Cosmo Inc.

Project Charter

PM-FPX5018:

May 17, 2023

Table of Contents

Project Title: Cosmo Project Charter

Project Start Date: 05/10/2023

Projected Finish Date: 05/12/2023

Budget Information $150,000 Total Cost

Project Manager: Taccarra Manuel

Business Need:

Cosmo Inc. has been a leader in wearable innovation and currently holds about 33% of the market share. It has recognized that technology is moving at the speed of light. To stay relevant, it must increase its market share regarding wearable technology. They understand that there will be many new entrants into this market space that can have an impact on their current and future market share which would negatively impact their earnings. The company must create a new marketing strategy that includes the Internet of Things, digital services, data analytics, and the latest mobile technology movement.

Project Objectives:

· Gain more market share.

· Target college educated people between 25 – 50 years of age with a n annual income of $75,000.

· Incorporate new technology trends into their marketing.

· Increase production to 25% and customers by 20%.

· Implement this marketing into the customer service.

Approach:

The project will use the PMI approach. PMBOK will direct it apparatuses and procedures. The project will follow the five stages: initiating, planning, executing, observing, controlling, and closing (Roseke, 2017).

*Initiating: Use of PMI and PMBOK devices and strategies

*Planning: Use of PMI and PMBOK devices and procedures

*Executing: Use of PMI and PMBOK devices and procedures

*Observing and Controlling: Use of PMI and PMBOK devices and strategies

*Closing: Use of PMI and PMBOK devices

Assumptions:

Cosmo Inc understands as the leader in the development of wearable technology, and they need to increase its market share because data analytics shows that consumers aged 25-50 that are college educated and have an annual income greater than $75,000 are starting to use the wearable technology more than any other group. The company believes it can increase its market by 20% and maintain its dominance in this market. The company is confident that implementing this new strategy will take ten weeks and cost $150,000. The company is expecting to increase their revenue by adding to the features of their device.

Constraints: PMBOK

Scope: Upgrade current product line and incorporate IoT, digital services, data analytics, and mobile technology.

Schedule: 10 weeks to implement and run a 6 month marketing campaign.

Budget: Total cost $150,000

Quality: Improved digital business with “mesh” embedded services.

Risk: The loss of market share, new entrants, and going over budget.

Resources: Using current technology like social media and data analytics to trach

consumer use and need.

Dependencies:

The finance team is responsible for tracking costs and keeping the team on task. Each department, marketing, finance, information technology, and customer service, should have expenses associated with the project assigned to each department, and the heads of those departments should track spending.

Initial Risk Factors

· The funding for the project is split between 3 departments, and any mismanagement of funds will risk the project going over budget.

· The project can run into operational problems and if any core processes are overlooked the project could produce an inferior product.

· The technological aspect of the project is an intricate deliverable because of the high turnover of newer and advanced technologies. The tech aspect of the project poses a critical threat to data security, organization services, compliance, and information security (Indeed, 2022).

Regulatory Cost and Impact

· The average rate of regulatory growth drives up operating costs per unit of output by about 3.3 percentage points per year (Richards, 2020) if the project runs over a year then it will be increased by the 3.3 percent and this cost has not been accounted for.

· Regulations that increase operating costs often alter a firm's day-to-day operations in some way. Recently tech vendors have been compelled to adopt ‘privacy by design’ techniques during product development and ‘Privacy-as-a-Service’ over the product lifecycle (Thematic Research, 2022). The next step is to make this required which could change the cost for the company’s wearable devices.

Roles and Responsibilities

Role	Name	Organization and Position	Responsibilities and Tasks on the Project	Contact Information
Project Sponsor	Harold Living	CEO	Executive Officer	442-211-1313
Project Manager	Taccarra Manuel	Project Leader	Lead project	771-234-6767
Marketing Director	Antonio Davis	Public Relations/ Marketing	Marketing planning/ Public relations	451-230-3424
Technology Dept	Chase Parker	Product Development	Software Development	451-222-3099
Sales/Customer Service	Lacy Mound	Customer Support	Sales and Customer Development	661-234-7888

The project sponsor Harold Living determined that because the company has become stagnant and the threat of new entrants is growing, he has determined that it is time to create new products and use the latest technology. Like many great leaders, he understands it is time for the company to reinvent itself and create a new market strategy to launch the changes. Taccarra Manuel will oversee the project, tracking costs and timelines to ensure success. Antonio Davis is the marketing director, and his team will create the launch of the new product and use the customer demographic to determine what current technologies should be used. Chase Parker and the technology department will work to integrate the existing ERP and improve the customer experience by incorporating IoT, digital services, the data analytics with the mobile technology movement. Lastly, Lacy Mound and the customer service team will examine data about the company's current level of customer service and work to create a contact list based on the customer demographics and offer them the chance to get the upgraded wearable devices once they are available.

