The report focuses on the live project of Original Creations that is launch of a new product in market-”toenail clipper” with a unique idea that any individual could clip their toenails without bending down. The report will present other business options, along with its benefits.
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Project plan product for returns at Original Creation
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Table of Contents EXECUTIVE SUMMARY.............................................................................................................3 INTRODUCTION..........................................................................................................................3 TASK...............................................................................................................................................3 Background of case study's company and other contextual information....................................3 Other business options that give in return the proper value of money........................................4 Expected benefits from this business option...............................................................................4 Expected dis-benefits from this business option.........................................................................5 Timescales...................................................................................................................................5 Costs............................................................................................................................................6 CONCLUSION...............................................................................................................................7 REFERENCES................................................................................................................................8
EXECUTIVE SUMMARY The report focuses on the live project of Original Creations that is launch of a new product in market-”toenail clipper” with a unique idea that any individual could clip their toenails without bending down. This captures that Mary Shelley's company fails in satisfying the consumers with their new launch but the main focus area is, this is not their first failure, before this they also handles failure with ten new launches. The owner is worried about about losses incur and company is losing the right path. The main issue is seems in their management(Chou, 2019). INTRODUCTION The main aim of the report is to find out the better solution for failure of product that Original creations recently launched. The case study highlights that Mary's company withdrawn their latest venture because they observe a continuous failure in the last three months, the expectedhighsaleswiththeiruniqueproductbutthesituationarisesoppositetotheir expectations. The major reason of failure is that many of their consumers are not satisfied with purchase of Toenail clipper and they returned it along with customers also complaint about products quality and found it useless. The report will present other business options, along with its benefits(Dubey, 2019). TASK Background of case study's company and other contextual information An enterprise named Original Creations is run by the owner Mary Shelly. This company serve a range of lifestyle product in the market, its goods and services included range of rain wear for cats and dogs, wishes card kits, air fresheners that are automatic, clothes dryers, blood pressure machine, hair accessories and outdoor decorating light. Company does not produce theseproductstheyfirstmakearoughplanthenpresentsitsprototypeandfindother manufacturing companies that can manufacture physical product with their idea and if Original Creation is satisfied with the finished product then they sign a contract between both the firms at suitable rates, quality and time. Enterprise has a lot of contracts with many manufacturers that are based in UK and outside, some of them are in China. Original Creations often faces various problems while communicating with manufacturersbecause of cultural difference, language barriers and distance as well. Mary Shelley always looking for new and innovative ideas,
recently the company launches its new product that is toenail clipper but the whole management is very disappointed with the results in market because product is not able to get desired place in market. Other business options that give in return the proper value of money Weighted score card model:This is a scoring tool that businesses uses to identify the comparative value among one or more business options or projects. It assists management in ranking the different project in a sequence according to their potential such as level of risk involved, return on investment and expenditure(Gupta, Kalra and Dutta, 2019). Businesses Option:The idea of manufacturing toenail clippers is not bad, but any business idea need proper planning, organizing and controlling to be successful that is missing from the side of Original Creations. Toenail clipper is very useful product and it is rare that this fails in the market because every single person needs this product. The company lacks in their marketing and operations they did not frame proper strategies and also not perform market research that's the big reason of their failure. They requires improvements in their peak areas such as logistics, transportation, operations and facilities management. Foremost the company needs to setup proper channel for improving communication among their whole system that rolls aroundseniorstosuperiorstoothercompaniesthataccomplishtheirideas,barriersin communication can cause a huge loss that could be seen here in the product quality, customers receives defected goods even this happens because quality checkers did not analyse the quality of product properly. Another reason of failure can be said is market research, businesses needs to perform proper research of market before producing the final product, they needs to target their market, conduct survey and analyse level of competition in market. This new venture idea is good but it needs some modifications then it would be turn into a successful and sustainable business option(Hardey, 2019). Expected benefits from this business option It improves productivity with reduction in cost:The foremost objective of any project, planning or business idea is to increase efficiency. It helps in maintaining an optimized methodology for improving effectiveness and efficiency. Firstly, business needs to make templates and procedures so that, risks can be automatically mitigated. Project plan should includes timeline and breakdown structure, that breaks a big project into small tasks and assigned all tasks to interested and capable individual that will ensures task
