Contents

Introduction................................................................................................................................2
Brief History of Product.............................................................................................................2
Idea generation...........................................................................................................................3
Idea screening.............................................................................................................................3
Concept Development and Testing:...........................................................................................4
Marketing Strategy Development:.............................................................................................5
Product development:.................................................................................................................7
Test marketing:...........................................................................................................................8
Commercialization.....................................................................................................................9
Market segmentation:.............................................................................................................9
Market Targeting..................................................................................................................10
Market Positioning:..............................................................................................................10
Market Differentiation..........................................................................................................10
Conclusion................................................................................................................................11

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Introduction

For the following term paper we decided to go with a service rather than a product. Coming
up with a service definitely had its cons. But with a little bit of effort and thinking out of the
box, we finally decided to pursue with this. After a lot of brainstorming by our entire team,
we decided to go with the name Tiara. This would be an online based platform that would be
established with the idea of renting jewelry to and from different users. This is especially
beneficial to those individuals who wish to wear expensive jewelry for just a day or two but
do not wish to purchase them at high prices. Since the prices for such high end jewelry, such
as gold, diamond, platinum etc. are sky rocketing in our country, buying them for a handful
of days at times prove to be wasteful. Hence, Tiara promotes these individuals to instead rent
jewelry keeping the minimum wage rate of this country in mind.

Tiara aims to mainly increase awareness regarding women empowerment by helping them to
save money and use those instead on more crucial things such as their education, business,
jobs etc. When people use Tiara to rent jewelry instead of buying them, they manage to save
a huge chunk of their money; which in turn can be used for their own career development.
Girls can go abroad to focus on their undergraduate and postgraduate degrees, invest on
setting up their own business and use them for various other causes. In this way Tiara hopes
to support these women and focus on providing them a brighter and secured future.

Brief History of Product

We are starting our new company named ‘Tiara’. Tiara is a very famous traditional jewelry
for the jewelry lovers which have been used since a long time. That’s why our company is
named after ‘Tiara’. We will rent jewelry including gold, diamond, antique, earthen
ornaments, imitation and all types of jewelry in a very reasonable price through our company.
This service is mainly for those who cannot afford matching jewelry for every possible
occasion. And the people who do not want to waste lots of money on jewelries for only one

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occasion but desire to look good, they have also the opportunity to adore themselves with
matching jewelry by renting from us without spending huge amount of money.

This service is specialized for the female customers only. We have mainly targeted the
middle aged females in between 20 to 40 years. The middle class people and the people with
very low income of this age category will be our main customers. They can adore themselves
without compromising their style. And they can also save money by using this renting
service.

But there are also some risks while renting the jewelries to our targeted customers. For
example there is a high chance that the customers might not give back their rented jewelries.
For this reason as a safeguard we will keep a record of the renters’ names, their proper
communication address, contact number and also the number of their national id card. The
customers will have to pay the retail price of the rented jewelry and after returning the
product they will get the money back excluding the rent. There will also be some conditions
for the customers while using the rented jewelries so that they use the jewelries carefully. If
any customers lose any of our jewelry, then they have to give a huge amount of fine for them.

Idea generation
It is the procedure of creating, evolving and conveying thoughts which are unique, concrete
and visual. The procedure incorporates the way toward building and improving the idea,
building up the procedure, and carrying the idea to the real world.

New ideas lead to innovation and proper execution of these concepts lead to improvement. It
is very crucial that we generate more ideas for any business we aim to establish as more
concepts give us insight on products and services that is beneficiary to both customers as well
sellers. For our start-up business, we produced ideas; products or services that will attract
customers for their uniqueness as well as necessity. The first concept we came up with was
Sunscreen in small packets, portable everywhere as well as convenient to use. Our next
choice was Frozen Payesh (rice pudding), a popular food item in our country yet hardly found
in any supermarket or grocery shop. Dry Shampoo was in the list; this cleans the hair when
the shampoo is sprayed on the hair by a spray bottle. Cleansing Facewipes, another one of our
business concepts associated with making wet paper wipes that would act as a face cleanser

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instead of facewash or water. One of our ideas, long lasting lipstick assured superior quality
and water resistance. Jewelry renting service, as the name suggests would lend jewelry to
potential customers and renters. There will be company policies and security measures to
avoid theft.

