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Meredith, and Mantel that the projects that are started and designed by an organization are the ones that are more based on the aims and goals that an organizations has. The organization that is being considered for the analysis of the project management and implementation is Tesco that is a well-known super market chain in UK. .
In this case, the new project that is being started by Tesco is releasing of a new products that will not only be launched for the local UK based consumers but also for international consumers. This project has been named as the "Tesco Branding". Following is the report that outlines the main factors that have been considered for the selection of Tesco Branding, its management, and its successful implementation.
A. Project plan
Heerkens, (2007) have mentioned that the project plan is the part that answers some of the most important questions about the project and these are inclusive of what, when, who and when. The project plan in relation to this project is as follows;
Why: "Tesco Branding" relates to the marketing of the product and finding out additional target markets for the product. The main aim that is the base of this project is that there is a need to introduce the new product in the market along with the fact that there is a need to find new target markets in the international countries.
What: in order to make sure that "Tesco Branding "reaches its completion it will be made sure that the resources that are needed for the project are arranged and are implemented and used in a proper manner. One of the main facts that are in need to be seen in the case of "Tesco Branding" is that the product is to be introduced in more attractive manner making the new and target customers understand the fact that the product has been designed in accordance to their demands.
Who: the main personnel that are to be involved in "Tesco Branding" include human resource managers, marketers, market researchers, funding agencies and the sponsor who will be arranging the funds and any capital that is required for "Tesco Branding", the shareholders and the stakeholders, team leaders who will be managing the personnel within the teams making sure that the required project is completed in a successful and fruitful way.
The total time frame of "Tesco Branding" is 15 weeks. Some of the main milestones that are associated with "Tesco Branding" include
Creation of the product
Searching for the target market for the product
Searching for the additional demands that may have been placed by the customers in relation to the product
DeCarlo (2004) has argued that making sure that the new product that has been designed is the one that is based on the demands that have been placed by the consumers,
In these cases it is important that "Tesco Branding" is divided into different sections based on which the different sections are allotted different times that can help in completing the project in a shorter period.
Lock, (2007) has argued that for "Tesco Branding", there is a need of certain resources that are needed to complete the project. Human resources, financial resources, and resources that are needed for research in order to make sure that the appropriate resources are arranged on time.
It is important for Tesco to identify all the resources that will be needed to carry ou the project successfully. For this 'Tesco branding' project the vital resource would me the human resource inn a form of a highly specialized and technical sales and marketing department. For this project, the entire responsibility to give the best out of the agreed project, it is important for them to put all their skills and expertise to create a demand in the market for the Tesco brand. The advertising that will be the responsibility of the marketing department will need to ensure that all their creativity and skills are allocated towards constructing such a marketing plan that does not only creates an awareness for the Tesco brands but also persuade and grow the need among the existing and potential consumers for the Tesco brand.
Therefore the human resource for this project will be vital. Secondly comes finance. This would obviously be needed most. Since this project does not only involve producing, marketing and then selling, funds will be involved at each stage and by every department. Production department will need funds to purchase the extra raw material to prepare the finished goods while marketing department will need to launch heavily financed marketing. The launch and displays of the new products will also bring the additional costs to the company.
c. The main parts of "Tesco Branding" have been highlighted thereby the costs that are to be included in these cases are as follows;
Research And Analysis Costs
Supplier And Buyer Resources
Hiring Additional Human Resources
Evaluation and Monitoring costs
The timescales for "Tesco Branding" is in weeks and the project is to be completed in a total of 15 weeks thereby the different breakdown of the project have been made based on which the project will be monitored to completion soon. It is very important for Tesco to manage its time schedule in an effective manner. Failure to do so will incur additional costs which the company will have to bear. Moreover, the agreed time scales will not only provide a smooth execution of the project but will enable the project to be completed on the provided time. However, it should be bore in mind that completing the project in lesser time or before the time may not prove beneficial. It is likely that a haste to complete the project will force the mangers to focus on the operationally managed project approach rather than one which aims to achieve the strategic goal of the project and the company.
Evaluation and Analysis
Searching for customers in International Markets
Searching for Market
Creation of the Product
One of the most important parts of the project is the implementation and completion of the project. It is important that the timelines of the project are well decided and there are strategies made that can help in an implementation of the project. In the timelines that have been given above it has been seen that the greatest time has been given to the time of the creation of the product that is considered as an important part of "Tesco Branding". There are different steps in the creation of the product that need to be looked after and these are the stages that include supplier, and the buyer relationships. These are the main relationships that help in the better creation of the product and one of the important needs that "Tesco Branding" has is to make sure that the product that is created in the end is the one that matches the demands of the consumers.
