CHAPTER ONE

Introduction

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1.1 Introduction
The business research process involves a series of steps that systematically investigate a
problem or an opportunity facing the organization. The sequence of steps involved in the
business research process are as follows: problem/opportunity identification and
formulation, planning a research design, selecting a research method, selecting the
sampling procedure, data collection, evaluating the data and preparing the research report
for presentation. The above steps provide a broad outline applicable to any business
research project. However, the number and sequence of activities can vary as per the
demand of an individual research project. The process of business research can be
primarily divided into three phases— planning, execution and report preparation. The
planning phase begins from problem/opportunity identification and leads to selection of
the sampling procedure.
Data collection and evaluation can be described as the execution phase of the business
research process, while report preparation can be considered as the last phase. In this
chapter, we will discuss each of these phases in detail.
Once the problem is clearly defined, it becomes absolutely essential to determine the
objectives of the research. The objectives of the research should be stated in a formal
research statement. The statement of objectives should be as precise as possible.
Objectives act as guidelines for various steps in the research process, and therefore, they
have to be developed by analysing the purpose of the research thoroughly. The objectives
of the research must be brief and specific; also, it is preferable to limit the number of
objectives. The research objectives comprise the research question/s and the hypothesis.
If the objective of the research is to study the perceptions of the customer, a typical
research question could be: ‘Do the customers perceive the radiations from their cell
phones to be hazardous to health?’. Once the objectives and the research questions are
identified, a researcher has to develop a hypothesis statement that reflects these research
objectives.

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1.2 Origin of the term paper.
I am lucky to say that our honorable Supervisor, Department of management, Chandpur Govt.
College, assigned me the term paper on Problems and Prospects of Business Research in
Bangladesh. The data required for preparing this report has been collected from the recent
years.

1.3 Purpose of the Report

The main objectives are Problems and Prospects of Business Research in Bangladesh.

Specific Objectives:
 To fulfill academic requirement.
 To offer humble suggestions based on the above study.

1.4 Limitations of the Report

 The main limitation while preparing this report was time. So it was not possible to
focus everything deeply.
 Lack of Information’s source.
 Lack of sufficient privileges.

This is my truthful declaration that the report is prepared only on secondary data. But in some
cases, I found the problem of shortage of necessary data and in that cases I took hypothetical
data, so there is a little chance of misappropriation.

1.5 Methodology of the Study

Methodology of the study is an essential part of the study. It is designed in a way so that it
correspondent to achieve the objectives of the study. It includes designing samples, sources
of data, collection procedure of data, analysis techniques data, etc. It was an exploratory
study.

Sources of Data:
The sources of data were of two types- Primary and Secondary Sources.

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CHAPTER TWO
Conceptual Issues

4
2.1 Steps in the Research Process
The steps in the research process, namely identification and definition of the problem or
opportunity, planning the research design, selecting a research method, selecting a sampling
procedure, data collection, evaluating the data and finally preparing and presenting the
research report have been shown in the Fig. 2.1. Each of these steps in the research process is
discussed below.

2.1.1 Identifying and Defining the Problem/Opportunity

The initial step in the research process is the identification of the problem or opportunity. As
businesses today operate in a highly volatile environment governed by various macro
environmental factors, they need to constantly assess their relative position and identify the
various problem areas or opportunities they need to work upon in order to sustain themselves
competitively in the market.

The managers need to analyse the changing dynamics of business and to evolve a strategy to
adapt to the changes taking place in the external environment. Whether these are potential
problem areas or opportunities, it is very important for the manager to identify them
accurately and at the earliest. Problem identification precedes the problem definition stage.
For instance, a company producing cell phone wave protectors (devices that protect the cell
phone from harmful radiations) may realize that its new product is not selling, but it may not
know the reason for this at the outset. Although it has identified the problem in a broader
perspective, it needs to define the problem specifically in terms of what is to be researched.

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It is important to define the problem in a precise manner. A well-defined problem gives the
researcher a proper direction for carrying out investigation. It also helps in utilizing the
resources provided for the research effectively. A researcher can focus his efforts on
collecting relevant information, if the problem is defined properly.
Some research problems such as conducting a survey on the newspaper reading habits of a
given set of the population can be clearly defined. But if a company wants to define a
research problem such as declining sales, it needs to explore the research problem further
through exploratory research.

