Project Management – Portfolio Milestone
International Component Project Type
International Component Project Type
The Sub-Planet Company (SPC) seeks to improve its product via market research and present it to international markets, a project which relies on multiple stages for success. The specific project is to conduct market research on what factors influence British consumers to purchase sports shoes. Unlike the local market, the international market is dynamic and presents different challenges. Consequently, SPC requires detailed market analysis before carting out business activities. Particular interest to SPC is also interactions with other parties, including suppliers and customers, and the regulatory environment in which the company will operate. The project management will involve a step-by-step process in market research. It’ll enable product improvement through a robust understanding and project control that facilitates international expansion.
International Component for the Project
The international component for the SPC project is market research in the United Kingdom. The United Kingdom is among the most suitable countries for international business expansion in Europe, primarily due to its fast-growing economy and labor market (Spear, 2018). For this reason, this market research project carries a global component following its execution in a foreign country and not domestically. Therefore, the SPC project focuses on market research that can help improve products meant to be provided internationally.
Project Statement of Work
SPC’s vision is to expand into global markets, beginning with the U.K. The main product offering that the company has for the U.K. market is sports shoes. However, market research is required to assess U. K’s sportswear industry before conducting any business activity. The research project aligns perfectly with SPC’s long-term expansion objective. SPC’s market research project in the United Kingdom presents the specific details that the company expects from the project team. First, the market research project will provide aspects and processes that will enable the company to collect information on what type of sports shoes customers in the U.K. prefer. Secondly, the market research project also intends to explore the factors that affect business operation in the U.K. environment. These factors include the regulatory environment, the prevailing culture, and competitors.
The research project is officially authorized to commence in the U.K and conduct its operations in alignment with SPC’s vision, mission, and prevailing objectives. It is expected that all personnel will adhere to its rules, operational guidelines, and prevailing industry standards. The project must select specific locations within the U.K for analysis to offer the maximum benefit in completing objectives. The project is also authorized to utilize company resources in the form of personnel, time, and finance for maximum efficiency and on-time delivery of project outcomes.
The business case is another crucial aspect that determines and influences project success and completion. First, SPC’s business case presents the specific locations the project team must focus on for a successful market research project in the United Kingdom. The market research will focus on key cities like London, Cardiff, Glasgow, Manchester, and Liverpool. Secondly, selling sports shoes to customers requires concentrating on different aspects, such as quality, design, and satisfying their values and beliefs. For this reason, market research must explore these preferences when conducting evaluations in the mentioned cities.
Stakeholder Analysis and Register
Sub-Planet Company’s stakeholders include shareholders, employees, customers, and the community. Since the company has not moved operations to the international market yet, this stakeholder evaluation offers the requirements for the domestic stakeholders. One essential requirement and goal of shareholders involves improving profits by 50%. The U.K. market is significant, and successful market research can help improve sports shoes before presenting them to the market. Secondly, employees desire a new working environment with a new culture and potential for growth.
|UK Government||Shareholders/ Board Members|
Figure 1. Power/Interest Grid
The criteria used to identify stakeholders will be based on interest, legal rights, ownership, knowledge, and contribution. Individuals who offer the project expert knowledge will be considered stakeholders because they are essential to achieving objectives. The ownership criteria apply to shareholders and legal right stakeholders mainly in the U.K government. On the other hand, the interest criteria apply to customers while the contribution criteria are for employees.
The contract information indicates a one-year project timeline for the team involved in the project and the stakeholders. Delay in project completion will lead to fines to compensate for potential budget overruns. Contractual details also align with legal specifications of the foreign market and conflict resolution mechanisms.
Project Management Plan
The project scope includes conducting market research to determine elements that determine consumer purchasing sports shoewear. The market research project in the U.K. is expected to take an estimated $2 million (USD) across the five selected cities in Scotland, Wales, and England. The schedule for the project presents a maximum of twelve months for project completion, which is indicated in the project documents with the contract information. Additionally, other key elements, including communications, human resources, process improvement, requirements, procurement, and risk management, will be handled by the stakeholders and the project team during the project.
The market research project in the United Kingdom requires a traceability matrix to indicate possible test scenarios and monitor project requirements. In addition, SPC proposes specific aspects that the project must align with, including successful delivery of information regarding the U.K. market composition, competitors, the culture, customer preferences, and regulatory agencies. The matrix will help track these requirements and ensure the project team delivers the information the company needs (Hamilton, 2021).
Project Scope Statement, Work Breakdown Structure, and Cost Estimates
The SPC’s project scope statement includes “team project members must ensure they follow due process when executing the project for optimal completion and delivery.” The project scope is to conduct market research in the U.K on a specific product that is sports shoewear.
The work breakdown structure is constructed to reflect the three main categories where information will be collected. The categories are date on customers, competitors, and the regulatory environment. In addition, each category contains a deliverable about the shoe sportswear industry.
Budget $2 million
Figure 2. Work Breakdown Structure
Cost estimates for the market research project require exploring the specific cities and dividing them by size. For instance, London and Cardiff are likely to take the most significant cost figures, closely followed by Manchester, Liverpool, and Glasgow. SPC omitted Northern Ireland because it does not have a considerable market for international expansion.
Budgets, Communications and Risk Management
While the international market research project in the United Kingdom costs around $2 million (USD), the budget will be set at $2.5 million to cater to additional costs that may come up during the project. The additional funding is essential to cover the risk of potential budget overruns. In addition, creating a business WhatsApp group will be vital in receiving project updates and include shareholders, SPC management, and the project team. Another communication medium that will be deployed is email. Finally, risk management will involve identifying and responding to unforeseen circumstances, such as cost underestimation, project completion delay, and other adverse factors that impact project completion.
Project management is a complex process that impacts how an organization adapts to the ever-changing business environment. SPC seeks to execute an international project that involves market research on improving a product and presenting it to the researched global market. SPC chose the U.K. because it is a fast-growing economy and has vast customer bases that can help boost business profits. The project’s success relies on aligning with different project steps and procedures that influence project activity. In this sense, this Sub-Planet Company market research project seeks to gather information on how the product (sports shoes) can be improved before presenting them to the U.K. market.
Hamilton, T. (2021). What is Requirements Traceability Matrix (RTM)? Retrieved from https://www.guru99.com/traceability-matrix.html
Spear, R. (2018). United Kingdom: labor market integration and employment creation. In Tackling Social Exclusion in Europe (pp. 259-280). Routledge.