Table of Contents INTRODUCTION...........................................................................................................................1 A) Aim and Objectives................................................................................................................1 B) Project management plan.......................................................................................................2 C) Research methodology............................................................................................................3 D) Data analysis and findings......................................................................................................6 E) Covered in PPT.....................................................................................................................12 F) Recommendation and conclusion in proper manner.............................................................13 G) Performance review template in Appendix..........................................................................13 CONCLUSION..............................................................................................................................13 REFERENCES..............................................................................................................................15
Topic-To Analyse the impact of Globalization on new product launch. INTRODUCTION Globalisation is one of the most beneficial procedure for business organization as it helps to generate high margin profit and increase the profitability of company (Turker and Altuntas, 2014). It is worldwide motion toward trade, communication, financial and economic integration. It implies beginning of nationalistic and local perspectives to the wide outlook of interdependent and interrelated world with at large transfer of products, capital and services across national boundaries. Globalisation affectsthe country aswell asits economy status. It increases competitive environment in market place which influence organizations and their overall business performances. Globalisation means that nations liberalize its import rules and welcome foreign investment into industry that is mainstays of its economy. It helps to reduce gab between one nation to the other and also contribute to improve the economic status. It is useful and effective process for H&M and impact on their new product launch as new summer shoe launch in London. Due to competitive environment because of globalisation many companies try to beat their competitors within marketplace and wants to grab the attention of customers via producing new goods or do some innovation in existing ones according to current market needs (Mital and et.al., 2014). Organization manufacture, design and sell its range of products to several of leading fashion retailers across the world which is beneficial for them.Strategy statement- H&M used STP as one of the best strategy before launching new product.They need to manufacture or create new summer shoe to beat with other shoe brands, company required to launch their new product in London fashion week on 16thto 20thNovember 2019. Organization want to compete with its competitors and efforts to raise their position in market as compare to the other brands.Problem statement-due to some factors they face many challenges in process of creating new products and launch in London Fashion week which impact on their business as well as financial performance. A) Aim and Objectives Aim- To Analyse the affect of Globalization on new product launch. A case study is based on H&M. Objectives- To identify the significant of globalisation to business. 1
To determine effect of globalisation on MNC. To analyse challenges faced by H&M in new product launch. To suggest strategies to overcome the barriers in new products launch as new summer shoe. Research question- Why globalisation is essential for business? What is the influence of globalisation on MNC? What challenges have H&M faced in new product launch? Recommend strategies to overcome barriers in new summer shoe launch? B) Project management plan PMP is the document used to define every phase of the project, several components is included in this plan executing, controlling, monitoring, planning and closing. There are many elements also included in Project management plan. Cost- The cost of completing this project is£500and cost of producing new summer shoe is £150. Time- To finish this project it need more than 2 days which is essential for final submission. On the other hand to Launch new summer shoe in London fashion week H&M need 1 week for the same as to perform effectively. Quality- The quality of work is appropriate and all the things has been done in proper manner. H&M manufacture good quality product and also focuses on the quality of new summer shoe that is launch in London fashion week event. The project is produced by following all the quality standards. Resources- The project team members is often one of the most essential components in range of successful tasks. List of project team members, funds and training and development are the main resources within the project which help to accomplish it successfully (Aggarwal and et.al., 2014). H&M also focuses on their effective team and hire new talented peoples that contribute to manufacture new summers shoes and helps to launch it in London fashion week event. 2
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Communication- Good communication makes project better and often effective communication is the only reason the issues does not arise. Project manager effectively communicate with stakeholders and find out the best ways to accomplish project on time. Project scope statement- H&M project manager need to launch their new product within London fashion week effectively. Included scope- Resources, budgets, labour and raw material. Excluded scope- H&M focuses on producing new summer shoes and launch it in London Fashion week 16th- 20thNovember. Success criteria- With the help of monitoring it is easy to measure the success of project. Communication plan- Project manager communicate with its employees with the help of face to face interaction and they communicate or interact with stakeholders and higher management via sending mail. 3
