Managing a Successful Business Project

This document discusses the importance of project aims and objectives, the preparation of a project management plan, the creation of a work breakdown structure and Gantt chart, and the use of qualitative and quantitative research methods. It also analyzes various tools and techniques used in research and provides recommendations based on the research findings. The document concludes with a reflection on the value of research in meeting objectives and personal learning and performance.

Managing a Successful
Business Project

INTRODUCTION.........................................................................................................................3
LO 1.................................................................................................................................................3
P1 Discussing project aims and objectives in available scenario................................................3
P2 Preparation of Project Management Plan in order to view various aspects in scenario.........3
P3 Preparation of work breakdown structure and a Gantt chart in order to provide timeframes
and stages for completion of Business Plan................................................................................3
LO 2.................................................................................................................................................3
P4 Small scale research by applying qualitative and quantitative methods in order to achieve
project aims and objectives..........................................................................................................3
LO 3.................................................................................................................................................3
P5 Analysis of various tools and techniques can used in research..............................................3
P6 Recommendations on result of research and data analysis in order to draw valid and
meaningful conclusions...............................................................................................................3
LO 4.................................................................................................................................................3
P7 Reflection on value of research so as to meet stated objectives and own learning and
performance.................................................................................................................................3
CONCLUSION..............................................................................................................................3
REFERENCES..............................................................................................................................3

INTRODUCTION
Managing a Successful Business Project help company in framing all business products
so that it helps in company’s growth and increase companies’ profits. Marks & spencer is a
British Multinational company headquartered in Westminster, London. Company was
established in year 1884 by Michael Marks and Thomas Spencer. Company’s net income as per
year 2019 is £37.3 million. The report covers discussion about aims and objectives to be cover
for production of shoes and what are potential buyers and potential competitors who can affect
company’s sales.
LO 1
P1 Discussing project aims and objectives in available scenario
Project aims and objectives are very essential for every company in order to successful
launching of new product in market. Marks & Spencer also wants to launch new shoe before
London Fashion Week so as to achieve all aims and objectives for launching new shoe in market.
Aims of launching new shoe in market
 First aim of Marks & Spencer is to shoe in affordable range between £70 to £ 120 so that
it can be sold to every class of person. Shoe will also be of premium range and will be
having features that will be performing far beyond expectations of public;
 Company will be aiming all the cyclists who are paying more than the odds for
purchasing high quality shoes for practicing;
 Company wants to launch a product which will be reasonable price without any
compromise of quality of shoes.
Objectives for launching new product in market
Creating a cost-effective Marketing Plan- The main objective of Marks & Spencer is to create a
marketing plan which lead to cost cutting for customers so that public can purchase at affordable
price without any sacrifice in quality of shoes. It will also help in free publicity of product if cost
of shoes is reasonable for all level of customers.
Building Customer Awareness- Building Awareness among potential customers is essential
objective of company. Customers can be made aware about products by advertising through

various channels so that people come to know about new product launching in market. Different
channels can be internet, print advertising, through websites etc.
Introduction of Product’s Benefits- Other objective of company is to introduce new features
that are been implemented in shoe which will help customers in time saving and money. It also
helps in improving brand image of Marks & Spencer and also increasing in profits. It will also
help company in increasing productivity of company.
Maintaining Customer Satisfaction- On objective of Marks & Spencer is to maintain customer
satisfaction so that the products will be again and again purchased by customers. It will also lead
to increase the advertising of product by word by mouth which is least expensive method of
marketing product in market. It is also been observed that when customers are satisfied than
there is marketing of product free of cost and recommendation by one customer to anther also
plays big role in marketing of product.
Positioning of Product- The other objective of the company is to position its product against all
the existing competitors in market. It is very important for Marks & Spencer to use all its
strengths and try to beat all competitors in market. Positioning of product must include all the
potential customers that can be covered by company.
Above mentioned aims and objectives are to necessary to be achieved by Marks &
Spencer before London Fashion week. It will be helping company to launch new product in
market and also help in increasing brand image of product before going into program. This will
also useful for company to bring its product in competition to another competitors product.
P2 Preparation of Project Management Plan in order to view various aspects in scenario
Project Management Plan is very useful in achieving aims and objectives set by
company. It is very essential to plan for all the various aspects under planning before launching
new product in market. Company’s management should plan several strategies and policies for
product which will be useful in knowing potential customers, cost, risk related to product etc.
This is the first step for every company which is useful in knowing that which markets are to be
covered, what price should be set and what are resources used in production of product. Several
aspects which are to be covered under Project Management Plan are as follows: -

