Ensuring Success in the Project Management of Launching the Product - Case Study Example

Event Management Project (Student’s name) (Institution’s Name) EXECUTIVE SUMMARY Every business entity aims at coming up with a new product or even service that can be introduced in the market and offer a profitability mileage to other participants. Therefore, the conception and production of a new product or even a service require a proper planning of a launching event. The manner in which a new product is launched and introduced into the market dictates a lot in regards to its expected performance and acceptance into the market. This paper focused on developing a report on the product launch strategy for a new product referred to as “Smart Wash.” This was developing through analysis s of secondary data from existing literature. The report also details the findings and recommendations on the best strategies to ensure success in the project management of launching the product. Contents EXECUTIVE SUMMARY 2 INTRODUCTION 4 Aims and objectives 5 Research methods 5 Scope and limits 6 Venue, time and the proposed event 6 Background and history 7 BODY 9 Human resource planning: 9 Budgetary planning: 10 FINDINGS 12 Product launch establishes a new market: 12 Availability of sufficient resources influence the success of product launch 13 ANALYSIS 14 Recommendation 15 Conclusion 15 References 16 INTRODUCTION The process of managing a business event such as launching a new product into the market requires a well-detailed plan and integration various logical aspects so as to guarantee its success. For example, the selection and allocation of sufficient resources are required as well as identification of beneficial procedures and steps during the launch of the event are one of the greatest milestones. Launching a new product into an existing market requires the preparation of a detailed management process and plan. Scholars argue that the manner in which a product is introduced into the market for the first time influences its expected performance in the same market. This explains why several event organizers are aiming at introducing new products into the market pay a lot of attention to the planning and procedures involved in such a process. Aims and objectives This paper seeks to come up with a report on a business event regarding the launch of a new product known as “Smart Wash” that is intended to take place in the Australian market. The event entails the introduction of washing soap used majorly in the toilets. This market is flooded with several products used for the same function, and therefore the launching event is aimed at enhancing the knowledge created for this production the market. The objective is to detail the expected processes and procedures required for launching the product into the market. In essence, the paper intends to present the better procedures required to make the planning of this event become successful and ensure that the introduction of the product into the market pays off. Research methods The study used the analysis of secondary data relating to product launch in a competitive market. There exists much information from previous scholars regarding business event management plans and how such plans are organized. This paper focused on analyzing the existing literature in respect of organizing such events so as to develop the management plan provided in the paper. The process of analysis considered secondary literature which specifically focuses on event management plans for business activities. The emphasis created in the paper generated from past information and research findings from previous scholars on these areas of study. Therefore, the analysis saw the study of the various arguments presented by the scholars and the generation of outcome from the research information provided Scope and limits The scope of this study was an event organized by Australia. It specifically centered on developing a launching event of a new product created and generated into an existing g market by a business player. The product whose launch event is planned and developed in this study falls into an existing market with other players having a similar category of the product. Therefore, the scope is limited towards the particular product launched and the Australian market intended as the primary market for the new product. The limits of the report regard the specification of the launching event to the Australian market and not another market. The new product which is intended for introduction into the market is developed and intended for the consumers within the Australia. The planned event is therefore scheduled for a location within Australia. This limits the study to a specific market instead of expanding the launching event to other markets which may be in need of the product. Venue, time and the proposed event The proposed event regards the introduction of a new product into the market by conducting a launching g event. This event is set to bring the public together to formally introduce the new product and explain its competitive features to the immediate market as an initial step of introducing it to the expansive market. The product is referred to as “Smart Wash” and it falls within the category of toilet cleaning agents. The proposed venue for the launch will be in Tasmania, Australia. The proposed date of launching the product will be 1st July 2017. Background and history One of the pragmatic steps taken by modern business organizations towards creating awareness and knowledge ion their new products and services regard the organizations of launching occasions. The modern market is highly competitive, and every player seeks to gain a market share through creating an intensive knowledge of the product in the market. The situation becomes much intense if such product is new to the market. Therefore, most businesses seek to ensure that the public becomes much aware of the new product intended for the market by suing the product launch events. These are events which are organized to bring a new product or service to the knowledge of the market. It entails the creation of a public form in which the product specification is detailed to the public and the developers of the product given a chance to justify the competitive ability of such a product (Kerzner, 2013). This kind of business activity has gained much prominence in the recent years as compared to the 19th century where little business organization created events to launch their new products into the market. This was regarded as a non consequential event due to the little significance and fewer advantages that could accrue from such an event. Many businesses introduced theory new products by simply integrating them into their product line without creating a much-publicized event such as a launching event. However, this has changed in the recent past. Studies reveal that the existence of several substitutes’ products and the intense competition which is evidenced in the modern business world has highly contributed towards the organization of such public events. The process of managing the product launch events has however remained as herculean tasks to several business entities due to lack of proper planning tools to enable the achievement of the intended objectives (Highsmith & Cockburn, 