Cosmo Inc. Project Management Plan: Marketing Strategy 2024

Project Management Plan Project Charter Assessment 1: Cosmo Inc Nia Thompson PM-FPX5018 November 30, 2023 1

Table of Contents Executive Summary (Assessment 4) ........................................................................................................ 3 Project Charter (Assessment 1) ............................................................................................................... 4 Project Scope (Assessment 2) ................................................................................................................ 10 Work Breakdown Structure (WBS) (Assessment 2) ................................................................................ 10 Project Management Cost (Budget) (Assessment 3) .............................................................................. 10 Project Management Schedule (Assessment 3) ..................................................................................... 11 Risk Management Plan (Assessment 4) ................................................................................................. 11 Project Quality Plan (Assessment 4) ...................................................................................................... 11 Project Close and Lessons Learned (Assessment 4) ............................................................................... 12 Appendices ............................................................................................................................................ 13 References ............................................................................................................................................. 14 2

Executive Summary (Assessment 4) 3

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Project Charter (Assessment 1) Project Title: Cosmo Marketing Strategy for 2024 Project Start Date: January 8, 2024 Projected Finish Date: April 8, 2024, with a launch date of June 3, 2024 Budget Information: $150,000 Project Manager: Nia B. Thompson Business Need Cosmo, Inc. is a leading developer and distributor of wearable technology. This includes everything from fitness coaching and nutritional coaching to lifestyle advising. They currently hold a 33 percent market share for this category. Members of the senior leadership team have done a complete analysis of the market and realize that a competitor will soon be launching technology that could potentially have a negative effect on future earnings for Cosmo, Inc. As a result of this analysis, the CEO and President Harold Living has asked the senior leadership team to develop an innovative marketing strategy that will allow Cosmo to not only maintain their status, but also increase their market share. The current market is extremely competitive and the global pandemic that we all faced in 2020 only increased the need for wearable technology. To ensure the continued growth of the organization, we will have to make sure that we consider and include the technological trends that have occurred over the last three years. Project Objectives The main objective for Cosmo, Inc is to create a goal that will allow the organization to continue with the advantage over the competitors currently in the market as well as incoming competitors. The following are the goals of the campaign:  Create a marketing strategy that will increase the production of wearable technology by 25 percent.  Increase the customer base by 20 percent by identifying unknown customer segments that are based on age, income, education, demographics, and technology.  Make use of current technologies which include the use of social media and data analytics, for predictive analytics to identify known and unknown customer segments.  Become a leading competitor in wearable technologies.  Use trending technologies, including IoT (Internet of Things), mobile technology, and artificial intelligence applications to continue the trend of being a lead competitor of wearable technology. 4

 Integrate technology into current ERP and Marketing systems. Doing this will allow for an improved customer experience as well as improving our digital business as “meshed” with embedded services of people, devices, and content.  Develop and implement new processes within the Customer Service department that will establish new product support services.  Meet all current and future neutrality regulations. Approach “A project is a temporary endeavor undertaken to create a unique product, service, or result” (Project Management Institute, 2017). In following with the process outlined in the PMBOK Guide (Project Management Body of Knowledge), a project management has a life cycle that goes through five especially important phases. They are project initiation, project planning, project execution, project monitoring and controlling, and project closure. One important thing to note is that these phases may overlap with one another over the course of managing this project.  Project initiation – This is the first stage where the project will be formally stated. When Living stated what the need was for the organization was, the project was initiated. A project charter should be created during this phase which will outline constraints, goals, the budget, etc. The initiation phase will also assign roles and responsibilities for each project member.  Project planning – This phase will require refining the details discussed in the initiation phase. During this phase, the project scope is created, and the objectives are clearly defined. Some other important activities during this phase are schedule development, setting aside resources, establishing important dates, methods of communicating with one another, and what plan will be in place to identify and minimize risks.  Project execution – During this phase, the team has started working on the project. As the project manager, it will be up to me to make sure the team has the proper information to do their part. I will also be monitoring whether the outline established will lead to this project being a success. Technology changes quickly and the team must be able to adjust to remain at a competitive advantage.  Project monitoring and controlling phase – This phase is usually done in collaboration with the execution phase. The reason these two are often done simultaneously is to make sure that objectives are being met. My role as the project manager will be calculating key performance indicators for cost efficiency and time constraints. While assessing this, I will also be determining any corrective measures that will aid in ensuring that the project is staying on track and within the budget.  Project closing – The closing phase is the final phase of the project management process. When it is time to close the project, there will be a series of important tasks that will need to be completed. They are analyzing that objectives outline lead to a successful product launch, rewarding the team members, if the project was considered a success, 5

