Cosmo, Inc. Wearable Technology Marketing Campaign (Term Paper Sample)

Business and Management [Subtitle] [Learner name] [Course number] [Date] Table of Contents TOC \o "1-3" \h \z \u Executive Summary (Assessment 4) PAGEREF _Toc521932112 \h 3 Project Charter (Assessment 1) PAGEREF _Toc521932113 \h 4 Project Scope (Assessment 2) PAGEREF _Toc521932114 \h 7 Work Breakdown Structure (WBS) (Assessment 2) PAGEREF _Toc521932115 \h 7 Project Management Cost (Budget) (Assessment 3) PAGEREF _Toc521932116 \h 7 Project Management Schedule (Assessment 3) PAGEREF _Toc521932117 \h 8 Risk Management Plan (Assessment 4) PAGEREF _Toc521932118 \h 8 Project Quality Plan (Assessment 4) PAGEREF _Toc521932119 \h 9 Project Close and Lessons Learned (Assessment 4) PAGEREF _Toc521932120 \h 9 Appendices PAGEREF _Toc521932121 \h 10 References PAGEREF _Toc521932122 \h 11 Executive Summary (Assessment 4) Cosmo Inc., which dominates wearable technology with a 33% marketplace share, may face the threat of emerging competition. The company has seen the need for this new marketing strategy to expand and sustain its current market share. This has been recognized by the concern's headship headed by the company's CEO and President Harold Living. These technologies include the Internet of Things (IoT), digital services, data analytics, and the mobile technology movement, which the company plans to use in its strategic marketing. Cosmo, Inc. and competitors' strategies have been assigned for review by a task force. The marketing campaign's target audience includes people between 25 and 50 who have passed college and earn more than $75,000 yearly. They live in capitals with a populace of more than 500,000 people. They should have modern information technology. They use mobile and cloud technology at the office and in their personal lives. The goals of this campaign are challenging and have several dimensions. They are expected to enhance the production of wearable technology by 25%, enhance the client base by 20% by uncovering unidentified client dissections, and emerge as a significant competitor for wearable and trending technologies such as the IoT. The campaign also seeks to incorporate technology in the existing ERP and Marketing systems and design and incorporate a new process in the Customer Service section to meet present and upcoming neutrality requirements. The project specifics are ten weeks of development, a $150,000 budget, and a 6-month-long campaign. Performance reports will be prepared to measure the growth of customers and growth in the customer satisfaction rate. The departments involved in this project are the Marketing, Finance, Information Technology, and Customer Service departments. The following sections of the Project Management Plan will discuss the project charter, project scope, project cost, project schedule, risk management plan, and quality management plan. The Project Close and Lessons Learned section will describe the success factors and lessons learned for this project. Project Charter (Assessment 1) Project Title: Cosmo, Inc. Wearable Technology Marketing Campaign Project Start Date: TBD Projected Finish Date: TBD (10 weeks from start date) Budget Information: $150,000 Project Manager: TBD Business Need Cosmo, Inc. is a pioneering manufacturer of wearable devices and currently has a 33% market share. However, a threat of competition may negatively affect future earnings (Leigh, 2024). The business issue is devising a new advertising mix that will not only enlarge the market share but also retain the present one. This is in line with the organizational strategic goal and objective of growth and market leadership. Project Objectives * Create an advertising drive plan that would raise the making of wearable technology by 25%. * To improve client base by 20% through unidentified customer dissections. * Make use of current technologies such as social media and information analytics. * Be one of the highest rivals in the wearable technologies’ marketplace. * Implement technology in the existing ERP and Marketing systems. Approach The PMI approach will be modified to manage the project. Tools or techniques used per project phase include big data analytics, digital services, and IoT. Assumptions The financial plan will remain obtainable to back the task; no update will be needed. The task force chosen by CEO Harold Living will be reachable and dedicated to the project. Constraints The required resources may not be available, and substitutes may be necessary. The project is limited by a 10-week schedule and a cost of $150,000. Dependencies The project is based on the Marketing, Finance, Information Technology and Customer Service departments being able to work together. Initial Risk Factors Market demand and customer needs may change throughout the project. Technology-related risks, such as difficulties in