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We have tried our best to produce our work as per your structures and hope we believe we have done an adequate Job considering our level of experience and expertise and are able to relate the fundamental things with realistic applications. We are extremely grateful for the opportunities that you gave us to express our innovative ability and we earnestly hope that you will Like the work that we have done. Furthermore, we stand by to answer all queries regarding our work and pledge that our New Product Development Is a unique production culminated by the amalgamation of our varied skills and had work.
Sincerely Yours Acknowledgement All praise to Allah, our creator and sustainer, for giving us the strength to prepare this assignment. Our heart full thanks to our course teacher “Saudi Aimed” for giving us an important topic about the “New Product Development. ” and also for giving suggestion as well as guideline, which helped me In completing this report. As we are the student of ABA, most of us (after completing ABA degree) will Join In marketing sector so It Is very Important to know about the strategy and process of new product development.
The successful accomplishment of this report is the outcome of the contribution and involvement of a number of people, especially those who took the time to share their thoughtful guidance and suggestions to improve the report. At first thanks to the officers of Bangladesh Agricultural Research Institute (BARB). Especially for their generous help through providing necessary information regarding this report. These elements helped us a lot for preparing our report. We have deepest gratitude to our respected course instructor Saudi Aimed, Lecturer, Department of Finance, Jonathan University.
We are thankful to him for his continuous support and supervision, suggestions and providing us with valuable information that was very much needed for the completion of this report. A manufacturing company must have a product to produce and to deliver to Its nonusers. This product is the life of this company. That’s why a company should beneficial for the targeted consumers. This product can help the company to run a long way and to achieve the expected amount of profit.
As a manufacturing company, we thought about such kind of product which would be profitable for us, fill the necessity of the consumers, useful for environment as well as contribute to our national economy in a large scale. From this thought, we have searched for ideas of some new products. We have looked for different internal and external sources. And we got huge ideas of new products. But most of these could not fill our expectations. That’s why we were looking for more and more and finally we got some good ideas.
At this time we started to select the best one which would be the most perfect to fill up the contemporary necessity of people and have a great potentiality in future. Finally we have selected a new product idea. As Bangladesh is an agricultural country, we thought about such type of product that would help our farmers. To grow crops the farmers have to use a lot of insecticide that is so much poisonous and harmful for not only our environment but also human health. So we have thought of reducing the use of insecticide.
That’s why our new product is a natural ‘anti-insect’ prepared from ‘mahogany seeds’. It is pure and natural that protects the crops from different insects. First of all we collect the ripe mahogany fruits from which we separate the seeds. ‘Seed’ is the main raw material of our new product ‘natural anti-insect’. The seed contains some elements that can prevent the insects. Then we squeeze the essence from the seeds. This essence is applied on the land through spray. As a result we can get fresh and poison free harvest. We must develop our new product ‘natural anti-insect’ through the product concept.
Primarily we tested our product on a piece of land with a small area. And we got the expected result. No insect could attack the land as well as the environment was pollution free. Observing the initial result, we have been inspired and started taking steps to develop the product quite largely. We started to follow and implement the new product development process. We want to test the market and the acceptability of our product among the people. That’s why we tried to sell a little quantity of ‘anti-insect’ in a local market of a rural rear.
Primarily it had been tough to convince the people that it is more beneficial and less harmful for crops land and for the environment than chemical insecticides. But after some experiment they started to believe that, yes, it works! Latter we insecticide. Finally we have decided to commercialism our new product ‘natural anti-insect’. Our aim is to sell product up to 50 percent area in our country in the first year and in second year, we sell our product up to 80 percent and some foreign countries. For the planned long-run sales, the total marketing budget will be raised each year y about 2 percent.
But other cost will be reduced about 5 percent per year after the first year. As farmers are not connecting with television or internet, we are advertising this product directly communicating with them and arranging seminars, field-training etc. Being mainly agricultural country, near about 80% people of Bangladesh are farmers. So we can find a large number of consumers for our new product ‘natural anti-insect’ in our country. That’s why we have taken plan to spread out this product all over the country as well as many foreign countries where agriculture plays a significant role in he national economy of those countries.