and lastly the delivery of the product and vital reports will be done during this phase. Assumptions:  The company will see an increase in sales and revenue because of this project.  Cosmo, Inc. allotted $150,000 for this project and this amount is large enough to meet all the project necessities for completion within the appropriate period.  The market will show we have the leading advantage in wearable technology that includes fitness and nutritional coaching. Constraints:  The budget is limited to $150,000, but technological advances may require us to exceed this amount.  We are working within a limited 10-week timeframe to finish a 6-month marketing campaign strategy.  Identifying how to reach consumers that are outside of the age range and are not as tech savvy as the initial market. Dependencies:  By requesting a new product, the demand for production will also increase.  The cost of production in lower income areas could impact consumer satisfaction. Initial Risk Factors: “ Analyzing risk is an important part of the project planning process” (Asana, 2022). Risk factors associated with this project were assessed during the initial process of collecting the information needed to meet the project deadline. The risk factors and what strategies to use to overcome them are as follow (Asana, 2022):  If the initial project objectives are unclear, then there is an initial risk of “Scope risk, also known as scope creep” (Asana, 2022). If these objectives are unclear, it is possible that the stakeholders can step in and try and make changes in the middle of the project. To avoid scope creep, as the project manager, it will be important to set clear parameters and once they are agreed to stick to them. It will also be important to regularly check in with other members of the project team to ensure that the parameters are in line and being followed. 6

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 The 10-week period to complete the campaign strategy may cause a problem if not every member of the team is ready or if they lack an understanding of their role. This could potentially cause a delay in the timeline and would have a negative impact on the budget allotted as well as the date this project should be complete. One method to mitigate potential risk is to revisit the timeline and “overestimate” the final date for completion.  Another potential risk factor is staying within the budget set aside for project completion. The potential for this issue can occur if the project planning is unrealistic in relation to the budget. To avoid this potential risk, “estimate each element of your project accurately and stick closely to your budget” (Asana, 2022). Once again, continue to check in with project members and evaluate the budget in place and how things are going to progress. Regulatory Cost and Impact: In order to successfully complete this project, the project manager must understand the regulations and how they can influence the project. “The food and Drug Administration (FDA) has basic rules for regulating wearable devices and digital health tools, but hose rules may change as rapid innovation continues and the agency creates new pathways to ensure the safety and efficacy of new consumer-facing products” (Robeznieks, 2019).  Reviewing important regulations implemented by the FDA to ensure that there is no breach in technology patents associated with the wearable technology. “Any device that is “intended for use in the diagnosis of disease of other conditions, or in the cure, mitigation, treatment, or prevention of disease” (Robeznieks, 2019). This is a regulation that the FDA has made clear.  The FDA does not regulate wearables that are being used for general use. This includes tracking fitness. “Fitness trackers, which help keep tabs on sleep quality, heart rate, and other biological metrics, are a popular way to help Americas improve their health and well-being” (Munk, 2022).  Most wearable devices collect personal data. If it is not found on the device itself, it can be found in the mobile application that can be downloaded to the individual’s cellphone. Data on a fitness app is not considered protected like health information so there are concerns of the potential for consumer breach. Cosmo, Inc. must take great measure to ensure that there is no breach of data and if there is, it must be managed quickly. If it is not, the organization may accrue significant costs and fines. Not only will we need to understand regulations issued by the FDA, but we will also need to have an understanding for privacy laws, such as HIPAA, even though the fitness app is not regulated to those same laws. “This means that personally revealing data can potentially be used in ways a consumer might never expect” (Munk, 2022). 7