Idea screening
Idea screening is the assessing and comparing of new concepts to get the most encouraging
and profitable ones for the business. Out of every idea we come up with, very few are
applicable to my organization. So to screen out a smart concept from the not all that great
ones, certain criteria are pursued like specialized issues, key fit, and a few market openings.
Because of scarcity and other issues, it is hard to create several products simultaneously.
Through a fruitful idea screening procedure, it helps in centring the entire item advancement
process with a higher probability of making progress.

Our first idea, Sunscreen in small sachets was chosen for its convenience. Large sunscreen
containers are not easily carriable everywhere as opposed to small packet ones. Intensity of
the sun varies from time to time, and the weather is very unpredictable in our country. Due to
rapid increase of global warming and its deteriorating effects on human skin, people are more
inclined to use sunscreen than ever before. But the cons of this business idea outweigh the
pros. Even though it is convenient, people don’t frequently apply sunscreen. Sunscreens last
for a relatively long time. So for those going out in the sun for a short period of time, packet
sunscreen is not needed. Also, producing packet sunscreen need a lot of funds, which we do
not have.

Frozen payesh, a traditional culinary item, was selected because of its uniqueness as well as
popularity. This item is usually made and found in households. Rarely are they seen in sweet
shops, much less any grocery shops or supermarkets. Our business concept was to make
healthy, nutritious payesh available to every corner of the country. The payesh will be
contained in plastic containers. The downside of this idea is the production. Large scale
cooking and packaging equipment are required for this expensive process. This is a relatively
unknown idea and therefore risky.

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Dry shampoo, as the name suggests cleans the hair without any water usage. The dry
shampoo is directly sprayed in the hair. Very useful product, especially in countries where
there is water shortage. The cons, however, are more. Dry shampoo has adverse effects on
hair and causes hair damage for prolonged use. Very expensive to produce so price will be
relatively high. People are not familiar with this product so unknown market.
Our concept of cleansing facewipes consisted of wet paper towels that have chemicals acting
as the same as facewash. The only downside of this product is reliability. The chemicals in
the wet paper towel may work differently for different skin types.

Another one of our choice included long lasting lipsticks that stay up to 12 hours. Most
lipsticks promise durability but have problems such as drying up too much and easily
removable, hence having to reapply time to time. The problem with this product is huge
market and many competitive forces. As a start-up business, we don’t have necessary funds
to compete with the bigger forces.
The business we chose for our start-up business is Jewellery Renting Service. All forms
jewellery can be rented through our business site. There will be company policies and
security measures to prevent theft. Not all women can buy expensive ornaments. This is
where our concept comes in. Renting jewellery at a relatively low price whenever needed
rather than purchasing expensive jewellery for every occasion is more convenient and money
saving.

Concept Development and Testing:

In the new product or service development, concept development is one of the complicated
stages. Basically it’s a two-phase stage. Before starting a business it’s important to know how
thepotential customers would react about the new product. Knowing customers’ reaction
helps to set goal for the business.

Concept development and testing is an attempt made by the marketers to acknowledge

5
customers’ feedback regarding the idea of the specific product. Before starting any business,
some concepts need to be developed. The idea of a product  can be turned into several
concepts. Our business idea is renting jewelry. So in that case, the first question is: who will
be benefitted from our service?  The poor people, people from lower middle class or middle
class who cannot afford jewelry would be benefitted from our service. They do not have to
spend a lot of money on jewelry. They can easily rent jewelry from our company and satisfy
their need by spending a little amount of money. Moreover, there are a lot of people who
wear jewelry rarely. So generally they do not want to spend money on buying jewelry. Our
service would be helpful for them as they do not have to buy jewelry and can wear them
occasionally.

Concept 1: People who are not financially solvent can rent jewelry.

Concept 2: People who wear jewelry barely can be benefitted from our jewelry renting
service.

Next, the product concept has to be turned into a brand concept. The company needs to
decide how much to charge for renting jewelry. We can make catagories for jewelry, like
renting heavy jewelry would cost a little bit extra than lightweight jewelry.

Concept testing involves presenting the product concept to target consumers and getting their
reactions. The concepts might be presented symbolically or physically. The concept testing is
more dependable when the tested concept resembles the final product or service. We will
present our service to targeted customers and observe their feedback. For this, we’ll start it
from our close ones like family, friends, neighbours and whom we know very closely. Our
target is to know our customers’ reaction and their opinion about the provided service. In a
nutshell, we need to acknowledge their feedback about our service.