Giant Chart- Task ModeTask NameDurationStartFinishPredecessors Auto Schedule d Product idea generation3 daysMon 7/1/19Wed 7/3/19 Auto Schedule d Research and development2 daysThu 7/4/19Fri 7/5/191 Auto Schedule d Appointment of Project managers3 daysMon 7/8/19Wed 7/10/192 Auto Schedule d Target customers4 daysThu 7/11/19Tue 7/16/193 Auto Schedule d Team establishment3 daysWed 7/17/19Fri 7/19/193,4 Auto Schedule d Resource requirement2 daysMon 7/22/19Tue 7/23/194,5 Auto Schedule d Resources allocation2 daysWed 7/24/19Thu 7/25/195,6 Auto Schedule d Team development training3 daysFri 7/26/19Tue 7/30/197 Auto Schedule d Procurement of raw materials4 daysWed 7/31/19Mon 8/5/198 Auto Schedule d Initiation of production4 daysTue 8/6/19Fri 8/9/199 Auto Schedule d Controlling and monitoring3 daysMon 8/12/19Wed 8/14/1910 Auto Schedule d Closure of the project1 dayThu 8/15/19Thu 8/15/1911 4
Work break down structure- C) Research methodology Research methodology is defined as an organized plan or systematic procedure of doing research, in this research researcher play important role as they conduct the whole investigation and draw different quantitative and qualitative research methods that is included observation, surveys, secondary data and experiments. It purposes in collecting the deep information or data by using selected and appropriate method in research (Taylor, Bogdan and DeVault, 2015). In short RM is the process used to gather data for aim of making research outcomes. RM section of this research project offer the opportunity to convince readers that it is useful for them. An effective RM is grounded in overall approach whether quantitative or qualitative. There are several method included in action research such as; Research Type- Research is state widely outlined as systematic collection of information and data and also define analysis for advancement of knowledge. Quantitative and qualitative is the two phase ofresearchtypes.Quantitativeresearchtypesisfocusesonstatisticalanalysisanddata collection, it considered as those deals I amount or number and that will be measurable. On the other side qualitative research is quite different from quantitative it is exploitive in nature in which they include trends, problem, thoughts and opinion. In this research researcher used qualitative researchtype which help to achieve insights and contribute to understand usefulness of globalisation to business as in depth. Research efforts to select people to collect appropriate data about chosen topic which is beneficial to find out the best results. Research Philosophy- 5
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Research philosophy is the best way in which information is being connected to phenomenon is collected, used and analysed. RP is broad topic and covers all the facet of information that is being analysed and gathered. Positivism and interpretivism is the two types of research philosophy in which one of it has been chosen by researcher based on research type. Interpretivism method permit researcher to interpret the components of report to integrates interest in research. Positivism research philosophy is extremely structured collects the wide samples and based on the concept that factual knowledge or whole information is being gained via observation. In this research researcher is being usedinterpretivismphilosophy that helps in finding the better outcomes and data. Research Design- It is the technique and method that is chosen by research researcher to combine various elements of investigation, it is used in project or dissertation. It has been comprised of two kinds that is exploratory and conclusive research design (Lemieux and et.al., 2015). Exploratory research intends to explore the research questions and does not intend to provide last and conclusive answers for these questions, the only aim is to generate insights in context of date and situation may be vague. Conclusive research design is finished to give data that supports in reaching conclusion or help in making decision. It provides the way to determine findings of exploratory research and in additional application of quantitative research method in aggregation of relevant data. Exploratory research design is being used in research as it contribute in investigation the issues arise in learnings. Research approach- Research approach is divided into three kinds that is Abductive research, deductive researchapproachandinductiveresearchapproach.Inductiveapproachdoesnotinclude formulation of hypotheses, it begins with aims, objectives and research questions that want to be achieved during investigation procedure (Joslin and Müller, 2015). Deductive research approach is formulated by bunch of hypothesis which need to rejected or confirmed in investigation. In this method reasoning of specific to general and being plan to check weather the connection will support in obtaining typical research questions with objectives and aims that is needed in achieving investigation procedure.Inductive research approach is being used by researcher in this research because it is helpful in getting the better outcomes and support in finding out the effective learning styles for learns. 6
