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medicine Industry Analysis EssayAnalysis on euphony Instrument Industry of Bangladesh Analysis on Music Instrument Industry of Bangladesh Submitted to Mr. Md. Saif Noman Khan Assistant prof Submitted by Md. Mashrur Rahman Khan(Zr-11) (Group Leader) Cont scrap No. 01675694513 e-mailemailprotected com Sayeed Shorif Russel(Zr-08) Adib Iqbal Umit(Zr-12) Abdullah Al Muyid(Zr-18) Saif Hasan(Zr-21) Shah Shihab Sadman (Zr-27) Fahmid Shawon(Zr-28) Shamsuddin Muhammad Ishtiaque(Zr-30) Al Imran Bin Khodadad(Zr-46) Nafiz Alam Khan(Zr-47) BBA 18 Institute of transmission line Administration University of DhakA December 20, 2010 Mr. Saif Noman Khan Assistant ProfessorInstitute of Business Administration University of capital of Bangladesh Dear Sir SUBMISSION OF TERM PAPER It is our distinct pleasure to hand over to you our term written news writing publisher that fulfills the adjournial requirement of the Business Communication course (C103). Being the students of Business Administration , it has been to a groovyer extent of an prospect for us to be able to work on this report. The k at one timeledge and commencement ceremony-hand experience that we gained while going verboten in that location and collecting relevant selective information and the ne some(prenominal)rks we feature while interviewing different personnel, be undoubtedly going to usher to our advantage once we step into the corpo order human.This report, and the investigation behind it, was prep ard under your direct supervision. We racket that under no circumstances entrust every straggle of it be reproduced for any reason or be shargond with anyone else without your written consent. Further to a greater extent(prenominal), we pledge that this report has non been submitted to any other faculty instalment of the Institute of Business Administration We tried to accommodate your invaluable comments and suggestions in our report. In this connection, should you need any further clarification , please feel free to contact us (the contact details are include in the title page).We would like to take this opportunity to express our gratitude to you for providing us with a thorough knowledge demonstrate of how to come up with an excellent report while enjoying doing so. We clear been very en and theniastic nearly doing a good job on this report and hence are hoping that it would meet up to your expectations. Sincerely, Md. Mashrur Rahman Khan(Zr-11) Sayeed Shorif Russel(Zr-08) Adib Iqbal (Zr-12) Abdullah Al Muyid(Zr-18) Saif Hasan(Zr-21) Shah Shihab Sadman (Zr-27) Fahmid Shawon(Zr-28) Shamsuddin Muhammad Ishtiaque(Zr-30) Al Imran Bin Khodadad(Zr-46) Nafiz Alam Khan(Zr-47)Table of Contents Executive summaryvii 1. 0 basis8 1. 1 Origin of the report8 1. 2 Objective8 1. 3 Scope9 1. 4 Limitations9 1. 5 Methodology9 1. 6 Historical Background10 2. 0 Music Instruments11 3. 0 Industry social system14 3. 1 Background of the sedulousness14 3. 2 gross sales Trend15 3. 3 growing rate16 3. 4 growth potential17 3. 5 Industry composition17 3. 6 product composition18 4. 0 Analysis of Consumer Preferences18 4. 1 opinion Procedure18 4. 2 Survey Results18 5. 0 Analyzing the food grocery24 5. 1 Market trends24 5. 2 Market dispense25 5. 3 Market Growth26 5. 4 Market Size29 . 5 Market leadership29 6. 0 Available Products in the Market31 7. 0 measure compass Analysis35 7. 1 PORTERS GENERIC VALUE CHAIN ANALYSIS OF THE medicament INSTRUMENT INDUSTRY35 7. 1. 1 Core process36 7. 1. 2 Supporting process37 7. 2 Activity analysis37 8. 0 Value Chain System of Music Instrument Industry39 9. 0 Analysis from Investors Point of View40 9. 1 Porters tail fin Forces Industry Analysis40 9. 2 SWOT Analysis43 9. 3 Suggestions for Investors43 10. 0 Conclusion45 11. 0 Bibliography46 12. 0 Appendix47 List of Illustrations innovations symbol 1 Preference of Music writing style19Figure 2 Preference of Music Instruments19 Figure 3 Purpose of Purchase20 Figure 4 Consumer Bud substa ntiate Analysis21 Figure 5 pock Preferenceof Guitar22 Figure 6 Brand Preference of Drums22 Figure 7 Brand Preference of Keyboard23 Figure 8 Acceptance of secant Hand Instruments24 Figure 9 Shop Preference26 Figure 10Cost-Revenue Overview29 Figure 11 Porters Value Chain Analysis36 Figure 12 Value Chain process of Music Industry39 Figure 13 SWOT Analysis44 Tables Table 1 Classification of Music Instruments10 Table 2 Price Variation27 Executive summaryThe rich medicational theater culture of Bangladesh provides a consentaneous base for the unison prick pains to flourish. Bangladesh has 27 medicament genres of cultural medicament and in recent age youthful melody has pose very normal in this country. Owing to these two factors the unison tool manufacture, although being small in terms of stature, is amiablea affluent in nature. The medicine promoters exertion of Bangladesh has been developing at a steady growth ever since its arrival. But since the 90s the growth rate has been exceptional. The major players in this foodstuff are Melody Co. Surashree, Sur niketan, Sangita, World Music etc. The characteristics of the foodstuff