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Marketing Strategy Development:

1. Target Market: Tiara is targeting at:

Female Students (Age 18-25)

Demographics Middle class working woman (Age 25-40)

Geographics Dhaka

Behaviour Online shoppers

Our service will be projected as affordable jewelry rental service aimed at fashion Enthusiasts
students/middle class working women and bride to be who are looking for alternatives of
immensely expensive bridal jewelry. And for women who are looking for ways to earn with
their jewelry stored for years.
Our service aims to provide maximum service during wedding season (November,
December, January)

2. The planned value proposition: For security purposes, customers will have to pay the
retail price at the time of delivery, which will later be returned excluding the rent.
1. Planned price: Our websites will offer jewelries mainly of two broad categories:

 Bridal jewelries: Heavy works mainly on gold. Rent will be charged 20% of the
actual price (ranging from 50,000-3,00,000 Taka initially) for or 72 hours.
 Daily wears: Daily wears will be charged
15% of the actual price (ranging from 5,000-50,000 taka initially) for 24-48hours.
20% of actual price for 48-72hours.

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Loss and Damage: If the customer lose the product by any chance, the retail price paid at the
time of delivery wont be returned.
If any damage is caused then customer will have to pay the fine accordingly

Offers:

1. After registering to the website customers will receive a 10% discount on first buy.
2. Renting jewelries of 20,000+ will receive discount of 5% in their next buy.

For renting the jewelry the buyers will need to follow a few steps:

 Customers will have to select the desired item from our website and provide
information such as name, address, phone number and email.
 After that customers will get a call from Tiara for confirming order.
 Then customer will be delivered the product. Customer will need to fill out a form for
security purposes. A photocopy of NID must be attached to the form. Customer will
need to show the NID for verification.
 Customer will have to pay the retail price at the time for delivery.

After 72 hours (or the time rented), assigned worker from Tiaras team will receive the
product and return the money excluding the rent. For any damage or loss of the product
customer will be charged accordingly
A sample of the Form which is to be filled in by the customer is given in the next page.

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2. Marketing Budget: As Tiara will be an online service, maximum marketing budget will
be spent on online/social media marketing. Tiara will be marketed in following ways:

 Social Media: Tiara will be marketed through google ad, Facebook ad and Instagram
through tiaras website, Facebook and Instagram handle.
Google ads cost $2 per click and Facebook ads cost $.72 per click.
 Print Media: Brochure of Tiara with overview of the service and terms & conditions
of renting will be handed for promotions at shopping malls, cosmetics shop.
 Collaboration: We will hand out discount coupons to customers of local online
brands (example: Almeerah, closet cloud) who have similar target market for
promotion of Tiara
 Online Advertising: For online advertising Tiaras ad and posters will be projected
using google ad.
 SEO: Search engine optimization (SEO) is the process of increasing the quality and
quantity of website traffic by increasing the visibility of a website or a web page to
users of a web search engine.

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We will allocate budget of two lacs for marketing of Tiara.

Budget (%)

SEO
20%
Social Media
35% Collaboration
Online Advertising
15% Print Advertising

10%
20%

3. Profit Goals: For profit forecasting, we analyzed businesses related with wedding
industry. We are expecting maximum profit during wedding season (November, December,
January). Estimated profit is negative in first 2 months after launching Tiara as costs will be

10
spent on marketing and promotions.

Profit (%)
50
40
30
20 40
25 30 25 30
10 20 23 20
10
0 3
-5
-10
ry ry h ril ay ne ly st r er r
be
r
-10 nua rua ar
c
Ap M Ju Ju gu be ob be m
a b M u m t m ce
J Fe A te Oc ve e
-20
S ep No D

Profit (%)

Business Analysis:
Market survey: To know the attractiveness and business opportunity of our business we ran
a survey on our target group. The survey questionnaire is given below.
To know more about market share, estimating minimum and maximum sales to assess the
range of
risk, we
checked the
sales history
of jewelry
shops to
estimate our
profit.

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12
SWOT analysis of Tiara: We ran SWOT analysis of Tiara to know more about market
demand and reach of the idea.