Data collection- Data collection is the main phase of research methodology, it considers as the best process of gathering information from all appropriate sources to find accurate answers to research, evaluate results and test hypothesis. This method is divided into two categories: primary methods of data collection and secondary method of data collection.Primary data collection techniques is being used in research in which with the help of questionnaire researcher find out the results and interpretate questions based on chosen topic. It includes questionnaire with open ended questions, interviews and focus groups observation. Data analysis- Data analysis is the procedure in which all authentic and valid data or information is being collected and being analysed for final conclusion in end of research. Data analysis is the process of analysing gathered information in modelling and transformation data having aim to observe meaningful information so decision taking will be done (Hair Jr and et.al., 2015). It considers as procedure of applying statistical techniques or tools in order to gather and measure information. Statistical data analysis and thematic data analysis are the two types of data analysis methods. In qualitative research thematic data is the most general form of analysis. In this research thematic data is used by researcher in order to reach appropriate data and insights. Sampling- Sampling exacts smaller part form broad population as make outcomes in based on it. This procedure is being used by investigators for statistical analysis as having two kinds of sampling techniques that is non probability and probability sampling method. In this research researcher being usedsimple random samplingmethods which is appropriate for finding. In this each participant get fair chance in to participant for assumption of information. Ethical consideration- Ethical consideration is very critical in research for point of researcher as ethics is set of standards and norms that is being taken into thinking about what is non ethical and ethical in research. This consider as particular as ethical consideration is one of the most essential phase of research and contribute in identifying difference in nature or behaviour. It is important for researcher to adopt and follow all the ethical norms or standards that is for people help that is data sharing, confidentiality of respondents and copyrights. 7
D) Data analysis and findings Do you think that globalisation impact on business? Yes20 No10 Interpretation-Globalisationleadstoraisecompetitioninmarket,thistypeof competition is related to target market, service and products cost, quick response, technological adaptation and fast production by organizations. 20 participants think that globalisation put positive impact on business and helps to raise their position and build good reputation within marketplace as compare to other brands. They think that it helps to grow business and make it successful as better than before. Companies with the help of globalisation provide large multitude of choices in market and able to generate revenue. If company produce new product with less cost and sells cheaper it is capable to raise their market share. But on the other side 10 people feel that globalisation does not put any positive impact on business and as well as financial performance. With the help of effective and skilled people firms can be able to expand their business and open the new ones in another country. They think that globalisation does not any impact on financial and other performance of business. Do you feel that globalisation is significant for H&M? 8 0 5 10 15 20 25 Yes No
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Yes15 No15 Interpretation-Globalisation provide many benefits to H&M as permit entering into international market and enlarge their business effectively. 15 peoples think that globalisation is important for business or for H&M company as it helps to enter into another nation. With the help of globalisation organization can be able to launch their new summer shoe collection within London Fashion week and garb the attention of customers. It is essential procedure that contributeforinterchangeofproducts,otheraspectsofcultureandideaseffectively. Globalisation is the procedure of integration and international arising from interchange of world thoughts. Organization with the help of business expansion sell their different types of products to other nation smoothly as it is beneficial for them. But on the other side 15 people feel that globalisation is not important for H&M as well as its financial performance because it brings many challenges which put negative impact on overall business functions and activities as well as their new product launch plan. Globalisation is bad for company and have negative side effects on profit margin and current market position. Do you think that H&M need to conduct market research before launching their new 9 0 2 4 6 8 10 12 14 16 Yes No
summer shoes in London fashion week event? Yes20 No10 Interpretation-Market research is one of the most essential activity or action of gathering data or information about customers preferences and needs. Surveys, observation, interview and focus on particular groups of people are the different types of market research methods which will used by companies as before manufacturing new product and to gather more information about their consumers. MR is the effective and useful tool that help business to make plans, it is all about collecting data that provide the insight into their clients buying, thinking, location and patterns. It also supports to monitor market current trends and keep eye on what business competitors is doing. 20 people think that H&M marketing manager must conduct market research before making any plan based on new summer shoe launch in London fashion week on 16thto 20thNovember 2019. With the help of this tool they can be able to collect information about people likes and identify economic culture and religious. But on the other hand 10 participants feel that market research is not suitable and required to conduct before entering into international market because it consumer a lot of time and need more investment. 10 0 5 10 15 20 25 Yes No