Overview

Cosmo Inc. concedes that crucial changes within the organization must occur based on the current market assessment. Indeed, there is a need for the organization to upgrade and remain competitive and sustainable. Cosmo Inc. should implement a new strategy to expand its product market and broaden its customer base. The company's CEO and President, Harold Living, argues that Cosmo Inc. will concentrate on research and development (R&D) of new technological advances and marketing strategy to increase market share and sustain the existing levels. Notably, the company will integrate technology trends such as the Internet of Things (IoT) and digital services in its products and operations comparable to its competitors, including Amazon (Bharadwaj et al., 2013). Again, Cosmo Inc. will innovate new and better wearable technology to increase its competitiveness. Adopting the technologies will enable the company to access more customers in unserved markets, increasing its customer base and generating huge revenues.

Description

The project is anticipated to take around ten weeks. There will be constant tracking to determine possible performance, including an increase in the number of customers and their satisfaction levels. The company is currently able to improve its market share, particularly in wearable technology, because of future competition (Ferrell et al., 2021). Thus, the project will incorporate new marketing strategies, including digital services, IoT, mobile technology, and data analytics.

In Scope:

· Increase customer base by 20 percent.

· Creation of new products to boost the quality and satisfaction of customer services.

· Introduction of new marketing campaign strategies.

· Creation of a new marketing process to support the newly developed products.

· Identification of unknown customer segmentation using various demographics.

· Implementation of appropriate marketing strategies leveraging social media platforms such as Facebook, Twitter, and Instagram.

· Increasing production of wearable technology by 25 percent through a marketing campaign approach.

Various social media sites will be monitored closely throughout the marketing campaigns to improve customer markets and advertise products across all age groups. Cosmo Inc. aims to become a famous competitor and leader in the technology market using trending technologies such as mobile technology, artificial intelligence applications, and the Internet of Things (Bharadwaj et al., 2013). Effective application of these technologies will ensure comprehensive coverage and increased market share, increasing sales and revenues.

Out of Scope

· Federal Trade Commission Compliance Data Security

· Payment Card Industry Data Security Standard (PCI-DSS) policy.

The company must identify and adhere to various policies and regulations outlined by the Federal Trade Commission before creating mobile technologies and Internet of Things products. Again, it must consider its financial statements to budget appropriately (Ferrell et al., 2021). Indeed, Cosmo Inc. must ensure the availability of enough funds to cater to the new marketing strategies and security measures necessary to safeguard data breaches.

Acceptance Criteria:

The project will only be considered complete after attaining various objectives. For instance, the effective completion of the project will create a significant market share and a broad customer base and expand its marketing coverage. Again, there will be successful development of Internet of Things products, new wearable technologies, a quality guarantee of new features aligned with wearable technologies, and the incorporation of security measures to safeguard against data breaches and privacy invasion (Jin et al., 2019). Again, there should be the creation of appropriate marketing strategies, the invention of new products satisfying customers, and the effective use of data analytics to increase market share and revenue generation.

Deliverables:

· Effective creation of home Internet of Things products that are more advanced and technologically related.

· Development of new wearable technologies more advanced than competitors.

· Increased promotional and advertising strategies to increase customer base and sales volumes of the new products.

· Implementation of appropriate marketing approaches leveraging social media platforms such as Facebook, Twitter, and Instagram (Jin et al., 2019).

· Fulfillment of the present and future neutrality policies and regulations.

· Development and implementation of new processes with the Customer Service department to develop new product support services.

Work Breakdown Structure (WBS)

WBS Introduction:

The work breakdown structure outlines the company's new marketing structure. It aims to analyze the details of the project, including the activities done at various levels. The primary goal of the project is to develop a new marketing strategy for Cosmo Inc. to improve market share and increase its customer base. Therefore, creating a work breakdown structure is the initial stage for any project to ensure work progress and practical completion (Jin et al., 2019). Every activity outlined in the work breakdown structure includes 100 percent of the activities needed to accomplish the project goals. Several segments of the WBS include segmentation, targeting/ positing, promotional models, monitoring, and assessment/ evaluation (Bharadwaj et al., 2013). Each category is paramount to achieving the intended goals.

WBS Graphical Representations: See Attached

Performance Reports

Focus Groups

Questionnaires

Direct Sales Calls

Advertising Schedules

Social Media Platforms

Value Preposition

Positioning Map

SWOT Analysis

Personas

Algorithms

Market Reports

Monitoring & Assessment

Promotional Techniques

Segmentation

Cosmo Inc. New Marketing Strategy

Target & Positioning

Project Management Cost (Budget) (Assessment 3)

Introduction (Intent):

Project Budget:

(Note: Cut/Paste Summary tab from template here. Attached budget file as a separate attachment.)

Introduction (Intent):

Microsoft Project Document:

(NOTE: Please, also, attach your MS Project Schedule file as a separate document. Links sometimes do not work.)

Introduction:

Risk Matrix

Introduction and Legend (Intent):

Risk Description	Probability (L, M, H)	Impact (L, M, H)	Risk Owner	Risk Response (Mitigation)
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