potty be attri justed to that of oligopoly. The living major companies hold the major percentage of commercialise share and thus penetration of new companies in this manufacture is faced with assorted barriers. But there is ample opportunity for new investors to flourish in this market beca commit of the constant give of the customer. The value am deed of mountains analysis of the manufacture alike leads to a similar conclusion. The established companies check a widespread supply and distribution chain which helps them to gain cost advantage over other companies.This again bars the entry of new companies in this manufacture. The study conducted on consumers has depicted similar findings. Consumers have a special consideration for the established brands and they nearlyly use products faceing on thei r previous experiences or being influenced by opinion leaders (Rock stars, Music Teachers). This hinders the entry of new companies as creating a brand image in consumers mind takes time which ignore study to be very costly. In this report, concise description of the euphony creature attention is provided for the investors to analyze the market themselves. around analysis of this market are in like manner included which we have through with(predicate) ourselves. By analyzing the market victimization SWOT and Porters five forces diligence analysis, the opportunities and threats of the market were identified. If further investment is taken into consideration, this analysis should help the investors to assure the market trends and invest according to the demands of customers. viiPage 1. 0 Introduction Entertainment is one humane quality that we possess and music provides the celestial emotions therefore, musicians are ac filmed everywhere.Music manufacture is growing all over the world and so is the need for professional and high quality melodious peters. Music is a crowing part of our culture as Bangladeshis. So, our music industry has grown easily across time. The music instruments industry has met this growth alongside it. In the past decade the both industries have gone through slightly major transfers. This report focuses on the stream status of the music instruments industry. - 1. 1 Origin of the reportThe fulfillment of the Business Communication (C103) Course, taken at the Institute of Business Administration, requires the entranceway of a report assigned by the course instructor. olibanum, by the kind approval and authorization of our trusty course instructor, Mohammad Saif Noman Khan, Assistant Professor, Institute of Business Administration, we, a group of students of BBA 18th batch, have prepared this report on the music instruments industry of Bangladesh. 1. 2 Objective The primary objective of our report is to provide a brief overview on the music instrument industry of Bangladesh.Through the report and its included value chain analysis of the industry potential investors may evaluate the profit prospects of investing in the sector . We will emphasize on the current blank space of Bangladeshi music instrument industry and also canvas it with previous years to analyze the market trend. We will focus on the key influencing factors of the music instruments industry of Bangladesh. Specific objectives * State the music instruments benefitable in Bangladesh * Understand the existing market structure of music instruments * Identify the market leaders Provide a value chain analysis of this industry * delay consumers preference towards branded/non-branded products * Implementing our knowledge from this course in the real world scenario and getting a broader emplacement * Analyzing the market from an investors perspective * Identify specific sectors where investment can be make * find the growth prospects of the sector. 1. 3 Scope This report is intended to provide adequate information on the music instruments industry of Bangladesh the focus will be on both classical and sophisticated musical instruments sector.The paper includes reviews of various literatures that are available and also in-depth analysis of the survey result that we conducted as a part of the report. The scope of the study encompasses the different music instruments shops around capital of Bangladesh. 1. 4 Limitations The main limitations faced while working for the report are * The surveys carried out for the report were ground solely on the capital city of Dhaka other cities or even villages were not considered for surveying because of the geographical difficulties mingled. * thither were hardly any relevant journals or other secondary information reference points on the topic. most of the local companies were poorly structured and didnt have adequate recording procedure so such(prenominal) of the informat ion was not possible to gather. * Some of the information gathered through the internet was backdated and up-to-date information was not available * The main source of information was interviews of owners of different shops. There is a possibility that the information provided by them was partial to their respective shops. 1. 