Update your query structure.
INSERT INTO designingoption (name,positionCode,assetType,price,createdOn,lastModifiedOn,lastModifiedBy) VALUES ('$name1','$pos','$ass','$price','$createdon','$laston','$lastby')
Also, make sure that all variables are populated, otherwise you get a PHP notice.
It wouldn't hurt to enclose table rows with `, like this:
INSERT INTO `designingoption` (`name`,`positionCode`,`assetType`,`price`,`createdOn`,`lastModifiedOn`,`lastModifiedBy`) VALUES ('$name1','$pos','$ass','$price','$createdon','$laston','$lastby')
Some words are reserved by the system and must be used properly, otherwise you just receive error.
A little research as revealed (even to my surprise) that your syntax is correct.
http://dev.mysql.com/doc/refman/5.5/en/insert.html
Would you please edit your question with exact error you're getting?