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Managing a Successful Business Project - John Lewis Assignment

   

Added on  2021-02-20

31 Pages5936 Words25 Views
Managing A SuccessfulBusiness Project

Table of ContentsINTRODUCTION...............................................................................................................1TASK 1...............................................................................................................................1P1 Project aims and objectives.................................................................................1P2 Develop a project management plan...................................................................2P3 Develop work break down structure and Gantt chart..........................................3TASK 2...............................................................................................................................6P4 Qualitative and quantitative research methods for appropriate aims and objectives...................................................................................................................................6TASK 3...............................................................................................................................9P5 Evaluate research and data with appropriate technique and tool......................9P6 Recommendation...............................................................................................18TASK 4.............................................................................................................................18P7 Reflection...........................................................................................................18CONCLUSION.................................................................................................................19REFERENCES................................................................................................................20APPENDIX I.....................................................................................................................21APPENDIX II....................................................................................................................23Template for Performance Review to be attached with the report by the learner:..........23

INTRODUCTIONGlobalisation is considered as the procedure of integration in which two or morecompanies interact with each other for enhancing their business in effective manner.Globalisation brings numerous of business opportunities for the business which not onlyenhances their market share but also maximises their profitability. This presentinvestigation is based on John Lewis, a chain of department stores which are beingoperated within United Kingdom only. The company was incorporated in the year 1864and is headquartered in London, United Kingdom and SW. The company is introducingnew shoe in London Fashion Week which is going to be executed in 16th to 20thFebruary in which maximum number of companies are participating for representingtheir products. The assignment covers formulation of effective aims, objectives, andproject management plan and research methodology. It also conducts data analysis andprovides recommendation on the same to the company. At last, it provides reflection ofthe overall journey of the researcher which shows their learning to the presentedaudience.TASK 1P1 Project aims and objectivesBackground of Project: John Lewis is the high end department store whichprovides offering across United Kingdom. The store was initially opened in OxfordStreet, London which further expanded to total number of 51 stores within the England,Wales and Scotland. It has been analysed that company is focusing on introducing newproduct in London Fashion Week. In this regard, manager of the company has hiredresearcher in order to improve their knowledge on globalisation as well as it possibleconsequences which might influence company's business operations negatively at thetime of introduction of new shoes in London Fashion Week dated as 16th February to20th February 2019 in order to sell it to the other related industry representatives whohave attended the specific event(Ahmed Dine Rabeh Jimenez-Jimenez and Martínez-Costa 2013)In this regard, investigator has formulated specific aims and objective forthe given scenario which will contribute in leading the whole project effectively. Both theaims and objectives are described as below:1

Research aimThe research aim for the current investigation is “To analyse the influence of newproduct development over profitability of business” A case study on John Lewis. Research ObjectivesTo determine the concept of new product development at global market place.To ascertain various benefits of new product development for John Lewis thatleads to business success. To determine how new product development can influence profitability of JohnLewis.Research QuestionsWhat is the concept of new product development at global market place?What are the various benefits of new product development for John Lewis thatleads to business success?How new product development can influence profitability of John Lewis?Literature ReviewConcept of new product developmentOn the basis of thoughts given by Incelli, (2013) New product development isconsidered as process of developing new product and introducing it at marketplaceeffectively. This concept is mainly used by business organisations for fulfillingcustomers needs with the changing time and also gaining available opportunities atmarketplace effectively. It has been analysed that competition at internationalmarketplace is increasing day by day. This directly influences interest of companiestowards introducing some new products that attracts customers interest towards themand also make them connected as well as loyal towards the company for longer periodof time. This concept also helps business organisation in retaining existing customersand attracting new one as consumers are able to experience new services which satisfytheir needs and wants. Various benefits of new product development for John Lewis According to the view point of Lintan, I., (2019), it has been analysed that newproduct development is an effective strategy and initiative of the company whichsupports them in gaining numerous of benefits at market. Business organisation2