5 Methodology While preparing this report both primary and secondary data sources were employ.Personal interviews and informal discussions with individuals associated with the sector, served as the source of our primary data collection. Although formal questionnaires where used for the interviews, we were lenient in adhering strictly to facilitate the collect of relevant information. * Primary Sources The primary information gathered for the report was basically questionnaire based. Two types of questionnaire served the purpose of throng information for the report (Market survey questionnaire and consumer survey questionnaire). The methodology used in this r eport was a survey of 50 people from different walks of life.This wide sample was chosen in order to provide a more comprehensive study of the different music instruments and genre and to gather a broader array of opinions. For the market study our study was limited within the boundaries of Dhaka city. Most of the music instrument industry in Bangladesh is situated in Science Laboratory, Shakharibazar, Gulshan and Bashundhara metropolis. These quadruple locations comprise 90% of the whole music instruments industry. We interviewed approximately 10 different shop owners. The shop owners were highly co-operative.But the poor recording process practiced by those companies stood in the way of our gathering proper information. Secondary Sources Different books, Internet resources and newspapers were used for secondary data collection. Online resources were primarily used to know about the market structure, profit margin, brand names, the distribution system, key manufactures, and suppl iers and to get the information provided by the companies themselves to know about the products. 1. 6 Historical Background Bangladesh has a rich music culture. There are over 27 genres of music which are prominent in Bangladesh.Now In sustaining with the global growth Bangladesh has also adopted the different music cultures from outdoor(a) the country. This has opened a new horizon for our music instrument industry as people started to move on to the inclination culture. Due to this the market has shifted more to seconded product. Classical and cultural music (Rabindra, Nazrul sangeet, Lalan Geeti etc. ) were favourite since the stock of Bangladesh. Back in 1995, the underground mob culture started growing. By 2001 it became so popular that the big players of the music industry took notice of the growing talents.To take advantage of high profitability of the industry, investors gathered and formed an oligopoly. The veterans of the industry began catering to the red-brick mu sicians and slowly moved towards modern instruments. A few companies which failed to change with the times went out of frame. Seeking this opportunity, new music instrument companies emerged. Till now music instrument industry in Bangladesh is in profit and there is practically in no loss. It may seem very economic to invest in this rising industry, but the big names of the industry make it virtually insurmountable to attract a user base. 2. 0 Music InstrumentsOwing to the vast number of the music genres, the types of musical instrument have reached more than one can imagine. The popular musical instruments can, however, be classified in to two major categories * Classical Instrument. * Modern Instrument. These instruments can be classified again into three major criteria * Aerophones(Wind Instruments Vibrating air) * Chordophones(Stringed Instruments Vibrating strings) * Membranophones(Vibrating Membrane Instruments) In our report we will try to provide a brief view on differen t instrument for the potential investors who may not have sufficient knowledge about music instruments.In much of Europe, the term harmonium is used to describe all pedal-pumped keyboard free-reed instruments, making no peculiarity whether it has a pressure or suction bellows. In South Asia, the term widely distributedly refers to a hand-pumped instrument. Tablas The tabla is a popular Indian percussion instrument (of the membranophone family) used in Hindustani classical music and in popular and devotional music of the Indian subcontinent. The instrument consists of a pair of hand drums of tell sizes and timbres. The term tabla is derived from an Arabic word, tabl, which simply ungenerouss drum. Sitar Sitar is a Persian musical instrument.It is a member of the luting family. Two and a half centuries ago, a fourth string was added to the sitar, which has 25 27 moveable frets. It initiationated in Persia before the spread of Islam. Ektara Ektara literally one-string, also call ed iktar, ektar, yaktaro gopichand) is a one-string instrument used in Bangladesh, India, Egypt, and Pakistan. In origin the ektara was a regular string instrument of wandering bards and minstrels from India and is plucked with one finger. The ektara unremarkably has a stretched hit string, an animal skin over a head ( do of dried pumpkin/gourd, wood or coconut) and retinal rod neck or split bamboo cane neck.The various sizes of ektara are soprano, tenor, and bass. The bass ektara, sometimes called a dotara a good deal has two strings (as literally implied by do, two). Dotara The dotara (or dotar) is a two or four stringed musical instrument resembling a small guitar. It is commonly used in Bangladesh and West Bengal, and dates from the 15th-16th century when it was adopted by the stark cults of Bauls and Fakirs. The equivalent as a traditional long-necked two-stringed lute is put in Central Asia as dutar. It has two main forms, the Bangla and the Bhhawaiya.The Bangla form ori ginated in Rahr Bangla where it is pacify predominantly played. The Bhhawaiya form dotara is al closely extinct in modern times and has a more primeval beginning than its Bangla cousin. Flute The flute is a musical instrument of the woodwind family. Unlike woodwind instruments with reeds, a flute is an aerophone or reedless wind instrument that produces its in effect(p) from the flow of air across an opening. According to the instrument classification of Hornbostel-Sachs, flutes are categorized as Edge-blown aerophones. Aside from the voice, flutes are the earliest known musical instruments.Electric guitars An electric guitar is a guitar that uses the principle of electromagnetic induction to transpose vibrations of its alloy strings into electric signals. Since the generated signal is too weak to drive a loudspeaker, it is amplified before displace it to a loudspeaker. Since the output of an electric guitar is an electric signal, the signal may easily be altered apply electr onic circuits to add color to the sound. It served as a major component in the development of quiver and roll and countless other genres of music. Acoustic guitarsAn acoustic guitar is a guitar that uses only acoustic methods to project the sound produced by its strings. The term is a retronym, coined subsequently the advent of electric guitars, which rely on electronic refinement to make their sound audible. Bass guitars The bass guitar also called electric bass, or simply bass is a stringed instrument played primarily with the fingers or thumb (either by plucking, slapping, popping, tapping, or thumping), or by apply a plectrum. The bass guitar is similar in appearance and construction to an electric guitar, but with a bimestrial neck and scale length, and four, five, or six strings.The four string bassby far the most commonis usually tuned the alike as the double bass, which correspond to pitches one octave lower than the four lower strings of a guitar. Keyboards A keyboard instrument is any musical instrument played using a musical keyboard. The most common of these is the pianissimo assai. Other widely used keyboard instruments include multiple types of organs as well as other mechanical, electromechanical and electronic instruments. In common language, it is mostly used to refer to keyboard-style synthesizers. Among the earliest keyboard instruments are the pipe organ, hurdy gurdy, clavichord, and harpsichord.Drums and Percussions A percussion instrument is any object which produces a sound when hit with an implement, shaken, rubbed, scraped, or by any other action which sets the object into vibration. The term usually applies to an object used in a rhythmic context or with musical intent. In a musical context then, the term percussion instruments may have been coined originally to describe a family of instruments including drums, rattles, metal plates, or wooden blocks which musicians would beat or strike (as in a collision) to produce sound. Sax ophoneThe saxophone (also referred to as the sax) is a conical-bore transposing musical instrument that is a member of the woodwind family. Saxophones are usually made of brass and played with a single-reed mouthpiece similar to that of the clarinet. The saxophone was invented by the Belgian Adolphe Sax in 1841. While proving very popular in military band music, the saxophone is most commonly associated with popular music, big band music, blues, early rock and roll, ska and particularly jazz. There is also a substantial repertoire of concert music in the classical idiom for the members of the saxophone family.Saxophone players are called saxophonists. Piano The piano is a musical instrument played by means of a keyboard. It is one of the most popular instruments in the world. Widely used in classical music for solo cognitive processs, ensemble use, chamber music and accompaniment, the piano is also very popular as an aid to composing and rehearsal. Although not portable and a gre at deal expensive, the pianos versatility and ubiquity have made it one of the worlds most familiar musical instruments. 3. 0 Industry Structure The Bangladeshi music instruments industry has been a long standing industry in the country.It may not be as big as the major industries, but it has certainly gone through complete expansion and evolution. 3. 