Running Head Project Proposal ✓ Solved

Running Head Project Proposal

PROJECT PROPOSAL 5 Project Proposal: initiation and planning Student’s name Professor’s name Institutional affiliation Course Date 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 “fitshoe†was 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, but as a strategy to diversify the products, there was need to come up with this new product which 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 thereby 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., Araàºjo, C. D., Teixeira, L., Rosa, D., Jàºnior, 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 Singh, P., & Ruparathna, R. (2020). Construction project proposal evaluation under uncertainty: A fuzzy-based approach. Canadian Journal of Civil Engineering, 47(3). Retrieved from Wong, P. T., & Psych, C. (2016). How to write a research proposal. Langley: Trinity Western University Langley. Retrieved, 26. Retrieved from 0Proposal.pdf Chapter 6 Theoretical Frameworks

Sample Paper For Above instruction

In developing effective project proposals, understanding the systematic process of initiation and planning is crucial to ensure successful project execution. This paper presents a comprehensive project proposal for the development and marketing of a new product, focusing on clear objectives, structured phases, resource allocation, and strategic planning, embodying best practices in project management.

Introduction

The competitive landscape of the marketing industry demands innovative approaches and strategic planning to launch new products successfully. The proposed project aims to introduce "fitshoe," a revolutionary athletic shoe designed to enhance muscle workouts with minimal effort. The initiative stems from a strategic decision following stakeholder meetings to diversify the company's portfolio, initially centered on sports clothing. Recognizing the evolving consumer preferences and market opportunities, the project aligns with the company's goal to increase market share and brand image while fulfilling customer needs.

Project Objectives

The primary objective of the project is to develop a product that meets current consumer demands—specifically, a shoe capable of aiding muscle exercises efficiently. This product aims to penetrate new markets by targeting health-conscious athletes and fitness enthusiasts who seek innovative gym wear. Additionally, the project intends to bolster the company's market presence, enhance brand reputation, and increase profitability through strategic marketing and product diversification. Stakeholders including vendors, suppliers, shareholders, and management play vital roles, and their expectations influence project planning and execution.

Project Phases and Timeline

The project is intricately divided into three phases spanning an estimated 14 months:

Phase 1: Market Analysis (4 months)

This phase involves conducting thorough market research, including customer needs assessment, competitive analysis, and SWOT analysis of key competitors. Financial analysts will analyze consumer preferences, price points, and product value perceptions. The insights gathered will guide product design specifications aligned with market demands.

Phase 2: Product Development and Testing (7 months)

Ensuing the analysis, this phase focuses on designing the "fitshoe" prototype, manufacturing initial batches, and testing the product on selected user groups for efficacy and safety. Feedback received will inform necessary adjustments, ensuring the product meets quality standards and consumer expectations.

Phase 3: Marketing and Launch (3 months)

In the final phase, the marketing team will be trained on strategic promotional techniques, target markets identified, and launch plans devised. Subsequently, the product will be introduced into the marketplace with a focus on digital campaigns, retail partnerships, and promotional events, aiming to maximize market reach and sales.

Resource Allocation and Costs

The overall estimated project cost is $2 million, covering all phases from development to marketing. Staffing includes market analysts, product developers, medical consultants, and marketing professionals. Non-staffing resources encompass raw materials, production equipment, testing facilities, transportation, and marketing collateral. Proper resource management is critical for adhering to timelines and budget constraints.

Conclusion

To conclude, this project proposal embodies a strategic approach to product development and market introduction. By systematically analyzing market needs, developing a quality product, and executing targeted marketing strategies, the project is poised to achieve its objectives of increased market share, brand enhancement, and stakeholder satisfaction. Clear phase delineation, resource planning, and stakeholder engagement remain essential for success, reflecting best practices in project management.

References

• Chaves, M. S., Araàºjo, C. D., Teixeira, L., Rosa, D., Jàºnior, 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.
• Singh, P., & Ruparathna, R. (2020). Construction project proposal evaluation under uncertainty: A fuzzy-based approach. Canadian Journal of Civil Engineering, 47(3).
• Wong, P. T., & Psych, C. (2016). How to write a research proposal. Langley: Trinity Western University Langley.