Table of Contents INTRODUCTION...........................................................................................................................3 MAIN BODY...................................................................................................................................3 a) Aims and objectives of the project.....................................................................................3 b) An appropriate project management plan to meet objectives and time frames.................4 c) Analysis of Work breakdown structure and Gantt chart to generate knowledge.............6 d) Small scale research by applying qualitative and quantitative research methods..............8 e). appropriate manner for the intended audience................................................................11 f) Appropriate recommendations as a result of research and data analysis..........................18 g) The value of undertaking the research to meet stated objectives....................................19 CONCLUSIONS...........................................................................................................................19 REFERENCES..............................................................................................................................21
INTRODUCTION New product development is a process of taking a product or service from conception to market. It can be a process of bringing a new product to the market place.Management includes the activities of setting the strategy of an organisation and coordinating the efforts of its employees to accomplish its objectives through the application of available resources such as financial, natural, technological and human resources.Managing a successful business project is the main objective for obtain the desired outcome from the project (Drucker, 2012). A project involves various resources and its failure that affect the functioning of the business. So it is the responsibility of the manger to effectively conduct the project. This assignment based on Zara SA, it is aSpanish fast fashion company and founded in 1975 by Amancio Ortega and Rosalia Mera. This company stores men's and women's clothing and accessories and operate its business internationally. The present report discusses about a new productsi.e.summer shoe which is launched by the company during London fashion week that will be organised on the 16th -20th February 2019. The company establish aims and objectives, produce a plan, conduct research to generate knowledge and do analysis for the project. MAIN BODY a) Aims and objectives of the project Project Background Zara is a Spanish fashion company which manufacture various clothing products such as men's and women's clothes, accessories and others. This company was founded in 1975 by Amanico Ortega and Rosalia Mera and the headquarters of of this company is in Arteixo, in the north of Spain. This fashion company owns brands such as Massimo Dutti, Pull&Bear, Bershka, Stradivarius, Oysho, Zara Home and Uterque. Zara sells its products to various small brands and retailers. Now this company going to manufacture a brand-new summer shoe to compete with the big name brands and launch event to sell the product to major industry representatives during London fashion week which is going to organised on the 16th-20thFebruary 2019 (Doherty, Ashurst and Peppard, 2012). Aims and objectives of the company
TITLE: To examine marketing strategies for Brand new summer shoes at London Fashion Week to compete with international brands. A case study on ZARA. Aim:To examine marketing strategies for Brand new summer shoes at London Fashion Week to compete with international brands. A case study on ZARA. Objectives To understand the concept of new product development. To examine the impact of introduce a new product on sales and profitability of a company. To identify the relationship betweennew product development and growth of business. b) An appropriate project management plan to meet objectives and time frames A project management plan is a formal document that helps outline all the components which involve in a project such as goals, cost, scope, stakeholders. It is a documentation plan which defines all the activities that are needed to be executed to achieve desired aims and objectives of the company (Goksoy, Ozsoy and Vayvay, 2012). There are some steps of this plan like; cost, scope, time, quality, communication, risk and resources. Zara can also make a project plan for its new product new summer shoe and following these factors in its manufacturing products. Cost-It is an important part to start and operate any businesses and it is the monetary value that a company has spent in order to produce a product. It is the important and essential part of the business because without it no business can run and a company can not operate its business. In the project of Zara, it shows that how much finance is allocated to complete the project and company can make budget for its project. For example Zara is going to manufacture a product of new-summer shoe and it is important for the company to establish the expenses such as premises leasing cost, machinery, maintenance, etc. for each milestone which are needed to manufacture the product. The project management department of company has make budget £38000. Researcher require 350 pounds in order to complete the research. Scope-It is related to the market when a company launched its new product, the scale of business operations which is results achieve strong sustainability in market. In Zara, there are large and much scope for its project where it can sale its product and promote it (Crane, A. and Matten, 2016). The company can sale its product in other countries where it is not operate its business. Other scope can be increase sales and customers and generate profit. According the
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researcher, there are large and broad scope for them to collect information such as London market, by various websites, social media and other modes. Time-It is an measurable period during which an action, process or can be a period in which any action and work occurred. If an organisation have sufficient time it can manufacture a quality product to achieve competitive edge in competitive market (Shuen, 2018). In Zara, time is an important factor for manufacturing a brand new summer shoe which is going to launch during London fashion week 16th-20thFebruary 2019. For the success in the market and increase customers of this product will takes approx5 months . On the other hand, researcher can do research in 2-3 months for collecting data to doing research. Quality-It is related to the raw material which is used by the organisation when it do production of a product. In competitive market to achieve success and establish a brand image it is an important factor. The company should focus on the quality so that they can provide satisfaction to its customer and earn money or increase profit because present time customer are ready to for good quality product. Zara also can make its product quality good by using better quality raw material such as by using good quality leather, rubber, supported heel, adjustable strap and others which provide comfort to its target customers. But identified its customers and their needs, project manager of the company will organise research through researcher. For finding appropriate information the researcher use good and better quality modes or methods such as qualitative research in which primary source can be used by him. With the help of making questionnaire, doing surveys and others, he can collect correct data and information.