2.1.2 Exploratory Research

Exploratory research aims at understanding the topic being researched. Through exploratory
research, one arrives at a set of questions that are to be answered in order to solve the
problem or cash in on an opportunity. Exploratory research is undertaken in the initial stages
of the research process. It is an informal process that helps in defining the identified problem.
This process involves evaluating the existing studies on related topics, discussing the problem
with experts, analysing the situation and so on. At the end of this process, the researchers
should be clear about what type of information needs to be gathered and how the research
process should proceed.
Secondary data analysis and pilot studies are the most popular tools used in exploratory
research. Secondary data are the data that have already been collected previously for some
other research purpose. It can be obtained from magazines, journals, online articles, company
literature and so on. Data from these secondary sources needs to be analysed so that the
researcher has the knowledge to define the problem. For our problem of low sales, since it is
a new product in the market, it may be difficult to obtain information. But a researcher can
get some related information, which may help him to a certain extent in defining the problem.
Pilot studies involve collecting data from the actual respondents in order to gain insight into
the topic and help the researcher in conducting a larger study. Here, data are collected
informally in order to find out the views of the respondents. The researchers may casually
seek the respondent’s opinion of the new cell phone wave protectors. Once the research
problem is identified and clearly defined, and a formal statement containing the research
objectives must be developed.

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2.1.3 Preparing the Statement of Research Objectives
Once the problem is clearly defined, it becomes absolutely essential to determine the
objectives of the research. The objectives of the research should be stated in a formal research
statement. The statement of objectives should be as precise as possible. Objectives act as
guidelines for various steps in the research process, and therefore, they have to be developed
by analysing the purpose of the research thoroughly. The objectives of the research must be
brief and specific; also, it is preferable to limit the number of objectives. The research
objectives comprise the research question/s and the hypothesis. If the objective of the
research is to study the perceptions of the customer, a typical research question could be: ‘Do
the customers perceive the radiations from their cell phones to be hazardous to health?’. Once
the objectives and the research questions are identified, a researcher has to develop a
hypothesis statement that reflects these research objectives.

2.1.4 Selecting the Research Method

After developing an appropriate research plan, it is important for the researcher to select a
proper research method. There are four basic methods of conducting a research study—
secondary data studies, surveys, experiments and observation. The research design method is
chosen based on the objectives of the study, the costs involved in conducting the study, the
availability of the data and finally the importance and urgency of the decision. We will now
discuss the four basic research methods.

2.1.5 Surveys
A survey is a research technique, which is used to gather information from a sample of
respondents by employing a questionnaire. Surveys are normally carried out to obtain
primary data. Primary data are the data that are gathered first hand to answer the research
question being investigated. Surveys are conventionally conducted by meeting the
respondents in person or contacting them through the telephone. In the past few years, the
Internet has started being widely used for conducting surveys through email. A researcher can
personally meet the respondents to survey their preferences of television channels. Another
researcher may use a telephone to ask the consumer about his satisfaction levels related to a
newly purchased product. Yet another researcher may send an email to a respondent to check
whether he is interested in a new insurance policy. These methods have their own advantages
and disadvantages. Researchers adopt any of these methods depending on their requirement.

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2.1.6 Experiments
In business research, experiments can be conducted for studying cause-and-effect
relationships. Analysing the changes in one variable, by manipulating another variable, helps
one identify cause-and-effect relationships through experiments. For instance, analysing the
sales targets achieved by individual salespersons by manipulating their monetary rewards is a
typical example of experimentation. Test marketing conducted by companies to test the
viability of their new product in the market is a form of business experimentation.

2.1.7 Secondary Data Studies

A secondary data study is concerned with the analysis of already existing data that is related
to the research topic in question. In secondary data studies, secondary data are studied in
order to analyse the future sales of a product. For instance, for the cell phone wave protector
research, secondary data regarding the telecommunications set-up, mobile networking, the
waves used for communication in wireless telephony and its effects, may be essential for
assessing the future sales trends of the cell phone wave protector. Secondary data studies help
in projecting future sales trends using some mathematical models.

