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A new product development MUSIC MANIA 1.

At present Marketing activities is becoming very difficult for people. Competition in business is rising day by day. And if a company wants to survive in this competitive world it has to pay great attention and effort in business. Our company Music Mania is a new brand name in market which has brought new product and trying to operate carefully so that it cannot only survive but also dominate the market.

1.1 Origin of the report:

As we are the student of BBA it is very important for us to have a good knowledge about marketing activities. By studying we can only gather the theoretical knowledge but we need more knowledge about practical. The main focus of this report is to know about a new product development strategy in competitive market.

1.2 Object of the study:

The main objective of the report is as follows: To know about the company. To know how can a company analyze its situation? To know about the 4Ps. To know about marketing segmentation, target marketing and positioning of the company To know about future plan of company? Etc.

1.3 Limitation of the report:

While doing this report,. Weve faced the following problems: Text-books do not covers proper information about the real situation. Sometimes finding necessary data via internet is not possible. Development strategy is not same to all writers so picking up the suitable one is difficult. etc.

1.4 Methodology and source of data:

The report is actually based on secondary data, mainly through: Secondary: The internet Textbooks


A new product development MUSIC MANIA

Data collection has been done based on these methods.

2.0 Our Company Overview: 2.1 The Brand Name

The name of our company will be Music Mania There are few specific reasons for selecting this name. Mania means intensive, or crazy about something.. As we will provide varieties of music and music related programs we decide to name it Music Mania so that we can attract various people and they fall in love with our program. Another target of us is to provide entertainment. So name it Music Mania.


Here M means music and fire on the body of M means crazy for people love music and they want music every part of their life, if people fall in disappointment they want to listen song.when people celebrate a party they celebrate by listen on many event people like songs.for that reason we can say people are crazy for song. for this consideration we created our logo by means crazy.


2.2. Company Description

The Present media business is not similar to Music Business In Bangladesh, there are many types of satellites TV channel. But there is no musical TV channel. Although A


A new product development MUSIC MANIA

TV channel named FALGUN MUSIC started test transmission but didnt get license from government to carry on their work. On the other hand we are following each and every rules and regulation so that no one can put a finger toward us. Now our music industries are developing day to day.

2.3 The Company:

The opportunity for a new music channel was perceived by a group of five innovative persons. Today people like watching songs rather than listening. After analysis of conditions in the industry and other facts, they are convinced there is a viable growth opportunity for a business of this type. The customer of a business of this nature will be people in need of a different form of entertainment and people in need of a different form of entertainment and people want to watch Bengali music videos. It will be Music Manias philosophy to offer an attractive way of entertainment through music.

2.4 Company Location: To establish this TV channel we needed a place

where we can get every modern facilities and developed IT sectors. Thats why we chose Karwan Bazar where we get everything we need and also we are close to our competitors so that we know what kind of strategy they are using and they are going to use against us.

2.5. Situation Analysis (SWOT).

Situational analysis, being a part of the market planning process, is an integral procedure and a very powerful tool for organizations and businesses to instigate effective marketing plans. Our companys SWOT analysis is as follows:

2.5.1 Strengths
People in general spend a lot for music. Thats why we will be in great demand. Music is a part of life and it influence life style. MUSIC MANIA is able to appeal to this population not only through the music but also through its coverage on lifestyle, film, fashion and other forms of leisure and entertainment that captured this market.


A new product development MUSIC MANIA

It is easy to be loyal to MUSIC MANIA as it gives the young adults what they want and at the same time, this market determines what MUSIC MANIA should show them. MUSIC MANIA is a channel that has a personal appeal that cable networks and advertisers come knocking on MUSIC MANIA's door. The demand of the market has no way to go but up. To the young adult market, MUSIC MANIA is an empowering vehicle which allows them to have a more pronounced self-esteem, power and personality which allows MUSIC MANIA to constantly claim the dominating position. Strength is brought by MUSIC MANIA's appeal to its advertisers. During its many programs such as the Music awards, MUSIC MANIA has been receiving sponsors from companies that are confident to enjoy exposure in MUSIC MANIA's sought after programs. Walton, Akij group and Airtel are those three of the companies that have taken the MUSIC MANIA opportunity in order to reach out to the young adult market. Many artists seek the alliance of MUSIC MANIA knowing fully that this is a launch pad of present favorites and successful artists. MUSIC MANIA's constant support for social and political causes will allow greater relevance and presence. Its involvement with such issues strengthens its power and influence in the realm of entertainment media. Its expansion to other media forms will allow it to deliver more services other than just mere music. MUSIC MANIA's VH-1 will allow MUSIC MANIA to maintain its dominant position among other markets.

