PM FPX 5018 Assessments 3 Marketing Campaign Strategy

Student Name

Capella University

PM-FPX5018 Project Management Foundations

Prof. Name

Date

Project Charter 

Project Title
Cosmo Marketing Campaign Strategy Update

Project Start Date
March 1, 2023

Projected Finish Date
May 31, 2023 (Ten Weeks)

Budget Information
$150,000

Project Manager
Jeanne Lewis

Business Need

The implementation of new technology trends by competitors could adversely affect future earnings and needs to be addressed. Relevant technologies include:

• Internet of Things (IoT)
• Digital services
• Data analytics
• Mobile technology advancements

Project Objectives

Cosmo, Inc. will create a new marketing strategy based on data analytics, incorporating the aforementioned technology trends.

Approach

A task force will be established to analyze Cosmo, Inc. and its competitors’ data analytics reports and propose a new strategy that addresses the impact of the mentioned technology trends.

Assumptions:

• The marketing campaign strategy should boost the production of wearable technology by 25%.
• The campaign will expand the customer base by 20% by identifying previously unknown customer segments based on age, demographics, income, education, and technology usage.
• The strategy will include the development and implementation of a new process within the Customer Service department for new-product support services.
• Performance reports will be created to monitor increases in customer numbers and satisfaction rates.
• The following customer demographics will be targeted:
  • Ages 25–50
  • College-educated
  • Annual income above $75,000
  • Residents in cities with populations over 500,000
  • Technology-savvy
  • Users of mobile technology at work and home

Constraints:

• The campaign must span six months.
• The strategy must employ current technologies, including social media and data analytics, for predictive analytics to identify known and unknown customer segments.
• Recommendations must integrate technology with existing ERP and Marketing systems to enhance digital business operations and improve customer experience by integrating services of people, devices, and content.
• The plan must comply with current and future neutrality regulations.

Dependencies:

The project must involve input and participation from the following departments:

• Marketing
• Finance
• Information Technology
• Customer Service

Initial Risk Factors:

• The company holds a 33% market share in wearable technology. Senior leadership has identified that increased competition could negatively impact future earnings.
• Regulatory costs and impacts have not been evaluated.
• ERP and Marketing systems integration has not been assessed or costed.
• The impact on customer service has not been evaluated.

Regulatory Cost and Impact:

• Current and future neutrality regulations must be assessed, and their impact evaluated.
• Regulatory costs and impacts may include, but are not limited to, the following:
  • IRS compliance
  • FTC compliance
  • Sarbanes-Oxley compliance
  • Current and future neutrality regulations

Project Management Plan

Roles and Responsibilities

Role Name Organization and Position Responsibilities and Tasks on the Project Email/Extension
Project Sponsor Joseph Bigwig Cosmo Executive Team/Vice President of Marketing – Oversee, approve, and establish key project aspects – Define project success criteria – Govern and initiate the project – Serve as the executive project voice – Identify roles and reporting structure – Remove obstacles for the team – Approve project go/no-go decisions and phases – Evaluate risk management and project progress – Approve deliverables
jbigwig@cosmo.com

#5551

Project Manager Jeanne Lewis Cosmo PMO, Project Manager – Ensure project success – Work with stakeholders and customers to define project success – Serve as the communication point for customers, stakeholders, team members, and management – Facilitate project meetings – Promote team productivity, collaboration, and morale – Create and maintain project documents, including the Project Charter, Project Management Plan, Change Management Plan, meeting notes, and project knowledge base – Manage the project lifecycle and enforce risk management processes
jlewis@cosmo.com

#5552

Marketing Business Analysis Alexa Sales Cosmo Marketing/Project Team Member – Ensure the project meets marketing goals – Contribute to overall project objectives – Complete individual deliverables – Provide marketing expertise and refine business cases – Work with users to establish and meet business needs – Document the process
Asales@cosmo.com

#5553

Director of Finance Barney Beancounter Cosmo Finance/Project Team Member – Ensure the project meets finance goals – Monitor budget compliance – Contribute to overall project objectives – Complete individual deliverables – Provide finance expertise and refine business cases – Work with users to establish and meet business needs – Document the process
bbeancounter@cosmo.com

#5554

IT Business Manager Teresa Techno Cosmo IT/Project Team Member – Ensure the project meets IT goals – Contribute to overall project objectives – Complete individual deliverables – Provide IT expertise and refine business cases – Work with users to establish and meet business needs – Document the process
ttechno@cosmo.com

#5555

Customer Service Manager Jamil Helper Cosmo Customer Service/Project Team Member – Ensure the project meets customer service goals – Contribute to overall project objectives – Complete individual deliverables – Provide customer service expertise and refine business cases – Work with users to establish and meet business needs – Document the process
jhelper@cosmo.com

Project Scope

Overview

Senior leadership has recognized that emerging competition could negatively affect future earnings. A task force was appointed to review Cosmo, Inc. and its competitors’ data analytics reports and to recommend a new strategy. The market strategy plan will be completed in ten weeks at a cost of $150,000.