What challenges will faced by H&M as they launch new summer shoe in fashion week in London? Customer different perspective10 Trade policies8 Technology advancement12 Interpretation-10 people think that H&M faced challenges due to different perspective of customer which make barriers in procedure of new summer shoe launch at London fashion week. On the hand 8 participant define that due to high charges in trade policy or taxation company face challenge. But 12 peoples feel that due to technological advancement organization face issues or barriers in new product launch. Do you think Hennes&Mauritz create effective marketing plan before new product 11 0 2 4 6 8 10 12 14 Customer different perspective Trade policies Technology advancement
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launch? Yes10 No20 Interpretation-marketing plan provide benefits to H&M as they can be able to focus on plan and resources which help in growth of business. 10 participants think that company must make effective marketing plan before new product launch which drives peoples towards them. But 20 respondents analyse that before launch new summer shoe collection in London Fashion week it is not useful that company create marketing plan it affects on their financial budget. Do you think that marketing is essential for H&M as to enter into international market? Yes22 No8 12 0 5 10 15 20 25 Yes No
Interpretation-Marketing is the main part of business and management of exchange relationships and build trust. It is the procedure of satisfying consumers and creating good relation with people. Marketing is one of the prime elements of business management in which many people perform effectively and make the great marketing plan for H&M as to promote their new summer shoe in marketplace. 22 people think that company marketing manager and its team members must create the great marketing plan and effective promotional strategies that helps to drive consumers towards purchasing new goods and also support to increase their interest. According to them marketing and promotion is important as when organization wish to enter into other country. But on the other side only 8 peoples feel that marketing is not essential as they think that it consumer a lot of time and required funds than before. What are the ways to reduce the costs of new summer shoe? Discount offers10 Used modern technologies20 13 0 5 10 15 20 25 Yes No
Interpretation-The main purpose of reducing costs of particular product is to increase profitability. But only if sales cost and amount of sales remain same. With the help of cutting production costs company can be able to reduce prices of goods as they enter into international market. Cost reduction is one of the best procedure that helps business to grab the attention of new consumers and also support to retain existing ones for so long. 10 people think that discount offer on new summer shoe is appropriate plan or way to reduce price of goods. It is beneficial for H&M as able to attract new and repeat clients again and again. With the help of this offer they can be capable to increase their sales across board area within business and also able to beat their existing competitors in London Fashion week. It contributes to boost up their reputation and market position as well as generate revenues than before. But on the other hand 20 peoples think that use of advanced technologies is best more other ways of reducing costs. If company used advanced technologies they can be able to reduce costs of production procedure which allow them to sell new summer shoe within market. E) Covered in PPT 14 0 5 10 15 20 25 Discount offers Used modern technologies
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F) Recommendation and conclusion in proper manner Recommendation- As H&M is launching the summer shoe in London fashion week in this they can use the quantitative research as it mainly focus on the statistical analysis and to the data collection and it is helpful for the high volume sample size that gains the valid result in the insight to customers and at the same it is survey based approach that is helpful in gaining the feedback (Hair and et.al., 2015). H&M can also use the philosophy of positivism as it is having the view of social phenomena that is study of human behaviour and about the structure of society as this philosophy believes on the basis of knowledge and their thoughts is depends on the scientific method thus it is helpful for the H&M. Company can use the deductive as it is concerned with the hypothesis development based on the existing theory at the same it designs the study of research in testing of hypothesis as in this researcher do the reasoning started from particular to general. It is helpful for the H&M to do the market research before launching the product so it will help in the success of launching its product (Joslin and Müller, 2015). Evaluation H&M has did the research before launching of its product and conduct the research based on the qualitative aspect as this helps the company to understand the attitude of the customer patterns and gives the potential understanding how to shift the attitude, at the same it saves the money at the same it gives the result very fast thus it is effective method for the H&M to do this research (Lemieux and et.al ., 2015). In this research the company has use the technique of primary data collection that is useful while conducting the research of market as the research is oriented to some specific goals and purpose even it reduces the wasting of resources. Primary collection of data also provides the original research quality and not having the biased research or opinion of third party (Taylor, Bogdan and DeVault, 2015.). G) Performance review template in Appendix CONCLUSION From the above report it is being concluded that the research is being conducted by the H&M before launching its product 'summer shoe' in the market for this they conducted the 15
