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My Product

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by

Jenna Montroy

on 18 June 2014

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Transcript of My Product

Company Introduction and Background

Products and Services
Target Market
Management Team
Metrics
Marketing and Sales Plan
The country I will be marketing my product to is: the
UK
.
The benefits of marketing to this country:
The UK has a long history of billiards/pool. The game has become engrained in British Culture.
There is a diverse range of economic classes. This means I'm able to target consumers with both expensive and inexpensive cues.
Our two countries are related through history, through language, through the Commonwealth of Nations, and their sharing of the same Head of State and monarch.
Canada-European Union Trade and Investment Enhancement Agreement
Canada - EU have ongoing free trade agreement negotiations

My target market is both male and female generally ranging from 18-60 years old. Those who are avid or new pool players and generally upper and middle class.
Demographics of the UK:
0-14 years: 17.3%
15-24 years: 12.8% ( 18- 24 target market )
25-54 years:
41.1% - ( our target market )
55-64 years: 11.5% - ( target market)
65 years and over: 17.3% (
Measures of Success:

Profit
Profitability is the first way we will measure our success as a company. In the past we have done this by making sure we meet all of our financial requirements. This includes covering labour costs, shipping costs, duties and tariffs, legal fees, overhead fees and our profit margin. Also, effective ads and quality products that appeal to our target market.

Customer satisfaction
Secondly, we will measure our success based on customer satisfaction. In the past, we have achieved this by having strong customer service polices online and on by phone. We have a 24 hour online guarantee response by one of our representatives and life-time insurance polices on our expensive cues. This covers any damage or malfunction that may occur. In the future, we plan to offer warranties to our less expensive cues.

Employee satisfaction
Thirdly, employee satisfaction is another key indicator of our business success. Developing a work environment that rewards employees for their hard work is imperative in attracting and retaining our quality employees. To insure employee satisfaction, in the past and future, we provide flexible work hours based on the employee's home life (they can work any hours as long as they complete their designated work hours - "the Google Strategy"), provide 3 weeks paid vacation, and encourage high levels of communication in the company.

Pool cues can range from a hundred to thousands of dollars. The more craftsmanship and expensive materials there are, the higher the price. Therefore, it is impossible to estimate an accurate price because my business is based specifically on the costumers requests.
Customized Pool Cues

By: Jenna Montroy-Patenaude
Acues
Financial Plan
Where to Next?
As stated in the introduction, my business produces customized hand-carved pool cues. This business is centered around customers wanting to have a unique, hand-crafted, one-of-a-kind pool cue made from premium materials . These cues can be used to either play pool or collect.

The Problem:
Right now all high performance, customized pool cue manufactures specialize using only one type of wood, such as North American Hard Rock Maple or white pearl, and they usually charge thousands of dollars for customizations which are done normally by submitting or requesting patterns to the company, which a machine automatically carves out. This dramatically limits the pool of clients the company can sell to because not all clients can afford to pay thousands of dollars for a customization or like the base wood a specific company uses..

The Solution:
Our company doesn't have a signature wood we use as a base. Our base fluctuates based on each client, depending on their specific taste. This means we can pull from that larger pool of clients, attracting them with our diverse array of products. Plus potential future clients, from recent market research we had conducted, perceive our product of more value because each cue is hand crafted by one of our professional carpenters, at a reasonable fair price. This is the main reason why our company has and will remain successful in the future.




Acues is a small Canadian business that creates customized pool cues based on a client's particular taste and demands.
Acues was founded in 2010.
In 2009, I found myself looking for employment, after the 2008 recession hit. Given the opportunity to make a fresh start and do something creative, I decided to use my previous experience as a carpenter and combine it with something that had been a hobby of mine for years: pool.
So I began crafting customized pool cues designed with uniquely specialized patterns and designs.
After the completion of my first five cues I contacted people, who I knew played pool, and asked if they were interested in purchasing one. After presenting my product and selling the first few, word spread as people saw how unique my cues were.
From then, the demand grew quickly as other friends and strangers began contacting me asking if I could tailor one for them personally.
With so many orders and specific requests, I contacted two other recently unemployed carpenters that I had work with in the past and asked if they were interested in this job opportunity. They both agreed and thus began the beginning of Acues.
Now we produce on a larger scale by selling cues in local sporting stores, pool houses and online.

We would like to give you the opportunity to become part our growing company. I'm sure that once I present you with our unique product and business plan you'll immediately want to invest and join our company.

Our product is for professional and amateur pool players who require individualized, high quality pool cues. Acues has both a luxury and affordable line. Our affordable pool cues can be found in local sporting good and retail stores like Walmart and Sears. While our luxury line is sold exclusively online, by phone or by meeting.



