Project Risk Management for Magic Pen
Risks can be identified from a number of different sources. Some may be quite obvious and will be identified before the project starts, and others will be identified during the project lifecycle. Every project team member will be aware and responsible for identification and determination which risks are likely to affect the project and documenting the characteristics of each.
Brainstorming – Identifying risks can be straightforward if started correctly and needs to be well thought out and regularly updated. My project will use brainstorming as an idea generation tool for identifying potential project risks, and requirements for correction of these risks.
Questionnaires – Questionnaires and surveys are well established tools for assessing risks and I will use these tools throughout the project life cycle. And I will create a database to record all customers’ contact information. In addition, I will send electronic survey form to collect their feedback. According to these survey forms, I can conclude whether magic pens do reach their expectation or not. In my opinion, customers’ satisfaction really matters success of my project. As the saying goes, “customers are Gods”. To own stable market shares is of great importance to merchandise company.
SWOT – My project will examine the project from each of the SWOT (strengths, weaknesses, opportunities, and threats) perspectives to identify risks. Brainstorming technique will be used throughout this process as well.
Magic pens adopt latest material called alpha gel which is elastic and smooth. This kind of material will not make your hands feel comfortable. Your fingers will not get hurt anymore if you are holding pens all the time. The main function of this material is to relieve fatigue.
Magic pens are all with inspirational message on the surface of them. These uplifting messages will encourage you when you get tired to a degree. You can also customize your own unique pen and put your motto on it. I believe a lot of customers like customization very much.
Our selling point are everywhere on campus. It is very convenient for students and faculty. Thus we also can cut advertising expenditures which is a big fortune to a new company because customers will see magic pens every moment. Repeating occurrence will impress customers to a great extent.
Magic pens are new product. Generally speaking, customers will seriously doubt magic pens are really that amazing like the advertising says. Some conservative customers are not willing to give it a shot.
Limited budget really matters. All the members of Magic Pen agreed to provide a minimum investment to the company in the amount of $15.00. The money will be used to start-up the Company and purchase any necessary materials needed.
Apart from some conservative customers, there are large sums of potential customers who like new things very much. These customers are our main resources. If they think magic pens are that good, they will spread good things of magic pens to others. Customers’ reviews are best proof to magic pens.
We also can cooperate with Delaware State University bookstore and Staples. The Principal of Marketing department can make a deal with these two suppliers to sell our magic pens in their stores.
We are students of Delaware State University. We know a lot of students, professors, and faculty here. We can give some free samples to let them have a try. Their positive feedback spread all over the school. It will be quite helpful to our sales.
Delaware State University bookstore and Staples are two main competitors to us . Both of them have great reputation around the school. The pens sold in bookstore and Staples do have good quality. And there are various kinds of pens in these two stores.