1 Background of the industry Bangladesh has always had a culture heavily influenced by music. During the kindling war, music played a big part in rallying up the freedom fighters. So, after the liberation, the music industry suddenly boomed. To cope with the rising demand music instruments companies also needed to change. Pre-liberation, most companies were situated in the Shakharibazar area of Dhaka city. Classical instruments were the instruments of choice.Harmoniums, Tablas, Dhols etc. were popular with the music practitioners. After the war, the companies obstinate that they need to appeal to the more mainstream crowd, so they s hifted to science laboratory, Dhanmondi, Dhaka. The new location offered them a lot of painting to new music enthusiasts along with maintaining their established customer base. The new location helped the companies and the industry overall. Music instruments industry was on the rise. But the next big change was not far off. As Bangladesh changed with the world, the culture also morphed into a more west influenced one.Music preference was one of the first elements to change. In the 90s, band music garnered a lot of popularity with the young coevals. Underground bands were being formed by groups of young musicians who were raise to leave the old ways behind. Modern instruments such as guitars, keyboards and drums became the standard requirement of any band. Thus, a significant supply was also needed. Established companies saw that the new music mentality was not righteous a fad. They started making their own acoustic guitars, drums and flutes. However, the real market shift was m ade by imports. some(prenominal) brand names were trade from various countries. Some were from nearby countries like India, China and Japan. But the sincerely yours expensive ones came from USA and Europe. Band music grew like wildfire and the music instruments industry expanded and changed for good. Soon, bands required more sophisticated and powerful instruments such as electric guitars and keyboards. These came only from imports. The industry became an import heavy industry to cater to the new crowd. So, the companies with import capabilities survived and thrived on the heavy shift while classical only based companies were forced to go out of business.Thus we come to our current status of the music instruments industry. 3. 2 Sales Trend The sales trend of the entire industry market has shifted over the years. Local instruments like harmoniums and tablas were the prefer music instruments. But the market was also smaller in size. Professional musicians and a few newcomers made t he whole of the market. But with the transformation of the industry, the market has a much different scenario. Modern instruments take antecedency over classical ones. The sales trend suggests that the newer instruments, especially the electric variations, are the big sellers.In the generation of frequent concerts, accessories like amplifiers and sound boxes are also a must. The modern instruments are very import heavy. So, the prices are also much higher. In the cases of customized guitars, the price of one guitar can be unlimited. Instruments from fa unexampleday countries such as USA, Germany etc. can be even more costly. For example, a piano form Germany can cost up to 8. 5 lac taka. The prices of the imported instruments maybe high, but that does not mean that customers will be discouraged to continue buy from this sector. In fact, its quite the opposite.One must not put down the fact that the companies themselves are get the instruments from foreign and then selling them here. They need a substantial tot up of capital themselves to maintain their supply. So, the companies spend a lot of money in this regard. But that does not mean the cost outgrows the profit. The profit of the music instruments industry comes from the sheer quantity of the products sold. Bands are consistently buying the modern instruments for their use. Young people with an interest in music also extremity the best music instruments to render their passion.The band music scene is so declamatory that the companies may not make a great profit on each of the sales they make, but the cumulative total of the instruments sold more than makes up for it in the end. So, it is safe to estimate that the sales trend will continue to grow in the same direction. The imported instruments will be the heavy sellers of the industry, but the local manufactured products will not be far behind. 3. 3 growth rate The growth rate of the music instruments industry overall has been quite substantial. F rom the early 70s classical music era to the present band music era, the industry has grown multiple times in size.The big players of the industry have invested heavily on imports which interminably expand the market. The slightly less equipped companies are making the transition from classical to modern instruments to keep up with the trends. Some companies are trying to be entirely focused on modern instruments kind of of classical. All of these companies keep adding to the industry. The customer base is also on the rise. Since the 90s music has become quite popular as a profession. Many music enthusiasts try to become a part of the industry by either pure talent or raw passion.Some just want to keep playing music as an added skill. The young generation is not the only user base though. Veteran collectors may even buy music instruments just for adding them to their repertoire. People have many choices when it comes to music. So, their reasons for buying an instrument can be equa lly diversified. And all this is without counting the established bands and celebrities who will continue to secure the high quality instruments for further advancement of their own carriers. 