Project Presentation

Project

Introduction

In this increasingly dynamic market, the need to come up with products that stand out is exceedingly necessary. As a result of this desire for uniqueness, the industry in play, which is the fragrance industry, is in dire need for a shift in its product line and an improvement in its base. This can be explained by looking at the diversity of the market as well as the needs of the markets that abound across the world. This can also be due to the market sizes and the cultures that are ever unique all across the world. The various lifestyle changes can also be used to explain the varying trends in this industry. When entering such a market, such factors are key issues that can be used to gauge the exact component of the market to enter (Nokes, 2007).

In this regard, our organisation is seeking ways to meet the market tastes and to come up with products that are not only unique but do also come at affordable prices. When coming up with a unique product, the project team is also keen enough not to compromise on quality just for the sake of affordability. This therefore implies that the firm seeks to target, with its new product, individuals mainly from low and middle income classes and those majorly below the age of thirty five years of age. In the same breath, this perfume product that the project team is working on is justifiably for this market niche and will therefore meet the diverse needs of the case group and this is by giving the product different forms. It is therefore with certainty that it can be said that the product will justify the amount of investment that will be pumped into the project and its systems.

Vision, objectives and scope

By introducing this product, the organisation did lay out two visions. Firstly, the organisation seeks to make available its product to the millions of clients across the globe. This is to be achieved by making the products affordable and by extension making the product to be of high quality. In order to expand on accessibility, the product will also be available in all the stores. In the global scene, there is a high likelihood of untapped markets which calls for streamlining. In the case of such, this inspires the second vision which involves the venturing of these green and untapped markets. This will enhance the company’s extent for profitability and growth. It is also important to highlight how this will come with an added sphere of an extensive and broad product portfolio. With such portfolios, there are added advantages. These include and are not limited to elimination or the reduction of the risks involved in overseeing the project in the global market (Dinsmore, 2005).

When analysing the objective/goals, we do realise three goals:

· To involve its system in a data collection process that enable it to see the various project groups to establish specific information of the current market trends in the perfume industry in the ever dynamic and emerging economies.

· It is important to come up with a product portfolio that will enable the realisation of the needs of the global clients who are defined by their different cultures, social and economic backgrounds.

· Another key goal that will see the firm grow is the aim of enhancing it’s the profitability and productivity by taking advantage and venturing into the untapped markets.

Clients to use the deliverables

On the surface, it would be justifiable to say that deliverables are mere words to exalt the value of a project. A closer look gives proof that a deliverable is the result arising from the implementation of a project. In the perfume industry, we will need to ensure that the product makes headways in the markets. In accessing the deliverable, the market trends take centre stage. This can be related on with the markets that ever require affordable and at the same time very high quality products. It is always a great incentive to note that the dynamism of markets do enable them to be very unpredictable. This is also a bonus since whatever might not be embraced in one market is definitely not predictably going to be affecting the receptivity of other products.

Emerging markets are a great source of revenue since they account for more than 50% of the global market share. Due to their drive for quality products, the markets are well placed to purchase products that are in tune to their needs. It is also a great aspect of product managers to note that the clients in the emerging markets are of diverse backgrounds and thus they can be used as a mode of product diversification.

It is a key issue that a product be able to generate profit. This in its strength is to enable the company to maintain its float capacity. It is important that the firm be in a position to evaluate its cost-benefit accounts as well as ensuring that the firm is able to manage its systems.

Due to their ever attractive balance of payments in the emerging markets, the product stands a great chance of penetrating and challenging the already established brands of competitors. In order to achieve this, it is important to have a team of sales and marketing professionals. This team will be involved with the structuring of the promotions and ensuring accessibility of the products (Lock, 2007).

Stakeholders

In the business world, it is quite unlikely to stay in business even with a burgeoning financial muscle, if there are no stakeholders and the perfume product is not an exception. This can be attributed to the need to have proper connections that will enable the product to filter into the market spectrum. Some of the key stakeholders in the industry will aid in the growth of the product. The stakeholders are the customers who form the last chain in the trade cycle. The firm will also need to have a great link of suppliers and dedicated employees. In extension, the firm will need to have a pool of investors who will ensure a great stream of financing. There will also be a need to be in link with perfumers and fragrance dealers so as to ensure that the firm is able to meet its clients’ demand.

