PM FPX 5018 Assessments 1 Cosmo, Inc. Marketing Strategy of Wearable Technology PM-FPX5018 Project Management Foundations

Prof. Name:

Date

Project Charter (Assessment 1)

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, is a leader in distributing and developing wearable technology, focusing on fitness coaching, nutritional coaching, and lifestyle advising products. A recent market analysis revealed a potential risk of losing future earnings due to the rise of competitors. Harold Living, the CEO and President of Cosmo Inc., recognized this risk and proposed a new marketing strategy to address it. The strategy aims to integrate advanced technology into their products, enabling the company to adapt to the evolving market and increasing both market share and value.

Objectives

• Increase the production of wearable technology by 25%.
• Segment a market niche based on factors such as age, demographics, income, education, and technology to increase the customer base by 20%.
• Leverage social media platforms and data analysis to identify potential customers.
• Incorporate IoT in products comparable to competitors (e.g., Amazon Echo).
• Innovate new, affordable wearable technology comparable to competitors (e.g., Garmin, Fitbit).
• Develop and implement a Customer Service department to support new product initiatives.

Approach

The project will be managed using the five phases of project management: initiation, planning, execution, monitoring and control, and closure. This method will ensure accountability and productivity within the project’s timeline.

Initiation

The project will start with the creation of a project charter outlining Cosmo Inc.’s strategic marketing plan and identifying ways to increase production. This project has already been approved by Harold Living, the President, and CEO of Cosmo Inc.

Planning

Tasks will be scheduled using MS Project and Visio to ensure the project progresses smoothly. The planning phase will be the most time-consuming, focusing on preparing for the execution and control phases.

Execution

In this phase, the team will implement the planned tasks, collaborate to resolve issues, and ensure quality development and output.

Monitoring and Control

Project progress will be tracked, and problems will be addressed promptly. The timeline and budget will be closely monitored to ensure the project stays within its parameters.

Closure

The project will conclude with the launch of a campaign to promote the new merchandise in the market.

Assumptions

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

Constraints

• Time-sensitive deadlines to meet the 6-month campaign schedule.
• Resource constraints in the development department tasked with designing the new merchandise.
• The need to meet performance requirements to keep the project on track.

Dependencies

• A budget of $150,000.
• A 10-week time frame.
• Growing market demand for wearable merchandise.

Initial Risk Factors

• Risk of exceeding the budget.
• Challenges in developing new technology and products.
• Time limitations within the project schedule.

Regulatory Cost and Impacts

Federal Trade Commission Compliance Data Security: To ensure data security, stronger encryption methods for new merchandise will be implemented, along with two-factor authentication. This investment will cost approximately $35,000 for the IoT consumer app development, but failure to invest could result in potential losses of up to $3.92 million due to data breaches, which is the average cost of a data breach in the United States [CITATION Sin18 \l 1033].
Payment Card Industry Data Security Standard (PCI DSS) Compliance: Compliance will be maintained by filling out the PCI Self-Assessment Questionnaire (SAQ). The estimated annual cost for maintaining compliance is $300 [CITATION Glo19 \l 1033].

Roles and Responsibilities