2.1.8 Observation Techniques

Observation technique is a process where the respondents are merely observed without any
interruption by the observers. For instance, the shopping patterns of customers in
supermarkets assessed by the observers or by counting the number of vehicles passing
through a junction can qualify as observation research. The advantage of this method is that
the observers do not depend on the respondents for their responses as they are only observed
and are not asked to participate in the research process. Although the observation technique is
useful, it cannot be used for studying several other factors such as motivations, attitudes and
so on.
2.1.9 Analyzing Research Designs
Although several research designs are available for a researcher to choose from, it is very
difficult to say that a particular research design best suits a particular business research
problem. Therefore, researchers should be cautious while selecting a research design. The
best method to select a research design is to work backwards; that is, a research design should
be selected based on the end result that needs to be obtained. For instance, to study the cell
phone usage patterns of customers in public places, an observation technique would be a
better method than a survey research as it would save on research costs and would not require
the researchers to rely on the responses of the respondents. Once the researcher selects a
research method that is most appropriate for the research, he now needs to develop a
sampling procedure. Sampling is the most important activity pertaining to the planning phase
of the business research process.

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 CHAPTER THREE
Attribution Theory in Marketing Research:
Problems and Prospects

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3.1 Attribution Theory in Marketing Research: Problems and Prospects
Attribution theories address the issue of how people infer, from limited available evidence,
unobservable attributes or dispositions about the objects and organisms in their environment.
As such, they are theories about how people go beyond the directly observable "data" to infer
further elements, that is, to complete a partial representation of some focal object. Attribution
theories, then, are theories about how people make attributions. They attempt to account for
the conditions in which and the extent to which people are able to infer dispositions or states
in other organisms or objects from limited available evidence.
The bulk of the attribution theory research may be traced back to Heider's (1958)-work on
causal inference in which he addressed the issue of how people attribute causes to the events
or occurrences in their environment. This work, was extended by Jones and Davis' (1965)
theory of correspondent inferences and Kelley's (1967) presentation of attribution theory.
Both of the latter contributions sought to further specify the conditions under which observers
are able to infer unobservable dispositions or attributes in the organisms or objects they
encounter. These two contributions have had a direct impact on the consumer behavior
applications of attribution theory.

3.2 Attribution Research in Marketing

The bulk of the marketing research on attribution theory published to date has focused on
communications issues. This work, which we might lump together as representing the Settle
school, has sought to specify the conditions under which a person's statements about an
object will tend to be informative about that object.
In a study entitled "Attribution Theory and the Acceptance of Information," Settle (1972)
found that the type of source which would be most informative about an object depends on
the type of object about which information is sought. His independent variables were product
type (i.e., complex, visible, durable, or multipurpose) and source type (i.e., expert, close
friend, own experience over time, or own experience in a variety of ways). His dependent
variable was the subject' 2 confidence in a "good" product choice. No attempt was made to
deal with, explicate, or measure any part of an attribution process. The only relevance of the
study at all to attribution theory is in the rather loose correspondence of his source types to
three of Kelley's inference validating criteria (i.e., consistency over time, consistency over
modality, and consensus).

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In one of this group's earliest studies, Settle, Faricy, and Warren (1971) manipulated the
consistency of the responses actors made to each of several movies. By varying this
consistency the researchers found that subjects were able to predict how a movie would be
rated if the movie were consistently evaluated by several actors and, conversely, how an actor
would rate a fourth movie if he rated all previous movies consistently and uniquely. They
also measured the subject's confidence in these ratings.
It was suggested that people make attributions about others on the basis of the others'
consistency of responding. Implicit in this is the assumption that, if a person gives the same
response to several objects and if this response is unique to that person in the sense that it is
not also made by others, some sort of biasing disposition such as the motivation to sell the
objects is attributed to the person. On the other hand, if he makes a distinct or different
response to each object and if these responses are consistent with those made by others the
person would not tend to be seen as having some biasing disposition; and, hence, his
responses should be informative about the object being evaluated. In this latter instance the
individual would be seen as an objective observer and what he says would tend to be
believed.
This early study led to the prediction that a two-sided message may lead to more attitude
change in the recommended direction than a one-sided message. Settle and Golden (1974)
attempted to provide support for this conclusion by exposing subjects to messages which
were either one-sided or two-sided. They then measured the degree of confidence the subjects
had in each statement that the focal brand was superior to brand X on a specific attribute.
They combined the confidence rating with the importance the individual assigned to that
attribute to obtain; derived measure which they called "expected value." They interpret their
results as supporting the proposition that a two-sided message is more effective than a one-
sided message.
They suggest that subjects in the one-sided condition attribute to the source the motivation to
"sell his particular brand." Presumably then, subjects in the two-sided condition attribute to
the source the motivation to objectively inform or provide information about the brands. It is
suggested that these attributions affect the believability of the message and, hence, the
resultant belief scores about the focal object.
It seems to me that there are substantial problems with this research. The first problem
concerns their failure to measure the attributions made by the subjects or to provide other
validating evidence to support their contention that their treatments manipulated these
attributions. The obtained dependent measures (i.e., predicted ratings or "expected values")
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were assumed to be the result of attributions made by the subject. These attributions,
however, were not verified by any direct measurement. They were merely assumed to
mediate the independent-dependent relationship under consideration. In the absence of
substantiating evidence their contention remains merely an interesting hypothesis or possible
explanation for the obtained results.