INTERNAL FACTORS
STRENGTHS (+) WEAKNESSES (-)

1. Less competition as there is no rental 1. People unaware about the service.

jewelry service in Bangladesh. 2. Lack of capital.
2. Price lower than traditional jewelry
shops.
3. Flexible packages

EXTERNAL FACTORS
OPPORTUNITIES (+) THREATS (-)

1. Expansion of bridal/wedding industry 1. Emerging competitions.

2. Setting new trends 2. Declining price of jewelry

Product development:

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Tiara is a brand which provides the facility to young and beautiful minds out there to make
their days special with their desired jewelry. Tiara serves jewelry renting service that
facilitate them to rent antique jewelry, imitation, gold plated, silver jewelry, gold and many
more. As Tiara is a service-based company, we will set up our virtual presence by setting up
a website. In the website, we will have different categories that will show the price of
different jewelry items with their nice and attractive pictures.

In the website we will have:

 Brochure

 Pictures of jewelry

 Price range

 Contact information

 Policies of Tiara

Brochure: in the brochure, there will be a detailed brief of what Tiara is and how does it
work. It will include all the facilities by Tiara and the reviews from our customer. It will help
Tiara build a good relationship with the potential customers of us.

Pictures of jewelry:

This sector of our website will be designed attractively so that our customer feel attracted to
our service. Here we will include all the professional photos of jewelry and we will hire
models to wear them. Under the picture, the renting price of the jewelry will be included so
that our customer can easily avail our service.

Price range:

As we are a start-up company, we are going to start with low budget and will try to rent those
jewelry which will be under cost of 10,000 tk. After starting our business, we will going to
run some test and evaluation, we will start renting gold or diamond jewelries to only those
customer who have been loyal to us and fulfil the policies of Tiara to get selected for this.
Policies of Tiara will be discussed shortly.

Contact Information:

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Nowadays social medias like Facebook, Instagram, twitter etc. are some of the common
platform where people spend most of their time. As we will promote Tiara online and those
sites, we will give the links with direct access to these platforms. And we will also provide
our phone numbers and email details to contact with us.

Policies of Tiara: Tiara is a jewelry renting service. Our service has some policies that we
will strictly follow. For renting we will collect the NID of our customers. We will collect
their appropriate home address and we will deliver the jewelry to their respective homes.

For renting jewelry customers will need to retail price at the time of taking the product. After
returning the product, customers will be given back their money excluding the rent.
Customers will be charged for any damage to the product accordingly.

Test marketing:

Test marketing is an experiment conducted in the market comprising of actual stores and real
life buying situations without the buyers knowing they’re participating in an evaluation
exercise. It is a method which is related to marketing that aims to explore customer response
to a product or marketing campaign by making it available on a limited basis before a wider
release. Depending on the quality and quantity of sales data required for the final decision,
test marketing may last from few weeks to several months. So to complete test marketing we
followed some steps. Those steps are given here:

Showing the service to potential customers:

We provided our renting jewelry service to some potential customers. They found this idea
very uncommon according to our country’s market situation. They liked our uniqueness.

Determining the correct price:

Second is to determine the accurate price for the service. While deciding the price, we had
two things in our mind

1. The price would be reasonable

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2. We would fix the price having little profit.

Asking a buyer:

Third is get a buyer’s personal opinion. In other words, go to somebody who we will want to
buy the product or service and get their personal opinion. Say, would you buy this? So we
asked some customers if they wanted to enjoy our service or not. Their responses were
favorable. They had rented jewelry from us and were satisfied with our service.

Comparing our service with others:

Number four is to compare our product or service with other products on the market. And we
had to ask this question “Why would someone rent from us instead of from someone else?”
The customers were expecting some satisfying answer from us. So we showed the advantages
of renting jewelry from our company. We are giving the opportunity to rent jewelry at a low
price.
So the customers grabbed this opportunity and they became a part of our test marketing.

Commercialization

Market segmentation:
The topic market segmentation means dividing the large pool of customers into small
division who have distinct needs, characteristics or behavior so that marketers can design
their strategies accordingly. Tiara is a name of a brand which will deliver jewelry renting
service. Our target customers are mainly female who are aged between 18-40. We are going
to characterize the selected segment of Tiara according to the following broad criteria:

Geographic segmentation:

We will provide our service to Dhaka residents for time being. We will design our promotion
for them. We will give ad on social platforms and mainly target Dhaka dwellers.