Communication-It is a process by which information is exchanged between individuals through a common system andmode. It is an important factor because with the help of it an organisation can communicate with its staff and can motivate and confident them when they are feeling demotivation in their work. In Zara, during the time of project, there are need to better communication structure because if all workers and employees are connected with each other, they can transfer their information an ideas with each other. For this, company can use various communication channels and modes such as Email, message, phone calls and others. With help of these mode, it can solve problem and get feedbacks for its new product. Researcher can also use many communication channel such as social media, email, online questionnaire and get correct and transparent or appropriate information for their research (Ramadani, Gërguri and Tašaminova, 2013). Risk-It implies future uncertainty and it can be a possibility of losing something which have some value. In Zara, the project which it going to launch in London fashion week will be successful in the future be4cause there care such risk like lack of customers, change in customers needs, lack of communication and promotional channels etc. In context of researcher, it can be lack of funds and time, modes or equipments. These all factors will be create barriers to researcher in gathering correct an valid information (Forsgren, and Johanson, 2014). Resources-It can be an economic an productive factor that required to accomplish an activity and undertake an organisation to its desired goals. Resources the important element for the business of a company because they help it in manufacturing products. There are various resource which are beneficial for the company such as money, labour, equipments and others. In Zara,formanufacturingitsnewproduct,resourcescanberawmaterial,funds,labour, communication and promotional channels etc. For a researcher to collect information resources can be fund, various modes where he collect information such as questionnaire, survey and others. c) Analysis of Work breakdown structure and Gantt chart to generate knowledge Work Breakdown structure-It is a key project deliverable that organizes the team's w9ork into manageable sections. It is a hierarchical tree structure that outlines the project and breaks it down in to smaller and more manageable portions. It is an important structure because it is helpful for achieving the desired goals of the company which managing in the teams and the smaller sections. This structure is beneficial to defining and organising the project work,
identifying potential risks in project and help in tracking to identifying project cost performance and issues or problems. The main purpose of it is to reduce complicated activities from to a task so that it can be measurable and inde0pendent with clear defined limits. There are various elements like product, workforce, service and others, they are also helpful for maintain a correct structure for estimating the funds of the project and products. Gantt Chart-It is horizontal bar chart to develop for production control and developed by Henry L. Gantt in 1917. Gantt chart provide graphical illustration of a schedule that help a company to plan, coordinate and track specific tasks in a project (Serra and Kunc, 2015). It contains some features such as start and end dates for project or tasks, milestones, dependencies between project and person assigned ton each task. This chart basically used in project management to manage the various factors an elements of the project and task. In this chart the work of the project divided on the basis of the day and according the given period of time. It is important because it provide clarity, make communication easy, provide motivation and control the activities for completing the project efficiency (Dutta and Bose, 2015).