Roles and Responsibilities Below is the breakdown of the project stakeholders, their positions within the organization, the title of their role in the project, their responsibilities, and their contact information: Role Name Organization and Position Responsibilities and Tasks on the Project Contact Information Project Sponsor Harold Living Cosmo, INC/ CEO and President Harold Living will be over approving the resources and the budget for the project. Provides leadership and oversees the project. Also, monitors the budget to ensure the team is staying within the budget allotted for this project. Work closely with the project manager. 334-695-4632 Harold.Living@cosmo.com Project Manager Nia Thompson Cosmo, INC/Project Manager Nia will be responsible for planning and overseeing the project. Also, she will be responsible for allocating the resources and monitoring any project risks. Monitors the progress the team is making toward achieving the goals put in place. 334-354-8881 Nia.Thompson@cosmo.com Marketing Joyce Cosmo, Ms. Moore will 334-220-1313 8

Director Moore Inc/Marketing Director be responsible for providing insight into marketing strategies to make this a successful project launch. Also responsible for providing a method to track the demographical makeup of consumers. Joyce.Moore@Cosmo.com Information Technology Representative Davita Duvall Cosmo, Inc/Information Technology Specialist Duties will include monitoring of any changes in technology during the time we are working on this project. Additionally, Ms. Duvall will be responsible for providing expert knowledge on wearable technology and the capabilities from an IT standpoint to stakeholders. 334-221-1313 Davita.Duvall@cosmo.com Customer Service Manager Shaniqua Jones Cosmo, Inc/Customer Service Manager Ms. Jones will be responsible for developing and implementing customer service processes. This will include but will not be limited to improving customer relations and providing feedback to stakeholders. 334-256-8478 Shaniqua.Jones@cosmo.com 9

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Project Scope (Assessment 2) Overview Description In scope: Out of scope: Acceptance Criteria: Deliverables: Work Breakdown Structure (WBS) (Assessment 2) WBS Introduction: WBS Graphical Representations: Project Management Cost (Budget) (Assessment 3) Introduction (Intent): Project Budget: (Note: Cut/Paste Summary tab from template here. Attached budget file as a separate attachment.) 11

Project Management Schedule (Assessment 3) Introduction (Intent): Microsoft Project Document: (NOTE: Please, also, attach your MS Project Schedule file as a separate document. Links sometimes do not work.) Risk Management Plan (Assessment 4) 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 (Assessment 4) 12

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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: Project Close and Lessons Learned (Assessment 4) 13

Appendices 14

References Davis, K.D. (September 4, 2023) Project Management Fundamentals: Tools and Techniques. https://www.knowledgehut.com/blog/project-management/project- management-fundamentals Heagney, J. (2016). Fundamentals of project management (5th ed.) . New York, NY: AMACOM. Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide . Newtown Square. PA. 2017 Team Asana (November 8, 2022). 7 common project risks and how to prevent them. https://asana.com/resources/project-risks Robeznieks, A. (July 16, 2019). Wearables, the FDA, and patient advice: What physicians should know. https://www.ama-assn.org/practice-management/digital/wearables-fda- and-patient-advice-what-physicians-should-know Munk, C.W. (November 26, 2022). The biggest security risks of using fitness trackers and apps to monitor your health. https://www.cnbc.com/2022/11/26/the-biggest-risks-of-using-fitness- trackers-to-monitor-health.html 15

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PM_FPX5018_ThompsonNia_Assessment1-2

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