PM FPX 5332 Assessment 1

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1.0

10/16/2021

First Draft (Assessment 1)

PM FPX 5332 Assessment 1:Project Scope Statement

Executive Summary

Cosmo Inc. is a leading technology company, especially in nutrition and fitness education. At a current market share of 33%, the company is encountering mounting competition, necessitating detailed marketing analysis. From the research results, CEO Harold Living has come up with a new marketing strategy to ensure competitiveness. The project will entail the introduction of a new technology product and a supporting strategic marketing campaign with an implementation cost of $150,000 over a period of 10 weeks. The target market includes persons in the age bracket 25 to 50 with a yearly income of $75,000 and above. The project will be funded and overseen by Harold Living, CEO and President.

The ultimate aim of the Tech Lifestyle project is to increase market share and place Cosmo Inc. in a commanding position in wearable technology. The project seeks to realize a 20% growth in market share and a 15% growth in the customers’ base within the target group identified. To facilitate customers better in line with the new offerings, the project shall implement tools and systems that will facilitate customers better. To effectively compete with new technology firms, the project will prepare for 10 weeks and then embark on a 6-month marketing campaign.

PM FPX 5332 Assessment 1 New Marketing Strategy

Because of the size of the project, there will be several departments working together to create specialty sub-teams that will work on separate tasks to be able to meet deadlines. The general objective will be to fit in the current customers as well as new prospective customers.

Note: In the event of conflict between the Project Scope Statement and the Project Charter, the Project Scope Statement will be utilized as the final document.

Business Objectives

Product Description (Solution)

With the direction of Mr. Living, the Life Style Tech program has been created as an extended 6-month campaign with a target of increasing Cosmo Inc.’s customer base.

The prime emphasis is laid on college-educated consumers aged between 20 and 25 and earning an annual income of $75,000 and above living in cities with a population of over 500,000. These are characterized by their tech-savvy tendencies and massive use of mobile and cloud technology. Cosmo Inc. plans, in the long term, to acquire more market share, from 33% to at least 44%. The Life Style Tech program will enable this increase, enabling the company to engage in the market more competitively.

The project sponsor would be Mr. Living, closely monitored by a project management team consisting of the marketing director, IT director, CFO, and customer service director. 

Deliverables:

• Research: The IT department will conduct research on both existing data and new demographic data. The research will guide the integration and installation of the new technology. There will also be a pilot run to detect and correct any flaws before introducing the product.
• Marketing: Competitor analysis and demographic studies will be conducted by the marketing department among tech-savvy people in the age group of 25 to 50. The new technology with enhanced features will be promoted through a six-month marketing campaign.
• Reporting: Information that can be obtained through research will inform departmental planning. For example, levels of customer service satisfaction may be utilized to assist marketing in aligning campaigns. Regular checks and reports will keep the finance department within budget.
• Implementation: Sub-teams will meet once research and reporting are done in order to close product design, check marketing status, and review budget. The final product will be implemented with continuous tracking of progress.

Exclusions:

Project scope does not include phase and implementation nitty-gritties, which will be addressed as the project goes on.

Dependencies (External and Internal):

• External: Success is determined by things outside, i.e., the legitimacy of the survey and target market interests.
• Internal: Success will largely rest on communication. Frequent briefings and meetings will be imperative in ensuring coordination and tracking progress, with vigilant control of money and schedules.

Assumptions:

The results of the demographic study are presumed true and are being considered, considering the project had the potential to be implemented within time and according to specifications on budget.

Constraints:

Technology implementation and time constraints are major limitations where the intensity of complexity brought about by the new technology tends to cause lag. 

Project Approach

Change Management:

Periodic status reports shall be given by the marketing, IT, finance, and customer service directors during meetings to allow uniform progress during the project.

Communication Management:

Meetings shall be conducted biweekly in the first two weeks to schedule all team members, and then weekly meetings shall be conducted with a focus on discussion, updates, and reports.

Quality Management:

Quality assurance takes priority, with severe testing of the technology prior to live launch. Test findings will be included at team meetings for discussion and approval.

Resource Management:

Resource managers within each department will be responsible for managing resources within their department, such that the necessary tools are in place to support the project.

Critical Success Factors

Success in the project is based on clear communication, on-time reporting, and thorough documentation.

Risk Management

Risks are built-in from the time a project is initiated but can be managed with definite objectives, meticulous planning, and efficient teamwork. 

Authorizations

Project Sponsor: Harold Living

Project Manager: Naureen Durrani

Key Stakeholders: Elon Musk, Jeff Bezos, John Apple, Tom Hiddleston