PM-FPX5018_Kalie Otto_Assessment 4-2

Executive Summary (Assessment 4) President and CEO of Cosmo INC Harold Living is creating a project to maintain and increase profitability and market share in the Wearable Technology Sector as more competition emerges. Following the review of industry analysis the threat of loosing market share without change is imminent. To overcome this threat Cosmo Inc is rolling out a new wearable technology software and capabilities while tapping into a new market. Using the Project Management Body Of Knowledge guide (PMBOK) will help to overcome unexpected challenges associated with a new project with the use of a risk management assessment. The goals of the project are to increase Cosmo INCs customer base by a minimum of 20% by identifying and targeting untapped customer segments to provide a product and service that will increase customer retention and satisfaction allowing Cosmo Inc to grow its 33 percent market share in the wearable technology market. The project shall take place over the span of six months while adhering to the budget of 150 thousand dollars. Planning shall take place over the span of a ten week period to create a 360 view of the project Cosmo INC. will retrain the customer service department on the new product and how to properly use Social Media platforms to offer top of the line customer service, marketing and products. This report will outline the process of achieving those goals. 3

Dependencies: The project is dependent upon a new version of wearable technology to provide consumers that will entice upgrades and new users. When the technical department has overcome any issues. Manufacturing will begin to produce the product as quickly as possible once production has begun and the product has been approved by quality control the marketing team will begin to promote the product. Weekly performance reports will be reviewed by each of the key project managers and stakeholders allowing adjustments to be made promptly if needed. Initial Risk Factors Some triggers that may cause risks initially are the time constraint of ten days to start production and fine-tuning the technology to avoid issues. ( Rudder 2023.)   Making sure that testing begins immediately in both the lab and real life situations will help to overcome this risk. Proper communication between departments could pose a risk as changes will happen rapidly along with supply chain delays related to the microchip shortage that is not expected to end until 2024. ( J.P. Morgan. 2022) Ensuring that the microchip supplier is able to keep up with our demand will be critical to roll out the new wearable technology while making sure that departments are clearly communicating with each other when changes are being made will reduce this risk. If a major issue related to the technology, supplies or manufacturing occurs the project may be delayed and the budget will be impacted. Regulatory Cost and Impact Protecting consumers privacy is at the up most importance. The General Data Protection Regulation (GDPR) makes it “ mandatory for wearable users to be aware of what data are being accessed by which app.”(Mining Technology 2022) Ensuring that the regulations surrounding personal data are adhered to in relation to GDPR legal should be consulted about updating Cosmo Inc.’s privacy policies for users. Cosmo Inc will not work with the medical field to provide data thus avoiding regulations surrounding medical devices set forth by the FDA. Users manual will be provided via QR code with each device, and updates will be provided to each user on the app so that the user agrees to the terms and conditions regarding proper care, use and warnings regarding rechargeable batteries along with any other regulations that may apply in the future. If regulations are not properly followed the consequences could be very costly, they should be closely followed. Roles and Responsibilities Role Name Organization and Position Responsibilities and Tasks on the Project Contact Information 6

Acceptance Criteria: The final performance report from the marketing team combined with the final report from customer service will dictate the success of the project. The reports shall be combined highlighting all pertinent information but available to dictate each departments take ways without bias. The accounting department shall compile a report about the profitability of the new product. Ensuring that the product is working properly is at the upmost importance and the data from the marketing department, customer service department and accounting department will show clear data on if the demand for the new wearable technology will align with the underline goals. Deliverables:  Delivered within the timeframe  Customer Satisfaction  Health and safety adherence  IT specifications  Increased market visibility  Increased market share Work Breakdown Structure (WBS) 9

Introduction (Intent): The project team will assign duties as outlined in the WBS for Cosmo Inc for the wearable market expansion. The time allocated to each task and department shall be properly distributed to employees in each department while ensuring they are staying on task and budget throughout the projects timeline. Microsoft Project Document : Project Budget: Project Name: Cosmo INC. Marketing Strategy Project Manager: Kalie Otto Date: 10/15/2023 Task Name Resource Rate HOURS Estimate Target and Positioning SWOT Analysis Marketing 150 70 10500 Positioning Map Marketing 150 50 7500 Value Proposition Marketing 125 70 8750 Monitoring and Evaluation Questionnaires Customer Service 100 50 500 Focus Groups marketing 125 50 6250 Customer Service 50 40 2000 Performance Reports Customer Service 100 40 4000 IT 150 40 6000 Application Monitoring Customer service 125 50 6250 IT 100 20 500 Segmentation Market Reports Marketing 125 30 3750 IT 100 25 2500 Algorithm Analysis IT 100 70 7000 Personas Customer Service 100 50 5000 Marketing 125 70 9375 Promotional Tasks Social Media IT 100 40 4000 Marketing 75 65 4875 Promotional Schedules Customer 150 80 12000 12

 New Marketing Strategy  Improved Customer Service protocol Manage Quality Assurance: Inputs:  New wearable technology and application capabilities  Creating a new application while remaining on schedule  Risk reports  Staff involvement and increased product knowledge. Tools and Techniques :  Quality check in processes so that every department is aware of the progress, issues and concerns of the project.  Risk reports of potential problems with solutions  Customer feedback with the use of Social Media Outputs:  Quality Products to be provided to consumers  Product marketing plan  Accurate cost lists  Improved Customer Satisfaction  Increased Customer Retention Control Quality: Inputs: 15

References GlobalData Thematic Research. (2021) Wearable Technology: Regulatory Trends. Mining Technology. Wearable Technology: Regulatory Trends (mining- technology.com) Project Management Institute. (2017) Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice 18