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must be done with expertise along with defining tasks it also determines dependency, resources available for completion of task and its due date. Itfocusesonimprovingcollaborations:Ifeveryrelatedaspectofprojectand individuals within workplace knows clearly what exactly they have to do at a particular point of time then managing the workforce become easy. Management can use project management tools for keeping employees on track with their tasks and easy assigning of task that will ensures no wastage of time. Defining the roles and responsibilities plays crucial role in improving efficiency, superior needs to assess work done by their subordinates on regular basis for eliminating errors and if any mistake found then team member has time to improve it(Keseru, Coosemans and Macharis, 2019). Expected dis-benefits from this business option It increases complexity:It is a very complex procedure due to multiple phases involve in it, also few seniors also complicates the whole process be their way that create confusion among whole team which leads to delay in delivery of that particular project. Delay in delivery can also create situation that are rigid while planning that creates whole environment within workplace stressful. Generally, projects or business options that have a large scope would be more tough by their nature to accomplish, especially when the team members are not solely dedicated towards functioning on the business option. Individuals that work cross-functional might fall while performing daily tasks. Lack of creativity:It happens many a times, that in hurry of accomplishing the project on time team members does not uses innovative ideas they just work on previous methodologies. Team leader can only focuses on one thing either to deliver the project on due dates or excessively look after management procedures, for that also they need to put work pressure with strict parameters on other team members. It could discourage innovation and hamper creativity thinking that could not be beneficial for project. It is essential for manager to understand need of creativity along with following deadlines strictly(Klucking, Toiv and Saul, 2022). Timescales Gantt chart planner:A tool for project management that assists the management in planning schedules of project according to their sizes, even though, these plans are specifically useful in simplification of projects that are complex. Timescales in managing
the project can be transformed into horizontal bar chart that represents the due dates and beginning date as well. Schedules and deadlines of different projects involves analysis of completion of each phases in project management cycle that at how much the task is done and what proportion is remaining. Gantt charts provides solution to managers to reduce workload of team members. KANBAN task management:It is a board with visual ways for different tasks or workflows, that utilizes the whole analog and digital boards with cards or columns. The KANBAN board reflects small tasks and organized columns with those assignments which are in progress or at development phases currently. It keeps record of only work that has to be done or in progress with minimizing the tasks through management of efficiency and effectiveness in tasks. It is a very simple board with ability to portray practical method of project. Every column is a phase in project as this board provides team members and managers an overview of project at glance(Wanner, Seier and Proebstl-Haider, 2020). Costs Project costs:The total amount of funds require to accomplish a particular project which consists of direct and indirect cost. Cost which incurred during functioning of project are the expenses that estimated to be occur and other monetary obligations that happens in the completion of project that are listed within in baseline of project. For tracking project cost management uses project cost accounting that keeps on maintaining reports on expenses occur for equipments, labour cost, services and raw materials. It also included cost incurred in construction that are different from general accounting. Project cost accounting tracks all project expenses such as billing. Maintenance cost:It can be defined as recurring or one time cost that is occurred in maintenance of company's facilities, equipments, vehicles and property. Some businesses incur this cost for preventative and general maintenance which help management in keeping their assets in better working condition. Organisations generally allocates a set of funds as their maintenance funds. It is broadly classified into three categories that are fixed costs, variable costs and semi variable costs. These costs helps businesses in assessing their financial performance over the accounting period and also keeps track of working order of company's fixed assets.
CONCLUSION The purpose of the report is to provide solution of current problem of Original Creations in their latest venture, hence conclusion can be drawn, that there is no default in the new product idea but both the companies lack in terms of maintaining quality within final product. Firm that manufactures toenail clipper needs to ensure better quality in all goods and ensures that all the pieces of toenail clipper must reach customer in right manner. Original Creations needs to perform market research before launching product in market.
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REFERENCES Books and Journals Chou, Y.K., 2019.Actionable gamification: Beyond points, badges, and leaderboards. Packt Publishing Ltd. Dubey, J.K., 2019. Strategic marketing plan of library and information services and products for iitlibrariesinIndia.JournalofLibraryandInformationCommunication Technology,8(2), pp.54-68. Gupta, Y., Kalra, S. and Dutta, D., 2019. Factors determining the success of therapeutic lifestyle interventionsindiabetes–Roleofpartnerandfamilysupport.European endocrinology,15(1), p.18. Hardey, M., 2019. On the body of the consumer: performance‐seeking with wearables and health and fitness apps.Sociology of Health & Illness,41(6), pp.991-1004. Keseru, I., Coosemans, T. and Macharis, C., 2019. Building scenarios for the future of transport in Europe: The Mobility4EU approach. InTowards user-centric transport in Europe(pp. 15-30). Springer, Cham. Klucking, S., Toiv, N. and Saul, J., 2022. From policy to practice: uptake of pre-exposure prophylaxis among adolescent girls and young women in United States President's EmergencyPlanforAIDSRelief-supportedcountries,2017–2020.AIDS,36(1), pp.S15-S26. Wanner, A., Seier, G. and Proebstl-Haider, U., 2020. Policies related to sustainable tourism–An assessment and comparison of European policies, frameworks and plans.Journal of Outdoor Recreation and Tourism,29, p.100275.