An appropriate strategy is essential for any company to carry out its projects successfully. For this project Tesco will need to design a strategy that will achieve the purpose. Tesco should make sure that since the maximum labor will be involved for this project all its labor shall be kept motivated. The company's goal should be presented that it translates their own personal objectives. They will be kept motivated by training programs that offer them the opportunity to enhance their professional lives. They shall be rewarded according to the achievement for the goals set before them. The needs of the employees should follow the hierarchy until they see the goal of company as their own personal objectives. Decentralizing the company's culture and involving the employees in decision making will give birth to new and innovative ideas and encourage employee participation. Team should be encouraged. This will make employees feel a part of the organization and in particular project and they will feel worthy to invest their efforts in it. Team work will also bring in new ideas and creative approach to the development and marketing of the new product that fall under 'Tesco branding'
Phillips (2010) has argued that for the proper implementation of "Tesco Branding"it is important that the given timelines are followed for this the second important stage of the project is a research that is to be carried out by the researchers in order to search for the appropriate target markets. Proper and more skilled human resources will be used in order to make sure that the research carried out is appropriate and more accurate so that the markets that are targeted in the end are the ones that can give more success.
a. Kerzner, (2009) has argued that for "Tesco Branding"it is important that it is implemented in ways that can make it more pragmatic and practical for Tesco. It has been mentioned that a project should be an important part of the strategies and the goals of Tesco. Thereby for "Tesco Branding" as well, the implementation strategy that will be used is the one that will make sure that the outcomes of "Tesco Branding" are in accordance to the desires and the strategies of Tesco.
i. For the implementation, the team that will be set up for "Tesco Branding" will be the one that will be inclusive of skilled personnel that may be from within Tesco or new hired employees. This is important so that the all aspects of "Tesco Branding" are completed successfully.
ii. For the proper implementation of "Tesco Branding", it is important that the research that is carried out in the case of "Tesco Branding" is the one that can help in having an increased analysis on the market thereby the better the search and analysis the better is the project.
Haynes (2002) has argued that one of the most practical implementation of the project lies in the fact that there is a need to reach the customers in an attractive manner and for this is it important that the marketing of the project is done in a manner that it is obvious to the consumers that the demand that have been placed by them are the ones that have been incorporated in the new product that is being introduced to them through the project.
With this, the proper evaluation of the consumer attraction and the marketing of the new product in the market is very important as these are the main criteria that are needed in order to ascertain the levels of appreciation that is being received by the product in the target markets. It is important to analyze the outcomes of "Tesco Branding" and to see if "Tesco Branding" is able to deliver the outcomes that are needed.
b. Monitoring and evaluating are the two main ways by the help of which progress of the project can be analyzed. The project has been divided into many sections and these are the sections that are timed as they need to be completed in certain weeks thereby it is important that the sections and the parts of "Tesco Branding" are monitored and evaluated in a proper manner. Monitoring is the procedure by the help of which the information can be gathered and then analyzed based on different procedures and these can include different kinds of scientific procedures that can be used to monitor the progress of the project. Murch (2001) has argued that in the case of monitoring, it has been seen that there is a need to constantly note, gather, and collect the data that is required. In the case of this project, it is seen that in order to make sure that there are different sections to the project and it is to be made sure that all these sections and different parts of the projects are accomplished on time and with accuracy.
i. The most important section of "Tesco Branding" is the manufacturing section as some of the main requirements of the successful projects are embedded in this stage. If this state is monitored in a proper manner than there are chances of having a more successful project and a better implementable project that can deliver the outcomes that are required.
Pinkerton (2003) has argued that the evaluation is the procedure that will help in carrying out an assessment of the outcomes of the project. In these cases, it has been seen that based on the assessments that are carried out in the monitoring sections the outcomes of the project become clearer.
ii. The marketing and the end response from the consumers will be evaluated and monitored based on the end sales that are made on the product. Based on these responses and sales, the evaluation will be carried out of the revenues.
iii. An important part of the analysis is the calculation of the revenues that are received. A comparison of these revenues will be carried out of they are lower or higher than the estimations that have been made.