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d) Small scale research by applying qualitative and quantitative research methods Research is the process of solving problems and finding facts in an organised manner and it can be a process of gathering information by doing study about a specific topic. Research
methodology is the study that how research is to be carried out. It can be a systematic way to collect information and data by using various modes and tools for the purpose of making business decision. There are two types of research methods which bare used by researcher to find out and collect correct and appropriate data. They are as following: Quantitative research-This research method is totally based on numerical data and defined asthesystematicinvestigationby gathering statisticalor mathematicaldataand computational techniques. In this method the researcher use sampling methods such as online surveys, online pools, questionnaires and others. Qualitative research-This research method totally based on theoretical data and it is used for collecting reasons, opinions and motivations. In this researcher collect data and information through interviews, group discussion, observation and others. Types of data collection There are two types of data collection such as : Primary- It is an original data source where the data are collected first-hand by the researcher for a specific research of a project. When the data are collected by the researcher for the first time and if pure data is needed, this method is used by the project manger of the company. There are various way with the help of them, they collect pure information such as Questionnaires, interviews, observation, group discussion etc. In the current research of Zara, both primary data collection method is used by the researcher for collecting information and data (Keil, Lee and Deng, 2013). Secondary-It comes from a resource other than the researcher and it is a method where data is already collected by someone and used by the researcher. In this method data has been already published in books & journals, newspaper, magazines, online portals, social media and others (Lin and Chen, 2012). Sampling-It is process that is used by the company in statistical analysis in which a predetermined number of observation are taken from a large population. There are two method of sampling such as probability and non probability. In the present research, the researcher followed probability method. 30 respondents views and opinions are related with the topic of research. These respondents can be customers, suppliers, employees and members of community (Gido, Clements and Clements, 2014).
Questionnaire Name: Age: Gender: 1) Do you have knowledge about the concept new product development? a. Yes b. No 2) Are you familiar with the Zara and its products? a. Yes b. No 3) Which are the essential resources required by ZARA in developing new product “Summer shoe”? a. Technologies b. Manpower c. Funds 4) What are the main factors which influence customers to buy the footwear of another brand? a) Quality b) Price c) Innovation 5) Do marketing strategies of ZARA influence consumers to buy new Summer Shoe? a) Yes b) No 6) What are the benefits which ZARA get in launching “Summer Shoe” as new product? a)Increased sales & revenue b) Gaining competitive advantages 7) What are the factors affecting new product development process? a.Organisational structure and culture b. Industrial conflict c. Underfunding d. Leadership
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8) Who are the target consumer for new product “Summer Shoe” of Zara? a. Male b. Female 9) What factors are necessary forZarato take care before launching new product into the market? a. Pricing regulation b. Taste and preferences c. Ensuring higher quality 10) Any recommendation wants to suggest e). appropriate manner for the intended audience Data analysis It is process of extracting information from data. It is the process of inspecting, cleansing, transforming and modelling data with the goal of searching useful information, informing conclusions and supporting decision making. The researcher use thematic interpretation research analysis. Theme 1 1) Have you knowledge about the concept of new product development? Frequency a. Yes17 b. No13
Interpretation-As per above graph, it is clear that out of 30 respondents, 17 have knowledge about new product development, while remaining 13 does not have. So it reflects that majority of population are informed about it. Theme 2 2) Are you familiar with the Zara and its products?Frequency a. Yes20 b. No10 a. Yesb. No 0 2 4 6 8 10 12 14 16 18 17 13 Frequency
Interpretation-As per above graph, among 30 respondents, 20 are familiar with the products of Zara because if the good quality of the product and good promotional channels and other remaining 10 are not aware with its products. So the majority of population are aware with it and the products are known by them. Theme 3 3) Which are the essential resources required in developing new product? Frequency a. Technologies8 b. Manpower10 c. Funds12 a. Yesb. No 0 2 4 6 8 10 12 14 16 18 20 20 10 Frequency
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Interpretation- As per above graph, among 30 respondents, 12 are agree with the funds that it is the essential and important resource which is required to develop new product. While other remaining 10 are agree with manpower and 8 agree with technology that it is important. Theme 4 4) What are the main factors which influence customers to buy the footwear of another brand? Frequency a.Quality13 b.Price10 a. Technologiesb. Manpowerc. Funds 0 2 4 6 8 10 12 8 10 12 Frequency
c. Innovation7 Interpretation-As per above graph, Among 30 respondents, 13 are responded that cause of quality,the customer switch to buy the footwear of another brand while other remaining 10 are agree with price and 7 agree with innovation that cause of these the consumer switch to another brand. Theme 5 5) Do marketing strategies of ZARA influence consumers to buy new Summer Shoe? Frequency a.Qualityb. Pricec. Innovation 0 2 4 6 8 10 12 1413 10 7 Frequency
a. Yes16 b. No14 Interpretation-As per above graph, in 30 respondents, 16 are agree that the consumer bought any footwear influenced by any ways of marketing strategies or branding programs but remaining 14 are not agree with it. Theme 6 6) What are the benefits which ZARA get in launching “Summer Shoe” as new product? Frequency a.Increased sales & revenue17 b.Gaining competitive advantages13 a. Yesb. No 13 13.5 14 14.5 15 15.5 16 16 14 Frequency
