Assignment 3: Project Proposal – Execution, Control, and Closure Note: This is the third of three assignments which, as a whole, will cover all aspects of the project life cycle relevant to your selec

Running Head: PROJECT PROPOSAL: INITIATING & PLANNING 1

Project Proposal: Initiating & Planning

With the increasing competitiveness in the marketing industry with most companies obtaining different strategies of both marketing and management, there to be an improvement in the current company in as much as products are concerned. This proposed project was developed after a critical meeting was held among the shareholders and management of the company and the introduction of a new product, the “fit shoe” were meant to be manufactured and marketed. This project will therefore be responsible for the analysis of the market including competitors, threats, opportunities and customer needs, the development of the design and finally, the marketing of the final product (Chaves, et al., 2016). The company initially dealt only with sports clothing, bus as a strategy to diversify the products, there was need to come up with this new product what is intended to confer some numerous advantages to the company.

The overall goal of this project is to come up with a new product that will satisfy customers’ current needs, that is, a shoe that can work out your muscles with minimal workout. It also aims to penetrate new markets by targeting customers that were not initially of the company and finally to meet the expectations of all the stakeholders in the company (Wong & Psych, 2016). The overall objective of the project is to increase its market share by diversifying its products and therefore increasing accounts payable. The other objective is to effectively market the product using strategic marketing and aggressive skills and finally to provide a product that will improve the company’s overall image.

The targeted customers for this project deliverable are athletes or in general, people who intend to be physically fit. Other stakeholders that are key in this product are the vendors and suppliers who will be part of the robust marketing strategies employed for this product and finally, the shareholders and the management team who are responsible for the funding and have expectations as to how much profitability and other general business goals this product will meet in the market.

The project will be divided into three distinct phases. The first phase will be the analysis phase during which the market as a whole will be analyzed for customer needs, the competition from other companies, the opportunities for improvements and the threats and associated risks. Thereafter, the next milestone will be implementation of these customer needs in manufacturing of the shoe design “fitshoe’ that is meant to satisfy these needs and the final phase will involve the marketing of the product in the market. The deliverable is the shoe design that will work out leg muscles with minimal workout required.

The project is estimated to take 14 months to complete. The initial stage of the project is the analysis of the market. This is estimated to take 4 months. During this period, the financial analysts who are part of the project team are expected to go into the market and analyze the customer needs including the desired prices and value of products. Next, they will identify key competition and analyze their strategies of marketing, management and product formulation. The analysis will also include a SWOT analysis of these companies (Singh&Ruparathna, 2020). The threats and opportunities of the product in the project will be identified and at the end of this phase, they will be presented. The next phase will take 7 months. This is the manufacturing of the product, and testing it on selected groups of people for efficacy before it can be approved safe and efficient to be used. Thereafter, the final phase will include training the marketing team on the strategies to employ to market the product and the markets in which to do this. They thereafter will implement these strategies in the market. This will take three months.

The project is estimated to cost $2 million to complete. This includes the cost of all the phases to completion. The staffing needs include the market analysts who will complete the initial phase, product developers who will develop the product and the doctors who will give insights on how to develop the prototype and finally, the marketing team that will market the whole product to the project. The non-staffing resources will include materials supplied by contractors that will be used to develop the product, equipment and tools including transport needed to analyze and market the product.

References

Chaves, M. S., Araújo, C. D., Teixeira, L., Rosa, D., Júnior, I., & Nogueira, C. (2016). A new approach to managing Lessons Learned in PMBoK process groups: the Ballistic 2.0 Model. International Journal of Information Systems and Project Management, 4(1), 27- 45. Retrieved from https://www.sciencesphere.org/ijispm/archive/ijispm-040102.pdf

Singh, P., &Ruparathna, R. (2020). Construction project proposal evaluation under uncertainty: A fuzzy-based approach. Canadian Journal of Civil Engineering, 47(3), 291-300. Retrieved from https://www.nrcresearchpress.com/doi/abs/10.1139/cjce-2018-0795

Wong, P. T., & Psych, C. (2016). How to write a research proposal. Langley: Trinity Western University Langley. Retrieved, 26. Retrieved from http://www2.psych.utoronto.ca/users/shkim/How%20to%20Write%20a%20Research%2 0Proposal.pdf