Project Presentation

Introduction

The world's fragrance industry has continued to demonstrate remarkable growth over the past few years, and companies in the industry have continued to tap into new markets across the globe. However, markets across the world are extremely diverse and exhibit different needs, depending on culture, market sizes, and changes in lifestyle. In emerging markets, for instance, people continue to adopt the use of perfumes, but in many of them, some of the products offered by the companies operating there are too expensive for millions of customers and potential customers (Duma, Willi, & Steinmann, 2015). In this regard, it is becoming increasingly important to come up with products that meet their diverse needs. This is why our organization looks to provide a new product, which is not only high quality (we are not looking to compromise on quality) but it is also quite affordable. The organization targets middle and lower income families and individual, mainly those in the ages below 35. The perfume product that we look to introduce to this market at the global level is affordable for this group and will take different forms in an effort to meet the diverse needs of this group. This proposal aims at justifying the investment of the organization in this product.

Recommended Portfolio Management Method and Rationale

Different industries and organizations have different project management techniques and tools, depending on the needs of the industry, the market, and that of the organization seeking to introduce a new product (Rajegopal, McGuin, & Waller, 2007). There a few important elements of the perfume industry and this organization that would be important to mention prior to the discussion of the method that will be used in the management of the project portfolio involved in the introduction of the perfume. First, the industry is large and has hundreds of companies, many of which the organization does not look to compete with because they are too large, they have different business models and focus on different target markets. Secondly, the organization is relatively new and small and is currently focusing on expansion into the global market, unlike many other organizations.

With this understanding, it has become important to look for a methodology that is relevant to this business model, target market, and the expansion strategy. The approach that will be used in this project will be based on data, which will not only be collected from existing internet sources but also from a primary research process. The data collection process will involve online interviews and questionnaires, which makes it a combination of qualitative and quantitative methods. This will be focused on the collection of quantitative data and the development of valid implications of this data, which will be a short process, based on the short schedule of the project and the urgency to introduce the product.

Problem Statement and Proposed Solution

As has been mentioned above, this project aims at meeting the diverse needs of customers in both developed and emerging economies, looking to take advantage of the markets that have not been exhaustively exploited by currently existing companies. There are millions of customers whose lifestyles are changing across the world but they do not have access to desirable perfumes because those available in the market are either too expensive for them, have compromised quality or are inaccessible (Jones, 2010). In this light, the product to be introduced is meant to be affordable. At the same time, the perfume will be made highly profitable. The need to reach out to emerging markets is one of the most important dimensions of this project as it will help in not only enhancing accessibility of a quality portfolio of products but will also increase sales and improve profitability. The product will be available in both large and small worlds in both developed and developing markets. This, therefore, means that the organization will have a lot to gain from these markets while making it possible for the changing lifestyles in many areas of the world to adopt high-quality products.

Vision and Goals

The vision of the organization in the introduction of this project is two-fold. First, the project is aimed at the introduction of a product that will be readily available to the millions of customers across the world who seeks quality products at affordable prices, which will also be available in all sorts of stores, from large shopping malls to local France outlets. Secondly, the project envisages the creation of a product that will exploit untapped markets in emerging economies, thereby enhancing the profitability of the organization and expansion of its growth, not to mention a extensively expanded product portfolio. Such a portfolio will have numerous benefits, including the elimination of reduction of the impacts of different risks faced by businesses seeking to expand into the global market. At the same time, this project has three major goals.

· To engage in a data collection process that will see the project groups establish specific information of the current market trends of the perfume industry in emerging economies

· To come up with a product portfolio that will meet the needs of diverse customers across the world, with diverse cultural and socioeconomic backgrounds

· To enhance the productivity and profitability of the company by exploiting these untapped markets

Deliverables

By the end of the project implementation process, there are very specific goals that need to be accomplished, which are explained as the following five deliverables.

· A research report that contains specific information on current market trends of the perfume industry in emerging economies

· Detailed recommendations on the strategies that need to be devised in an effort to utilize the market potential in these economies

· A detailed report of the specific benefits that this venture will bring to the organization, which will form the foundation of a cost-benefit analysis, at the end of which the project sponsor will determine the way forward

· A tradable set of products that will have been tested and will be ready for introduction into the market

· A trained team of marketing professionals that will be ready to engage in actual marketing of the products

Timeframe

As has been mentioned above, the project will be small, based on the various budgetary and time constraints as well as the urgency of the project among other limitations. In this regard, the project is expected to take a relatively short period, not exceeding six months. The table below shows the activities that will be involved in the project processes and the lengths of times they are expected to take.

