Lavish Locks UK Expansion: A Project Management Approach

Desklib provides past papers and solved assignments. This project details Lavish Locks' UK market expansion using project management.

Project Management
Student Name:
Student ID:
University Name:

Table of Contents
Introduction......................................................................................................................................3
PART 1............................................................................................................................................3
Demonstration on management tools and their use in the practice.............................................3
PART 2 (reflection) (key skill development)................................................................................10
Communication (discussion).....................................................................................................10
Numeracy (data and statistic)....................................................................................................10
ICT.............................................................................................................................................12
Problem solving (analysis and information gathering)..............................................................13
Conclusion.....................................................................................................................................14
Reference List................................................................................................................................15

Introduction
Lavish Locks is a beauty salon and spa in UK market wants to flourish more with a proper
guidance of project management skills. The statement used by the company is about the
transmission of beauty from one generation to another. Beauty parlor is an important shop for
every age people for making themselves look good and presentable in every stage of life.
Conducting a proper project management for a company will need the following demonstration.
In order to get a way out for opening another salon in the UK market such as, rationale for
exhibiting, project plans, potential return on investment, project plan and budget (Kerzner and
Kerzner, 2017). With the help of this Gantt chart is needed and work breakdown structure
(WBS), these things are required to be maintained by the company. According to that, the
company can apply the tools and technique related with PRINCE2. On the other hand, part 2 will
conduct the communication, discussion with the help of data and statistics. Lastly, the project
will end according to ICT, problem solving and a discussion, which will describe the full
assignment properly.
PART 1
Demonstration on management tools and their use in the practice
Rationale for exhibiting
The plan and requirement of Lavish Locks is to open a salon in the existing market of UK, which
has referred to rational exhibition that are needed for the company’s growth. The company has
attended trade show to get motivation, interest for production or service offered to the clients.
Following are such form of marketing that plays an important role in Lavish Locks to maintain a
profitable choice.
 Generate lucrative business lead: from the trade show, the company gets a proper
motivation to take a stand with this technique as this provides an opportunity to expand
drastically with a proper customer base in the market (Schwalbe, 2015). The sales team made

an accurate plan of connecting with prospects and closing deal. They followed the key points
that inspired them to continue their business;
a. they established key sales goal as an main objective of the business
b. the company has started interaction with all visitors in the exhibition and tried to convince
them to their customers
c. for following up the events the company made a proper records of all the interaction
 Working strategies: trade show affected in the strategies of the company with great
opportunity to learn as per the direction required to improve industries (Heagney, 2016). The
company has followed all the creative sales strategies and marketing tactics regarding the
competitors. Following refers to the applied policies:
a. understanding the total tactics
b. keeping idea about the prices and special deal offered by the other competitors
c. depending on the sales person to interact with the customers regarding the company objectives
 Improvement on branding: trade show stated that every company should focus on the
branding their products in the market. Thus, Lavish Locks has taken this statement for
granted and focused on branding, which can refer to business success as the industry is
depending on trust and reputation.
a. the company has enhanced with positioning in the market
b. they made a proper recognizable display banner to get positive feedback from the customers
c. created social media account to reach the customers online
 Sales resentment: it provides the company an unpredictable level of access for the important
prospects without which the company cannot resentment and apprehension the traditional
direct sales. The company has followed the terms mentioned below;
a. capitalization with the help of close deals making the customers to grab the offer of Lavish
Locks

b. the employees of the company can approach to direct sales to those customers who are already
interested to take the offer
c. the company has faced customers who has taken appointment for service and products but
never specified to buy or utilize the service
Thus, Lavish Locks gained proper and segmented skills in this part, which is helpful for them to
survive in the UK market.
Project plan milestones
Lavish Locks mentioned that project plan milestones are a management tool that is being used to
delineate a point in a project schedule. The company will apply the technique that will help them
to note down some of the points from the beginning until the finish of the project. Thus, it will
help Lavish Locks to mark the completion of the major phase of work (Walker, 2016). After
applying the benefits of project plan milestones, they have mentioned with assurance that
milestones are well used to symbolize anything started or finished. The company has stated
Scheduling with Milestones provided an accurate way to estimate time for completing their
project and making it necessary for precise project scheduling. Critical Path Method is a major
way of scheduling methodologies that determines the period of work. The company has
calculated the slacks in their project by segmenting the project into intervals or smaller
timeframe to control.
Milestones are kind of flexible tools that schedule with imagination signposts relevant for project
of establishing the salon and spa in the UK market (Kerzner, 2017). The company used these
tools for marking the areas that needs to be reminding for such important events in the
management skills. This refers the company that they cannot move until this phase of one
milestone is completed with its work.
Potential return on investment (benefits for the company)
Potential return on investment has mentioned in the table about the ROI calculations provided by
Lavish Locks. The following table of return on investment will help the company to get a proper
benefit for the company

Return on Investment Statement of Lavish Locks
For the year ended 31st December 2018
ROI Calculation Amount (£)
Net Income Method
Original investment value 1,500,000
Net income 135,500
ROI 11.07%
Capital Gain Method
Original share price 11.06
Current share price 16.20
ROI 22.3%
Total Return Method
Original Share Price 13.50
Total dividends Received 1.25
Current share price 16.30
ROI 32.6%
Annualized ROI
Original share 13.50
Current share price 16.30
Purchase date 1/1/2018
Sale date 9/25/2018
Annualized ROI 36.5%
Table 1: Return on Investment
The above table highlighted a proper return on investment for this project conducted by Lavish
Locks to establish their business in the market of UK. With the help of this, they have their
annual ROI of the project. Thus, now they can assume the best benefits of ROI in their plan.
Such as follows;