implementing new systems, may also exist. Regulatory Cost and Impact Data privacy laws will also be adhered to during the project. The cost of this compliance has been included in the project budget. Roles and Responsibilities Role Name Organization and Position Responsibilities and Tasks on the Project Contact Information Project Sponsor Harold Living Cosmo, Inc., CEO and President Accountable for the project’s productivity, offer strategic leadership, sign off major changes, and coordinate relevant organisational goals. TBD Project Manager TBD Cosmo, Inc., Project Manager Control the selection, organization, and completion of a project. Organize team members and activities, facilitate and mitigate risks, and exchange information with project participants (Yin et al., 2020). TBD Marketing Team TBD Cosmo, Inc., Marketing Department Plan and execute the strategic promotional marketing campaign. Since social media and data analysis technologies are already at hand, the firm is to apply them. TBD Finance Team TBD Cosmo, Inc., Finance Department Manage the project budget, conduct cost-benefit analyses, and ensure financial feasibility. TBD Information Technology Team TBD Cosmo, Inc., IT Department Make technology fit in the existing ERP and Marketing systems. Promote the adoption of actively used technologies like IoT. TBD Customer Service Team TBD Cosmo, Inc., Customer Service Department Improve and device a new process within the department. Monitor customer satisfaction rates. TBD Sign-Off: Optional for this portfolio work project. Comments: This is a summary provided for each role. The names provided for the Project Manager and team members and to be chosen. Project Scope (Assessment 2) Overview Cosmo Inc produces smart wearables which thus exposes it to competition. Cosmo has to come up with a new publicizing plan that is to be used for the growth and sustaining a market share for Cosmo. The requirements of this project include a development of a marketing plan and its implementation in the area of technology trends and a specific target group. Description It will combine the components of marketing mix in the use of IoT, digital services, data analytics and mobile channels for this project. The strategy as such will lead to a 25% production increase of wearable devices and an increase in customers by 20%. In scope * Formulation of a marketing campaign plan. * We are integrating technology trends into marketing. * Discovery of unknown customer segmentations. * Combination with existing technology in ERP and Marketing. * Design and deployment of a new process in the Customer Service unit. Out of scope * Any modifications made to the product itself. * Entry into new markets away from the current geographic area. Acceptance Criteria * A 25% growth in the manufacturing of intelligent clothing. * Customer base expansion by 20 per cent. * Ability to integrate technology into the current systems. * Introduction of a novel procedure in the Customer Service department: * Implementation process success factors. Deliverables * An inclusive marketing promotion plan. * A report identifying unknown client segmentations. * A plan for integrating technology into current systems. * A novel procedure for the Customer Service department. Work Breakdown Structure (WBS) (Assessment 2) WBS Introduction WBS is a crucial component of project management and describes how the entire project is categorized into various sections. In the Cosmo Inc. marketing campaign project WBS will be helpful in identifying the tasks and necessary resources to achieve the project goals (Leigh, 2024). It will be beneficial in identifying what has to be done and it will also help in the management of the project. The WBS for this project will be based on the core aspects of the project scope. These include the designing of a marketing campaign strategy, identifying new market segmentations, integrating technology into existing operations, and developing a new process in the Customer Service department. These deliverables will be broken down further into work packages (Leigh, 2024). The WBS will also be used to determine the departments that will be involved in the project from Marketing to finance departments to information technology department and even customer services. Other departments can assume roles of different functions in a well-hierarchized WBS. WBS Graphical Representation 1 1447800193040 Cosmo, Inc. Marketing Campaign 1 1628775166370Develop Marketing Strategy 1 1981200180975Incorporate Technology Trends 1 Internet of Things (IoT) 19240500 2 Digital Services 19431005080 3 1962150175260Data Analytics 4 Mobile Technology Movement 176212515240 2 Review Competitors' Data Analytic Reports 2 Identify Customer Demographics 3 1409700172720Set Campaign Objectives 1981200149225Upsurge Manufacture of Wearable Technology by 25% 1 Upturn C...