belonging to retail industry are using this concept of new product development atregular basis for sustaining longer at marketplace and approaching more number ofcustomers. The main benefits that would be gained by large scale companies of retailindustry like John Lewis by using new product development are contributes in gainingcompetitive advantage, improves reputation of company and attracts more customers.All of them are seen as growth booster of the company. Among them all improvement inreputation of John Lewis is seen as main benefit of new product development as o9fcompany introduces any new product at marketplace their brand recognition increaseswhich places positive influence over their brand reputation too. Influence of new product development on profitability of John LewisAs per the vision given by Shang, (2012) development of new product in everyindustry helps them in improving their performance at marketplace. It has beenanalysed that if large scale companies like John Lewis introduces any new product atmarketplace then it simply helps them in influencing interest of customers towards themwhich increases their profitability effectively at marketplace. This is because, if largescale companies introduces any new product they simply enhances brand recognitionthat leads to increase in sales performance of the company. As a result, it can be saidthat sales of company directly improves profitability of the John Lewis. P2 Develop a project management planIt is a documentation plan which is designed to describe each and every activityof a project. Through 0project management plan an organisation can achieve theirobjective. With the help of this plan an organisation can provide guideline to theiremployee related to the timing of each activity. How much time is taken by each activity(Crane and Matten 2016). What is the correct time to start and finish of activity. Allinformation is provided by this. There are some factors and those are describe as.Cost: cost is value of money which h is needed in a project to launch any newproducts. The researcher prepare a budget to execute there project. When JohnLewis want to launch new products in the market, before launching analyses thewhole market. Investigator expect 55000 pound as total cost of expenses and onother hand the cost to competing project is approx. 66000 pound.3

ActivitiesAmount (£)Travel5450Research Equipment15500Research material16000Salary10000Phone Bills50Miscellaneous expenditure 8000Total55000Time: It is the important aspect of each activity. All activities are start and endaccounting to the timing. According to the researcher, it is analysed that thisresearch take time approx. 2 months. Quality: It is the only thing which differentiate the product among competitivemarket. Provide good quality with high range is also increaser the scarificationlevel. It is the only way to build a strong brand image. According to theresearcher if an organisation provide a high quality product with the customer’scomforter. Those customer use it and build brand loyalty with the particularorganisation.Risk: it is basis of every business. When an enter-pruner launching a newproduct in market than there is more risk reeled to the product. According to theresearches it is founded that there are risk related to the customers need andrequirement. Researcher is also focus on the manpower, shortage of fund etc.in end of research the proper outcome is necessary. Communication: it is the only way through which a manager provided directionto their employees. Motivation and confidence is totally depends on thecommunication. A researcher is deal in a day with different people. It is notnecessary that communication is all about face to face communication. Onlinechat, email, direct call is also included in this Resources. It is basically related tothe growth and motivation of employee. Many resources like manpower, money.According to the researcher it is analysed that valid information to researchrelated with their topic.Scope: launching a new product in the market is also effective for the business.It is increase the productivity of as well as growth of the organisation. According4

to researcher scope is provided on a big scale. It is profitable to launching a newproduct after an accurate informat5uion about market and product. P3 Develop work break down structure and Gantt chartGantt chartIt is tool invented by Henry Gantt, mainly used for production control. It isbasically a horizontal bar graph reflecting, activities needed to get performed on itsvertical axis and time intervals for performing these activities on horizontal axis. Width ofbars are showing time duration taken for performing each activity (Den Hertog and DeJong 2010). It is mainly used to ensure timely completion of work and also provides helpin more effective team management. It provide percentage of task completed whichhelps in getting timely status of work done and left. It provide time to take correctiveaction by regularly updating about work in progress, delayed and pending task. 5

Work break down structureA Work Breakdown Structure is a tool that organises work of a team intomanageable actions. It is used for organising the work of a project. Basically, its usage6

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