 It can help the company to have a professional benefit as quickly to check the prospect of an
investment without wasting time and money.
 The company has got a proper idea from the potential return on investment
 With effect of the calculation the company gets a proper understanding and measuring of the
benefits
 Measurement has also focused on the completion around the market
Project plan and budget
Figure 1: project plan and budget
(Source: smallbusiness.chron.com, 2019)
With the help of the above shown figure, the budget will flow according to the plan of the
project. Lavish Locks has followed the path of creating project with initial budget then it has
enhanced due to more propagations. Budget has created a base line for the project from where
the company has shaped an initial forecast, documentary changes and revised budget baselines.
The company got more improvement for considering project management for their project to get
the best motivation in the market for flourishing.

Gantt chart of plan
Project planning
Project aim and objectives identification
Resource identification
Resource gathering
Financial resource identification
Funding
Profit and loss statement identification
Project tools and techniques utilization
Gap analysis
Error identification
Project delivery
5/1 5/11 5/21 5/31 6/10 6/20 6/30 7/10 7/20 7/30
Figure 2: Gantt chart
(Source: Created by the learner)
Work breakdown structure (WBS)
Activity List Start Date Duration End Date
Project planning 5/1/2019 7 5/8/2019
Project aim and 5/8/2019 5 5/13/2019

objectives
identification
Resource
identification
5/13/2019 12 5/25/2019
Resource gathering 5/25/2019 16 6/10/2019
Financial resource
identification
6/10/2019 10 6/20/2019
Funding 6/20/2019 6 6/26/2019
Profit and loss
statement
identification
6/26/2019 4 6/30/2019
Project tools and
techniques
utilization
6/30/2019 17 7/17/2019
Gap analysis 7/17/2019 5 7/22/2019
Error identification 7/22/2019 7 7/29/2019
Project delivery 7/29/2019 1 7/30/2019

PART 2 (reflection) (key skill development)
Communication (discussion)
As a project manager of this particular project, I believe that the following communication
procedures will be proved effective to lead the project towards success-
Verbal communication: I have objectified that verbal communication helps the company to
maintain a proper communication and ensuring people to understand their demand. As every
customer is conscious about their looks and they demand a proper look from beauty salon and
spa. I need a proper executive for having a good verbal communication skill to convince the
entire customer that my company will provide a proper service to satisfy them.
Non-verbal communication: As per my opinion is concern with project management, it is very
important for every employee to maintain a proper mannered body language. Every customer
should get a proper gesture, by which the company can attract customers. I recommended to my
HR team for implementing proper and good interpersonal skills towards the company for
providing proper service to customers (Joslin and Müller, 2015). Salon and spa is fully based on
gesture and skills to please the customers, so the fundamental objective of my company will be a
regular practice of interpersonal skill by all employees.
Written Communication: I can use many kind of written communication for increasing
customer base of my company. However, my recommendations are to increase penetration of
smart phones and the usage of internet through Email and WhatsApp. It is observed that email
process is becoming informal by WhatsApp has taken the hike of online messaging that are used
regularly.
Numeracy (data and statistic)
With the help of numerical data and statistics, I have gained a proper idea about how the market
of UK is reacting on beauty salon and spa. My aim and objective is to open my company, Lavish
Locks, which will provide services and products in the market to satisfy the customer.

Figure 3: Beauty and saloon industry growth in UK market
(Source: smallbusiness.chron.com, 2019)
In the above figure number 3, I found the entire growth history of salon and spa industry; with
the help of this, I can analyze the growth rate of Lavish Locks in the UK market. In the year,
2012 it started with a flow near about 4% growth rate but in the following year due to many
other competitors in the market it fall below to 2% growth rate. As shown in the graph, in the
year 2014, I noticed the growth become a bit high and touched the margin of 2% growth rate in
the UK market. This continued from 2014 to 2016, but in the year 2017, the growth rate started
falling and stopped to 1.8% (smallbusiness.chron.com, 2019). From the above graph, it can be
analyzed that most of the people are using hair care gadgets and products in their home, which is
reducing the utilization of hair salons in the UK market. However, it can be hoped that by 2019
or 2020 hair salons will gain competitive advantage in the market again.

Figure 4: Professional hair care in UK market
(Source: smallbusiness.chron.com, 2019)
From the above figure, it has been identified that professional hair market of UK is reducing. For
example, in 2017, demand of hair coloring, shampoos, styling agents and straightening types of
facilities are reduced in compare to 2014. I believe that hair-coloring product can be projected as
one of the quickest growing product of hair salons, which will enable this company (Lavish
Locks) to gain competitive advantage in the market.
ICT
As the day passed, IT and IT based technologies become one of the most important technologies
for each and every industry and company. Among all the IT tools and techniques, ICT has
developed more (in compare to others) in the region of project management. For being the
project manager of this particular project, I believe that a project cannot be completed without
using IT based technologies. There are several companies (project management consultancies),