Foundations of Business Management

Main Body

Business case

Attire Hub Limited is a private company which operates its business in UK and offer fashionable & trendy ready-made apparels to all age group people. In addition to this it also has a team of fashion designers which always work toward designing something new or more trendy clothes. Now company has decided to expand its business by introducing more product categories to its existing one. For this Attire hub has decided to launch a trendy & more comfortable summer shoes which is preferable by customers in upcoming season. So customers can also try these while searching perfect dress for themselves which can compliment their attire that a customer is dreaming for. But in order to expand their business operations in this direction, company is required to ascertain the rationale of project by forming up an effective project management plan.

Key elements required in project for development and launch of new product

Attire Hub Limited is planning to launch a new product i.e. “trendy summer shoes” with an aim to expand its business. This requires a lots of efforts from the company in term of design, manufacturing, position and launch of this product in market which requires company to formulate an effective project management plan (Wheelen and et. al., 2017). But before working over this activity, there are number of elements which company must consider that will help firm during its product development and launching. The elements which are required to consider in this product development and launch are explained below:

Suppliers:- In order to launch its product in market, Attire hub limited must focuses toward creating an efficient supply chain through which they can get desired raw material for its product design in timely manner (Schaper and et. al., 2014). For this company must focuses over creating their link with suppliers that can provide high quality raw material over the budget. So that product be able to get acceptance among customers by providing them benefit from this design on the basis of its durability, reliability and uniqueness.

Production unit:- This is another major element which Attire hub limited must consider before initiating their work over new product development plan. Under this company must focus toward analysing the strength as well as capability of its production department for determining the feasibility of plan. In order to start the shoes production, company is required to bring new machineries for manufacturing the shoe design as well as required utensils that are essential for forming up a better design of product.

Promotional channels:- It refers to the sources that will be used by company in order to communicate about its brand as well as product to target customers. Promotional channel plays an essential role in creating awareness among customer regarding the product launch as well as for positioning the locus of summer shoes in the mind of target market. For this Attire hub limited can use its existing promotional channel or may use new one such as social media marketing tools.

Resources required:- In order to conducting this activity of product design and launch company is required to perform analyses over the availability of resources that are required for this project. Following are the key resources which are essential and must be analysed by Attire Hub limited before started working for new product launch and development plan:

• Human resource:-It is a crucial factor that must be considered by Attire hub for its product design and launch activity. The reason behind this is that company current offering lifestyle apparel to all age group people from many year, but it doesn't have any experience regarding the production or marketing of shoes (Armstrong and Taylor, 2014). Hence company is required to hire manpower for this activity which includes fashion designer & consultant along with other employees required during manufacturing of product.
• Financial resources:-In order to execute this product activity effectively Attire hub limited is required to analyse the financial capability of company that whether the internal fund of company is quite enough to execute this plan or it require some external sources to raise fund (Bamberger, Meshoulam and Biron, 2014). In order to launch its summer shoes in market company is required to raise capital for financing its manufacturing such as purchasing of raw material, machinery, hiring new employees etc. In addition to this company also required fund for financing its marketing activities like promotion, distribution of product etc.
• Inventory required:-The Attire Hub Limited is also required to consider the inventory or material which is required for the manufacturing of shoes design for smooth running of its production operations. This may include leather, synthetics, foam, plastic, textile etc. which are used while manufacturing of shoes.
• Machineries:-As Attire hub limited is currently dealing in clothing sector, it doesn't have any sort of resources or material which are used for the production of shoes. Hence, it is very essential for the company to either purchase or procure the machineries at lease for manufacturing of their product that is summer shoes.

Main consideration and planning of activities

In order to achieve the success in this project plan, the Attire Hub limited is required to form up an effective plan which guide the direction in which actions must be performed to achieve desired result. While forming up this project plan company must consider factors that may affect the execution of this project so that risk of error or failure can be eliminated (Švárová and Vrchota, 2014). These factors are explained below:

Cost:- It refers to the capital which is required by the Attire hub limited in order to execute this whole plan of product development and market launch. The budget set by the company is mentioned below:

Scope of project:- The summer shoe design is usually form with an aim to target the youngsters who usually prefer shoes which are more comfortable and fashionable at the same time. Hence, the scope of this shoe is very wide as its design is formed by considering the comfort and durability of this shoes along with its trendy design.

Quality:-  Another major thing that must be consider by Attire Hub Limited is the quality of product which it is manufacturing. It includes that shoe must be manufactured by using high quality material and stitched properly (Bharadwaj and et. al., 2013).

Time required:-  In order to execute this plan effectively Attire Hub is required time of around six month for performing activities from its market research to final launch.

Risk involved:-  Like every project, this plan also contain certain sort of risks which may be faced by Attire Hub while executing this activity. It includes financial risk, market competition, change in customer preferences, cost of plan get increased then budget.

