PM FPX 5018 Assessments 1 Cosmo, Inc. Marketing Strategy of Wearable Technology

Project Charter

Project title: marketing strategy of wearable technology
Project start date: september 26, 2019
Projected finish date: december 5, 2019
Budget information: $150,000
Project manager: amber sarda

Business Need

Cosmo Inc., holding 33% of the market share, leads in the distribution and development of wearable technology focusing on fitness coaching, nutritional coaching, and lifestyle advising products. Recent market analysis by CEO and President Harold Living revealed potential future revenue losses due to rising competition. To mitigate this risk, senior management proposes a new marketing strategy that integrates advanced technology into their products. This strategy aims to adapt to market changes, enhancing both value and market share.

Objectives

• Increase production of wearable technology by 25%
• Target market segmentation based on age, demographics, income, education, and technology to boost the customer base by 20%
• Use social media and data analysis to identify potential customers
• Integrate IoT in products to match competitors like Amazon Echo
• Innovate affordable wearable technology comparable to Garmin and Fitbit
• Develop and launch a Customer Service department to support new products

Approach

The project will follow the five phases of project management: initiation, planning, execution, monitoring and control, and closure. This approach ensures accountability and productivity throughout the timeline.

• initiation: Develop a project charter detailing Cosmo Inc.’s strategic marketing plan and identifying methods to boost production. This charter will start immediately following approval by Harold Living, President and CEO.

• planning: Create a schedule using MS Project and Visio, outlining tasks and requirements for project progression. Most of the project duration will be spent in this phase to ensure smooth execution and control.

• execution: Implement the tasks as outlined in the plan. The team will work together to address issues and refine processes to meet development and quality standards.

• monitoring and control: Track progress, resolve issues promptly, and monitor the project timeline and budget to stay within set parameters.

• closure: Conclude the project with a campaign launch promoting the new merchandise to the market.

Assumptions

• The project will increase Cosmo Inc.’s revenue
• New products and improved technology will boost sales
• The organization will maintain or exceed its 33% market share

Constraints

• Adherence to time-sensitive deadlines for a 6-month campaign
• Resource allocation in the development department for new product design
• Meeting performance standards to keep the project on track

Dependencies

• $150,000 budget
• Limited timeframe of 10 weeks
• Increased market demand for wearable technology

Initial Risk Factors

• Budget constraints (risk of exceeding the budget)
• Development of new technology and products
• Time limitations

Regulatory Cost and Impacts

• Federal Trade Commission Compliance: Implement stronger encryption for new products and a two-factor authentication process to protect against hackers and cyberattacks. Initial investment for IoT development may be $35,000; failure to invest could result in a $3.92 million loss if a data breach occurs, the average cost of a breach in the U.S. (Singh, 2018).
• Payment Card Industry Data Security Standard (PCI DSS) compliance: Completing the PCI Self-Assessment Questionnaire (PCI SAQ) ensures secure measures for cardholder data. Annual compliance costs are approximately $300 (Glover, 2019).

Project Quality Plan

Plan Quality Management processes:

• Inputs:
• Tools and Techniques:
• Outputs:
  manage quality assurance:
• Inputs:
• Tools and Techniques:
• Outputs:
  control quality:
• Inputs:
• Tools and Techniques:
• Outputs:

References

Glover, G. (2019). How Much Does PCI Compliance Cost? Retrieved from Security Metrics: https://www.securitymetrics.com/blog/how-much-does-pci-compliance-cost

IBM. (2019). Cost of a Data Breach Report. Retrieved from IBM: https://www.ibm.com/security/data-breach