FY002 Marketing Project Proposal Occasion Ltd.'s Assignment Sample

Introduction Of Marketing Project Proposal Occasion Ltd.'s

The process of planning, organising, and managing resources to meet certain goals within a specified timeline is known as project management (Kujala et al., 2021). It is critical because it guarantees that projects are finished on schedule, within budget, and with the expected outcomes (Gasemagha and Kowang, 2021). The purpose of this research is to provide a marketing project concept for Occasion Ltd.'s entry into the smartwatch industry. The proposal describes the marketing launch's plan, scope, potential hazards, and success metrics.

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Project Plan

The LifeTime smartwatch marketing strategy will be carried out over 12 weeks beginning June 1st and concluding September 30th. The GANTT chart details the tasks, timeframes, and people in charge of each phase of the plan. Product development will be the responsibility of the R&D team, while market research and analysis will be the responsibility of the marketing team. The social media manager and public relations team will be in charge of social media integration and outreach. The marketing team will handle advertising and promotion, while the finance team will handle the launch costs. The sales team will analyse sales and income, while the customer care team will handle comments and analyses from customers. Occasion Ltd. hopes to meet its marketing goals and effectively launch the LifeTime wristwatch by adopting this approach.

Project Scope

The LifeTime smartwatch will be introduced with a comprehensive approach that will begin with market research and analysis to understand the target audience and rivals. This stage may assist the organisation in identifying potential buyers as well as identifying their preferences and the competitive environment. The research will also help to design pricing strategies, which will be used to determine the launch price. Managing the project's launch expenses will be important. According to the report of Akbar, French and Lawson (2019), the finance team will do a cost-benefit analysis to determine the most effective and efficient advertising and marketing channels. This study will assist in determining the budget allocation for various marketing initiatives as well as ensuring that the marketing budget is not exceeded. Social media integration will be a critical component of the marketing launch strategy. The social media manager will build a social media strategy to generate excitement and buzz for the product launch. Social media platforms such as Facebook, Twitter, and Instagram will be utilised to reach out to potential purchasers, engage them, and develop an interest in the product.

Another critical component of the marketing launch strategy will be public relations outreach (Agostino, Arnaboldi and Lampis, 2020). The public relations team will create and implement a media outreach plan to generate good media publicity for the product. Outreach to journalists, bloggers, and influencers covering the smartwatch industry will be part of the plan. The objective is to produce good media coverage that will increase product awareness and promote interest among potential purchasers. Furthermore, advertising and promoting, launch management programs and analysis of customer feedback and sales are also the main components of the project plan.

Project Risk

The LifeTime smartwatch marketing launch has various possible hazards that might jeopardise its success. One key danger is cost overruns, which might cause the project to surpass its £100,000 budget. This might be due to unanticipated costs associated with product development, promotion, or other components of the launch. According to a Project Management Institute (PMI), survey, cost overruns occur in 43% of projects. Increased rivalry in the smartwatch sector is another issue (Paquin et al., 2022). Statista predicts that the worldwide wristwatch industry would be worth $9.3 billion by 2025. This expansion may attract new competitors or cause existing competitors to increase their marketing efforts, making it more difficult for the LifeTime smartwatch to stand out.

A key risk is losing chances to competing product introductions. There is always the risk that a competitor would debut a comparable device or that a new product will receive substantial media attention, lessening the effect of the LifeTime wristwatch launch. One method to reduce this risk is to keep a close eye on the competition and change the marketing strategy as needed. The project team will create a risk management strategy that identifies possible hazards as well as their effect, likelihood, and mitigation techniques to reduce these risks (Willumsen et al., 2019). The team will try to keep the project on budget and schedule by frequently evaluating and modifying the plan as needed. Furthermore, the team will work to distinguish the LifeTime smartwatch from competitors by emphasising its unique features and benefits, while using customer feedback to guide messaging and product development.

Project Success

The success of the LifeTime wristwatch marketing launch will be monitored by key performance indicators (KPIs), including sales revenue, customer feedback, and market share. These KPIs will be tracked and analysed regularly during the 12-week project to ensure that the marketing campaign is on track.

By continuously monitoring and analysing these KPIs, the project team may make necessary modifications and enhancements to the marketing plan to guarantee the product's successful launch.

Conclusion

In conclusion, the marketing project proposal for Occasion Ltd.'s smartwatch launch presents a comprehensive market entrance strategy, including scope, possible risks, and success metrics. The proposal takes a thorough strategy to assure the project's success within the budget and timetable constraints.

References

• Agostino, D., Arnaboldi, M. and Lampis, A., (2020). Italian state museums during the COVID-19 crisis: from onsite closure to online openness. Museum Management and Curatorship, 35(4), pp.362-372.
• Akbar, M.B., French, J. and Lawson, A., (2019). Critical review on social marketing planning approaches. Social Business, 9(4), pp.361-393.
• Gasemagha, A.A. and Kowang, T.O., (2021). Project manager role in project management success. International Journal of Academic Research in Business and Social Sciences, 11(13), pp.1345-1355.
• Kujala, J., Aaltonen, K., Gotcheva, N. and Lahdenperä, P., (2021). Dimensions of governance in interorganizational project networks. International Journal of Managing Projects in Business, 14(3), pp.625-651.
• Paquin, J.P., Morin, P.P., Lambert, A. and Koplyay, T., (2022). Assessing Project Contingency Reserves with the Expected Cost Overrun Risk Measure. Journal of Construction Engineering and Management, 148(10), p.04022102.
• Sabanoglu. T., (2021). Market size of the global luxury watch market from 2018 to 2025. [Online] Available at: https://www.statista.com/statistics/940452/luxury-watch-market-value-worldwide/ [Accessed on: 29 April, 2023]
• Willumsen, P., Oehmen, J., Stingl, V. and Geraldi, J., (2019). Value creation through project risk management. International Journal of Project Management, 37(5), pp.731-749.