Problem and Prospects of Sea Food Business in Dhaka City

Background of the Study:

Now a day’s sea food is popular food in our country. Sea food is any sea animal or plant that is served as food and eaten by humans. Sea foods include sea water animals, such as fish and shellfish (including mollusks and crustaceans). Sea food is distinguished from meat, although it is still animal and is excluded in a vegetarian diet. Seafood is an important source of protein in many diets around the world, especially in coastal areas. Seafood is consumed all over the world; it provides the world’s prime source of high-quality protein: 14–16% of the animal protein consumed world-wide; over one billion people rely on seafood as their primary source of animal protein. So sea food business is growing up continuously. There are many organization doing there business in Dhaka city. Like, Peninsula Sea Food Ltd., Overseas Sea Food Ltd, FedbaqSea Food Trading etc. Normally they collect their fish from Bay of Bangle, after that they refine it. Then they supply that different shopping mall and chainess restaurant. Like, Agora, CSD. Some companies export their sea food in different countries. Normally they supply Shellfish; Tilapia; Whitefish; Shrimp; Prawns; Eel; Mackerel; Shark; Tuna; Frozen sea food etc.

Objectives of the Study:

Primary objective: The primary objective of this study is to determine the growing opportunity and the problems of sea food business in Dhaka city.

Secondary Objectives: Along with the primary objective, this research will also work to accomplish the following objectives:

• What type product they sell?
• Who are their customers?
• What are their prospect plans?
• How they run their business?

Research Design:

For our topic we will do exploratory research. For gathering information and data we will use  survey research method and secondary data analysis method .We also collect data from there last annual sales report to get some idea about there sales. As we are researching on Sea food business in Bangladesh, we have to consider those groups of people who are directly related to this business. Therefore, we identified three groups of peoples to conduct our questionnaire and they are the experienced mid level employees, sales and marketing managers, and customers who buy sea foods from these organizations. On the basis of these categories we will develop three different questionnaires to collect data. For our survey we will use personal interview method.

Sample Design:

For our research we have three categories of respondents so we have to select three sample units. One sample unit will be made from some mid level employees, another from some sales and marketing managers of some sea food companies, and last sample unit will be made from customers. For these sampling we will use probability sampling method. The survey would be conducted on three Sea food business organizations where we will select thirty individual respondents based on stratified sampling. We also do our survey on five organizations whose collect sea foods from those business organizations like Agora, CSD store, Nandon, Changpai restaurant etc.

 Data Gathering:

Data will collect from different sources using various methods, such as (a) A field work to collect data from different sea food business organization (b) e-mail communication [If necessary, with different organization outside of Dhaka city (c) personal interview. In our research, data and information will gather by the five members of the group ‘Rainbow” which is the name of our group.

Data Processing and Analysis:

This stage of research process is completely done by the editing and coding technique. Data and information which we will find from interview and others things will analyze here. If there any mistake by collecting data for example interviewer error or there is a lack of information then we will edit those things and after that proper coding will arrange.

Report Preparation:

A written report will be prepared. At the last part of the report we will also give some recommendation based on our findings.

Activity Schedule:

Introduction:

Background of the Study:

Now a day’s sea food is popular food in our country. The condition of our country for sea food business is suitable and for this reason sea food business is now growing up very firstly in our country. Sea food is any sea animal or plant that is served as food and eaten by humans. Sea foods include sea water animals, such as fish and shellfish (including mollusks and crustaceans). Sea food is distinguished from meat, although it is still animal and is excluded in a vegetarian diet. Seafood is an important source of protein in many diets around the world, especially in coastal areas. Seafood is consumed all over the world; it provides the world’s prime source of high-quality protein: 14–16% of the animal protein consumed world-wide; over one billion people rely on seafood as their primary source of animal protein. So sea food business is growing up continuously. There are many organization doing there business in Dhaka city. Like, Peninsula Sea Food Ltd., Gemini Sea Food Ltd. Sun Sine Trading ltd. Popular Agro and fish LTD Trading etc. Normally they collect their fish from Bay of Bangle, after that they refine it. Then they supply that different shopping mall and restaurant. Like, Agora, CSD. Some companies export their sea food in different countries. Normally they supply Shellfish; Tilapia; Whitefish; Shrimp; Prawns; Eel; Mackerel; Shark; Tuna; Frozen sea food etc.