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Interpretation-As per above graph, among 30 respondents, 17 are agree that Zara take advantages of increased sales and revenue in launching “Summer Shoe” as new product. While other remaining 13 are agree with gaining competitive advantages. a.Increased sales & revenue b. Gaining competitive advantages 0 2 4 6 8 10 12 14 16 1817 13 Frequency
Theme 7 7) What are the factors affecting new product development process? Frequency a.Organisational structure and culture7 b. Industrial conflict8 c. Underfunding9 d. Leadership6 Interpretation-As per above graph, among 30 respondents, 7 are in favour of organisational structure and culture that this factor affect new product development process while other 8 are agree with industrial conflicts, 9 are agree with underfunding and 6 are agree with leadership. Theme 8 8) Who are the target consumer for new product “Summer Shoe” of Zara? Frequency a. Male15 b. Female15 a. Organisational structure and culture b. Industrial conflict c. Underfunding d. Leadership 0 1 2 3 4 5 6 7 8 9 7 8 9 6 Frequency
Interpretation- As per above graph, among 30 respondents, 15 respondents are agree with male that they targeted consumer for company's new product while other remaining 15 are agree with female. Theme 9 9) What factors are necessary forZarato take care before launching new product into the market? Frequency a. Pricing regulation10 b. Taste and preferences10 c. Ensuring higher quality10 a. Maleb. Female 0 2 4 6 8 10 12 14 161515 Frequency
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Interpretation-As per above graph, among 30 respondents, 10 are agree that Zara should focus on pricing regulation before launching new product into the market while other, 10 are agree with taste & preference and 10 are agree with ensuring higher quality. f) Appropriate recommendations as a result of research and data analysis With the help of that information which is collected through research, it has been recommanded to Zara that the management department of the company should follow its decision related to launching of its new summer shoe product in London Fashion week where large number of representatives of established brand company came to attend. It generates various opportunities for the company to deal with different organisation at a time and influences their behaviour for purchasing the products for further selling (Parker, Ribeiro and Pathak, 2013). For increasing the sales of the product, the company should focus on the product quality and raw material which it use in its products. It should also focus on making effective strategic and techniques related to the price and promotion of the product. It should not focus on lower pricing strategies because for good quality products, consumer are always ready to pay. The company should also make strategic plans for facing various challenges such as breaking out the marginal mind set, devising strategies and learning etc. when it deals with multinational brand a. Pricing regulation b. Taste and preferences c. Ensuring higher quality 0 1 2 3 4 5 6 7 8 9 10 101010 Frequency
and international market. The company should also focus on the taste and preference of the consumerandmanufactureproductsaccording their needsordesireswhich can provide satisfaction to them and price are affordable and reachable. If the company focus on all these factors and elements, it can increase its products sales and consumer or enhance the productivity and increase profit (Thamhain, 2013). g) The value of undertaking the research to meet stated objectives a) This report is totally focus on the impact of new product development when it competing with multinational brand. During carrying out effective research, I faced various challenges and issues related with funds, resources and time which are less. Due to lack of coordination with the team member I face various conflict and hurdles when working in a team for a group work. Lack of time, I use secondary source for collecting data which is more time consuming and more cost are invested in gathering it. I also faced various problems, when I collect data through questionnaires, related to communication. The people belong from various community, culture and background so I faced the language problem when I communicate them for their views. This motivated me to learn and have knowledge about various language which can be beneficial for me on personal and professional level. By doing all these process, I concluded that company can achieve its targets and increase its sales if it can use good quality product material and make product according their needs or taste an preference. Using making good pricing strategies the company can increase its consumers for its new product (Drucker, 2012). b) SkillsHow to develop skillsWhy it will be useful CommunicationByattendingconference, seminarsandbywatching online lectures of experts. Itisusefulinconducting future research. LeadershipBy Attending motivational and training sessions. Tousefulindoingfuture researchandgetmotivation when feeling demotivate. Time managementBypreparingaproper schedule and set target for the Useful in future research for
work.completing it on time. Project Logbook Name: Project title:“To examine marketing strategies for Brand new summer shoes at London Fashion Week to compete with international brands. A case study on ZARA.” Date: Update on weekly research/tasks achieved Points to consider: What have you completed? I executed the research study for the designing as well as marketing of the recently developed summer shoes in the London fashion week. Did you fulfil task requirements? Yes, I fulfilled task requirements. Are you on track and within deadlines set? Yes, I completed my work in given time period. Did you need to make any changes to your project management plan? No Any risks and/or issues identified? Related to time and cost Points to consider: Did you identify risks/issues with a lack of skills required for undertaking research/tasks? Yes,I find the problem of weak management. Did you identify any additional risks/issues that have an impact on the project management plan? Yes, the issue of communication have an impact on the project management plan.