Plan for activity

After analysing all the key elements as well as requirement of the 'summer shoe launch' project, the stage of planning activities in this context will be executed. This project will begin with the process of market research to determine the target customer requirement and after that design will be formed. One design will be finalised fund will be raised from several source and then plan will be implemented with the activities like production, testing and marketing. After performing all these activities product will be ready for its final launch in market.

Link of research and evidence to set activities

After conducting a detailed discussion with team members and planning up activities that are acquired to be perform in this project execution task are prioritised on the bases of their relevance and requirement. Following points describe about the procedure that will be undertaken for executing this activity:

Market research:- The first and foremost element which is required to consider in this project is demand as well as need of target market in order to ensure the future sustainability of product. So Attire hub Limited is required to perform research over the target market for identifying their demand as well as view regarding summer shoes (Sekaran and Bougie, 2016). This help company in planning a design of shoes as per the demand and requirement of customers within marketplace.

Product design:- The design of summer shoes is also one of the major consideration on which company must focus. In this company must focuses toward producing such a design which is more comfortable, highly durable and unique so that it can stand apart from other players in market. For this company must focuses toward hiring an experienced designer who can suggest an eye catching and durable design of shoes.

Implementation:- Once the market research has been performed and design of product get decided next step is to work over its implementation. For this attire hub is required to arrange resources which includes capital to be raised from investors, machineries will be purchased and new workers will be hired for starting the production process.

Production:- In this step the design of summer shoes will be communicated among team members for its manufacturing so that it can be produced as per the youngsters expectation. Because as per the research it has been determined that youngster demanding for shoes which are trendy and comfortable, for this company is required to arrange fabric accordingly (Veblen, 2017).

Marketing:- After the production process has been completed the next step is to market the product by communicating about it among targeted customers. So it has been found from the market research that youngsters prefer to use social media sites more. Hence the promotion of summer shoes will be performed over social media sites such as Facebook, Instagram etc. in order to create market awareness.

Launch:- Once the design as well as benefit of summer shoes has been communicated with the target market, next step is to commercialising this design in market by arranging the shoes in its existing stores.

Project management tools

It refers to the process of initiation, planning, implementation, managing and controlling of work which is required to be perform throughout the project. According to Sherwani (2012), project management plays an essential role within the success of a project by ensuring that all the activities must performed in efficient and systematic manner (Storey, 2016). So in order to ensure the success of their new product development and launch activity, the Attire Hub limited must consider the tools that are used for management of project activities. Tools that can be used by Attire Hub limited throughout this project are explained below:

• Work break down structure:- It is defined as a framework which represent the tasks that are required to be perform and by whom through proper organisation of team's work into more manageable sections (Morecroft, 2015). The Attire Hub should implement this tool for dividing the work among team member as per their capability for ensuring that work can be perform efficiently.
• Gantt Chart:- It refers to the pictorial presentation that consists of horizontal lines which shows amount of work which is required to perform in relation with the time taken by each work or task. After dividing the work through work breakdown structure, The attire hub is required to implement Gantt chart which help in presenting the time taken by each task and sequence in which it must be performed so that they can manager their work accordingly. With the help of this company will be able to complete its project on time.
• Critical Path method:- It is most essential part of project management which focuses toward scheduling the project activities so that they can get complete work in less possible time. After deciding up the time of each task, the Attire hub must focuses toward implementing CPM as it help them in identifying the most favourable path that can be achieved for performing task in less possible time without compromising over the quality & cost of summer shoes.

Conclusion

From the above given report it can be conclude that for effective management of project, a manager must focuses toward ensuring the mutual contribution and integration of team in overall work. This help project manger in concentrating over their main objective without concerning about the team conflicts. In addition to this for the success, project manager must determine the need and elements to be consider for plan accordingly to avoid any sort of hurdle in project. For proper management of work, company can also use several type of project management tools such as WBS, Gantt chart and CPM.

References

• Armstrong, M. and Taylor, S., 2014. Armstrong's handbook of human resource management practice. Kogan Page Publishers.
• Bamberger, P. A., Meshoulam, I. and Biron, M., 2014. Human resource strategy: Formulation, implementation, and impact. Routledge.
• Bharadwaj, A. and et. al., 2013. Digital business strategy: toward a next generation of insights.
• Morecroft, J. D., 2015. Strategic modelling and business dynamics: A feedback systems approach. John Wiley & Sons.
• Schaper, M.T. and et. al., 2014. Entrepreneurship and small business.
• Sekaran, U. and Bougie, R., 2016. Research methods for business: A skill building approach. John Wiley & Sons.
• Sherwani, N. A., 2012. Algorithms for VLSI physical design automation. Springer Science & Business Media.
• Storey, D. J., 2016. Understanding the small business sector. Routledge.
• Švárová, M. and Vrchota, J., 2014. Influence of competitive advantage on formulation business strategy. Procedia Economics and Finance. 12. pp.687-694.
• Veblen, T., 2017. Absentee Ownership: Business Enterprise in Recent Times-The Case of America. Routledge.
• Weinstein, A., 2013. Handbook of market segmentation: Strategic targeting for business and technology firms. Routledge.

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