Objectives of the Study:

    Primary objective: The primary objective of this study is to determine the growing opportunity and the problems of sea food business in Dhaka city.

Secondary Objectives: Along with the primary objective, this research will also work to accomplish the following objectives:

• To understand what type product they sell.
• To understand who are their customers.
• To understand what are their prospect plans.
• To understand how they run their business.

Research Methodology:

Our research topic is “A study on problem and prospects of sea food business in Dhaka city”. It’s a descriptive research. We know Descriptive research, also known as statistical research, describes data and characteristics about the population or phenomenon being studied. We know descriptive research is also a quantitative research. Keep in mind all these things we conducted our research. Details of our research methodology are given below:

Construct.

“Profitability of sea food business”

Concept

Research Design:

For our topic we use descriptive research technique. For gathering information and data we use survey research method and secondary data analysis method. We also collect data from there last annual sales report to get some idea about there sales. As we are conducting our research on Sea food business in Bangladesh, we consider those groups of people who are directly related to this business. Therefore, we identified two groups of people to conduct our survey by using questionnaire and they are the experienced mid level employees, and sales and marketing managers. On the basis of these categories we develop our questionnaire to collect data. For our survey we use personal interview method including door to door interview. For collecting secondary data we visit there websites.

Sample Design:

For our research we have two categories of respondents. For this reason we select two sample units. One sample unit made from some mid level employees, another from some sales and marketing managers of some sea food companies. For these sampling we use probability sampling method. The survey is conducted on five Sea food business organizations where we select thirty individual respondents based on stratified sampling.

Data Gathering:

All data collect from different sources using various methods, such as (a) A field work to collect data from different sea food business organization (b) e-mail communication(c) personal interview including door to door interview. In our research, data and information will gather by all members of the group.

Data Processing and Analysis:

This stage of research process is completely done by the editing and coding technique. Data and information which we find from interview and others things we analyzed here. When any mistake was happened from collecting data for example interviewer error or there is a lack of information then we edited those things and after that proper coding arranged. We used SPSS (Version 15.0) to analyze our data. We used different graph for example Pie chart, bar chart, histogram for better analysis. We also used cross tabulation where needed to intemperate data more easily.

Limitations of the study:

Even with our high motivation to fulfill each and every aspect of our reader’s requirements in this report, we often found ourselves in a position where we could not get the exact information. Following briefly says about the limitations we had for preparing our report:

•  Don’t get enough time to do our survey.
• Respondents sometimes don’t give us enough time for their busy work schedule.
• Insufficient Information.
• Due to secrecy respondents don’t want to share all information with us.
• Lack of secondary information.

Sea food:

Seafood is any sea animal or plant that is served as food and eaten by humans. Seafoods include seawater animals, such as fish and shellfish (including molluscs and crustaceans). By extension, in North America although not generally in the United Kingdom, the term seafood is also applied to similar animals from fresh water and all edible sea animals are collectively referred to as seafood.

Edible seaweeds are also seafood, and are widely eaten around the world, especially in Asia. See the category of sea vegetables.

The harvesting of wild seafood is known as fishing and the cultivation and farming of seafood is known as aquaculture, mariculture, or in the case of fish, fish farming. Seafood is distinguished from meat, although it is still animal and is excluded in a vegetarian diet. Seafood is an important source of protein in many diets around the world, especially in coastal areas.