The first section of "Tesco Branding" is manufacturing and creation of the product. This is the stage that is composed of many small stages thereby this stage is considered to be the most important stage. Moore (2002) has argued that these stages are inclusive of the buying of the materials from the suppliers and the logistics based business strategies based on which the buyer and supplier relationship needs to be monitored. Along with these, some of the most important aspects of "Tesco Branding" that need to be monitored are the marketing strategies that are being used.
It is also necessary for the project managers to monitor the timings and schedule of the processes involved and assess the achievement of the targeted goals. They will clearly know where the project stands in terms of performance and its punctuality. The upper level of the managers will make sure that all he departments are carrying put their jobs and responsibility in an effective manner without wastage of resources. Any problem or issue that may rise during the process will also be rectified during the monitoring process.
d. Some of the main aspects of "Tesco Branding" that have been included for an analysis of the outcomes are as follows;
The increase in the sales of Tesco brands against other branded products is an achievement for tesco. As the project aimed to introduce Tesco as a 'brand' for some of its own products, it would be worthy to note through the outcome of the project that which brand has actually lost some of its market due to 'Tesco Branding'.
The reaction of the international and local customers towards Tesco brand was positive. Due to strategically implemented strategies, the project achieved the foal of organization by increasing sales and creating its own brand in the market while other brands are present
The time that has been given to notice the responses is three months. From the local sales perspective it was seen that since the past three months after the launch of the product the increase in the revenues has been tremendous from the sales of the product in the local market and increase in revenues generated from the international markets. The wider market comprised of Tesco loyal customers who had formed a habit of shopping at Tesco
Schwalbe (2009) argued that based on the analysis that has been carried out, it can be seen that the overall response of the sales of the new product in the market has been positive and there has been an increase in the consumers from the local and the target markets. Thereby here it can be seen that "Tesco Branding" has been successful in meeting the main goals of Tesco, there has been an increase in the revenues and profits with an increase in the consumer loyalty.
The increased revenue for Tesco mainly generated from the 'habitual' Tesco customers. The introduction of Tesco brand made them purchase their wants from Tesco only. The reputation and image of Tesco further provided the company with the incentive to penetrate firmly into the market. Through its pricing strategies Tesco was able to gain market. For future, there is greater scope for Tesco to continue increasing its market share in the 'brand' market
There is a room for improvements in the project. In the case of this project, there are some drawbacks that were not followed in an appropriate manner. Following are some of the most important recommendations.
i. Time is one of the most important factor in any project. If more time is allocated to the project than it can be seen that there is more detailed evaluation and analysis of the different section within the project. On the other hand, if increased time is allocated to the projects than it can be seen that the research can be more detailed based on which better research can be conducted and much better markets can be approached. One of the most important facts that make the project more successful is time. More time needs to be allocated to "Tesco Branding" so that the evaluation, analysis, research, and monitoring phases are more detailed out. On the other hand, if more time is given to the projects that one of the main advantages gained is that mush more detailed outcome analysis can be carried out.
ii. Other than time as an important factor for any project, it is important that the team leaders that are running "Tesco Branding" also look into the finances that are needed for the project. If there is a need of more finances than it is important that the funding is arranged. If the funding is good and in greater amounts than there are additional tasks that can be planned, that can help in an increased improvement in the project. In the case of "Tesco Branding", it has been seen that no funding was not arranged. The time that was allocated for the project was lesser based on which the outside funding was not taken into consideration. More markets could have been reached and targeted if more capital resources were arranged.
iii. There is a need that in order to make the project more successful, more international markets are approached for the products. International markets have been considered as an arena that can help Tesco in having a better and more improved portfolio thereby more time is to be given in order to approach more markets.
It is important that the strategies used for the evaluation and monitoring are proper and more detailed thereby it is important that more time is given to the evaluation procedures based on which an increased detailed analysis can be carried out.
For any project to gain success, it is important for an organization to plan. An improper planning leads to failures in terms of objectives and investments. Some of the procedures that Tesco followed through this project are reported below:
Identification of the need change
Analyzing the need and the ways it could be responded
Choosing the most appropriate method
Selecting the most suitable project
Analyzing the goals of project against the goals of the organization
Identifying resources for the project
Making available the necessary finance
Investing appropriate human resource
Execution of the project
Monitoring and supervision of each aspect
Eliminating problems and conflict at each stage
Assessing the outcome of the project
Matching the outcome with the success and failure criteria