2001). Ordinarily, the business activities such as launching or introducing a new brand into the market require an allocation within the strategic plan. The detailed nature of such events and activities occasion the management of various businesses to come up with ample resources to enable a successful execution of such a process. In most of the competitive business environments such as Australia, the use of product launch is highly observed as one of the ways through which businesses gain a competitive advantage among their rivals. The introduction of better technology that aid in better communication has further enhanced the process of organizing and planning of launching events for the products (Zimmerer et al., 2005). The existing contention in regards to organizing and planning for the product launch events entails the perceived benefits over the costs of coming up with such events. Debates continue to exist about the Cost-Benefit significance of coming up with such events. Scholars have continued to present contrasting information in regards to justification or otherwise for the implementation of product launch event. This has therefore led to inconsistent application of uniform planning procedure and details by the business entities which engage in these events. For example, the manner in which one business entity carries out its product launch planning may differ greatly with that of another accompany due to the different approaches practiced. The existing literature also provides some approaches and varied information applicable in organizing and planning of the product launch events as part of business events. BODY Event management has been deemed as one of the most important aspects of the life of any successful business. Every business organization engages in the organization and execution of an event in the normal course of its existence. Most businesses have failed to come up with better events due to lack of proper planning and coordination in the organizing of such events. The planning of the launching event for “Smart Wash” product will entail some activities which include; Human resource planning: The personnel component of organizing is one of the essential parts in determining the success of failure of any event. The human resource capacity and other relevant aspects play a pivotal role in determining the success of any event. This launching report intends to focus much none the skills and the number of the staff that will be required to manage and see the success of the event. Usually, the kind of people selected to oversee such an event determine its outcome. The most important attribute of the human resource focused in this plan is the skills required for the purposes of ensuring the success of the event. Planning and executing a launching event requires the integration various attributes of the human resource element. Some of the areas enlisted in this reported plan entail; The IT skills: the planned event will require the use of technology for purposes of reaching out to the public. The open-air event planned entails the use of the modern technological machines for purposes of transmission of information to the audience. This entails the transmission of the descriptive features and images of the new product on the display screen of purposes of public viewing. Besides, it entails the transmission of sound to ensure that the public understands the detailed communication of the product information. The plan developed for this event will, therefore, require the staff that is skilled and experienced on the IT and ancillary services so as to ensure better transmission of sound and images for the launch. The report centered on the identification of five individuals with relevant IT skills and experience to help in offering such relevant services during the launching session. Interpersonal skills; these are skills which promote relations between individual within a society. People need to communicate and socialize so as to foster understanding. The manner of approach towards a potential client dictates much on the ability of such a client to buy a product . Therefore, every business seeking to launch its product into the market pays a lot of attention to the kind of approach developed toward its potential users or buyers of the launched product. The planned launch factors in the need for better interpersonal skills for the customer care staff and other people intended to showcase the features of the new product and enlighten the attendees on the new product. The report recommends the selection of the staff that has well and experienced interpersonal skills so as to ensure hospitality and better management of the public members that will attend the launch of the event (Schendel & Hofer, 1979). Budgetary planning: Every event in the life of business has financial implications as a necessity for its success. The financial resources are required for purposes of ensuring efficiency in execution of activities and implementation of strategies. The human resource factor only becomes cooperative and helpful in the presence of better budgetary allocations. Besides, every process within the business organization becomes achievable when there is proper financial outlay. In essence, most projects planned within the business field fail or become successful depending on the budgetary allocation made for purposes of such a process. Studies reveal that that lack of sufficient financial resources contributes to a large extent towards the failure of any event organized in the business world (Frederick, 1988). The planned launch of “Smart Wash” requires sufficient budgetary allocation for its success. The Australian business market is one of the highly competitive in the world, and therefore the introduction of a new product into such a market requires proper financial planning so as to guarantee its success. There are several overhead activities which are intended during the event. The essence of coming up with a financial plan is to ensure that all the planned activities occur within the limits of the available resources. The projected financial expenditure of the entire launching is estimated for $10000. The launch plan is expected to ensure that the product receives much publicity during the launching session and also maintain a marketing network for the better period within its introduction. The major emphasis placed on the financial allocation provided in the budgetary plan is to be able to finance the recurrent activities and purchase of the equipment expected to be used during the launch (Tiwana, (2000). The identification of the particular aspects to meet the financial allocation rests on the theoretical assumption that money drives nearly all the major activities in a business organization. This plan also provides for the use of the financial resources of the resources of the business organization so as to prevent excessive borrowing for purposes of launching a new product into the market. FINDINGS One of the business strategies highly advocated in the corporate world regards the introduction strategy performed to introduce a new product. There are many players within any business environment. Therefore, it’s not easy for a new product to attract the attention of potential buyers unless it’s successfully introduced into the market. There are several