PM FPX 5332 Assessment 1 Cosmo Inc.: New Marketing Strategy

PM FPX 5332 Assessment 1 Cosmo Inc.: New Marketing Strategy

Student Name

Capella University 

PM-FPX 5332 Project Management Planning, Execution, and Control

Capella University 

Date:

Cosmo Inc.: Tech Lifestyle Project Scope Statement

Cosmo Inc. has been a frontrunner in the technology sector, encompassing diverse areas like lifestyle changes, including fitness and nutrition education. Currently holding a substantial 33 percent share in the tech market, the company aims to evolve and progress in the face of escalating market competition.

The CEO proposes the adoption of a new marketing approach to align with current market trends and enhance competitiveness. Following a comprehensive marketing analysis, the company has decided to introduce a new technology along with a corresponding marketing strategy, allocating a budget of $150,000 to be executed within a 10-week timeframe. The target demographic for this initiative comprises individuals aged 25-50 with an annual income of $75,000. The project will be overseen by the CEO and President, Harold Living.

Tech Lifestyle, endorsed by CEO Harold Living, is poised to join forces with Cosmo Inc. in the tech world. The primary objective is not only to augment market share but also to establish a prominent position in wearable technology.

Tech Lifestyle anticipates a 20 percent increase by leveraging existing technology, leading to a 15 percent expansion of the customer base in specific demographics. The customer service department will be equipped with tools to handle new services and provide support. To stay competitive with emerging tech companies, Tech Lifestyle has been allotted a 10-week project preparation time with a $150,000 budget, earmarked for a 6-month campaign.

The collaborative efforts of various departments will be essential for the success of the Tech Lifestyle project. Sub-teams will be established to handle task-related information and adhere to scheduled timelines. The overarching goal is not only to cater to existing customers but also to attract new ones.

It is important to note that in case of any discrepancies between the Project Charter and the Project Scope Statement, the latter takes precedence.

2. Business Objectives

2.1 Product Description (Solution)

In accordance with Mr. Living’s plan, the Lifestyle Tech project aims to focus on marketing through a 6-month campaign with the goal of expanding the customer base.

2.2 Business Objectives

The primary objective of the campaign is to target college-educated individuals aged 20-25 with an annual income exceeding $75,000. This target demographic is situated in tech-savvy sectors and cities with over 500,000 residents, utilizing cloud and mobile technology at work and home. Cosmo Inc.’s long-term goal is to increase market shares from 33 percent to at least 44 percent, positioning Lifestyle Tech to compete effectively in the market.

3. Project Description

3.1 Project Scope

Includes (list deliverables):

Research: The IT department will conduct research on existing data, new age groups, and demographics, providing insights into technology configuration and integration with existing products. Marketing will conduct a campaign targeting the 25-50 age group, emphasizing “new and improved technology.”

Reporting: Findings from research will be used to strategize and collaborate across departments, ensuring the best possible outcome. For instance, customer service can provide satisfaction ratings to the marketing team for use in the campaign.

Implementation: Sub-teams will collaborate to discuss the final product, incorporating findings from IT, updates from the marketing campaign, and budget updates from the CFO.

Does not include:

The listed deliverables do not encompass phase and implementation processes, which will be developed as the project progresses.

3.2 Dependencies (External and Internal)

External:

• Demographic results are external dependencies, as the accuracy of data collected via surveys is not guaranteed.
• Marketing is an external factor, as the interest of the targeted age group in the product is uncertain.

Internal:

• Communication is integral, and timely meetings and status updates are crucial for teamwork.
• Budget and timeline need close monitoring to complete the project on time.

3.3 Assumptions

Demographic study results and the assumption that the project is achievable within the allocated time and budget are considered assumptions.

3.4 Constraints

Time management within the six-month period and potential delays in the integration process of new technology are identified as major constraints.

4. Project Milestones

Target Date

• Project Start: 10/19/2021
• Strategy: 10/20/2021
• Timeline, reporting, data analysis: 10/22/2021
• Finance/Budget: 10/24/2021
• Development and Ideas/Marketing/IT: 10/27/2021
• Initial implementation draft review: 11/01/2021
• Review/ready for implementation: 12/08/2021
• Final review: 12/20/2021
• Project Completion and implementation: 12/31/2021

Gantt Chart: The Gantt Chart provides a detailed outline of the project along with target dates.

PM FPX 5332 Assessment 1 Cosmo Inc.: New Marketing Strategy

5. Project Approach

5.1 Change Management

Change management will be the foundation of this project, with different departments working together. Directors from marketing, IT, finance, and customer service will present status updates in meetings.

5.2 Communication Management

Bi-weekly meetings in the first two weeks, followed by weekly meetings, will ensure understanding and alignment among all project stakeholders.

5.3 Quality Management

Testing technology before going live is crucial for the success of the project. Test results will be shared with teams in meetings and updates.

5.4 Resource Management

Directors will control resources within their departments, providing tools to their expert individuals for their roles in the project.

5.5 Critical Success Factors

Effective communication with precise notes and points is crucial. As needs arise, communication must improve to ensure success.

6. Risk Management

Risk is inherent from day one to project completion. Clear goals, a well-thought-out plan, and effective teamwork are essential to mitigate risks.

5.7 Project Organization

Role Name Job Title Responsibilities/Task Contact Information

• Project Sponsor Harold Living CEO/President Set the goal and expectation/final approval 111-1111
• Project Manager Naureen Durrani Program Manager Oversee Tech Lifestyle progress/communication/reporting to CEO 111-2222
• Marketing Elon Musk Marketing Director Direct the team to gather data, conduct surveys, launch marketing campaigns 111-7777
• Finance Jeff Bezos CFO Oversee team progress per budget goals 111-0000
• IT John Apple IT Director Oversee team progress through new technology integration process 111-0101
• Customer Service Tom Hiddleston Customer Service Director Lead the team, prepare for the new launch, and provide tools 111-9999

7. Authorizations

The Project Scope Statement is approved by:

• Project Sponsor: Harold Living
• Project Manager: Naureen Durrani

Project performance baseline changes will be approved by:

• Project Sponsor: Harold Living
• Project Manager: Naureen Durrani

Project deliverables will be approved and accepted by:

• Project Sponsor: Harold Living
• Key Stakeholders: Elon Musk, Jeff Bezos, John Apple, Tom Hiddleston

8. Project Scope Statement Approval

• Project Name: Tech Lifestyle
• Project Manager: Naureen Durrani

The signatures above indicate an understanding of the purpose and content of this document. By signing this

document, they agree to this as the formal Project Scope Statement document.

Work Breakdown Structure (WBS)

The WBS outlined below provides project expectations and objectives of the involved teams, depicting project stages from initiation to completion. The project organization is divided into four teams led by respective directors.

8. Tech Lifestyle Project Teams

1. Strategize/Budget/IT

   • Progress/Updates/Reporting

2. Risk Assessment

   • Address Issues/Problem Solving

3. Sharing Results/Data Implementation/Going Live

   • Marketing
   • Finance
   • IT
   • Customer Service

PM FPX 5332 Assessment 1 Cosmo Inc.: New Marketing Strategy