COURSE TITLE: Marketing Management

COURSE CODE: BBA 221

SUBMITTED TO: Dr. Wahiduzzaman Khan

ASSOCIATE PROFESSOR

SCHOOL OF BUSINESS,AUST

SUBMITTED BY: Jarin Islam

STUDIENT ID: 18.01.02.086

SECTION: C

SUBMISSION DATE: 10TH September,2020

To

Dr. Wahiduzzaman Khan

Associate Professor
School of Business,
Ahsanullah University of Science & Technology

Subject: An Application for submission of report on – “New

product development”

Dear Sir,
I am the student of BBA 2nd year 2nd semester section C of School of
Business, Ahsanullah University of Science &Technology. I’m prepared
the final report for the purpose of New product development.

I’m therefore pray and hope that you would be kind enough to grant my
report.

Yours Sincerely,

…………………………..
Jarin Islam
School of Business, AUST
Acknowledgement

First of all, for preparing our report, we would like to thanks almighty
Allah.

I would like to acknowledge Dr. Wahiduzzaman Khan, Associate

professor, School of Business, Ahsanullah University of Science and
Technology for this supervision and valuable guidance. During the
preparation of this report I have collected many important information
from internet. My gratitude also goes to some senior students for their
guidance in various stage of completing this assignment and my friends
also.I am also grateful on my sister.
Contents
1.0Executive summary:...................................................................................................................... 5
2.0 Introduction ................................................................................................................................ 6
3.0 SWOT analysis ............................................................................................................................. 7
3.1 Strenghts: ................................................................................................................................ 7
3.2 Weakness ................................................................................................................................ 8
3.3 Opportunities .......................................................................................................................... 8
3.4 Threats .................................................................................................................................... 8
4.0 Market Mix: ................................................................................................................................. 9
4.1 Product .................................................................................................................................... 9
4.2 Price ........................................................................................................................................ 9
4.3 Place ........................................................................................................................................ 9
4.4 Promotion ............................................................................................................................... 9
5.0 Target markets .......................................................................................................................... 10
6.0Competition ............................................................................................................................... 10
7.0 Goal ........................................................................................................................................... 10
8.0 Control: ..................................................................................................................................... 10
9.0 Conclusion ................................................................................................................................. 11
1.0Executive summary:
NPD means New Product Development. NPD is the process of bringing anew
product to the market place. Product that our business has never made or sold befor
but have been taken to market by others. Aarong is preparing to launch a new
product. They want to sell furniture. This product is over full demand states product.
Which demand is suddenly increasing very fast. That’s why our company should
select and produce such product which will be profitable for the company as well as
beneficial for the targeted consumers.

Aarong is one of top company of Bangladesh. They sell various kinds of product.
And the demand of the Aarong product increasing day by day. Now we are a
trustable company to others and now we want to longer our range.

For that,we have searched for idea of same new products. That we never sold or
made befor.

In Aarong we never sold electronics items such as TV, laptop, mobile and also never
sold notebook like Bashundhara, Freash. We have looked for consumer need,womt
and demand

Finally we have selected anew product idea.As Aarong is a trustable and famous
company if we sell furniture items easily we can achieve our goal.
2.0 Introduction
Aarong is launching new product that is furniture. Most of the product of Aarong is
famous to their customers. So we want to large our range. We can effectively
compete with many company because Aarong is always famous for their unique
combination. And it is also very challenging for us to take a good position in market.
Our competition companies are already in a good position. Our competitions are
Otibi,Hatil,Partex,Navan,Brothers furnitures Ltd,Akter etc.So now our target is to do
better than others.

New Product Development Process

New Product Development covers the complete process of bringing anew product of
market.There are seven steps of new product development process.Such as idea
screening, feature specification, development, testing,launch, Evaluation.

Idea generation: Idea generation is defined as the process of creating, development

and communication abstract, concrete or visual concepts. To put it simply, it’s the
process that requires

finding new solution for practical problems in all fields of life and work

Idea screening

The cost, profit and potential sales of offering are calculatedat different price levels.
The company also considers how well the offering fits in with its competitive strategy.
This is second step of new product development.

A feature specification:

A feature specification is a written description of a feature of a system. A feature of a

system is user-visible aspect of the system that provides the user same benefit.

Development

The product development process encompasses all steps needed to take a product
from concept to market availability. This includeds identifying a market need
researching the competitive landscape etc.

Testing:

The offering is tested in the lab and with real customers. If the review of the product
is good than we can also know about the test of customers.
Launch

The offering is made available to customers. The development phase defines the
process and operating procedures to make the product efficiently. The last phase is
launch where all market strategy, pricing, customer, market segmentation,
promotion, advertising to name just a few to bring the product to market.

