This project is to ensure that Cosmo, Inc. remains competitive in the world market. Cosmo, Inc. is a leading player in distributing wearable technology. This wearable technology includes fitness coaching, lifestyle advising products as well as fitness coaching. In the world markets today, Cosmo Inc. commands to about 33-percent of the wearable technology. However, there has been an emergence of new players thus increased completion. Therefore this project aims at keeping Cosmo Inc. competitive as well as expanding its client base by about 20-percent.
This project is divided into five parts. First part will emphasize the available opportunities. These opportunities involve the integration of IoTs, digital services, data analytics, and mobile technology. With the introduction of the internet, the world has been dramatically connected hence larger markets as well as completion. The integration of new technologies into the company will enhance the company’s market as well as subduing any competition that may arise. The second part of the project will emphasize market analysis. This market analysis the part of the project will analyze the current market trends, competitors and market structure. This analysis will inform the company decisions on its investment plan.
The third part of the project is the execution part. This execution can be divided into different phases. Every phase is essential in the realization of the entire project. Therefore this project will emphasize proper implementation to ensure that the company remains reasonably competitive in the world markets. The fourth part of this project is the company and management summary. This part is essential has it will inform how the project will be run and who gets involved in every phase of the execution. The last part of this project is the financial plan of the project. This part will emphasize raising money that is essential in executing the plan.
In the last three decades, the world has become more connected. Introduction of technology has shifted market trends and made the environment of doing business become harsher. The Internet has revolutionized business, and whoever does not change their strategies to fit the modern markets he or she is likely to be kicked out. Unlike the 1970s when board advertisements used to work correctly, today the internet is the order of the day. In the US, over 80-percent of people get their information from the internet. Therefore, for Cosmo Inc. to remain relevant in the market, it should incorporate technology in its daily running of the business. There are several ways of using the internet to market its services. The first way of using the internet is the IoT (internet of things). The internet of things is the future of any company in the world today. The integration of IoTs in the company will help it gather real-time information of its businesses. The other way of using the internet to enhance business is through digital services. These services may include online information, websites and digital content. These services will globalize the market of the company hence increasing the company revenue. The other way is data analytics. This analytics is essential for the company has it enable the company to analyze the information acquired over the internet. Through data analytics, the company can estimate its customer base as well as customer preferences. This analytics will help the company to maintain its customer base. The last way the company can use is mobile technology. Introduction f mobile technology will significantly boost the company’s customer base considering its accessibility. Product accessibility is a crucial feature in maintaining and acquiring customers.
This project targets people who live in relatively big cities. The city population must be at least 500000 people. The age group of people must lie between 25 and 50. The annual revenue for a person in the city must be above $75000 in a year. These people must be educated, at least gone to college. This project must utilize different technologies to reach its client base. These technologies include technology savvy, mobile technology, and cloud technology. These technologies can be used both at home and at work. For the project to be successful, there must be several campaign strategies. For these strategies to work effectively, they must be quality. This project will use Juran’s ten steps in ensuring that the strategies used are of quality. The following are the steps for ensuring quality. First, build awareness of the opportunity to improve, second, set goals for improvement, third, organize to reach goals, fourth, provide training, fifth, carry out projects to solve problems, sixth, report progress, seventh, give recognition, eighth, communicate results, ninth, keep score and lastly maintain momentum by making annual improvement part of the regular systems and processes of the company.
These are the project strategies in realizing more customer base. Design a marketing campaign strategy that will see increased production of wearable technology by at least 25-percent. Increase customer base through identification of unknown customer base segments. This identification will be based on age, population, education, and technology. This strategy targets an increase of customers by at least 20 percent. Employ advanced technology such as data analytics to reach out for this unknown potential customers. These strategies targets to make Cosmo Inc. a leading competitor in wearable technologies, leading competitors in using modern technologies such as data analytics and artificial intelligence. This strategies as well as targets to achieve current and future neutrality regulations, current ERP and market system integration. Lastly, come up with new customer service that supports the new products.
This project will run for ten weeks. The execution stage can be divided into several processes. The first process will involve the initiating process. This process involves the identification of market opportunities. The planning process then follows this process, controlling process, executing the process and lastly the closing process. All these processes involve analyzing data that will be essential in laying down the project’s strategies. These processes are supposed to run for ten weeks while the campaign should run for six months. Weekly reports of the project will be submitted. These reports will be examined to establish the effectiveness and efficiency of the project.
Company and management summary
This project will involve different company departments to execute the project. The first department to be involved in the IT department. This department will provide the necessary information required for the campaign. The other department to be involved in the customer service, this department will aid in analyzing the customer feedbacks. The other department to be involved in the marketing department, this department will conduct the campaign. Lastly, the finance department will be involved. This the department that will provide the money that will be used in financing the project.
The budget for this project is $150000. This $150000 is the money that will be used in running the projects. The money will be allocated to finance the different stages of the campaign. The initiating process will have $20000. These dollars will be used for gathering information. The execution process will as well get $100000. This money will be used to fund the campaign as well as implement the strategies. The rest of the money, $30000 will be awarded to other processes that will enhance the smooth running of the project.
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