2.5.2 Weaknesses
Choices of people changes rapidly so that arranging some time instant recreational item become difficult. Our country is not supporting us with high technology because of some secrecy and governmental difficulties. If we were able to overcome those difficulties and introduce 3G network then we could reach our service to each and every person hand via mobile phone.


A new product development MUSIC MANIA 2.5.3 Opportunities

The digital age may present an opportunity for MUSIC MANIA to merge into mobile and Internet companies with regards to the wider distribution of their products. Information technology can provide MUSIC MANIA better solutions in determining what the market demands. Video Awards and Countdowns may hold polls through mobile phone or websites. MUSIC MANIA may enjoy visibility in wireless technologies allowing the market to "have its MUSIC MANIA" when they want it. MUSIC MANIA's presence in the web and mobile will allow an enhanced ondemand viewing experience.

2.5.4 Threats:
If we discuss about threat of our company we have to mention porters five forces model. Michel porters five forces model says about five forces as follows:

A. Threat of new entrants: In media world music channel establishing is the easiest way. If they have capital in hand to establish they can start operation and try to minimize cost to attract customer from Music Mania. New cable networks and channels have been eager to take a chunk


A new product development MUSIC MANIA

out of MUSIC MANIA's advertising share. However, the advertising revenue that has been sustaining MUSIC MANIA has begun to decrease as cable networks lose their appeal. The presence of new digital and media forms provide advertisers other new and emerging ways and alternatives in marketing their products. The New Technologies encouraged the production of more channels allowing local cable and satellite technology to create more and increase bandwidth. B. Intensity of Rivalry: The emergence of Digital cable and other substitute platforms will be a threat to MUSIC MANIA's current dominance. Different TV channels such as ATN is trying to create their own music channels that would compete with MUSIC MANIA. Their advantage is their familiarity of the audience that MUSIC MANIA must be able to match. Locally produced content and the government reinforcing deregulation in several countries had allowed global media to proliferate. Many competitors also would like to try their hand in challenging MUSIC MANIA's success. C. Bargaining Power of buyer: The MUSIC MANIA Generation, the young adult 12-34 market is also growing old. MUSIC MANIA will need to anticipate a new generation and have a new market to please. The threat in MUSIC MANIA's chosen market is that the young adult stage is a turbulent and short-lived stage. Not to mention, the young adult's sensibilities and interests are quick to change. D. Bargaining power of supplier: Sometimes Music Mania Sponsor and directs its product and sometimes it buy from other party or producer. In this days music and its related services are very demanding that why supplier always try to bargain. On the other hand in this digital age there are many buyers but few suppliers. The industry is not a key customer group to the suppliers. E. Threat of substitute products: As consumers interest are very changing and there are so many substitute program for musical program and sometimes price is a factor that consumer want to go for substitute service. Sometimes cost of switching substitute is much lower.


A new product development MUSIC MANIA

2.6 Segmentation-Target Marketing-Positioning: 2.6.1 Market Segment

Music Manias potential customer base is large and diverse. The Process of our market segmentation has described below. During our marketing research we found that the liking of music differs in many ways. It differs on social class and age. So we went for Demographic and Psychographic segmentation. During our segmentation we segmented entire market in three general segments. They are, Urban peoples of 14 to 28 years Urban peoples of 28 to 40 years Urban peoples of more than 40 years

Every segment has three sub-segments. They are, Lower class Middle class Upper class According to These segments we segmented our market.

2.6.2 Target Market

In our market segment we segmented the whole market into three general segments. Problem with media business is that it touches everyone. But in order to serve properly we select two segments to serve. Our research finds that the middle class and upper class is regular consumer of television. The following list represents the major groups we are targeting to serve. Urban peoples of 14 to 28 years In Bangladesh the young people are use to hear Bangla rock songs. The youths of lower and middle class are fond of Hindi music. Upper class of this segment likes to hear English music. For these reasons we will designed our programs in various ways according to the choice of consumers. Our research found that the young people watch TV at and night and weekends. So we will air special programs for youths in these times.


A new product development MUSIC MANIA

Urban peoples of 28 to 40 years The people of these segments like to hear modern Bangla songs. The likings between classes are almost same in this segment. As this segment like to watch TV at evening and weekends we will air programs for segment specially. Urban peoples of more than 40 years The people of this segment like to hear old songs, old Bangla movies songs. So we will air special programs for youths in these times.

2.6.3 Market Positioning

Overall positioning strategy: The general positioning strategy of Music Mania will be more for the same positioning. We will provide the most upscale service to the consumer in a lower price. As we provide a different type of programs and the best quality programs then our strategy is more-for the same. Competitive Advantage: As we provide a totally different type of programs in entertainment market, we will develop a unique selling proposition. Our competitive advantage will be the introduction of music as a fulltime way of entertainment. Positioning Statement The Positioning Statement of Music Mania is MUSIC




2.7 Marketing Mix (4Ps): 2.7.1 The Services

The following list represents the various services which Music Mania will provide along with a facility capable of running all day programs.


