Chapter 3

.docx

School

University of Massachusetts, Boston *

*We aren’t endorsed by this school

Course

630

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by SargentWolverinePerson656 on coursehero.com

Part I : Chapter 3: Review Question(s) 1, 3 & 5 1. What is a business case? A business case is not a budget or the project plan. A business case must provide senior management with all the information needed to make an informed decision as to whether the project should receive funding in order to continue on to the next phase. 3. Why should a project align with an organization’s strategy, vision, and mission? The first step for starting a project should be to define the project’s goal or measurable organizational value (MOV). In short, a project begins by defining its measure of success. To provide real value to an organization, a project must align with and support the organization’s vision, mission, and strategy. For example, a top-down approach begins with an organization’s vision and mission statements. A vision statement articulates and inspires purpose, while mission statement clarifies what the organization does, who they do it for, and how or why they do it. MOV needs to align with and support the organization’s strategy and overall vision and mission in order to provide value to the organization. 4. Why is it important that the MOV provide value to the organization? A project’s MOV becomes a measure of success, while objectives are important, but not necessarily sufficient conditions for success. For example, a project can be completed on time, within budget, and be defect-free but still it may not be of any use or value to the organization. On the other hand, a project that is late and over budget can still be considered a success if the benefits of the MOV outweigh the costs associated with the project being late or over budget. The only true measure of project success is the value defined in the MOV. Part II: The following article covers a series of project failures, choose one and explain how the lack of strategic alignment and/or lack of business case contributed to the project's/product's failure. NEW COKE: New Coke was the unofficial name for the reformulation of Coca-Cola introduced in April 1985 by the Coca-Cola Company. It was renamed Coke II in 1992, and was discontinued in July 200. Coke had been a dominant soft drink for a very long time. In 1980s Coke’s flagship product’s share was on the decline and Pepsi’s shares were on the rise. Despite huge spends on the advertisement, wide availability of vending machines, global presence, and deeper network of sellers, competitive pricing, and Coke’s market share was slowly slipping away.

Though Coke disputed Pepsi’s findings, it went ahead and did its own blind tests. It was shocking to know that people preferred Pepsi in blind tests than the famous Coca-Cola’s century old secret formula. Coke felt that the audience has changed the way of quenching the thirst and the time had come to change the long-held formula of secret taste. Coca- Cola did not market research to see if there was a need for developing a new product, but they were blind to their own customers’ motivations. The research method has to understand the inner subconscious mind than the rational mind to forecast a product’s success or failure. In other words, new Coke was a failed project because the researchers needed to do more than a mere taste test. They needed to understand how people would react when the familiar Coke they loved would be discontinued and replaced by a shiny new upstart. Market research must be handled like a science and an art. Besides that, Coca-Cola ignored their competitors. Coke fell into the trap of Pepsi’ marketing tactic and started to develop a product which was sweeter like Pepsi and thereby losing its uniqueness.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version