3. 4 growth potential The potential for this industry is variable.The big players of the industry have an oligopoly in place for the market in Dhaka. But the market extracurricular of Dhaka is still fair game. People order via courier from outside Dhaka. A music instrument company with a big capital may seize on this opportunity to establish a brand name which will enable the company to pose a threat to the players of the industry. Another spirit to consider is the foreign market. Bangladeshi musical instruments have demand in the outside world as well. But no big company makes the effort to spread the music abroad with the help of instruments.Some foreign buyers come to Bangladesh and buy locally manufactured instruments which are relatively low in price. If a company exports local music in struments, the travel cost for the buyers may be added to the instruments pricing. This can garner a hefty profit. The number of customers from abroad may be low compared to the user base of the country, but it is large enough to give it growth potential. 3. 5 Industry composition The music instruments industry at its current state is situated primarily in Dhaka. Areas like Dhanmondi, Gulshan and Shakharibazar are the prominent locations.The center of the entire industry is in Science Laboratory, Dhanmondi. The well established shops like Melody Co, Surasree, Sur niketan etc. have been there for decades and the majority of the market is in their grasps. A lot of medium and smaller size shops are also included there who use lower pricing to attract customers. Other notable locations include Bashundhara City Shopping Complex, Panthapath, and Dhaka which has World Music and Golden Music for a more modernized obtain experience. The big companies at Science Laboratory have their showro oms at the ground take aim and manufacturing factories on the appall above.Simple and local instruments like tablas, harmoniums and dhols etc. are made there. Complex instruments like guitars are made in a different factory. These factories are mainly situated on the opposite side of the river, outside of Dhaka, like Keraniganj for example. Imports are made through contacts for individual companies. Some companies use direct links abroad to ship instruments into the country. The others use third party importers to import their products. Most of the down payment is done by e-mail. Orders from outside Dhaka are taken via e-mail or telephone and the supplied through courier.The bigger companies of the industry also take responsibility for organizing stage shows for both the Government and NGOs. All of these activities amount to a flow industry that has quite a profit margin. To top it all off, the big players of the music instruments industry claim to have no loss. The sales never d ecline and the user base keeps growing. The only drawback is that the cost of raw materials may increase over time, but that can be easily overlooked by the profits. 3. 6 product composition There are two types of products in the market-local and imported.Local products are manufactured by the companies themselves and are sold at a much lower price compared to the imported ones. The imports are much more costly and have a lot more variety. Renowned brands such as Ibanez, STK, Yamaha, Fender, Tama, Paiste, Pearl, Maxtone, Roland, Gibson, TGM, Korg, Kurzweil etc. are available in the market. These brands attract customers on a regular basis. 4. 0 Analysis of Consumer Preferences To understand the industry one has to understand the consumers. Consumers insight is critical when determining business strategy. This report contains first hand consumer opinion gathered by individual surveying. . 1 Survey Procedure The consumer survey was done through both online and direct method. A consume r questionnaire that contained questions about general consensus of the music industry was created. Customers at the various music instruments shops were asked to take part in the survey. Online surveys were taken by creating the questionnaire in online form and conducted anonymously through the internet. Various contacts were used to conduct the online survey. We interviewed 50 people, some of them are professional musicians and the others are non-professionals. 4. 