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Demographic segmentation:

We will focus those females who are concerned about their fashion. For this, the girls from
age 18 to age 40 will be our targeted customers.

Psychographic segmentation:

The targeted customer of Tiara will be most likely from middle class or upper-middle class
background because these people are likely to not spend a lot of money on one day. They
would rather invest the money in something else. So our tvc, ad and all our promotional
activities will be focused to serve these sector of people.

Behavioral segmentation:

As Tiara is a jewelry renting service, that’s why we will try to focus on the learned group
who have some sort of social identity. Because these people will return our products safely.
And, from our previous experience, we have learnt that in the month of October, November,
December and January- a huge number of wedding takes place in Dhaka. So we will offer
different packages, combos and discounts during this period.

Market Targeting
Market targeting is specifically selecting a group or several groups of people from the entire
market. These are known as our target customers. Target customers are those people whom
we wish to satisfy through our service and for whom this service was initially created. Price,
promotion methods, distribution network etc are planned by keeping our target customers in
mind since a business’s entire aim and resources are aimed towards them.

Tiara targets its market in the following segments:

1. Women

Women between the ages of 18-40, are the main target customers since our main
objective is renting jewelry.

2. Wardrobe teams of different film and television industries

Film industries often require expensive heavy jewelry for actresses to wear for a limited

17
amount of time. Investing huge chunks of money on renting jewelry instead of buying
them can thus save a lot money.

3. Bridal photographers doing portfolios

Photographers doing bridal photo-shoot require models to dress up as brides and hence
can rent jewelry of any kind from Tiara.

4. Models

Market Positioning:
It is one of the crucial point for any brand. Market positioning means how a product/service
holds a significant place in the mind of customer. It is really important for a brand to have a
strong position in the mind of customers.

Tiara is a brand that focuses on the needs of women. Women are in general more conscious
about their look, style and fashion sense. They feel insecure if their jewelry does not go well
with their dress. So on you every tvc and every promotional activity, we will focus on how
Tiara helped to give confidence to the girls. This will be a great competitive advantage for
Tiara. This is how Tiara will have a positive image in the mind of customers. Again, as we
have less competitors in jewelry renting service, we will feature different celebrities in our
ads and tvcs.

Market Differentiation
This stage involves discriminating or distinguishing a business’s service or products from
those offered by competitors, the entire market or the firm itself. It basically enables the
product/service of a firm to stand out and catch the attention of its target customers. Through
market differentiation a firm can make its product/service achieve uniqueness and
exclusiveness, which in turn accelerates gaining customer attention.
Tiara has been differentiated through the following ways:

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1. Promotion

Our service focuses on niche marketing and hence advertisements and posters are made
by keeping the concept of women empowerment in mind. For example- advertisements
feature women using these rented jewelry and using their money instead on education,
career etc.

2. Price

It is a renting service designed to meet the needs of mainly female students and middle class
individuals as well as upper class individuals. Hence both high end and low end jewelry are
available based onthe needs of the customers.

3. Customer Needs

Apart from gold, silver, diamond jewelry other accessories are also available such as
antique jewelry, imitations, earthen ornaments etc. are also available.

4. Product Variation

The plan is to always bring in new products from various customers so that new
customers can keep renting different models every single time. They do not always have
to rent the old products again and again.

Conclusion

Our jewelry renting company named Tiara came with the new idea of renting jewelry. After
generating few ideas and running some tests, we found this idea to be more acceptable and
effective to the customers in compare to the other ideas. Tiara focuses on women
empowerment. With the help of this idea of renting jewelry women can save money by
renting the jewelry instead of buying with huge amount of money and can invest those money
on their education, business, jobs etc. Our main target customers are middle or upper middle

19
class women who can’t afford matching jewelry for every possible occasion and also those
women who don’t want to waste money on purchasing expensive jewelry but want to look
good. As a startup company at first we will start serving our close ones like family, friends
and neighbors as our first customer. We will rent all types of jewellewry for every possible
occasions. But we will start our business with low budget. Then gradually we will promote
our service online and in the social sites like Facebook, Instagram, Twitter etc and will
promote through the advertisement where we will use the television celebrity as model.
That’s how we will able to increase our customers. And slowly we will start renting the
expensive jewelry and will widen our business afterwards.

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