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Concept of New Product Development Doc

   

Added on  2021-02-19

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Managing a SuccessfulBusiness Project

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Devise project aims and objectives...................................................................................3P2 Project management plan..................................................................................................4P3 Work breakdown structure and Gantt chart......................................................................6..........................................................................................................................................................8TASK 2............................................................................................................................................8P4 Carry out small-scale research by applying qualitative and quantitative research method8TASK 3..........................................................................................................................................11P5 Analyse research and data using appropriate tools and techniques................................11P6 Communicate appropriate recommendation and conclusion..........................................17TASK 4..........................................................................................................................................18P7 Reflect on the value of undertaking the research to meet stated objectives and own learningand performance...................................................................................................................18CONCLUSION..............................................................................................................................20REFERENCES..............................................................................................................................21

INTRODUCTIONGlobalisation is the process of integrating and interaction among people, companies andgovernment of different nation to trade or investment purpose. It includes expanding andlaunching new operation in any nation and with major purpose to offers business efficiency(Kankaanranta and Planken, 2010). It is associated with bringing numerous of opportunity andscope for firm to either launch a new product or gathering subsequent changes in an existingproduct. If a firm is looking for launching new product, intention is need to be clear to give cutthroat competition to big name or organisation to operates into market. For this research study,H&M is considered, it is one of the leading multinational clothing retail units headquartered inStockholm, Sweden. This business carries a major influence in the United Kingdom market.Strategically, H&M is known for its quality and durability of product. For developing strength,they are looking to launch new summer shoe in London fashion week which will be conducted16th-20th November, 2019 plus other leading shoe brand will take part in this event. Hence, thisreport will put its prominent focus on creating new product till its launch into marketplace. TASK 1P1 Devise project aims and objectivesIn this section, background of the study, objectives and research question is consistentfocus along with ascertaining suitable information of all such discussion. The major discussion isas follows: Background of the study: H&M is one of the leading fashion retailer umpire operatesand headquartered in Stockholm, Sweden and also serving market of the UK is well known forits product quality, loyal customers and price out product trick. This research is carrying on samefirm on situation of creating a new product that is new summer shoe segment (Jones andLubinski, 2012). H&M has its own shoes range and also idea to operate to facilitates customer'swith such product. To fulfil this, they are launching new summer shoes so as to give cut throatcompetition to the major shoe brand such as Nike, Adidas, Puma etc. After creation of theproduct, this company is launching its new summer shoes in London fashion week on 16th-20thNovember, 2019 to sell product to major industry representatives. In research study, intention isto discuss aim and research question, conducting project management plan, researchmethodology and finding & analysis so as to put focus on quality or quantity of shoes made for

London fashion week. In this study, investigator will put its focus on developing aim andobjectives for this study in an effective manner (Incelli, 2013) Researcher is having its eye ondeciding project management plan, developing research methodology and conducting set of dataanalysis and interpreting findings. Project aim:For this study, aim is “to create and market brand new summer shoes by launching it inLondon fashion week taking place on the 16th – 20th November 2019”. A case study on H&Mfashion Ltd.Objectives of the study:In context of this project, objective of this research study is as follows: To analyse concept of new product development at the global workplaceTo evaluate the benefits for creating and marketing new summer shoes by H&MTo analyse how NPD (new summer shoes) can help to increase profitability of H&M by30 %Research question:What is the concept of new product development at the global workplace? What are the major benefits for creating and marketing new summer shoes by H&M? In what ways, NPD (new summer shoes) may helpful for the H&M to increase itsprofitability by 30 percent?P2 Project management planA project management plan is a document which is useful in every phase of the project.If talks in the descriptive manner, it is the detailed plan consists of cost, scope, time, quality,communication, risk and resources which are being necessary to carry out any specific project ortask (Edvardsson and Bjurko, 2010). Along with this, gradual intention of project managementplan is to develop strategies such as deciding amount to be incurred, time required to completeproject and resources i.e. people, communication etc. In context of this project, detailed andexplained project management plan is as follows: Scope of the project: In this research including, scope for carry out project is legallybigger and focuses on creation & launching of new shoe product in London fashion week. Themajor scope is increasing business efficiency and developing market share of the H&M through

launching new summer shoes and in addition, firm is expected to grow its marketing platform, soas to acquire potential for both new and existing products. Timescales: In this project study, time tenure of 4 months is required for includingsetting idea of the project till its completion (Tushman, 2010). During this time, project manageris need to plan, arrange valuable resources and manage cost to complete this productdevelopment project in even lesser time. 126 days means 4.2 months is planned by the projectmanager so as to carry this project on time and ensure effective qualitative outcomes of thisproject. Time allotted in this project will from planning for new summer shoes and ends on finallaunching in the London fashion week. Cost: Cost is the necessary variable of project management plan in which discussion isbeing put how project will be carry on in limited budget and from where resources will bearranged. For this project will be incurred on hiring manpower, acquiring technology, salaries orwages and setting up complete infrastructure to carry this project. During deciding of the cost,project manager was expecting cost 60000 pounds (£), but actual cost is being found about70000, in which each & every variable is already covered. Each distribution of the cost is asfollows: Particular Amount (£)Research & development10000Raw material acquisition5000Research & design12000Final production 26000Launching12000Marketing5000Total70000Quality management: Quality deals with maintaining right status and condition of anydefined project work in the profitable manner. From creation till its launching of the summershoes, quality management tool such as TQM will be utilise to maintain quality of raw materialfrom its carry out process till final manufacturing of the summer shoes. Thus, in this case, TQMwill proved beneficial for H&M. Communication: In this variable, channel of communication such as verbal & non-verbalcommunication, sharing of an information such as Email, cloud storage, online chatting app will

be undertaken in order to attain or makes barrier less channel with help of which project managercan share any necessary information to employees or staff. Using all these platform, major focusis on reducing barrier during period of interaction among the project. Risk: Risk is majorly equal to threat can be occurred during process of carrying out anydefined task or project (Shang, 2012). While carrying out this project, risk such as closure of theproject, loss of the fund and risk of impact on brand image of the firm. All these risks can becaused due to lack of planning or control over influences such as whether negative or caused outof the scenario. Risks in case of launching new summer shoes are failure of developmentactivities as because of lack of strategic planning, acquisition of the resources or stoppage oflaunching due to illegal defamation by other brands. Resource: During conduction of the project, resources such as time, money, manpower,people, technology, tools etc., are being required to carry out this project on time along withtaking right decision on how to carry out this project and evaluating all these resources so as toaccomplishes perfect outcomes. All these resources have its defined values and norms. As perscenario of this project, resources are need to be planned and evaluates on frequent basis. P3 Work breakdown structure and Gantt chartGantt chart:It is a production control tool invented by Henry Gantt 1900s. It representsdata through horizontal bar graph which tabulates activities to be performed on vertical axis andtime interval allotted to complete tasks on horizontal axis. Time duration taken to perform eachactivity can be depicted by width of bars. It ensures improvement in effective team managementand completion of work according to time provided. It maintains task completion percentage thatbenefits to get work status on time so that corrective actions can be taken before delayed in tasks.It updates regularly about work in progress and task that are pending.

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