Challenges of vehicle tracking businessin Bangladesh
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The growing use of Vehicle tracking Business in Bangladesh provides a developing prospect for the security necessity of Vehicle owners.According to BRTA (Bangladesh Road Transport Authority) the number of registered motor vehicle in Dhaka city is 7,97,184 up to March 2014. And the total number of motor vehicles throughout the country is 20,20,799. So the market size of online vehicle management system is vast. Realizing the importance of these issues some companies like Prohori, Monico Technologies Limited, Grameenphone, NITS, BDCOM are providing GPS based online vehicle tracking service but still now none of them are started to provide entire integrated Vehicle Management System which will be more useful for both the single user and also the corporate or fleet managing companies. The main target of this exploratory research is to find out the business opportunity for providing this type of service for the first time in Bangladesh. Then questionnaires will be administered through an online survey. Other approaches will be used for analysis are tabs, cross-tabs, chi-square, factor analysis, cluster analysis, etc. These statistical tools are used with the help of MS-Excel.The analysis from these tools helped gather useful insights upon what type of respondents we had, what attributes the consumers consider while making the purchase decision. The growing use of Vehicle tracking Business in Bangladesh provides a developing prospect for the security necessity of Vehicle owners. If VTS Providers know the factors affecting the Bangladeshi consumers’ behavior, and the relationships between these factors and the mode of their business, then they can further develop their marketing strategies to convert potential customers into active ones, while retaining existing VTS customers. This research is a part of study, and focuses on factors which VTS Bangladeshi buyers keep in mind while buying such product in order to choose the right thing. This research will identify the present market scenario of vehicle tracking management systems & comparing the VTS providing firms with each other. This research found that; in spite of implementing or providing high-end technology based huge expensive product, if the firms can import and provide the customers with low cost Chinese VT devices, then they can easily can reach to a huge number of new customers. This research also found that a great concern about the security among the vehicle owners is the solo most effective reason for the growth rate of VTS services. I also found that for new companies it will be more efficient for them if they just buy the required software instead of built them in house. After getting established in this sector they can develop their own systems. I also found that the great a firm have invested in this business the great their revenue earning becomes. So, new companies who are willing to enter in to this VTS sector have to invest a minimum taka. 2 crore. I also found that both SMS and online based services are must to provide, because internet penetration is very low in our country. Easy to use, secured, cost effectiveness and reliability are the four dominant factors which influence consumer perceptions of VTS products.