A new product development MUSIC MANIA

Music Videos: A good amount of videos will provide all day long. There will be videos all type of music. Music News: Up-to-date news of music industry will be provided regularly. Music Based Programs: Special Talk Shows, On Street Shows, On Request Shows will be aired regularly. Music Learning Shows: Special shows will be aired to help the music learners of both mainstream and under ground music. Talent Hunt Programs: Talent hunt will be held to find and to introduce talented musicians.

2.7.2 Pricing:
In pricing we needed to analyze cost of launching services as well as price of our competitors. Though there are no music channels in our country except us so we basically concentrate on our launching cost. The pricing policy of Music Mania will of necessity be very flexible. But sometimes we will establish standard Rates for our service based on the price charged by competitors. Normally to arrange a program or providing a service cost from tk. 15, 00,000 to tk. 20, 00,000. We project that our service will be accepted by the consumers because we are very price competitive and provide a mix of unique services that no single competitor offers. Our sales ability will allow us to expand the extras we can sell to clients who wish to have truly unique entertainment.

2.7.3 Place: pg.


A new product development MUSIC MANIA

We are in digital age and we have large distribution channel which are some visible and invisible. We have our website from where we can sell, and purchase programs. There are several musical team around the country who are always connected with us ready to deal.

2.7.4 Advertising and Promotion:

Our advertising cost will be a significant part of our companys expenses and therefore must be monitored carefully. We will develop our own advertising department for the most efficient use of these funds. The department will be responsible for establishing an advertising program, brochures, and design of the company logo. Newspaper and TV both will be the main advertising media. We also sponsor various programs to create image in the country.

Love branding
We creat love to our brand by deliver some way 1.Deliver visionary innovation
Visionary innovation is the consistent art of delivering products and services that push the boundaries of mass imagination. Stop trying to be smaller, smallest, lighter, lightest, cheaper, cheapest and any other er and est word.we will try to bring innovative program in our channel. 2. Deliver unquestionable performance. Performance is the foundation of promise fulfillment. Performance is not questioned, it is simply enjoyed.we will try give our best performance. 3. Deliver consistent confidence. Gaining and retaining customer confidence is a cradle-to-the-grave pursuit. While liked brands deliver reliability, loved brands deliver dependable, consistent confidence across their products, services, distribution channels and locations.we will deliver quality program for that reason we can gain customer confidence. 4. Deliver insider pride. Create products and services with features that insiders and owners love, talk and brag about, that outsiders can only enviously desire.we will provide in our channel our country song and culture to the world it is proud for our country. 5. Deliver evident empathy. Social media has force-opened the gate for brands to properly listen to their customers and either neglect or empathetically connect. The



A new product development MUSIC MANIA

smartest brands will empathize and rapidly problem-solve, acting upon online promises and words.

By deliver this above factor we creat love to our brand.

Behavior branding
Behavioral branding is the practice of presenting product or service in a way using a combination of phychological knowledge and consumer behavioral pattern.we will provide high quality program,we sponsor many event ,we will contribute in many social activities,such as help poor people,help poor children this activities we can creat good image to our customer mind.Our music channel show different type of song and our target customer is three types urban 14 to 28 people,28 to 40 people and above 40.This three type of people like different types of song so we show different types of song in our channel.

2.8 Future plan

As we are new in market but we are nurturing a dream in our mind. One day we will go at the apex of TV channel society. There are some plans as follows: 1. We are still 12 hour telecasting channel. So we are trying to telecast 24/7. 2. We are telecasting within our country but in future we will telecast all around the world. 3. We are searching talent so that we can organize as well as establish a strong singer group who can represent our culture to the rest of the world. 4. We are collecting every single ancient song so that our future generation can know about our history and culture. 5. We are trying to arrange cultural program and award program in foreign country. 6. We are launching high definition version networking machineries so that we can telecast quality HD picture. 7. We will collect various song and other cultural elements around the world and telecast them so that we are that TV channel who is by born Bangladeshi but working for the whole world.



A new product development MUSIC MANIA

3.0 Conclusion:
Music Mania is that TV channel which is for the world. We are going to show the world how song is entertaining human being from the ancient period to present. What kind of magic a song has. We will go touch that apex of success with our respected consumer and clients. Now we are covering our country gathering resources, capturing market becoming strong both financially and operationally. Our Music Mania is making joint venture with British TV channel and India Channel MTV to get touch people around the world and we hope we will be the no.1 Music channel for all generation.