PM FPX 5018 Assessments 4 New Marketing Strategy for Cosmo Inc.

PM FPX 5018 Assessments 4 New Marketing Strategy for Cosmo Inc.

Student Name

Capella University

PM-FPX5018 Project Management Foundations

Prof. Name:

Date

Executive Summary

Cosmo Inc. currently holds a 33% share of the wearable technology market, positioning itself as a leading competitor. In response to increasing competition, CEO and President Harold Living has proposed the development of a new marketing strategy to bolster revenue and maintain competitiveness. A budget of $150,000 has been allocated for a six-month campaign, with the aim of boosting production, attracting new customers, increasing social media engagement, and enhancing customer relations. The Project Management Body of Knowledge (PMBOK) guide will be employed to structure the plan, detailing key team members, project assumptions, dependencies, constraints, and identifying potential risks.

Key roles will be played by the project manager, as well as heads of technology, customer service, and marketing. Performance reports will be prepared biweekly during the campaign to assess progress and implement necessary changes. A well-defined project scope will ensure that the team focuses on reaching young adults through social media. The analysis of customer feedback from these platforms will guide adjustments to the marketing strategy. Meanwhile, the customer service department will train employees on new approaches to customer relations, with customer satisfaction being closely monitored.

The use of a Work Breakdown Structure (WBS) is essential to ensure all tasks are addressed, providing an estimated budget breakdown and setting a timeline for project milestones. The project’s success hinges on the completion of a new product, which will be finalized during a 10-week pre-campaign phase. A risk management plan has been developed to anticipate potential challenges, with five specific risks identified, each with pre-planned solutions.

A project quality plan will outline the measures necessary to ensure success, including tools and processes for quality management, assurance, and control. The project closure phase will evaluate overall project outcomes and offer valuable insights for future initiatives. This plan is designed to maintain Cosmo Inc.’s leadership position in the wearable technology market by enhancing customer relations and increasing profitability.

Project Charter

Project Title: New Marketing Strategy for Cosmo Inc.
Project Start Date: January 1, 2021
Projected Finish Date: July 31, 2021
Budget Information: $150,000
Project Manager: Nathanial Boucher

Business Need

Cosmo Inc. holds a 33% share of the wearable technology market, thanks to its innovative range of fitness, nutritional, and lifestyle coaching products. In light of a recent market analysis, CEO Harold Living has projected a potential decline in future earnings due to rising competition. A new marketing project is necessary to maintain and increase revenue through the development of new products and services.

Project Objectives

The project aims to enhance Cosmo Inc.’s competitive edge by developing improved smartwatches, followed by a six-month marketing campaign. The objectives include:

• Increasing smartwatch production by 25%
• Growing the customer base by 20%
• Using social media to engage with both existing and potential customers
• Enabling product compatibility with Amazon’s Alexa and other AI technologies
• Improving customer experience through new services and modern technology
• Strengthening customer service to enhance relationships with customers

Approach

The project will adhere to the five stages outlined in the PMBOK guide: initiation, planning, execution, monitoring and controlling, and closing. Initiation involves the project’s approval and alignment with company goals. Planning follows, with all project members collaborating to finalize the approach, receiving input from key stakeholders. Execution involves the majority of the work, with resources being deployed to meet objectives, while monitoring ensures that any issues are promptly addressed to keep the project on track. The project concludes with a comprehensive review and analysis of its success or failure.

Assumptions

The allocated budget should be sufficient for the project, with room for unforeseen expenses. The team’s success in promoting the new product and services is expected to increase revenue for Cosmo Inc.

Constraints

A 10-week period is required for product testing and final adjustments before mass production. This allows the marketing team to develop a strategy for promoting the product. A six-month campaign will be used to evaluate customer responses and adjust marketing efforts as necessary.

Dependencies

The project depends on the completion of the new smartwatch. Once finalized, the marketing team will begin promoting the product. Regular bi-weekly performance reports will track progress and allow for timely adjustments based on customer feedback. Without this engagement, it may be challenging to make necessary improvements to the strategy.

Initial Risk Factors

The primary risk involves potential delays in product development, such as glitches or design issues. Excessive feature integration may overwhelm the product or delay its release, pushing back the marketing campaign. Performance reports will mitigate these risks by tracking customer reactions and making adjustments. Budget overages are another concern, though some flexibility has been built into the project finances.

Regulatory Cost and Impact

Cosmo Inc. must adhere to regulations regarding the storage and protection of customer health data, particularly under the Stop Marketing and Revealing the Wearables and Trackers Consumer Health (Smartwatch) Data Act. The development team will implement safeguards to ensure compliance. Furthermore, the wearable technology must avoid classification as a medical device to prevent FDA oversight, which would impose additional regulatory burdens.

Roles and Responsibilities

Project Scope Overview

Cosmo Inc. aims to maintain its 33% market share by countering new competition with a fresh marketing strategy. The goal is to sustain and enhance annual earnings through increased sales and effective product promotion.

Description

The project involves developing a marketing strategy to boost sales by 20%. A new product will be launched, targeted at young adults via social media campaigns. Customer feedback will be gathered and used to refine the marketing approach. A final report will assess the strategy’s overall success.

Acceptance Criteria:

A working product is crucial for a successful project. Without a new product, the marketing team will struggle to promote the company to customers. Additionally, a final performance report at the end of the campaign is essential. The report should reflect positive customer feedback, and our social media accounts should demonstrate an increase in followers and subscribers. This growth will indicate an expanding customer base and solidify our position as a leading competitor in the wearable technology market. Furthermore, a financial report outlining the company’s revenue from the start to the end of the campaign should be included. This will provide insights into whether the demand for our products has increased. All these factors will determine whether the project was successful.