Types of seafood:

There are over 32,000 species of fish, making them the most diverse group of vertebrates. However, only a small number of the total species are considered food fish and are commonly eaten.The principal food fish species groups are:

• Anchovy
• Carp
• Catfish
• Cod
• Eel
• Haddock
• Halibut
• Herring
• Mackerel
• Salmon
• Sardine
• Scad
• Snapper
• Tilapia
• Trout
• Tuna

Consumption:

Seafood is consumed all over the world; it provides the world’s prime source of high-quality protein: 14–16% of the animal protein consumed world-wide; over one billion people rely on seafood as their primary source of animal protein. Fish is among the most common food all kind of people.

Australia, Iceland, Japan, New Zealand, Portugal are the greatest consumers of seafood per capita in the world.

The Food Standards Agency recommends that we eat at least two portions of seafood per week, one of which should be oil-rich.

Oil-rich fish such as mackerel or herring are full of long chain Omega-3 oils, also found in every cell of the human body. These oils are vital for human biological functions especially brain functionality.

Whitefish such as haddock and cod are very low in fat and calories which, combined with oily fish rich in Omega-3 such as mackerel, sardines, fresh tuna, salmon and trout, can help to protect you against coronary heart disease, as well as helping to develop strong bones and teeth.

Shellfish are particularly rich in zinc, which is essential for healthy skin and muscles – and fertility. Casanova reputedly ate 50 oysters a day.

Health benefits of eating seafood:

Sea food contain different types of vitamin and protin. Such as vitamin A, vitamin D, Iodine, Selenium, , Zinc etc. It is help full for our brain heart eye and boon.

Regularly eating fish oils is also thought to reduce the risk of arrhythmia – irregular electrical activity in the heart which increases the risk of sudden heart attacks.

Fish is high in minerals such as iodine and selenium, which keep the body running smoothly. Iodine is essential for the thyroid gland, which controls growth and metabolism, while selenium is used to make enzymes that protect cell walls from cancer-causing free radicals, and helps prevent DNA damage caused by radiation and some chemicals.

Fish is also an excellent source of vitamin A, which is needed for healthy skin and eyes, and vitamin D, which is needed to help the body absorb calcium to strengthen teeth and bones.

Data Analysis and findings:

Frequencies:

For our survey we went five sea food Business Companies and took personal interview. We collected 30 individual people from those five companies by using stratified sampling. Our chosen all company is private company because in our country there are no public company.

Frequencies:

 In our study, we survey on five companies and 30 respondents. For our survey we go to Peninsula Sea Food Ltd, Gemini Sea Food Ltd, Sun Shine Sea Food Ltd. Popular Agro & Fish Ltd, and Overseas Sea Food Ltd. Normally sea foods company sells sea fish(Shellfish; Tilapia; Whitefish; Shrimp; Prawns; Eel; Mackerel; Shark; Tuna) and sea animal (mollusks and crustaceans). We find 60% company only sell sea food and other 40% company sell both.

Frequencies:

Now a day’s online business is very essential. Because in this way customer and business company can communicate easily. But in our country sea food business still can not developed in this sector. For this reason maximum business organization doesn’t have online business.

Frequencies:

Normally sea food companies sell their product in whole sale and retail. In our survey we find that maximum organization sell their product in both whole sale and retail.

Frequencies:

In our country there are many type of customer. But mainly shopping mall (Agora, CSD etc) and restaurant (Westine, Sarina etc) is main customer of this product. Some organization sells their product in both restaurant and shopping mall.

Frequencies:

There are many criteria of sea food, like frozen, dry, and normal. But most of the company sells frozen food. Because it is easy to store and sell and its demand is high.  In our survey we find 40% company sell frozen food.

Frequencies:

Do you think Bangladeshi weather is helpful for this business?

We know weather is very important for all business. And this business base on bay of bangle in this sense weather is very important. In our survey we find out our countries weather is helpful for this business because most of the respondent say that. After that some times they face some kind of problem, such as flood, heavy rain falls etc.

Frequencies:

We know there are six season in Bangladesh. This business is related of Bay of bangle. Because season play important role for this business. Normally those companies collect fish all of the year but some times they face problem in summer and rainy season. Because in summer season the condition of the sea is not as much suitable for catching fish and there are many deastair come in this season. And in rainy season flood will be come, for flood fish is changing their position frequently. For all these reasons many organization can’t collect their product in this two season.