Population:
63,395,574 as of 2013
Sex:
0.99 male(s)/female (2013 est.)
Estimate of Profit:
Material Cost for an average customs pool Cue: $200
Labour Cost: ($19.20/hour x 10 hours) $192
Legal Cost: $2.30
Total cost before duties: $395.30
Duties (to United States): None
Shipping Cost: 12.00
Landed cost: $801.60
Retail cost: $1603.20
This is so our affordable products can reach and attract a larger group of clients. While our luxury bran still remains an exclusive group, attracting professional and elite clients. Also, we will be distributing our domestic products by a transportation truck. Internationally we will use a cargo ship for our inexpensive cues and Air Canada for our luxury cues.

Material Cost for an average inexpensive pool Cue: $20
Labour Cost: ($12.00/hour x 1 1/2 hours) $18
Legal Cost: $2.30
Total cost before duties: $40.30
Duties (to United States): None
Shipping Cost: 2.00
Landed cost: $42.30
Landed cost: $84.60
average cost of a unit: $843.90
Estimate of annual profit:
(we expect a 5% increase from the last year)
inexpensive cues: $42.30 x 20000 = 846,000
luxury cues: $801.60 x 200 = 160, 320
total: 10006320 - 350,000 for other expenses such as utilities and salaries
expected profit: 656, 320
Our Marketing Strategy:
In the future, I would like to see the company first expand into the UK and, then, the rest EU. Once our brand reputation grows and our foreign demand increases, we can open up a manufacturing plant overseas to circumnavigate shipping and tariffs. Also, I would like to start manufacturing and selling other products besides cues, like custom pool balls. We could market these as an individual item or as a matching set with the clients pool cue. This could, in the future, be a signature package deal our company does. Currently, there are no other businesses doing this.

Our company is ready for these challenges because we already have proven to produce a premium product that clients have responded well to. Each year, our annual profits and units sold increase. By expanding to the UK we are sure that this trend will not only remain but also grow.
To market our product we will not be using commercials or ads because based on our market research it was found to be an ineffective medium to use, when sell our specific product. Pool players respond better to on hands on experience and brand reputation not advertisements. Instead, our main methods of marketing will be by: word of mouth, attending pool conventions and the use of community "celebrities". We will send free cues to popular pool players in the community and internationally to spark a buzz of interest. If for some reason we were to create a commercial or ad in the UK an appropriate ad for the culture would be a very liberal, funny and smart ad because the majority of the society is very well educated.
Chief Executive Officer (CEO):
the CEO is the boss of everyone and is responsible for everything. They determine the company's strategy, hire and build the senior team, and decide how resources get divvied up.

Chief Operating Officer (COO):
A COO handles a company's complex operational details.The company's COO insures the business can deliver day after day.

Finance Director:
The Director of Finance contributes to the overall success of the organization by effectively managing all financial tasks for the organization.

Chief Marketing Officer (CMO):
the CMO owns the marketing strategy--and that often includes the sales strategy--and oversees its implementation.

Significant government regulations:
we will have to become VAT registered in the United Kingdom because our sales are over £81,000 for the last 12 months. We don't actually have to be in the U.K. for this, but it does mean you have to comply with the regulations of being a VAT-registered company. VAT is a tax that's charged on most business transactions in the UK.
Trade barriers:
Distance -- In the future set up a manufacturing facility there.
Import duty & taxes: on our average price the cost of product & import including import duty & taxes come up to £644.76. -- raise overseas price. As of right now we can't make it there (materials cost). Government is in free trade negotiations so this may not be a possible trade barriers.
Workers:
19 people
4 people on the management team in order to: organize/run the company, finance, marketing, and transporting. ($20.00/hour)
3 expert carpenters to manufacture custom pool cues. ($19.20/hour - average)
10 manufacturers to construct the inexpensive cues. ($12.00/hour - factory job)
2 customer service agents. ($13.50/hour)
Trade Agreements:
Canada-EU - Trade and Investments enhancement agreement
Canada- European Community- Agreement of Mutual Recognition between Canada and the European Community
Benefits: Opens up internationally trade and allows us to market in Europe.
Negatives: No free trade agreement so it can be expensive and hard to compete with domestic businesses. As we previously discussed, we can work with this by either raising the prices of our products or opening up a manufacturing plant.
Trends:
Pool, also know as English billiards has been a prominent past time in the UK since the fifteenth century. According to the Government of London's recent poll, 84% of Londoners think that the city's cultural scene is important in ensuring a high quality of life, this includes the past time of billiards/ pool. The British sensation for the game, now know as snooker is similar to the American passion for baseball; it is possible to see a snooker competition everyday throughout the UK. This means we have a large market to sell to.
My Ideal customer:
A middle or upper class male or female (extra disposable income).
Someone who has leisure time to spend playing pool.
Someone who plays pool.

Age is not an important factor (18+ - Pool Halls, Bars, etc)
They need this product because it is a vital tool to play the game and can also be a status symbol.
Full transcript