Attributions have frequently been measured in the literature. For instance, Calder and
Burnkrant (1973) asked subjects-to describe an actor on a set of bi-polar adjective scales
which yielded three personality dimensions. McArthur (1972) asked subjects to assign the
cause of an actor's behavior by indicating whether it was due to something about the person,
something about the stimulus object, something about the particular circumstances, or some
combination of these causes. It is heartening in this regard to see that Mizerski (1974)
attempted to provide a somewhat similar measure in his study when he asked subjects to
estimate the extent to which "other reasons--reasons having nothing to do with" the stimulus
abject, affected the actor's opinion.

A second and somewhat related problem is that, in the absence of direct measures of the
attribution process, the contribution to our understanding of communications processes is
minimal. They deal with the same variables treated in the extensive Yale Communications
Research Program (e.g., Hovland, Janis, and Kelley, 1953) although they propose an
attributional explanation for the observed phenomena. Thus, the finding that a two-sided
message is more effective than a one-sided message is not all that unique. In their classic
study in this area Hovland, Lumsdaine, and Sheffield (1949) found that, with an educated
audience (by which they meant high school graduates), a two-sided message is more effective
than a one-sided message at inducing belief change in the recommended direction Since the
college students used by Settle and Golden (1974) are clearly consistent with what Hovland,
Lumsdaine, and Sheffield consider to be an audience high in education their finding is not
very surprising.

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3.3 Prospects For Future Research
While an attempt to actually measure the attributions people make about a message source
and the effects these attributions have on attitude change certainly seems warranted, there
appear to be other marketing oriented issues to which attribution theories can offer a more
unique contribution.
Since people make attributions about others in all situations every day as a normal part of
coping with their environment, these attributions seem likely to exert an important influence
on the purchase decisions people make. Therefore, research which addresses itself more
directly to the verification and further specification of the inference process and its role or
roles in consumer behavior seems to be badly needed.
There, no doubt, are many directions which this research could take. In the following material
I would like to specify some areas to which I think attribution theories can contribute by
looking at research in which I have been involved and some of the research questions related
to this.
One approach which seems to merit investigation is to focus on the extent to which people
base their purchase decisions on the attributions others are expected to make about them on
the basis of their use of particular product brands in specific situations. In this regard Calder
and Burnkrant (1973) --found that observers are able to attribute personality dispositions to
others on the basis of their use of particular brands in a given social context. They found,
further, that the attributions made by an observer are dependent upon the social context in
which the brand is used.
This study may be viewed as the first step in a research program directed at uncovering the
role played by attributions about users in product purchase decisions. In other words, it may
be that buyers and users of products are aware that others will make attributions about them
on the basis of their product usage in particular situations. This knowledge may influence
their own purchase decisions. It may be, for instance, that people buy products and use them
in particular situations in order to reinforce or vary the concept or perception others have
about them. This seems consistent with the literature which has attempted to relate the self-
concept to the perception people have of the typical user of their favorite brand.
If these conjectures are supported by research evidence it would then seem appropriate to try
to specify the conditions, both in terms of situational and product dimensions, under which
these attributions would be most important in determining purchase. One may hypothesize,
for instance, that the expected attributions of others would be important determiners of

