MBA-FPX5018__Assessment4-1 (1)

3 Executive Summary Cosmo Inc. is known as one of the industry leaders in wearable technology, holding a 33 percent market share. CEO Harold Living has noticed that the level of competition has increased. Thus, Mr. Living has instructed his staff to create a new marketing plan to grow the consumer base by 20% and wearable technology manufacturing by 25%. The marketing team has been instructed to use modern technologies, such as social media and data analytics, for predictive analytics to find known and unknown client segments to meet those objectives. The marketing campaign aims to establish Cosmo Inc. as a top contender in the wearable technology space. Furthermore, to build a better digital business for the future, produce and support goods that enhance the customer experience, and mesh embedded services of people, devices, and information, the marketing plan must incorporate technology into the current ERP and marketing systems. Utilizing cutting-edge technologies like mobile, loT, and artificial intelligence apps are some ways to accomplish that goal. The team will need a project charter and accompanying project management plan to direct the work and stay on schedule. The project's specifications include a 10-week timeline, a $150,000 budget, and a 6-month campaign duration. Performance reports that will be created to track client growth and customer satisfaction will be used to gauge the project's success. Customer service, information technology, marketing, and finance are among the departments working on the initiative.

6 ● Human resources (employees quitting and not completing the project). ● Marketing receiving negative responses. Regulatory Cost and Impact: Security, Privacy, and Safety of Consumers: There is a robust system that uses encryption to avoid breaches of privacy, security, or safety of customer information(Canali, 2022). If the system stores data, the FTC mandates that applications and websites don't access consumer’s information they don't need. Should the website or the app need information about the consumer, it is the responsibility of the business to develop a security system to enhance security, such as two-factor authentication. Additionally, the company must adhere to HIPPA laws, where consumer information is protected from third parties without the consumer’s consent(CDC, 2022). Roles and Responsibilities Role Name Organization and Position Responsibilities and Tasks on the Project Contact Information Project Sponsor Harold Living President Oversee the project Harold.living @gmail.com Project Manager David E Project Manager Conducts meetings to initiate the project, manages the project with the team, conducts team meetings to discuss key performance indicators(KPI), Performs SMART targets, Monitor progress of projects, outlines expectations, and reports directly to the project sponsor davide@gma il.com Marketing Manager Brandon Park Marketing informs the marketing strategy team, does competitor and market research with the sales department, develops product pricing, researches customer segments, splits test ads and markets in different brandon-park @gmail.com

9 ● Identification of other regulations that govern the integration of IoT into products that are available in the market. Acceptance Criteria: The strategy is going to require the implementation of the following ● Analysis of competition to understand their leverage and why customers buy into their products ● Integration of new IoT functions into existing products to have a competitive advantage. ● Quality Assurance of the new products received from customers and technicians. ● Testing products and recognizing defects and what can be done to offset them. ● Utilization of analytics to develop a new market strategy across all platforms. ● Utilization of social media ads to reach new customers ● Market to other businesses to enhance their processes. ● Split testing of recent campaigns to examine which campaign is cost-effective and productive. Deliverables: To be Performed: ● Marketing strategy with a customer obsession motto. ● Integration of IoT into products ● Quality assurance on products and marketing campaigns ● Tailor product specifications to businesses ● The marketing campaign depends upon pages already in place on Facebook, Twitter, Instagram, and TikTok. ● The affiliation program depends upon the product's past success among customers to produce results. ● Proper allocation of funds to encompass the whole project. ● Proper mitigation of defects in products by IT. Not Performed: ● Compliance with FTC security and privacy.