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Problems encountered Related to time Points to consider: What barriers did you face? Ifacedissuesrelatedtocommunicationwiththerespondentscauseofdifferentcultureand background. How did you overcome them? I used various different communication channels which help me to overcome that barriers. New ideas and change of project direction Advance technologies and new ways of doing work can change of project direction. What have I learnt about myself this week? Points to consider: How did I feel when I had to deal with tasks/problems? Did I find it useful to complete the tasks? I decided to take classes related to the management because my management skills are not good. How well have I performed? What did I contribute? What can I improve on next week? I have tried to deliver my best performance but due to difficulties like, communication gap and time mismatchment so I faced some issues. I have given my best performance in this research. I can enhance my time managing skills and interaction capabilities. How might this learning apply in the future? Good communication skill and time management skill help me in dealing with future issues and help in achieving better results.
Tasks planned for next week Points to consider: Which tasks are priority? Data analysis is an important task which will help me finding out valid result and conclusion for the research. Have you set aside sufficient time for completion? Yes Project plan status to date (on, ahead, behind) Supervisor comments to address WeekDateUpdate on weekly research 1 & 214/1/2019 to 28/1/2019Theconceptofthenew summershoeswasdiscussed for the purpose of marketing andintroducingthemat London fashion week. With the helpofbrainstormingand views of staff members, this idea was rendered. 328/1/2019 to 25/2/2019These ideas and concepts were generated after acknowledging the opinions of the customers alongwithdeterminingtheir 24
durability and comfortableness. 4 & 505/02/19 to 27/2/2019Duringthistime,testingof these newly introduced shoes began so that their errors and flawscanbeacknowledged. Thistestingphasehelpsthe manager in determining where thetargetedcustomersare liking the product or not. 505/2/2019 to 28/3/2019Intheseweeks,various changes are carried out within thenewintroducedshoes. These shoes are represented in- frontofboardofdirectors. After that feature and design of the new product are reviewed by the directors. 6 & 703/2/19 to 29/3/2019Intheseweeks,thedirector gavetheirapprovalforthe product.Thenewproductis promoted by the manager of company so that large number of people can familiar and get knowledgeaboutthemand expected sales can be achieved. CONCLUSIONS It can be concluded from the above project report that new producti.e.new summer shoe which is launched by Zara in London fashion week that is organised on 16th-20th February may get success by Zara according to the results received from the research.. In this event various 25
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famous brand are come to participate and its cause of globalization. Globalization create a positive impact on the business of this new product and provide various opportunities for the business of new shoe product.The company set some aims and objectives for this product that are explained in the report. A project management plan is also explained with its various steps such as cost, scope, time, quality, communication, risk and resources which are beneficial for the new product summer shoe of Zara. The evolution of this management plan are defined by applying appropriate methodologies of research such as qualitative and quantitative research method. For analysing the progress an growth of the product, work breakdown structure and Gantt chart are also mentioned in the report. Reflect on the project outcomes, the decision making process and changes or developments of the project are described in the assignment. . 26
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