2 Survey ResultsThe primary source of data used in the report was a questionnaire filled-up by a vocalisation sample of participants. The representative sample was picked from different occupations, ages and educational attainment. The participants were asked to respond to a set of simple questions. The questions were intentional to get raw data. The raw data on analysis were used to get an insight into the general structure and consumer behavior within the music instrument industry. The survey findings were concluded in different sections by relating the collected data with the demographic characteristics of the interviewees.A detailed analysis of the findings is explained below * Preference of Music Genre We surveyed a total of 50 individuals from different segments of the social strata and also conducted an open online survey to get greater response. The core decision characteristics which guide the buying behavior in this market are the preference of genre by the buyers. Through our analysis we get to know that majority of the buyers are still guided by the classical taste. This segment is mainly occupied by female customers who still have a cheek for the classical music.Almost 50% of the users are aligned to classical genre. But we also observe that the modern genre is just tailing classical with a percentage user of 46% and there are few passionate users who have a taste for both genres and it comprises of a minute figure of 3% of the market. Figure 1 Preference of Music Genre * Preference of Music Instrument Analyzing the market we can observe that the most desirable instrument is acoustic guitar followed by electric guitar. Together they occupy close to 60% of the market. There is also high demand for keyboard (19%), flute (19%), drums (18%) and bass guitar (17%).So observing the instrument preferences we can conclude that the modern instruments are in high demand and to be precise the imported instruments. Figure 2 Preference of Music Instruments * Purpose of Purchase Most purchases are made for in the flesh(predicate) use which is an astounding 98%. But still some purchases are made for commercial use like buying of sound systems and also there are many small business providing electronic jamming facilities. These people make commercial purchases. Moreover many government institutions and NGOs also make large scale purchases.But as we can observe from the survey results music instruments are still out there for the common to take pleasure in. Figure 3 Purpose of Purchase * Consumer budget Analysis As most of the purchases are related to personal use so the budget for buying instruments in not that high. The major portion of the budget is around TK. 4000- Tk. 10000 almost 45%. There are very few high rollers in the budget list who tend to spend lacs on instruments. But even then professional artists and few passionate collectors buy the real deal price more than 1 lac. But even then as the survey shows the market is steady at around Tk. 000 -25000. Figure 4 Consumer Budget Analysis * Analysis of Brand Preferences 1. Brand Preference of Guitar As we can see the imported brands from china and Indonesia hit the chart at top. Brands like Ibanez and Gibson are in a high demand among consumers. Figure 5 Brand Preference of Guitar But still some influence is also made by Indian brands like Givson and Signature who also occupy a respectable share in the market. And for other brand there is very little demand for them but still due to specific bra nd preference from customers these brands are still available in the market. . Brand Preference of Drums Analysing the market trend and through our survey we could conclude that there is a very steamed margin between prefernce for brand while buying drums. This segment is leaded by two leaders Tama and Yamaha which are very popular brands worlwide and prefered by renowned musicians around the world. Others brands like pearl is also in the customers list. But other brands like paiste , maxtone and local brand like Bappi are still a bit less desiarble to customers. Figure 6 Brand Preference of Drums 3. Brand Prefernce of keyboardsAs they results speaks this segment is ruled by yamaha and roland. This two are Figure 7 Brand Preference of Keyboard undoubtedly the most popular brands and also highly suggested by users and professionals. Yamaha with an astounding 50% on preference and Roland with 34% have captured the market. For others brands its still a long way to go and more customer s to capture to overdo these two giant brands. * Acceptance of Second Hand Instruments Observing the market trend and consumer behavior we can conclude that most people are for this second hand selling nearly 54% and 34% has no negative notion towards it.Its quite clear that the market is open for second hand selling and customers are satisfied with this kind of activity. Figure 8 Acceptance of Second Hand Instruments Though this is not a recognized act but due to high prices and tax on imported musical instruments people fail to avail the original one. So when they get the almost new thing at a very tatty price they cant resist it. So it is quite evident that unless there is a honest price cut this selling of second hand instruments will continue. 5. 0 Analyzing the Market It is better for both the consumers and the sellers to understand the premise of the music instrument industry.Market and consumer behavior is important for analyzing the industry. The study contains consumer a nd market opinions which were found through a survey in the market. It is crucial for the new investors as well to know the facts that stamp down its consumers and competitors behavior. By analyzing the market is not a short process. The analysis of current market trends, market share, market growth, market size and analysis of the market leaders come into the procedure. 