13
purchase where the individual plans to use a conspicuous product in a highly involving
situation.
Attribution theory seems also to have considerable potential for integrating and adding
meaning to the substantial body of literature on product perception and social influence. One
of the important criteria of any good theory, however, is that it leads us to ask more insightful
questions capable of advancing our knowledge; and, in this regard too, attribution theory
seems relevant to this literature.
Commonly, an individual in a purchasing context is faced with the problem of evaluating the
worth of a product which he cannot possibly objectively evaluate from physical manipulation
and observation of its characteristics alone. In these situations the individual would be
expected to turn to other items of information which he has learned to use as a basis for
inferring the characteristics of the object. Among the cues that have been found effective in
various situations are price (e.g., Valenzi and Andrews, 1971), brand (e.g., Allison and Uhl,
1964), and the behavior of others (e.g., Venkatesan, 1966).
Therefore, we might expect these cues to affect the individual's perception of the product to
the extent that the individual is unable to directly observe an objectively evaluate the product
through the use of cues intrinsic to the product. It should, perhaps, be noted that Olson and
Jacoby (1972) found that what they call "intrinsic cues" were seen as better predictors of
quality than extrinsic cues such as price.
Attribution theory indicates that the confidence in an inference made about an object would
be stronger if the attributional implications of all cues associated with the object were
consistent than if they were inconsistent. Further, the theory would suggest that a cue would
be discounted to the extent that reasons other than those related to the characteristics of the
product could have accounted for the cue's presence. Both derivations seem to be directly
applicable to the area of product perception.
Many other applications of attribution theory could, no doubt, be suggested. These
applications, however, should consider, in much more direct terms than has been recognized
in the previously-published applications of the Settle school, the extent to which inferences
mediate aspects of (buyer) behavior, the types of inferences which mediate this behavior, and
the conditions under which these inferences may be reliably obtained. These, after all, are the
considerations which provide the central focus and unique contribution of the attribution
theories

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 CHAPTER FOUR
Analysis and Findings

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4.1 Problems and Prospects of Business Research in Bangladesh

Business research is a systematic process whereby a company obtains data and analyzes it in
order to better manage the company.
In simpler terms, business research involves a company obtaining data on factors that affect
the company in order to plan and make better decisions.
– WHAT KINDS OF DATA DO COMPANIES OBTAIN?
The data a company obtains ranges across a number of different categories. They include:

1) FINANCIAL DATA
Financial data is any data that has to do with money. These are data that relate to money that
flow in and out of the company, money that the company loses/gains, money that the
company might lose or gain, data that can affect what a company loses/gains, etc. Financial
data takes qualitative information, such as sales reports, revenues and cost reports to see what
areas make money and what areas cost money. Efficient/Inefficient departments and staff can
be pointed out.

2) COMPETITIVE ANALYSIS
Competitive analysis occurs when a company compares its products and services with/to
those of other companies. This is usually done to improve the product/service, evaluate price,
or try to steal a larger market share. By comparing your company with others, you can know
where your company is lagging behind and the advantage your company has over others. You
can see what customers love about other companies products.

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3) PRODUCT RESEARCH
This kind of research is usually done to improve the company’s product. Research is done on
what new techniques can be used, what new strategies can be utilized, what can be added to
the product, what can be removed from the product. It seeks to improve the product to meet
the needs of consumers. It also involves research into distribution channels.
4) INDUSTRY DATA
This, just like a competitive analysis involves comparing the company with other entities,
except that inthis case, it looks at the industry as a whole and not just one particular company.
It helps the company understand how it is faring in the industry.
5) CONSUMER/CUSTOMER FEEDBACK
This is very important because it involves understanding what the users of the company’s
products say about the product as it deals with quality, ease of use, availability, etc. It can be
done using questionnaires, surveys, focus groups and case studies

4.2 Five Ways to Improve your Business through Market Research

Successful entrepreneurs make use of market research to monitor trends, make better
business decisions and maintain their competitive edge. Whether you are starting your
business or are looking to expand it, these studies are vital to understand your target markets
and increase sales. Here are some aspects in which market research can help you build a
stronger business.

