Project Initiation and Scope Management
Project Initiation and Scope Management
Jennifer Coble
Sonja Downing
Thomas Finucane
Vanessa Long
Renee Schneider
Grand Canyon University: PSC-450
June 9, 2017
Project Initiation and Scope Management
“The Retail Store” currently carries basic household goods, some groceries, and health and beauty products. They are currently housed in three 2500sqft. buildings that offer 2500 core products from some of America’s most-trusted manufacturers. They have three distribution centers that keep those stores in stock in those communities.
This year they have seen there sales reach $3.2M and feel that this gives them room to grow. On the same note it is also recognized that more and more individuals within our communities are gaining greater access to smart phones and Internet technologies. On that basis “The Store” would like to utilize the implementation of a social media campaign to boost there sales from $3.2m to $5m thus allowing them to complete all their want and needs objective for company growth and expansion.
Determination of project priorities
In determining project priorities, revenue was at the top because it will fund all future expansion projects. Examining fiscal impacts of the projects was one of the main determining factors in deciding what project would be first. Financial stability became the primary concern when looking at investing in expansions such as increasing the square footage of the current stores from 2550SqFt. to 2750SqFt., and their product offerings from 2500. products to 2750. products. With the desire to expand stores first within the state and then adding one location out of state within the next five years maintaining and increasing revenue is a primary concern.
First Project Undertaking and Summary
The first project to be undertaken as determined in Appendix A, will be to implement a social media campaign to promote upcoming changes in the expanding of the store size to accommodate the stores new expanded product offerings. This campaign will get The Store to its needed annual goal of $5m. By drawing attention to the new product offerings along with any sales and or current and upcoming promotions
A social media consultant firm by the name of Superior Social Media Marketing Co., Inc. has submitted a proposal to launch our social media campaign for $30k per year. After market research and analysis it was determined that social media managers salaries are $47k per year on average according to glass door (Glassdoor, 2017). Therefore we feel that there proposal is a fair, considering that the store will not have to employ a fulltime-benefited employee to fulfill this role at this time. As mentioned in the small business chronicles on-line edition, “More recently, technological, cultural and economic changes have shifted the balance of power to retailers, according to Sullivan and Adcock” (Mack, 2017).
The campaign will begin by establishing a web and social media presence, this will allow for the development of a smart phone application that could be utilized in promoting specials, sales, and new stores and product offerings. It will allow for greater access to goods and services and reaching their sales goals of $5m. It will allow The Store to have increased customer contact and enhance their ability to draw in customers and hence increase revenue opportunities.
Projects Relationship to Vision, Mission, and Objectives
The Retail Store has the mission of making their stores a place of convenience and quality. By expanding in small communities within the state, in turn making each community a better place to live. The Retail store strives to be the leading retailer fiscally by measuring their quarterly sales reports and monitoring improvements made to the communities that they serve. In order to accomplish this they will need to achieve annual sales of at least $5 million and expand their product offerings by 10% or 250 additional products within two years.
A company image must coincide and align with the company vision, mission, and objectives in order for sustained viability of the business. The proposed, “Technology/Social Media” project can help achieve just that. The Retail Store understands the impact they can have through social media and technology today. Social media technology allows consumers to collect and share information anywhere and anytime ultimately influencing their buying decisions.
APPENDIX A
| Must Objectives | Must Meet if impacts | 1 | 2 | 3 | 4 | |
| All activities meet current legal, safety, and environmental standards
|
Yes- Meets objective | |||||
| No- Does Not Meet | YES | YES | YES | YES | ||
| n/a- No impact | ||||||
| All new products will have a complete market analysis
|
Yes- Meets objective | |||||
| No- Does Not Meet | N/A | YES | YES | YES | ||
| n/a- No impact | ||||||
| All expansion projects will have a fiscal impact analysis and risk analysis | Yes- Meets objective | |||||
| No- Does Not Meet | N/A | YES | YES | YES | ||
| n/a- No impact | ||||||
| Projects by Number | ||||||
| 1 | Increase sales from $3.2m to $5m | |||||
| 2 | Expand product offerings from 2500k to 2750k | |||||
| 3 | Expand store size from 2500sqft. to 2750sqft. | |||||
| 4 | Opening one store in neighboring state | |||||
| WANT Objectives | Relative importance 1-100 | Single project impact definitions | Weighted score | Weighted score | Weighted score | Weighted score |
| 50% | 15% | 20% | 15% | |||
| Increase sales from $3.2m to $5m | 90 | Increase sales from $3.2m to $5m | 100 | 120 | 120 | 120 |
| Expand product offerings from 2500k to 2750k | 75 | Expand product offerings from 2500k to 2750k | 85 | 105 | 105 | 105 |
| Expand store size from 2500sqft. To 2750sqft. | 60 | Expand store size from 2500sqft. to 2750sqft. | 70 | 90 | 90 | 90 |
| Opening one store in neighboring state | 40 | Opening one store in neighboring state | 50 | 70 | 70 | 70 |
| Total Weighted Score | 15,250 | 5,775 | 7,700 | 5,775 | ||
| Priority | 1 | 3 | 2 | 4 |
References
GlassDoor. (2017). [Web]. Retrieved from https://www.glassdoor.com/Salaries/social-media-manager-salary-SRCH_KO0,20.htm
Mack, S. (n.d.). Importance of Retail Marketing. Retrieved June 10, 2017, from http://smallbusiness.chron.com/importance-retail-marketing-65695.html
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