Description

The task force will develop a marketing campaign strategy for wearable technology with the following objectives: 1) Achieve a 25% increase in market share 2) Identify known and unknown customer segments 3) Enhance the customer experience and integrate services across people, devices, and content 4) Incorporate trending technologies, including IoT, mobile technology, and artificial intelligence applications

This strategy will support the company’s business value.

In scope:

• Target demographics include:
  • Ages 25–50
  • College-educated
  • Annual income over $75,000
  • Residents of cities with populations greater than 500,000
  • Technology-savvy
  • Users of mobile technology at work and home
• Utilize Cloud technology
• Include solutions for IoT, mobile technology, and AI applications
• Integrate with current management infrastructure and reporting
• Incorporate predictive analytics for social media and data analytics
• Complete on time and within budget
• Involve Marketing, Finance, Information Technology, and Customer Service

Out of scope:

• Specific execution steps of the Marketing Campaign
• Speculative or far-future technology solutions
• Ongoing monitoring and management post-handoff to executives
• Education for non-technical populations or those technologically deprived

Acceptance Criteria:

• The marketing campaign strategy must:
  • Increase wearable technology production by 25%
  • Expand the customer base by 20% by identifying unknown segments based on various factors
  • Position Cosmo as a leading competitor in wearable technologies and trending technologies
  • Integrate current technologies, including social media and data analytics, for predictive analytics
  • Incorporate technology into ERP and Marketing systems to enhance digital business operations
  • Propose a model for new-product support services within Customer Services
  • Address current and future neutrality regulations

Deliverables:

• A list of trending wearable technology including IoT, mobile technology, and AI applications
• A Gap Analysis comparing Cosmo’s solutions with competitors to identify underserved technology
• Analysis of customer segmentations for wearable technology
• A data analytics and social media predictive strategy
• Gap Analysis of current ERP and Marketing system features
• Customer service requirements for new products and processes
• Identification of legal, government, and legislative neutrality requirements and potential changes
• Summary of proposed solutions

Work Breakdown Structure (WBS)

WBS Introduction: The project is divided into three main deliverable areas: 1) The Wearable Technology (WT) Project Gap Analysis to determine current and near-future WT products, supporting companies, and customer demographics 2) Predictive Analysis to determine data tracking and social media integration needs 3) Cosmo Infrastructure requirements for Marketing, ERP, and Customer Service, including necessary improvements (cost and time)

The report will conclude with recommendations, issues, and mitigations.

Project Management Cost (Budget) 

Introduction (Intent): The major budget items are staffing and research tools, based on financial estimates and industry research. Office supplies and miscellaneous needs will be minimized. A budget surplus is anticipated.

Project Budget: Expense $Est.
Staff (7/salaries/benefits) 30,000
Research (Consultants/Tools/Subscriptions) 50,000
Office Supplies 10,000
Total 90,000
Budget Surplus 10,000

Project Management Schedule 

Introduction (Intent): The project deliverable (report) will be completed in ten weeks, with an additional two weeks allocated for project closure. The project includes two parallel Research Phases, a dependent Recommendation Rollup Phase, a dependent Executive Summary, and a Project Closure Phase. The Gantt Chart is available at https://jeanne-lewis-company.monday.com/boards/979155048.

Risk Management Plan 

Introduction: Risk Matrix
Introduction and Legend (Intent):
Risk Description Probability (L, M, H)
Impact (L, M, H)
Risk Owner
Risk Response (Mitigation)

Project Quality Plan

Introduction (Intent): 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

Schib, O., & Lee, C. (2016). Marketing Campaigns for Emerging Technologies. Harvard Business Review.

Smith, K. J. (2019). Effective Marketing Strategies. Wiley & Sons.

PM FPX 5018 Assessments 3 Marketing Campaign Strategy