1. Enhance your brand image

Many entrepreneurs do not have a clear idea of their brand. They wonder, “How do
customers see us? How does our brand compare to our competitors? “
Focused Group Doing Marketing Research
You can rely on market research to improve your brand image by exploring the following
points:
 Knowledge of your brand – how customers know your business?
 Comparisons with your competitors – How do customers see your business
compared to your competitors?
 Personification – What are the characteristics and qualities that customers associate
with your business?
You can also survey your customers for feedback on your marketing content (logos,
brochures, websites, etc.). Some of the trademark studies usually leads by interviewing
clients or organizing focus groups.
This will explore various topics to get feedback from participants. The results will help you
better position your brand and improve your marketing assets.
2. Better understand your customers

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Entrepreneurs sometimes need to get more specific information on the size of their market,
their target customers and how best to approach them. We recently conducted a study for a
client who is selling product for the kitchen and wanted clarification of its target market. Here
is some information that we wanted to get out of the potential consumers of the new product.
 Age
 Sex
 Family situation
 children
 Location
 Level of education
 social networks used
We designed an online questionnaire which was submitted in 1000 consumers across
Bangladesh. This type of consumer research helps us identify the target audience profile to
position the brand strategically.
By focusing your efforts on the right target market, you will get results faster, you will
increase your efficiency and your marketing campaigns will generally yield better results.
3. Evaluate the effectiveness of your marketing
Many entrepreneurs want to better promote their business and generate more sales. Market
research can help you by providing information on the effectiveness of your marketing
efforts.
We can create surveys to get customer feedback on the format of your marketing
messages. We can also measure the visibility of certain campaigns and marketing activities
and the reactions they provoke in customers.
The use of this type of data can really help to maximize the impact of your marketing budget,
allowing you to design marketing strategies that reach and challenge your audience.

4. Find new opportunities

Market research can help you identify new opportunities for your business. They can help
you identify the geographic areas for growth and / or whether the market is ready for your
products or services.
For example, you want to open a new store and need to find the ideal location. Or you
planning to change distribution channel and should assess the impact of this decision on your
customers.
To help you, we can analyze the data from government publications, country Statistics and /
or certain sectoral reports. These sources provide a variety of information:
 Market size
 Demographic data
 Statistics on market share
 Industry dynamics

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  Industry’s leading vendors
 Main competitors
 General industry data such as the number of companies and their geographical
distribution
Obtaining this type of data is a necessary first step to assess a new market and determine
business strategy and activities preferred.
5. Get a better understanding of the features of your product
If you develop a new product or looking to improve an existing product, you need to know if
you have selected the characteristics and appropriate packaging. Market research can provide
you with information that will help you develop your products before incurring high
production costs.
When we perform a study on a new product, we collect customer feedback on a concept and /
or a particular prototype. We also compile data on consumer response to the product and its
characteristics: presentation, design, usability, color, packaging, etc.
We can also look at how consumers could purchase this product, in order to design an
appropriate distribution plan. We can also probe their reactions to marketing messages,
creative content and promotional ideas planned for the launch.
We normally start with a qualitative research (interviews or focus groups), because this
formula-based dialogue allows us to gather valuable input and detailed on the part of
consumers. Wherever possible, we provide them with a prototype or a product sample, so
they can see it up close and use it.
We then validate the information of our research by conducting a thorough survey of a
similar age but larger (for example, more than 100 consumers). We obtain the relevant data to
make informed decisions about improvements to the concept and / or product design.

BUSINESS RESEARCH METHOD

A business research method refers to a set of research techniques that companies use or
employ in order to determine if a specific business venture or endeavor is worth their time
and effort. It helps companies decide on the viability of business, assess business success and
look into the future of the business.
A variety of business research methods can be used. They include:
– CASE STUDY: This is a business research method in which a business familiarizes itself
with the way consumers react to a product or service. It usually requires a lot of time.
– FOCUS GROUPS: This involves the gathering of
a small set or group of people and analyzing information obtained from them regarding their
experiences with the product or services. High level of skill is required to properly handle this
kind of method because people in the group might just be saying what they know the
company wants to hear, so as not to discredit the company in their face.

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– SURVEYS/INTERVIEWS: Surveys give companies a large amount of information while
interviews are mich more directed towards specifics. Questionnaires can also be used to
easily gather information from a target population.

4.3 Advantages Of Business Research In Bangladesh

Business research has several advantages. Some of them are:
1) IDENTIFICATION OF PROBLEMS
Business research helps a company to identify problems. The very first step in any research
process is the identification of problem. When this problem has been identified, querry into it
usually reveals even more problems. This way, a company can identity its problems easily.
2) FINANCIAL PLANNING
Business research is an executive tool that is used to improve financial outcomes, for
example, market pricing. With business research, companies can determine the most
reasonable prices to set. Research may show that based on current costs and market price,
profits would be unattainable, and resources should be placed in other areas.