12 permitted cost baseline. The third process is “Control Costs,” which monitors project status to update the budget and manage changes to the cost baseline. These processes are used to control the budget of the project and ensure the project falls within the estimated monetary costs(PMI, 2017). Table E represents the project cost distribution. Table E. Risk Management Plan (Assessment 4) Introduction It is essential to consider all the risks involved with the project and incorporate risk management systematic criteria to ensure the project successfully achieves its objectives. It is imperative to plan risk before it happens to have a proactive approach to deal with it. Agile leadership that fosters efficiency and discipline can better control the process of risk identification, impact, and mitigation(Heagney, 2022). The project’s overarching objective is to capture more market share in the wearable technology space, incorporating IoT technology in wearable technology, being ahead of the competition, increasing wearable production, and expanding clientele. Controlling risk in these processes will Increase the likelihood and effect of positive events while decreasing the likelihood and impact of adverse events in the project. Risk also has a positive side where, if harnessed towards the project, it could yield better results than expected(Heldman, 2005). ● Risk Matrix

15 promote transparency and a great culture. Additionally, creating the employee's buy-in enhances the project's outcomes and helps keep the employees motivated to help support the project from start to finish(panel, 2023). ● Project Quality Plan. Introduction (Intent): Lately, competition has been fierce, and consumers have more options than ever. Quality has been the most essential feature for companies to gain a competitive advantage. Thus, quality has become everyone’s priority and is incorporated in every KPI. Corrective actions must focus on bringing about the defects and highlighting them, along with identifying quality issues. Improving quality can increase business and, by default, market share and beat the competition. Additionally, when leadership identifies quality, customer obsession must be regarded to decrease the gap between the consumer and the business interests. Quality also motivates team members and allows creativity to spur and exceed expectations. Plan Quality Management Processes: ● Inputs: ○ Deadlines are implemented in schedules. ○ Expectations are set with each communication point ○ Weekly conference calls and meetings with teams and stakeholders. ○ Implementing surveys to be sent to consumers to assess consumer insights. ○ Risk Management analysis accordingly ○ Training modules to be given to the team members.

18 ● Product testing after release to ensure customer satisfaction ● Releasing updates to fix bugs, glitches and errors ● An optimal marketing campaign that drives SEO and organic growth based on word of mouth ● Improved customer relations and expectations. Project Close The company has rolled out their products with strong encryption and outstanding technology. The products were user friendly and consumers were very excited to try them. Projects spanned approximately 6 months and many milestones were achieved during the project. Cosmo’s market share has increased from 30% to 40% by targeting different clientele across different platforms. The project has helped increase the customer base by 20% and manufacturing went up almost 30% which exceeded objectives. Marketing campaign had initially surpassed the budget allocated from paid ads but ultimately fell back into budget by the end of the project due to organic growth. Thus, no more paid ads were needed by the end of the project. Project started on Septemeber 10th and ended on March 10th and crushed objectives that were set for it. Lessons Learned. Managing the flaws in the project was done by appropriately having preventative and corrective actions. Corrective actions were taken to realign the project's work with the project’s goals. Corrective actions returned the project to the management plan by documenting the direction for execution to manage future project expectations. Performance monitoring showed how personnel are implementing each step of the project appropriately. Performance and were discussed in each managerial meeting to control human resource risk. Managing the timeline of the project was very essential as this project’s timeline was only ten weeks. Timelines and finishing the project on time enhanced the company’s competitive advantage. The reason lied in the company's productivity and its ability to utilize its human resources to ensure targets are met. Additionally, pricing products came at a premium because competitors didnt have the same technology or value. Metrics incorporated time as a high-value priority to ensure the project's success. The project's success depended upon incorporating risk management strategies with each step. Agile leadership successfully monitored and enhanced the project every step of the way. Thus, the project succeeded and exceeded expectations. Certain high risks were evaluated at the

21 KERZNER, H. (2022). Project Management: A systems approach to planning, scheduling, and controlling . JOHN WILEY & SONS. Panel®, E. (2023, May 2). Council post: 15 strategies for navigating the top challenges in HR management . Forbes. https://www.forbes.com/sites/forbeshumanresourcescouncil/2023/04/28/15-strategies-for-n avigating-the-top-challenges-in-hr-management/?sh=1f41b9fa3d7b PMI. (2017). A guide to the Project Management Body of Knowledge: (PMBOK Guide) . Project Management Institute. Stalk, G. (2015, December 9). Time-the next source of competitive advantage . Harvard Business Review. https://hbr.org/1988/07/time-the-next-source-of-competitive-advantage