strategies for making such a product known to the people within the market. Studies indicate that performing a product launch event is one of the effective ways of making the product information public and well known to people (Duncan, 1996). The report sought to build on this philosophy so as to make the new product known and accepted into the market. Besides, the launching program performed on the product also established a point of concerns or areas that need adjustments on a product before it’s fully spread to several regions in the market. The following are findings established in the report; Product launch establishes a new market: The market establishment is one of the goals of any business seeking to remain viable in the modern world. It involves using strategies so as to have control of a specific portion of the market and maintain customer loyalty. Most successful businesses are those who have established market segments. This implies that these businesses are guaranteed of customers who exist in such established market. The production and marketing functions, therefore, build on the data generated from such established markets so as to project on the most profitable strategies for the business. Several scholars tend to agree on the fact that market penetration and introduction requires immense strategies since it marks the initial stage of gaining control of any market segments. According to the knowledge developed by experienced scholars, product launch acts as one of the beneficial strategies of penetrating markets. This works out quite strategically for businesses which operate in intensely competitive environments. Most of these businesses tend to come up with products which offer a particular unique value so as to meet the demands of specific segments in the market. Essentially, the process of gaining such penetration has been successfully achieved by implementing the launching strategy. In the case of this product, the launching event of the product is expected to attract a wide viewing and attendance from several potential users who seek a new brand to offer an additional satisfaction. Toilet hygiene is one of the most concerns of any household, and therefore the product would easily achieve a potential market if its successes (Scheer & Nüttgens, 2000). One of the arguments fronted by the proponents of the product launch strategy regards the fact that the human beings are emotional beings and therefore they tend to follow their emotional inclinations. For example, people tend to try out new products or services in the market so as to have a taste and feel. Whenever such products are successfully launched and introduced in the market, they tend to have a successful demand due to the emotional concept. It’s on this basis that this project aims at utilizing the launching strategy as the best means of introducing the product into the market. Availability of sufficient resources influence the success of product launch One attribute of every business function or event such as the launch of a new product regards the application of sufficient resources to influence its success. The modern customers are so keen to identify the flaws in any product even at its initial stages of introduction. The nature of the resources used in the launching event and the manner in which such an event is performed portrays a lot in regards to the success attributable to the product launch. In many instances, resource application has been used as one of the competitive aspects especially in introducing a new produce into the market. One of such instances regards the use of monetary resources in pulling together the entire infrastructure and the communication required to ensure the launch program succeeds. Most of the successful product launch recorded in history has a common synonym of sufficient resource use so as to meet such success criteria. Financial and technological resources are the major components which are usually required for such events. For example, the process of bringing together all the physical components and also communicating effectively to the public requires the use of the efficient technology and financial resources. The budgetary allocation, therefore, needs to integrate all the requirements of such a strategy. In this project, the financial and the technological resources were viewed as the major component. The use of the internet platform to aid in communication took center stage in determining the efficiency of the entire process. This stems from the fact that the modern world is highly dependent on technology especially for purposes of communication. ANALYSIS One of the ways of promoting a successful planning and execution of any business event is through proper management. The process of managing an event entails the integration of several procedures and consideration of several resources. Product launch is one of the major events in the life of business since it dictates the expected performance of a product in the market. The human resource factor, financial and technological factors are a major player in determining the success of a launching project of a product. The use of better technology and financial resources helps in effectively carrying forward the product message into the market. Besides, the human resource factor is beneficial in ensuring skilled operation of the technological factors and ensuring effective management of the entire process. Recommendation One of the recommendations of this report regards the allocation of sufficient time for planning and executing of a product launch event. There are many ancillary activities which are usually performed to guarantee the success of a product launch. Therefore, it’s of the essence to ensure that the sufficient time is provided to help in proper planning (Cooper et al., 2003). The other recommendation regards the role of the management in ensuring the success of such a project. The management is incumbent of several functions such as policy making and resource allocation which are all integral in ensuring the success of launching product. Therefore, the management needs to step in to help in promoting the operations of introducing a new product into the market. Conclusion One of the important business events in the life of any organization regards the introduction of a new product into the market. The use of product launch strategy has been deemed as one of the most profitable means of introducing such products. This paper focused on developing a product launch report of “Smart Wash” which is a new product targeting the Australian market. It focused on the use of strategies such as financial planning, human resource and technological infrastructure to aid in ensuring success of such a program References Cooper, D. R., Schindler, P. S., & Sun, J. (2003). Business research methods. Duncan, W. R. (1996). A guide to the project management body of knowledge. Saunders, M. N., & Lewis, P. (2012). Doing research in business & management: An essential guide to planning your project. Pearson. Kerzner, H. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons. Highsmith, J., & Cockburn, A. (2001). Agile software development: The business of innovation. Computer, 34(9), 120-127. Zimmerer, T., Scarborough, N. M., & Wilson, D. (2005). 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