3) PREDICTIONS
Business research helps a company make predictions about the future of the company in
various respects. Trends are analysed and evaluated. Predictions help to prepare better.
4) CUSTOMER NEEDS
Business research helps companies identify the needs of customers, and how to make their
products even better suited for their target market. Quality issues are identified and thrashed
out.
5) BETTER TECHNIQUES
Business research enables the company discover new technology and technique in making its
products and rendering its services, thereby making its products cheaper with lower per unit
cost, while equally possessing more quality.
6) UNDERSTANDING THE MARKET
Business research helps companies understand the entire market and how their business fits
in. It helps it discover and set benchmarks.
7) TREND MATCHING
Many a times, the market is already embracing a trend. Business research can help a
company to be active in that trend and increase sales.
4.4 Challenges/Problems of Business Research In Bangladesh
The challenges faced by companies who go into business research are:

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1) INADEQUATE DATA
The inadequacy of data makes it very difficult to make comparisons with other companies
and the industry as a whole. Due to the inadequacy of data, companies do not have a clear
image of the real state of things.
2) MANIPULATED DATA
Many companies and institutions manipulate their figures and presumed qualitative
characteristics, which makes it difficult to trust results obtained from business research.
3) DATA MISMANAGEMENT
This involves how businesses gather, handle and integrate the vast amounts of data from both
primary and alternative research resources to make sense of all the data points.
Mismanagement of data can cause serious problems. The ”work with what we have
mentality” can be troubling when data is mismanaged.
4) METHODOLOGY
According to experts, about 56% of respondents mention methodology as one of the biggest
challanges they face. Selecting the right methodology to suit the type of business, the kind of
data, the type of respondents, etc. is difficult work. There are too many comopeting
techniques and most researchers for companies do not receive enough training to become
proficient at any of these. These techniques often yield different results even for the same
data set.
5) LOW RESPONSE RATES
Low response rates makes it difficult to make conclusions since it can’t be said with even
near certainty that the numbers gotten reflect a good sample for the population.
6) PRIVACY AND SECURITY ISSUES
Getting data can often prove to be difficult especially when the data includes what some
might consider private, personal or sensitive.
7) FINANCES
One other problem associated with business research is finances. A proper business research
requires committment of good money. These days, money is something that most companies
don’t want to release easily.
8) TECHNOLOGY
The technology required to process data, especially large data, faster costs a lot and most
companies still stick to the conventional means. The technology available is not really able to
meet up with the rapidly increasing needs of the equally rapidly rising population.
9) LACK OF WELL QUALIFIED PERSONNEL
This explains itself. The lack of qualified personnel to do a good business research job makes
things more difficult to determine. Even results are not very reliable.

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 CHAPTER FIVE
Recommendations and Conclusion

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5.1 Conclusion and Recommendation
The world is rapidly changing, Bangladesh included. Business research is very useful to
business but it is faced with a number of challenges. It is recommended that companies
should employ experts to carry out their business research and spend appropriately to carry
out their investigations.
The benefits outweigh the costs. Some of these challenges would remain forever, so
companies should try to work around them and get better results.
Simple research methodology should be adopted as no technique can give perfectly accurate
results. Hence, professional judgement and experience is required in making strategic
decisions concerning the business. Business research is very vital for the success of any
business
The business research process can be considered as the framework of the entire topic of
business research. It involves a series of steps starting from the identification of the problem
or opportunity to the stage of preparing the research report. These stages are as follows:
identification and definition of the problem or opportunity, planning the research design,
selecting a research method, selecting a sampling procedure, data collection, evaluating the
data and finally preparing and presenting the research report. Any business research is
primarily conducted for taking effective managerial decisions regarding various problems or
opportunities identified by the organization.
Whenever a company identifies a potential problem or opportunity, it recognizes the need for
conducting a research study. Once the problem is clearly identified, the manager can check
whether the required information is already present; if such information is easily accessible,
then the manager need not spend a lot of resources in obtaining the same information again.
After clearly identifying the problem, it needs to be defined accordingly, and subsequently,
the objectives of the research are determined. Development of the hypothesis plays a crucial
role in the research process. Once this is done, the research boundaries are defined followed
by estimating the value of information to be obtained against the costs incurred on conducting
the research. At this stage, the most important part of the research begins, that is, planning the
research design and involves the selection of the sample and the measurement technique.
After this, the data are collected and evaluated and are later presented in the form of a report
to the company’s management for decision-making.

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