market research by using the different methods (Taylor, Bogdan and DeVault, 2015.). In the research type they have used the qualitative research with the intention to get the appropriate and accurate data from the market. In the research philosophy researcher has the philosophy of interpretivism as it helps the company for the better findings as well as correct outcome of the data, it is based on the sample and the factual knowledge of the whole information that is gained from the observation. This research also contains the inductive approach of researchin this they detect, notice and work out for themself before they launch the product, thus they use the effective approaches to conduct the market research, it helps the company to find out the current preferences and taste of the consumers. 16
REFERENCES Books and Journals Aggarwal, S. and et.al., 2014. Effect of repeat purchase and dynamic market size on diffusion of an innovative technological consumer product in a segmented market.Technological and Economic Development of Economy.20(1). pp.97-115. Allen, K.R., 2015.Launching new ventures: An entrepreneurial approach. Nelson Education. Blome, C., Schoenherr, T. and Eckstein, D., 2014. The impact of knowledge transfer and complexity on supply chain flexibility: A knowledge-based view.International Journal of Production Economics.147.pp.307-316. Boermans, M.A. and Roelfsema, H., 2015. The effects of internationalization on innovation: Firm-level evidence for transition economies.Open Economies Review.26(2). pp.333- 350. Bremmer, I., 2014. The new rules of globalization.Harvard Business Review.92(1). pp.103-107. d'Avolio, E., Bandinelli, R. and Rinaldi, R., 2015. Improving new product development in the fashionindustrythroughproductlifecyclemanagement:adescriptive analysis.International Journal of Fashion Design, Technology and Education.8(2). pp.108-121. Grayson,D.andHodges,A.,2017.Corporatesocialopportunity!:Sevenstepstomake corporate social responsibility work for your business. Routledge. Hair Jr, J.F and et.al., 2015.Essentials of business research methods. Routledge. Joenssen, D., Michaelis, A. and Müllerleile, T., 2014. A link to new product preannouncement: Success factors in crowdfunding.Available at SSRN 2476841. Joslin, R. and Müller, R., 2015. Relationships between a project management methodology and project success in different project governance contexts.International Journal of Project Management.33(6). pp.1377-1392. Lemieux, A.A and et.al ., 2015. Development of a leagile transformation methodology for product development.Business Process Management Journal.21(4). pp.791-819. Ma, Z. and et.al., 2015. Institutional constraints of product innovation in China: Evidence from international joint ventures.Journal of Business Research.68(5). pp.949-956. Mital, A. and et.al., 2014.Product development: a structured approach to consumer product development, design, and manufacture. Elsevier. Moreno‐Moya, M. and Munuera‐Aleman, J.L., 2016. The differential effect of development speed and launching speed on new product performance: An analysis in SMEs.Journal of Small Business Management.54(2). pp.750-770. Taylor, S.J., Bogdan, R. and DeVault, M., 2015.Introduction to qualitative research methods: A guidebook and resource. John Wiley & Sons. Turker, D. and Altuntas, C., 2014. Sustainable supply chain management in the fast fashion industry: An analysis of corporate reports.European Management Journal.32(5). pp.837-849. Vanhaverbeke, W., Chesbrough, H. and West, J., 2014. Surfing the new wave of open innovation research.New frontiers in open innovation.281.pp.287-288. Online 17
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Questionnaire- Do you think that globalisation impact on business? ◦Yes ◦No Do you feel that globalisation is significant for H&M? ◦Yes ◦No Do you think that H&M need to conduct market research before launching their new summer shoes in London fashion week event? ◦Yes ◦No What challenges will faced by H&M as they launch new summer shoe in fashion week in London? ◦Customer different perspective ◦Trade policies ◦Technology advancement Do you think Hennes&Mauritz create effective marketing plan before new product launch? ◦Yes ◦No Do you think that marketing is essential for H&M as to enter into international market? ◦Yes ◦No What are the ways to reduce the costs of new summer shoe? ◦Discount offers ◦Used of advanced technologies 19
APPENDIX Template for Performance Review to be attached with the report by the learner: 1.What was the Project supposed to accomplish? To Analyse the affect of Globalization on new product launch. A case study is based on H&M. 2.Did the project succeed in its aims/ how do you know? Specifically, please outline any evaluation and assessment undertaken. Yes the project is succeeded in their aims, because project achieve objectives and aim of project as decided. 3.What things do you think worked well and why? Evaluate all aspects of the project (e.g initial inception, project activities and project outcomes) from a range of perspectives. The project outcomes will be achieved and all the work has been accomplished be following the project making structure. I can be able to gather all the information based on project work that helps to find out the best results or outcomes. 4.What problems emerged during the project and how were they tackled? Was there timely identification of issues and resolution during the project process? Ineffective communication issue emerged during project which has been tackled via make strong relationship with team members that help to communicate with them easily. 5.What did you learn from undertaking the project? I can be able to learn communication skills, and also learn how to make aim and objectives in appropriate manner. 6.How would you rate your performance as a management consultant leading the project? 5 out of 5 7.What strengths and weakness of your performance did you identify? Weakness- I cannot be able to make decision on some extent which impact on my performance. 20
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Strength- I can be able to motivate my team members. 8.How will this inform and support your continuous professional development? All the skills which I learned during making this projects will help in my future work and also helps when I get another project in future and accomplish it successfully. 21