterprises, the maintenance of a properly staffed and equipped marketing department, thus, is of secondary importance. Ensuring of product quality or quality control also figures poorly in the operation of some enterprises. But success in businesses these days, in either the local or the international market, involves having streamlined policies and sufficient capacities for new product development, market research, quality control and sound marketing plans.
Bangladeshi entrepreneurs would do the best by giving very serious thoughts from now on to these issues and doing whatever things need to be done to remain and flourish in business on a sustainable basis.