PM FPX 5332 Assessment 1 New Marketing Strategy PM-FPX5332 Project Management, Planning, Execution, and Control New Marketing Strategy
Project Name: Tech Lifestyle – Cosmo Inc.
Prepared By: Naureen Durrani
Date: 10/16/2021
Version History:
| Version | Date | Comments |
|---|---|---|
| 1.0 | 10/16/2021 | First Draft (Assessment 1) |
Project Scope Statement
Executive Summary
Cosmo Inc. is a leader in the tech industry, with a strong presence in sectors including fitness and nutrition education. Currently, the company holds a 33% share in the tech market. In response to growing competition, a marketing analysis was conducted. Based on the data, the CEO has recommended a new marketing approach to stay competitive. As a result, Cosmo Inc. plans to launch a new technology along with a strategic marketing campaign with a budget of $150,000, to be executed within a 10-week period. The target demographic includes individuals aged 25–50 with an annual income of $75,000 or more. The CEO and President, Harold Living, will sponsor and oversee the project.
The objective of the Tech Lifestyle project is to not only increase market share but also establish Cosmo Inc. at the forefront of wearable technology. The project aims to increase market share by 20%, expanding the customer base by 15% within the target demographic. Customer service will be enhanced with tools to support the new services. To compete with emerging tech companies, the project has a 10-week preparation period and a 6-month campaign timeline.
Given the size of the project, various departments will collaborate and form sub-teams to handle specific tasks and meet the scheduled deadlines. The overall goal is to serve both existing customers and attract new ones.
Note: In case of any discrepancies between the Project Charter and the Project Scope Statement, the Project Scope Statement shall be considered authoritative.
Business Objectives
Product Description (Solution)
Under the direction of Mr. Living, the Life Style Tech initiative was developed. This 6-month marketing campaign aims to expand the customer base.
Business Objectives
The primary goal is to target college-educated individuals aged 20–25 with an annual income of $75,000 or more, residing in cities with a population of 500,000 or greater. These customers are tech-savvy and use cloud and mobile technology in their daily lives. Cosmo Inc.’s long-term objective is to increase its market share from 33% to at least 44%. The Life Style Tech project will facilitate this growth, helping the company compete more effectively in the marketplace.
Mr. Living, as the project sponsor, will monitor the progress at each stage alongside the project management team, which includes the marketing director, IT director, CFO, and customer service director.
Project Description
Project Scope
Deliverables:
- Research: The IT department will conduct research using both existing data and new demographic information. This research will guide the integration and configuration of new technology. Afterward, a test run will be conducted to identify and resolve any errors before the product launch.
- Marketing: Marketing will conduct demographic research and competitor analysis, targeting tech-savvy individuals aged 25–50. A six-month campaign will promote the new and improved technology.
- Reporting: Research findings will inform strategy across departments. For example, customer service can use satisfaction ratings to assist marketing in refining the campaign. Finance will ensure the project stays on budget with regular communication and reviews.
- Implementation: Once the research and reporting phases are complete, sub-teams will meet to finalize the product design, assess marketing progress, and review the budget. The final product will be implemented, and progress will be monitored.
Exclusions:
The project scope does not include specific phase and implementation details, which will be determined as the project progresses.
Dependencies (External and Internal)
- External: Demographic results and marketing efforts depend on external factors like survey accuracy and audience interest.
- Internal: Successful communication is critical for the project. Regular meetings and updates are essential to ensure teamwork and monitor progress. The budget and timeline must be carefully managed.
Assumptions
The demographic study results are assumed to be accurate. It is also assumed that the project can be completed within t