Market Research

Name : Nusrat Mahmud

ID: SUKD2000339

Lecturer’s name: Uma Devi Krisnan

Course: Understanding market and consumers (MKT2533)

Table of content
 Introduction 3
 Product Features 4
 Market Segment 5
 Target Market Strategies 6
 Positioning Strategy 8
 Future Recommendation 10

Introduction
Welcome to Navana electronics ltd, a domain of electronics and innovation. Navana group the
parent company of Navana electronics focuses on a wide spread of business area and their top
three major projects are automobiles, real estate and electronics. Until today, they have a total of
4000 employees from 25 independent business units contributing to make up Navana group.
Navana was founded in 1953 by Alhaj Jahurul Islam, one of the dynamic business magnets of
Bangladesh and has placed a significant role in nation’s corporate ever since. He started by
establishing a construction company called Bengal development corporation (BDC) and few
years later has successfully expanded it into real estate and automobile sector by setting up new
concerns such as, Navana limited. Later after many stages of growth and deceased of their
founder in 1995, in 1996 Mr. Shafiul Islam Kamal took over as the chairman and established
Navana group. With the mission of creating long lusting relationship and conduct business with
loyalty and integrity, and vision of building a lean organization and be global entity, Navana
group has successfully hold a strong and sustained business history and is one of the largest
entity in Bangladesh.

In year 2000, the company officially adopted the name Navana electronics ltd as their one of the
top conglomerate with the aim to offer more value added products and services that combines the
art of technology and innovation. The company started off by manufacturing and marketing of a
wide range of power distribution and back up equipments such as Substation, Transformer,
Switchgear, IPS, UPS, PFI Plant, IVS etc. for last thirteen years. But one thing the company
always kept in mind was to educated people about the importance of solar energy. In Navana
they have examined and research for years to incorporate natural resources such as recycled
energy from the sun, wind, and water to create cleaner power and to make sure their
manufacturing process doesn’t create pollution to effect atmosphere.

Product features

Considering that, the company came up with a new and innovative product which is surely useful
for everyday life. We consider it one of the smartest and innovated bag packs we can finally feel
at ease. A bag pack is crucial for student or office goers to carry important items or documents
along with laptops, phones and other necessary appliances that we need to store inside it. We
have already tied up our life with technologies so much that it is merely unthinkable to function
without our regularly used gadgets. It was not always possible to be able to fully charge our
gadgets for instance if the journey is too long, or we get stuck somewhere outdoor and we need
to charge up on the go or simply when people is going for a hike. Well now it is possible! The
idea implemented here is when we carry our bags in sunny place, why can’t we make a good use
of free of cost solar energy available and convert that solar energy into electrical energy so that
one can easily generate power out of it and charge their mobile phone or laptops or any other
tools. The bag is designed smartly with a solar panel on top so that as long as the bag is exposed
to sun it keeps on generating power.

Another crucial feature that is included in the bag pack is it’s actually connected with an
application as the company has build a software to enable all these cool and thoughtful features.
The application can be accessed in your phone with the help of wifi connectivity. For example if
you forget to take anything you forgot to put in your bag the solar bag app will notify you
immediately. The bag pack also got real time GPRS tracking which just makes life secure and
less stressed as with the help of GPRS the bag can be easily tracked even if it is left somewhere
behind, or misplaced with others or stolen. Your precious belongings inside it will be harmless.
The solar bag pack can be fully zipped locked and unlock with the user’s finger print by
recognizing in the app in your mobile phone. The bag is bordered with small led lights which can
be charged all day and light up at night if needed. Apart from all these innovated features, the
solar bag pack is really light weight and water proof.

Market segmentation

Now that we already acknowledged about our product, it is time to place the product in market.
For that we need to know our target market and divide it into 4 different segments –
Demographic, Psychographic, Geographical and behavioral segmentation. Market segmentation
allows us to get to know our customers, audiences and also competitors. It also helps us to
properly promote the product with targeted ads and get a clear view of marketing tactics.

 Demographic segmentation

It is one of the most commonly used by managers as it consider the statistical data of a
population and divide it into categories according to their age, gender, income, location,
ethnicity, education etc. Since the product is designed to match both male and female taste, so
it’s a uni-gender bag pack. The main focus is on university students, office goes and travelers or
hikers and the age limit shouldn’t be less than 12 and more than 50 years old people. The
technology will be simply overpowering for kids or older people. It is obvious that one has to be
educated enough to get their hands on this smart product and since the price will be more than
usual regular bag packs so the target should be those price sensitive customers or early birds who
are constantly seeking for new updated and innovated products in their life.

 Psychographic segmentation

It is a bit difficult to pursue this segmentation as it requires understanding and revealing people’s
personality and characteristics. It is a bit time consuming and takes much effort to know the
customer’s true self. It includes one’s personality, value, attitude, interest, subconscious and
conscious beliefs etc. It is very personal choice. Since our product is hugely innovated and
modernized and also the price is a bit higher than regular, therefore the targeted customer should
be according to that.

 Geographical Segmentation

It is probably the simplest type to understand because it categorizes customers based on their
geographical borders. The segmentation may include Zip code, city, country, climate, urban or
rural etc. However our solar bag pack usage doesn’t really limit to any geographical factor
because it can be used anywhere in the world and in any weather condition as long as you have a
sun shining over your head, it got your back.