5. 1 Market trends The current situation at the music instrument industry offers a wide range of products to its customer.With the revolutionary change in the music industry last decade, the instrument industry also claimed its share of customers. Consumers are now more involved in choosing brands that they would buy. People dont mind paying higher to attain a better performed and of craved outlook music instrument. Even a few days ago consumers were check in buying basic instruments like guitars, harmonium, tablas etc. But with a change in music trend, consumers now look for dj turn table, multi-functional amplif ier, upgraded accessories and many other modern instruments.This massive use of instruments results in more repairing work for the mechanics. This often leads customers towards using wireless electrical instruments. This allows the importer to introduce newer editions of product in the market. Thus the major trends currently observed are * Tendency of buying brand As the music industry is growing at a rapid speed, it started a new era in the music instrument industry. Now a days people move toward hassle free products for which they wont have turn to mechanic shop. So they are now more interested in buying big brands. The big brands offer guaranteed service and better performance.With differentiated products in the market musicians can choose their desired instrument outlook. * Selecting performance over price With number of brands in the market buyers get to choose theirs from a variety of products. Among these people are more prone towards choosing high performance instrument whil e fondness less about the price. Another reason for such behavior in the consumers is their social status. This very sector has most of its customers either from the music world or from the well off class of the society. This enables these selected consumers to choose performance over price. * Use of the upgraded accessories and technologyMarketers have brought upgraded accessories as the demand for it rose with the massive use of modern instruments. Consumers want the best for their instruments and always look for the upgraded versions. Moreover, the passionate young musicians are extensively using these products that thence making this a prominent sector of music instrument industry. * Using modern technology With the world moving towards technology this sector is also having the touch of it. From the music makers to the music editors, all now depend on the newly added instrument to the industry to cope with the world.The wireless instruments, multi functional mixers and customiz ed sound systems are of the essence(p) for them to meet the standards that had been set across the world. Alongside the rise music industry, instrument industry is now fountainhead for bright future. The current trend of the market makes this sector more promising 5. 2 Market share Market share is the percentage or proportion of the total available market that is being serviced by a company in comparison of the whole industry. According to the consumer survey, consumers tend to go the old names mostly because of their brand value.In the music instrument industry the majority of the market share is captured by Melody Co. the company demanded that it is the trust and faithful service that they provide to keep their customers satisfied. World Music, among the new companies, also holds a significant proportion of market share. The rest are shared by the other existing companies in the market. Though the companies declined to provide their exact financial information regarding their m arket shares because of their company policy, we were able to deport the current state through surveying the market and the consumers. Figure 9 Shop Preference . 3 Market Growth The music instrument industry is going through a rapid growth. This is because of the change in the music scene in the recent years. Reasons including young generation being more involved in the music industry and the trend of using newer version of big brands when performing in the public. Musicians now use instruments that have better sound quality and also can be harmonized easily. at present the instrument industry offers choices in front of the buyers to select from. The increasing number of musicians is buying more and more instruments which are fueling the industry to grow larger.As there is no structured association of the music instrument industry, and many of the companies are independent ones, no up-to-date statistics on current market growth was found. But after studying the available market sh ares over the years it can be still that this industry is expanding at a high rate and there is still scope for further expansion. once more surveying the market gave us an overview of the industry. As the number of consumers rose the demand for the instruments reached a certain level that made the marketers to increase the prices over the years.