Deliverables:

The primary deliverable is the release of a new product, which must be functional and thoroughly tested before launch. The technology team has a 10-week timeframe to meet this goal. It is crucial that the head of technology development ensures the product’s features are streamlined to avoid delays. Simultaneously, the marketing team should develop a new strategy to promote the product during the 10-week period. This plan must be detailed to ensure all team members understand their roles when the promotion begins. Bi-weekly performance reports should be reviewed to identify any issues in the strategy and make adjustments as needed. Since the project spans six months, the marketing team will have ample time to address early issues without jeopardizing the overall project.

The customer service department will also gather feedback from customers and create a plan to boost satisfaction, which is expected to increase demand for the product. Cosmo Inc. should receive more positive reviews as a result. The customer service team will generate performance reports and share them with the marketing team to provide additional customer insights. Six months should provide enough time to improve customer satisfaction based on the performance reports generated. At the end of the project, an overall report will be created, highlighting both successful and unsuccessful aspects. The marketing and customer service teams will each contribute sections to the report, offering key insights gained during the project. A financial report covering the project’s duration will also be included, allowing CEO and President Harold Living to evaluate the project’s success.

Work Breakdown Structure (WBS)

WBS Introduction:

Developing a Work Breakdown Structure (WBS) is crucial for identifying the various requirements that need to be met during a project. Projects can be complex, and a WBS helps organize the different components so that everyone involved understands their responsibilities. Cosmo Inc. aims to create a new marketing strategy plan to maintain and boost sales. The technology, marketing, customer service, and sales teams all play key roles in the project’s success.

WBS Graphical Representations:

Project Management Cost (Budget)

Introduction (Intent):

Projects can be complex, and a disorganized manager can lead to project failure. It is essential for project managers to remain organized throughout the process. A cost budget helps managers organize and allocate resources effectively. It tracks both actual and estimated costs, allowing managers to stay within budget and manage expenses efficiently.

Project Budget:

Project Management Schedule

Introduction (Intent):

There are several tools available to ensure that projects stay on schedule, one of which is creating a detailed schedule for all team members. A project management schedule outlines all necessary tasks and their respective due dates. An organized and easy-to-follow schedule allows everyone involved to understand their responsibilities and deadlines. This helps keep the project on track and ensures all tasks are completed on time.

Microsoft Project Document:

Risk Management Plan

Introduction:

Every project encounters challenges. A risk management plan identifies potential risks and offers solutions for each. Creating a risk management plan at the project’s outset allows for early identification of possible issues and the development of strategies to mitigate them. This proactive approach helps the project stay on track because a response plan is already in place should a problem arise. It is essential that the entire team collaborates to identify potential risks, ensuring the plan covers as many contingencies as possible.

Risk Matrix Introduction and Legend (Intent):

The project manager has identified five potential risks and their solutions. As additional risks are identified, they will be added to the plan along with corresponding response strategies. The probability and impact of each risk have been categorized using a three-letter system: L (Low), M (Medium), and H (High). Below is the legend:

Project Quality Plan

Introduction (Intent):

A Project Quality Plan is essential to project success. It outlines the objectives, tasks, and tools necessary to ensure that the project remains on track and meets its goals.

Plan Quality Management Processes:

• Inputs:
  • Schedules with deadlines
  • Regular communication with team members
  • Bi-weekly meetings
  • Risk analysis
  • Product readiness
  • Customer service training
• Tools and Techniques:
  • PMBOK Guide
  • Microsoft Excel for scheduling
  • Agile Management
  • Social media for customer reactions
• Outputs:
  • New marketing strategy
  • Improved customer service

Manage Quality Assurance:

• Inputs:
  • Product development oversight
  • Risk reports
  • Staff training
  • Customer feedback
• Tools and Techniques:
  • Product testing
  • Bi-weekly meetings
  • Customer feedback analysis
• Outputs:
  • 10 performance reports
  • Cost analysis
  • Increased customer satisfaction

Control Quality:

• Inputs:
  • Functional product
  • Performance report feedback
  • Customer service improvements
• Tools and Techniques:
  • Schedules and budgets
  • Product testing
• Outputs:
  • Final performance report
  • Improved customer relations
  • Successful marketing strategy

Project Close and Lessons Learned

Cosmo Inc. must stay competitive. The final performance report should show increased sales and improved customer relations, boosted by new customer service initiatives. Tools for scheduling, risk management, and budgeting will help the project stay on course. The success of this project is vital for Cosmo Inc.’s future.

Lessons Learned:

Key lessons include the value of an initial risk management plan, which helps manage problems efficiently, and the importance of organizing the project management plan. Clear project scopes and deliverables keep teams focused and prevent confusion.

References

Caddy, B. (2019, September 19). Wearable tech and regulation: What laws do wearables need to follow? Retrieved December 22, 2020, from https://www.wareable.com/health-andwellbeing/wearable-tech-and-regulation-5678

HIPPA Journal. (2019, November 25). Smartwatch Data Act Introduced to Improve Privacy Protections for Consumer Health Data. Retrieved December 21, 2020, from https://www.hipaajournal.com/smartwatch-data-act-consumer-health-data/

PM FPX 5018 Assessments 4 New Marketing Strategy for Cosmo Inc.

Project Management Institute. (2017). Part 1: Chapter 4, “Project Integration Management.” In A Guide to the Project Management Body of Knowledge (PMBOK(R) Guide–Sixth Edition / Agile Practice Guide Bundle: Vol. Sixth edition. Project Management Institute.