Evolutionary

Evolutionary model is a combination of alterative and incremental model of software

development life cycle. Delivering our system in a big bang release.Delivering it in
incremental process over time is the action done in this model.

3.0 SWOT analysis

SWOT is a strategic planning technique used to help a person or organisations
identity strengths, weakness, opportunities and threats related to business
competition or product planning.

3.1 Strenghts:
Trustable: Aarong product is always good. Customers trust us very much. So this is
our main strength.

Popularity: Aarong is already popular company so if we launch new product that

means furniture it will achieve it goal.
Uniqueness: Aarong different from other for their uniqueness. So our furniture are
also different from others.

3.2 Weakness
1.Thare are many competitor in market . Yhose who are selling furniture smoothly.
So ot is difficult to us entry a new market product.

Aarong is basically for dress, handicraft. So it is challenging to us to sell totally new

type of product to our customers.

3.3 Opportunities
Increasing demand: The demand of furniture are increasing day by day. So if
Aarongcan fulfill this need, it is great opportunityto us.

Online: Aarong is also active in online page.We have a large amount of customers in
online. So it is opportunity to us.

3.4 Threats
Increase competitor: Thare are many company for this product. So this is threats for
us.

Pricing:Aarong productprice is high competitively from others. So it is also threats for

us. .
4.0 Market Mix:
A combination of factors that can be controlled by a company to influence
consumers to purchase its products. The 4Ps make up a typical marketing mix-price,
product, promoting and place.

4.1 Product
A product is an object or system made available for consumer use.Our new product
is furniture. We can sell various type of furnitures.Such as table, cheirs,beds,desks
etc.Table and chair are for business holder or student. Beds showcase those are for
housewife.

4.2 Price
Price depends on packaging, discounts,location, shipping and other offer related
elements. Our price rate

normally is high.But in our new product development we set our price rate low. The
price of table is 20,000 tk.

Showcase and desktop price is strat from 3000 to 10,000 tk.We set our price rate
low to attracted our new customers.

4.3 Place
Place includes retail digital,phone chat and multi channel options.We sell our
product in two ways.Outlets and online. We can collect our product from production
house and sell them to our outlets. Without Aarong outlet. We never sell our product
outside.

Online retailers: We can take photo of the product and upload them in our
page.Because we have a large amountof

customers in online.

4.4 Promotion
Promotion is very important for all the product. For a new product it is too much
effective. Because without promoting customers can no about the new product. So if
we want to increase our sates volume we need to promotion. Way of promotion.

Online: This is the most powerful medium in this situation. If we advertise in our
online page we can get more benefit. Because there are a large amount of people
use Facebook. They can easily know about the product.

Bilbourd: We can promoting by billboard.This is also effective way.

Advertisement : We can also promote our new product by advertisement

through TV
Thare ase many option for promotion. So we can use those option and

increase our sales value.

5.0 Target markets

Target market is a subset of the total market for a product or service. Our primary
customers terget for Aarong is middle to uper income profession . For our new
product this segment can be distributed by age ( 23-35) and housewife officer
businessman and students also.There demand is various type of furnitures for their
house and office . So if we sell this type of product,we can fulfil our demand.

6.0Competition
Our compositors are already in a good position in market. Competitors are
continually adding features and sharpening price points.Kye competitors –

Hatil, Akter,Otobi,Partex etc.Those are the already took a good position. So it is hard
and challenging to us to entry a new market and fight with t those companies.

7.0 Goal
Marketing strategy is a long term, forward looking and approach and an overall
game plan of any organisations with the fundamental goal of achieving sustainable
competitive advantage by understanding the need and want of customers. Our main
goal is to keep and grow a large amount of our customers. And fulfil their need
properly and our other goal is do better well more then our competitor and also
archive goal as like as other product of Aarong.

8.0 Control:
Control is the process of monitoring the proposed plans as they proceed and
adjusting where necessary. We are planning tight control measures to closely
monitor quality and customers service satisfaction. This will enable us to react very
quickly in correcting any problemsthen to occur. We also monitor all the side of new
product development and we must archive our goal and manage customers long
time relationship by delivering value of customers.
9.0 Conclusion
In assinment of New product development I show that Aarong launching new product
that is furniture.Our business has never made or sold before this product. So in this
topic I show that development of this product. And when we launch new product
what should we will do and what should our company will do to entry a totally new
product market. And how we will development a new product that we launch.