After globalization, several changes have been occurred in the process of managing business operations. With an aim to improve the effectiveness of business operations managers’ are focusing on adopting new or innovative ways which improvise market presence of the company over the world. Due to limited market, demand of cheaper resources, competitive pressure as well dynamic nature of business environment is forcing managers to acquire alternative measures for making successful business as well as facilitate the entrance on global markets. The present report is based upon IKEA which designs and sells furniture, home accessories, kitchen appliances and other useful goals. There will define project aims and objectives as it is essential in project management; additionally, certain factors will also discuss which helps to produce a project. The report will also define certain research methods that helps researcher to achieve project aims and objectives. Furthermore, the gathered information will analyse from graphical presentations and accordingly recommendations will make.
As per the given scenario, IKEA is working on a project that is based upon launching a new product or service in London fashion week. This new product will be retailing and clothing as it is a good option which may help company to increase sales revenues and profitability in global markets. This project aims is to develop and implementing a strategy that ensures successful implementation of plan.
Aim: - To launcha new product category in new markets for obtaining competitive position. Objectives:-
Planning for introducing business in new markets
January 1, 2019
January 2, 2019
Concept development and testing
January 3, 2019
January 4, 2019
Formulation of marketing strategy
January 5, 2019
January 7, 2019
January 8, 2019
January 10, 2019
January 11, 2019
January 15, 2019
January 16, 2019
January 17, 2019
Signing off the board
January 18, 2019
January 19, 2019
Launch event preparations
January 20, 2019
January 21, 2019
Recommendations and conclusion
January 22, 2019
January 26, 2019
Submission of the project
January 27, 2019
January 28, 2019
While developing a project management plan, it is the foremost duty of project managers to ensure about certain necessary aspects which help in successful project execution. The process requires effective investigation or research thus to achieve project objectives. In the present scenario, IKEA is going to introduce a new product, i.e. clothes in London Fashion Week so that all activities in this project needs to be well managed and ensure to provide high competitive edge to business (Kerzner and Kerzner, 2017). It is also essential for managers to cover certain necessary aspects of the business, such are stated as under –
Data collection and analysis
Procurement of Resources
1 Jan 2019
Data Collection and Analysis
26 Jan 2019
Closure of the project
An efficient project management plan comprises various essential and important components and one such component is work breakdown structure. It helps in depicting the hierarchy in the project. This helps in proper management and execution of the project in a sequential manner. The project manager assigns the project tasks on the basis of factors, such as strengths and weaknesses of the individual member of the team (Devi and Reddy, 2012).
Post Launch Strategies
The comprehensive plan is quintessential for the organisation for achieving the project objectives. Organisation can make sound decisions through strategic decision-making and planning (Brymanand Bell, 2015). The main aim of the IKEA is to launch the complete furniture solution that will be space-saving. For that purpose, the milestone has been provided here.
Project Designing and Planning
From the survey conducted in the former part can be very useful for the company IKEA as it can accurately validate the customer demands and other useful information about their preferences. The survey and face-to-face interview were very useful tools in gathering the data and customer choice. The survey conducted from both online and offline methods in order to reach maximum number of people (Bekhetand Zauszniewski, 2012). In addition to this, it was figured out that consumers were not very actively providing their responses. Therefore, the company made the interview a bit semi-structured. All these were effective in carrying out the data collection in a better way. For the analysis, MS Excel was used that was the most convenient and easy-to-use tool.
Talking about my learning from this project, it was good to get along with so much of researching methodologies and tools. For the very first time, I got acquainted with research typology, namely quantitative and qualitative research. I read about the two in detail and actually understood the key difference between the two. This research method helped me in gaining knowledge about managing the business and how an idea could turn into a project. I learned about the resource allocation and time management during the course of this project. During the data collection phase, I learned that people have varying opinions about the product of IKEA. Some of them were very fond of the IKEA’s furniture. One thing that I learned that in quantitative research, the greater is the size of the sample, better would be the accuracy in the data. However, the case is opposite when using qualitative research. The sample size should be small for better accuracy. During the research, various challenges were identified. Initially, the resource allocation was very difficult and consume nearly one week of time. It was all due to good controlling and managing that these issues were curbed. Time management is another challenge for me and it was also somehow managed in a better way.
In order to accomplish the organisational goals and project objectives, a well efficient project management is quintessential. The project management is characterised as initiation, execution, planning, controlling, and monitoring of a particular project undertaken by the organisation. Therefore, it is important for the organisation to set project aims and objectives in the very beginning (Bekhetand Zauszniewski, 2012). Apart from this, the project management should be aligned with the project research methods in order to have a quality output from it. Various project management tools and techniques have been used in this research. For example, work breakdown structure has been provided for creating a hierarchy in the project structure. This would help in proper execution of the project. The mixed methodology will help in proper data collection and analysis. This would help in achieving the objectives of the organisation in an effective way.
The whole project was a learning experience for me. As a matter of first importance, it helped in expanding the learning and knowledge base.I found out about different advantages of having a project management and executing various PM tools in the proper way. It helps in enhancing the connections among employees and employers. Furthermore, it enhances the execution and coordination of the team members. If the project execution and organisation are strong, then the generation of innovative ideas will be better. It is important for the organisation to act ethically and legally while expanding and launching new products in the market.
From the report, it can be concluded that launching a new project and managing its various stages require a great deal of time, experience, knowledge, and resources. The present report was about IKEA which was aiming at expanding its furniture range, home frill, kitchen machines, and other helpful objectives that are space-saving. It had explained venture points and goals as they are fundamental in undertaking the executives; furthermore, certain variables were examined which delivered a task. The report likewise characterized certain exploration strategies that caused the analyst to accomplish venture points and destinations. Besides, the assembled data was evaluated from graphical interpretation and the same was used for making recommendations.
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