 Behavioral Segmentation

While demographic and Psychographic part figures out who the customer is, behavioral is
concern about how the customer brain actually works. You have to know your customer’s
actions like their purchasing habit, spending habit, brand interaction etc. since our product is
very environmental friendly and it saves both atmosphere and electricity, it’ll surely be accepted
by most of the users of bag pack. Its innovative and thoughtful features and smart design will
keep customer’s loyalty and it will provide a secure guarantee that customer will love it and
continue purchasing this.

Target market strategies

Segment size and growth

Segment size is determined by the number of unit of product that can be sold to all those
potential buyers who fits perfectly with the product. We can get the amount by multiplying their
average annual income with the number of people. The predictive number of sales for our solar
bag pack is relatively high because it’s a Navana product and Navana has already gathered
people’s trust and loyalty with their sustainable and innovated brand image. Apart from that, the
product is hugely eco friendly and also user convenient which will attract audience from any age
and gender and will surely set a higher trend and demand. Segment growth is rather concern
about the feasibility of a new product entering the market. Therefore before entering market,
several other issues should be in concern. Researching about competitors is major but other
factors like govt. intervention, international relations, demand and supply mechanisms etc.

Segment structural attractiveness

A product that has already several other substitute in the market is not attractive to the customers
at all. It is crucial to access structural attractiveness by comparing it with the existing competitors
in the same industry. Solar bag packs by Navana electronics doesn’t really have any competitors.
There’s only one company named Ecotality, they have already created same technology but we
have added more features like GPRS, finger print zip lock and led night lights and also the brand
image can take the demand for our product to higher trend. Apparently offering discounts and
use before purchasing and other incentives and be used if needed to secure the trend.

Company objectives and resources

When passing a strategic plan, managers often get confused with companies goals and objectives
outlined by the CEO and also usage of resources in order to retain those goals and objectives.
Goals are in broad scale or the ultimate purpose of the company, where objectives are the points
of measurement what should be taken throughout the progress. Resources are the company’s
assets that are needed to attain the objective. Navana group has already spread their wings quiet
extendedly throughout nation’s industry but their ultimate goal is to go international and be a
global leader. Producing environmental goods and making sure there are causing less externality
in the environment while their manufacturing process is one of their objectives. Navana has
always been maintaining the international quality for all of their production which attracts
customers and made them well loved brand for everyone.

Positioning strategy

Any company needs to have a positioning strategy in order to understand the status of the spot of
the product in comparison with other substitutes in the market place as well as in the customers
mind. Good market positioning is crucial as in helps the product to stand out in the market and
increase the demand from customers. To understand market place of Navana, we need to look at
the 4P strategy which includes- Price, Product, Place, and Promotion.

Price

Since solar bag pack is a product from Navana electronics which automatically makes it a
premium product, therefore the price will also be a bit of higher side than other compotators.
While that set by the brand image, now the company can focus and compete in terms of
innovations and other features instead of getting into price war. The pricing strategy for Navana
has always been skimmed pricing, which means the product price will be kept higher initially to
attract all price sensitive customers but at the same tome reasonable enough so that people can
afford. However once the company hits their expected sales, they can now lower the price.

Product

Navana has always been sworn to the best of product in the trend and acing in terms of quality
and performance. The research and development sectors has always been working and seeking
for more innovated, eco friendly, user handy features. Solar bag packs is a lifestyle product and
with improved technologies, it will make user’s life way easier and accessible. The bags are
designed to suit both genders, light weighted to be carried by any aged customer, secured and
spacious enough to carry all of your belongings and other features mentioned above to make it
stand out. Weather is a big issue to access this product, the more sun the better. Apart from this
Navana products are renowned for their durability and international quality, good enough for the
use of almost a life time.

Place

Navana has always been very flexible in case of product distribution. This was one of the main
strategy of business to get as close to customers as possible. Solar bag packs can be easily found
in Navana electronics showrooms but also can be found in other local retail stores. Apart from
physical placements, the bags can be ordered from brand’s own website and other e commerce
platforms like Amazon, Alibaba etc.

Promotion

Navana will go all the way when it comes to product promotions from picking the most famous
faces of the nation as their ambassadors and producing advertisements all throughout the year
which can be found in televisions, radio, newspapers, magazines and other possible channels.
They will never compromise their promotions and will make sure to use high turnover materials
and high budgeted projects which will help maintain their brand image. They also believe in
various sponsorships to stay as close to their audiences as possible.
Future recommendation

We live in an era where new technologies and speeding internet is emerging with our daily life
and the world is running to transform itself into an e world. But in between all the hustle and
rush we often miss out the fact that how the nature and atmosphere is decreasing. Going
technologically advanced doesn’t always have to sacrifice the environmental balance. Navana is
where the perfection, innovation meets with saving the environment. This solar power bag pack
from Navana electronics is highly recommended as in almost solves all of the daily needs with
its useful features. Inside light, wireless charger, build in power bank, wifi everywhere, real time
tracking, missing item reminder and antitheft security…its high time you get your hands on the
one of the most innovated bag packs on times.
References

 Jennifer Yesbeck,( 4 types of market segmentation with example, alexa blog,

DOI: HTTPS://BLOG.ALEXA.COM/TYPES-OF-MARKET-
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 Arun kottoli (11 July 2011) Marketing innovation and leadership, blogger.com

DOI: http://arunkottolli.blogspot.com/2011/07/apples-market-
positioning.html#:~:text=Apple%20in%20general%20is%20positioned,innovation%20and
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 Alexendra twin ( September 2020) Market research, Investopedia

DOI: https://www.investopedia.com/terms/m/market-research.asp#:~:text=Market
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