Cost- First and main plan should be prepared by any company is cost which should be kept by
management that the cost must be reasonable and affordable to customers. It should be
affordable for customer of all levels. Marks & Spencer have kept price range between £70 to £
120 in order that company can cover all the customers in market. This price will also be
compatible for company to beat against all existing competitors without even sacrificing for
features that is given by competitors. Cost of product should be kept in mind all existing
competitors while keeping all same features in product as of kept by competitor.
Scope of company- Company should launch various different types of items for sale in order to
determine scope for company. Management should plan for different strategies which should
increase profits for company. Company should cover niche market where customers don’t know
less about products so that market can be covered by Marks & Spencer. Company should
evaluate several parameters of geographic coverage and know potential competitors that can
affect company. Product’s scope determines that how company can use its product for
advertisements. Single product can only cover small market for company rather M & S should go
for variety of products in order to cover large markets as that will also them to beat its existing
competitors.
Time of launching Product- Management should also put emphasis on time of launching
product in market because it highly affects company’s sales. Many products are seasonal which
are used in specific in particular season only by customers in that way it may affect company’s
sales. In this case, shoe is non seasonal product and it can be launched by any time but them also
if there are sports games going on then that will be beneficial for M & S to launch new shoe
product in market. When sports matches are going sales of shoes increases because there is huge
need of shoes by players. This will help company to cover large market and initially it will be
good for the company if huge sales occur.
Quality- Quality should be maintained by M & S in order to increase the sales of shoes by word
of mouth advertisement. Every customer main moto is to buy product whose price is affordable
with maintaining same quality as it is been provided by competitors of firm. Management should
provide shoes with new technology used in production of shoes so that it will also attract a
greater number of customers for business. Company should produce shoes keeping in mind the
needs and choices of customers and what are there preferences at time of purchasing product.

Communication- Communication is very much essential for advertisement of any product
because it will help in increasing sales of company. It deals with communicating products which
are introduced by company. Management should select best communication channel because it
affects a lot that which channel product is been advertised. There are various channels of
advertising products such as internet, website advertisements, newspaper etc. If company is
producing good products which are liked by customers then there will be automatically
advertisements by word of mouth. It is also known that customers recommendation is very
important and highly affected at time of sell of products.
Risk related to product- Management should keep in mind all the risks related to product in
order to cover risks before launching of shoes in market. Main risk related to shoe industry is in
manufacturing of shoes. There is always inherent risk associated with every product at time of
production of that product. The main risk in shoe industry is of suppliers of raw materials.
Industry is already having other companies who produce shoes so there is already supply of raw
materials. It is very necessary for company to keep proper contact with suppliers in order to get
full supply of raw materials used in production of shoes.
Resources related to product- Resources used by company in production of shoes should be
environment friendly and must not be injurious to health of customers. It is very important for
every company that product should be health conscious and cover all the quality test which are
been set by Government for particular product.
P3 Preparation of work breakdown structure and a Gantt chart in order to provide timeframes
and stages for completion of Business Plan
Work breakdown structure for every company is essential because it leads to show clear
instruction that which work is to be done by whom and in what tie it has to be done. It leads to
from starting of work from bringing raw materials by company to end of finished goods. It
includes all departments such as raw material, work in progress, finished goods etc.
A comprehensive Project management plan, several schedules which helps in monitoring and
completing aims and objectives of project

LO 2
P4 Small scale research by applying qualitative and quantitative methods in order to achieve
project aims and objectives
Accuracy and reliability of different methods applied in research
Evaluation of project management process and several methodologies applied in research
LO 3
P5 Analysis of various tools and techniques can used in research
P6 Recommendations on result of research and data analysis in order to draw valid and
meaningful conclusions
Accuracy and reliability for appropriate selection of tools and techniques
LO 4
P7 Reflection on value of research so as to meet stated objectives and own learning and
performance
CONCLUSION
REFERENCES
Books and Journals
Online