 Frequencies:

Seasonal problem is main problem for this business but some times they face different type of problem like transporting, loading, realizing product, labor etc. In our country we find that in Chittagong port there are many kind of problem occurred such as labor strike, Loading and realizing problem etc. After releasing product when they bring that in Dhaka city they face transporting problem.

Frequencies

Do you import your product?

Export and import is very important for all business organization. Because now business is being globalize. In our survey we find some company does export but no company do import. Because they said that they can collect most of the sea food from Bay of bangle but in future they try to import some product. Those organizations who didn’t export their product, they have plan to export their product very soon in future.

Frequencies:

Sea food business is now growing business. So normally it is profitable business.  But we see in our survey only one peninsula sea food ltd. did loss in last year. Because there company is new company so they have lack of many facilities like transport, labor and lack of experienced people etc. On the other hand in that time there competitor was in good position. But they expect in future they can also do profit.

Hypothesis:

About the sea food business is profitable or not in Dhaka city.

Now,

Then,

The Level of significant=.05

It’s two tail tests.

So, the level of significant=

So,

=.5000 – .025

0.4750

From appendix “D”

=.06+1.9

=1.96 that is the critical value.

Calculate “Z” Test

So null Hypothesis is true. It’s means as the profit level that are accepted tk 50. We can find the result from Z test comparing with the critical value, which show that the null Hypothesis () is true.

So we  can accept that the project.

Recommendation:

From the above findings we can conclude that there are several issues regarding the sea business that the authority should be concerned about. Here are some key issues:

In our survey we find they only doing their promotion activity by leaflet and newspaper.  But we think it is not enough for any business they should use mass media. They have to expand there promotional activity because, this type of food is not as much popular to its customers yet.

Many customers feel conscious to eat this type of food because they don’t know about its effects. So, the business people have to give that information like how much protein these foods contain or, how much good elements these foods have which are very much good for human body etc. to increase customer level.

  In export sector many organization don’t export their for lack of facilities for its huge cost including transport, packaging, tariff etc. So government should provide some fund for this.

   In foreign countries sea food have huge demand, so different organization should export it.

  All organization should import those sea foods which are not available in our country to fulfill customers need.

   This business should cover all local market by which every people can get it easily.

   Many people thought that the quality of frozen food is not good for health, but frozen food is store in -10 degree celcious temperature which doesn’t destroy the food quality. And all organization should ensure that, this information should be providing to their customer.

  Many organizations don’t have their own vehicle for transporting. They should organize their own transport facilities.

   They should provide more facilities, suitable salary to their labor to overcome labor crisis.

   They should increase food storage for summer and rainy season. Because in that season they face many seasonal problem.

   Our government should concern about the educational sector of fishery because all sea food organization need expert people in to run their business successfully.

   They have to chose those people who are very much expert for catching sea animals and have a good knowledge about sea animals.

Conclusion:

In our country we have enough resources and large opportunity for sea food business. But we have a very few business organization who did sea food business in our country. For that our vast resources are being unused and day by day they become valueless. But in foreign countries sea food has a vast demand and those countries import sea foods from different countries. So if in our country make business organization start sea food business then it is very much profitable for them and also for our country. Our country can earn a huge amount of foreign money in this sector. And if organization expand their business in sea food then our resources also being used properly.  In this way, in our country’s unemployment also been decreased. Our government should consider this sector seriously and should take some necessary steps like provide more fund, increase more facility etc. for expanding this business vastly in our country.

Moreover we hope that this research will give some idea about problem and prospects of sea food business in Dhaka city. It will make people understand that sea food business is suitable for young entrepreneurs.

Bibliography

• www.seafood.com
• www.frozen_food.com
• www.peninsulagroup.com
• www.overseas.com
• www.wikipedia.com
• The World Resources Institute, The live reef fish trade.