Resources

The activities listed in the table above cannot be underestimated as they underscore the success of the project. Prior to the listing of the diverse resources that will be required to see the successful completion of the project, there are several important points to note regarding the time and resources. First, the project will involve a continued review, possibly once or twice a week, of the progress and the extent to which the goals are being accomplished within the set constraints. Secondly, it will be important, following this review, to report to the project team leader, who will in turn report to the prospect sponsor, following which arising issues will be discussed and the necessary adjustments made.

Thirdly, it is important to note that there are certain contingencies arising in the project implementation process, which have to be addressed by all relevant stakeholders. For instance, many projects fail because some stakeholders are not involved in decision making, such as those involving the resources that need to be added to the project as it progresses, based on changing costs. Having understood these points, the following table represents the different resources that will be necessary in order for the project to be completed successfully, which include human resources, equipment for research and data analysis, as well as product development, , and materials necessary for data collection and analysis as well as product development and testing.

Budget

Project budgeting can be daunting tasks for many and takes different approaches. This project will adopt a bottom-up approach, which involves the estimation of the costs that will be incurred by different project activities, followed by the calculation of the total costs (Gido & Clements, 2014). As is evident in the resources table above, some of the resources needed cannot be quantified in numbers because it is important for price comparisons to be made in relation to the market. As such, the best way to quantify them is by estimating the costs they might incur, as will be done in this section. The following budget breaks down the estimated costs of all project activities as well as the costs of the different resources needed to see a successful completion of the delivery of the aforementioned deliverables.

It is important to note a few things about the budget that is about to be developed, as in the two tables created below. First, the costs are mere estimates of the resources and costs of activities. This means that there may be adjustments that will be made as the project progresses, based on forthcoming cost assessments. Second, it is important to note that there may be intangible costs, such as those that may be involved in facilitating the research process, which often come up as contingencies. For instance, it might be necessary to make unforeseen travel arrangements in the data collection process. Having realized that, the contingencies will have a separate entry in the budget, as seen in the tables below. The budget will be show in two separate tables: one for the project activities and one for the resources.

Activity Budget

Resources Budget

Project Success Criteria and Rationale

As has been mentioned above, there are different deliverables that will need to be accomplished in an effort to make sure that the project goals mentioned earlier has been accomplished. In this regard, the following criteria will be used to measure the extent of success of the project implementation process.

· It will be required that data will be presented on all aspects of the global market necessary to convince the project sponsor on the necessity of the project, including market details, which will be presented in a report

· The project team will provide detailed strategies on how the products to be developed will be marketed in the identified areas, including marketing tactics and media channels to be used

· The project success will also be assessed based on the extent to which it conforms to the project schedule shown in the table developed in the timeframe section

· The extent to which budgetary constraints have been adhered to will be used as another measure of success

· The quality of the product, based on global market and regulatory standards will be another important measure

· The quality of training for the marketing team will also be an important criterion in measuring

Satisfactory Level of Stakeholders

In every project, it is important to understand that there are many stakeholders, and all have to be considered in the development of project objectives. This makes it possible for them to become part of the transition, which is important because the project affects them as well as they affect the accomplishment of organizational objectives. Stakeholders may include project sponsors, employees, customers, and even local communities. The following three criteria will be the basis of measuring the extent of satisfaction that will be demonstrated by the most relevant stakeholders.

· With the project sponsors being the primary stakeholder, who will be putting their money at risks in the introduction of the new product, the time it will take for them to approve the project will be an important measure of their satisfaction

· Considering that managers and employees are also an important part of the project, especially the human resources, finance, and marketing department, the level of acceptability or resistance they show will be another satisfaction criteria

· The last criteria will be the response of the customers to the product, which may take a few days or weeks after the introduction of then product in the market in different areas

Conclusion

This proposal is focused on the introduction of a product that is not only affordable to people that have not had access to quality and affordable perfumes, but which will also ensure that the company expands its product portfolio in untapped markets. The result will be increased profitability and a satisfied and engaged customer base. The project is not big and will incur low but significant costs, which the company cannot afford to put on the line with returns that are not assured. This is why it is important to meet the costs while at the same time critically analyzing the benefits through research, as has been mentioned in the management method section.