Business Plan Preparation

One of the most complex projects that I have been involved in is the designing of a business plan to introduce a luxury apparel collection for the increasing number of wealthy customers walking around the stores looking for them. We worked on the project as a team of four students in my class and divided the tasks from the beginning to the end. We elected the project manager from amongst ourselves. I was involved in researching the availability and size of the market that characterized the customers that were willing to buy luxury apparel products around the city of Phoenix in Arizona, the United States of America. With the increase in the number of millionaires in phoenix and the rest of the US in general, luxury apparel retailers have expanded the scope of their target market (Wiles, 2017). The luxury apparel industry has received an increase in the actual and forecasted customer base targeting men and women around the state of Arizona, according to Grand View Research (2019). In the market analysis task of the project, I had to report on the increase in the number of luxury shoppers corresponding to the rise in the number of people achieving the millionaire status. That was an example of the subtask that I had to complete to make a step towards the main task. In the business plan project, team members were assigned the tasks in work packages. For instance, I analyzed the market of luxury apparel and, at the same time, created a forecast on the expected rise in the number of customers in the target store across the five years. Our team was keen on including the critical path method to ensure that the deadline of the subprojects in the main project was achieved. Effective Project management possessed by our manager enabled our project to be a success. She ensured that we completed our tasks within the agreed timeframes, which was a contributor to our success (Banister-Hazama et al., 2012). She also ensured that there was harmony in the group with members embracing teamwork, which promotes success, as Banister-Hazama et al. (2012) explain. Therefore, the project manager contributed to a considerable part of our success.