Roles and responsibilities of project team

Project teams are always made of members who are tasked with overseeing the success of the project. It is due to this that the project team needs to be well organised so as to ensure the growth of the project. At the top of this team is the project manager who oversees the activities of the team members. The individual also ensures that the team is able to complete its project. In addition to this, the person is also tasked with the development of the project plan as well as evaluation of the team’s performance as regards to monitoring the project tasks. He or she is responsible for the streamlining of communication, delegation of duties, aligning the project to the budget constraints and ensuring that it does meet its scope and that the deadline is met.

The team members are always responsible for the execution of tasks delegated by the project manager and ensuring that the deliverables are produced as outlined and directed by the supervisors. They are the ones to follow to the latter and to oversee all the levels of the project. This being a relatively small project, and with the limited budgets, it will not need team leads to provide leadership and task allocations as a means of aiding the project manager (Martin, 2002).

Project milestones

It is important to highlight the fact that a project milestone does add an extra edge to project scheduling and should therefore be treated with great importance. In light of this, there is need to evaluate the milestones with regards to the success of the project. This being a project that was to be implemented and was not expected to be launched with grandeur of major projects due to financial restrictions and cautiousness exercised by the stakeholders in initially monitoring the project. It is due to this that the project did realise some milestones in line with the project objectives and deliverables.

To start with, the project did manage to bring on board a very robust sales and marketing team to oversee the general promotion and distribution of the products to the market segments in play. This did ensure that the project was well cut out and in a position to be accessed by the clients. This did enable the project team to be in a position to gauge whether it was on schedule or not. And in this case, the milestone acted as a means of ascertaining the aforementioned.

The milestones are important in their delivery and use in determination of schedules. This helps in the know-how of how exactly to rectify on the time schedule. A milestone always has its own exclusive time schedule and is therefore important in how it follow its own critical path. This can at times be deceiving in the sense that the team might be deceived by the success of one project component and ignore those that are actually lagging behind (Lock, 2007).

Work breakdown structure

Organisational structure

Budget

When looking at a budget, there arises the pressure of at time excluding some components of the project. This makes the whole process a tad daunting and in this regard, it is important that when coming up with a project plan, the team tasked with this should be quite articulate in its duties. It is also going to be realised that some of the resources will not be quantified financially due to the fact that they require real market values which cannot be established on a virtual planning level. The only way possible to evaluate their costs is through estimations. 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 therefore implies that they are liable to adjustments if the need arises.

Activity budget

Resources budget

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.

Assumptions, dependencies and risks

Assumptions that were made range from the hope that the products will bought on the perception that they are good. Another assumption made is that the product will sell itself and that distributors are dire of stocking the product. Another assumption made is that the competitors will respond with rationality and modesty towards the product.

Due to such the project might suffer the risks of being hit by market rigidity. Another risk is that the product might find it hard to filter into the market segments which directly relates to there being loses as regards to the investments made in the project. The risk of the project falling out of its critical path is a glaring reality that must be taken into consideration (Martin, 2002).

Conclusions

This is a completely viable project that can reap in great returns if properly implemented. It remains a key issue then to ensure that it is implemented. In light of that, the paper has managed to highlight the key aspects of the project by keenly looking at their significance to the entire approach of the project. Being a project that will be operational at quite a limited supply of resources, there is the need to follow every bit of it to the latter so as to ensure that the various dependencies and constraints do act in the favour of the entire project.

project manager

functional manager

project coordinator

information manager

project design supervisor

staff

Fragnance firm

Human resources

$ 5,500

work: 4.5%

Product development

$ 1500

work: 56%

Review and products team

$ 1,200

work: 78%

Research

$ 2,300

work: 7.9%

analysis and marketing

$ 1,500

work: 89%

Resource budget

Activity budget