SOLUTION: CMR 242 Miami University Market Mix for Nimmouhs Designs Paper & Excel

Breakeven Analysis
(your company name)
Contribution Margin
Step 1
Enter sale price per unit
Sale price per unit
Step 2
Enter variable costs description
and per unit cost
Description
xxxxx
xxxxx
xxxxx
xxxxx
xxxxx
Total Variable Costs
Amount Per Unit
Contribution margin per unit
Step 3
Enter fixed costs
description and annual cost
Description
xxxxx
xxxxx
xxxxx
xxxxx
xxxxx
xxxxx
xxxxx
xxxxx
xxxxx
xxxxx
Total Fixed Costs
Step 4
Enter profit component
Profit Component
Proof
Income Statement
Sales in units
Sale price per unit
Total sales
Sales in units
Variable cost per unit
Total Variable costs
Contribution margin/Gross Profit
Fixed expenses
Profit before income tax (compare to Profit Com
n Analysis
Note: Data entry is required in highlighted fields
Amount per Unit
0%
Amount Per Unit
$

0%
$

0% Contribution margin percentage
Annual Amount
$

Annual Amount
Data entry may be optional depending on assignment instructions
Breakeven Point
Units
Dollars
0 $

Breakeven Analysis Formula
FC+PC/CM
Required Sales Volume
Sales Per Month
Sales Per Week
Sales Per Day
Income Statement

0 $
0 $
0 $

$
$

$

0
$

rgin/Gross Profit
$
$

ome tax (compare to Profit Component)
$

Business Planning
Wayne Wang
Cmr 242
Marsha Carroll
2021/08/31
Business Planning
Reasons why a prospective business founder might want to create a
feasibility study or Business Model Canvas before developing a complete
business plan.
A feasibility study is scrutiny that puts into consideration the factors of a
project. These factors can be economical or legal and they ensure that a project is
successful. Additionally, Business Model Canvas is a tool that is used to manage a
business strategically. These two works towards ensuring that the business succeeds.
They also ensure that problems that are likely to arise are identified and solved early.
A business founder needs to create a feasibility study or Business Model Canvas
before developing a complete business plan because it will save time for the founder.
Feasibility study or Business Model Canvas allows the founder to know the most
important things to consider when setting up a business. This will enable the founder
to make the best decisions regarding the business one wants to start.
Business Model Canvas will help the founder to document the journey of their
business from the word go and this will help the founder adjust to future changes.
This documentation also helps avoid business failures. In addition, creating a
feasibility study helps identify success factors that can help boost the business. A
feasibility study is usually specific and focused. It helps to make the best decisions
regarding the business as it explores the markdown of an idea. Creating a Business
Model Canvas also helps target the right customers and creating feasibility helps
understand the customer needs and wants. Feasibility or Business Model Canvas also
helps save time for the business founder because the founder can make good and
important plans. Thus, the founder needs to consider creating feasibility or Business
Model Canvas to save time, energy, and materials, (“Considering a New Venture?
Consider a Feasibility Study”, 2021).
Ways on how spending time researching and writing a business plan can
save an entrepreneur time and money in the short and long term
Conducting research and writing a business plan are very important for an
entrepreneur. A business plan is very important because it helps the entrepreneurs to
plan well the business. It also helps the entrepreneurs to make short-term and longterm goals for their business. A business plan helps the entrepreneur to understand the
needs of the customers. It also helps the entrepreneur answer majority of the questions
even before serving the customers. A business plan also helps the entrepreneur avoid
coming up with poor ideas when planning the business and it also helps to come up
with new ideas. This is because an effective business plan is self-motivated and elastic
to changes. A business plan can help save costs because it helps the entrepreneur to
plan effectively. Additionally, it helps the entrepreneur to find ways to raise capital for
the intended business. It also helps in making the right decisions regarding the
business. Examples of such decisions can be what to sell, who to sell to.
Thinking critically about the main strategies also helps make the decision-
making strategy to be broad enough. Managing cost helps avoid business failure in the
future because the business plan will help make better decisions regarding the
business. Writing a business plan and conducting research help an entrepreneur finds
the best material providers for the business. In addition, it helps set a business in the
best locations where the targeted customers are. Conducting research and writing a
business plan helps the entrepreneur avoid major business failures in the future. This
is because a business plan helps the entrepreneur to identify kinds of likely
weaknesses in the business. These mistakes can either be a lack of capital or stiff
competition. Research in the market area helps the entrepreneur to know their
customers, competitors, and the industry they choose. This will broaden the ideas of
the entrepreneur in case the entrepreneur made his business plans on the grounds of
passion. When seeking advice or help from stakeholders, a business plan will help the
entrepreneur to communicate their ideas with the stakeholders. It will also help secure
capital investments from the stakeholders or even financial organizations. Thus, it is
important to do research and write a business plan. This is because it will save the
entrepreneur time and money. This will also help when making short-term and longterm business plans, (Why Is an Effective Business Plan Introduction Important?.
Small Business – Chron.com. 2021).
Reasons why the executive summary is the most important section of any
business plan.
An executive summary is very important because it gives a full overview of
what the business entails. It is an overview of the whole business plan and it contains
the main points of the business. An executive summary is like an outline of the whole
business but gives deeper insight of the business. An executive summary helps the
reader to understand what the whole business idea is about and what it contains. This
is because an executive summary analyses a problem makes conclusions about the
problem and makes possible recommendations. A good executive summary should
grab the attention of the reader and make them want to read even more and in-depth.
An executive summary contains the strengths of the business. This helps the investors
to understand the business in a better way. These strengths also prove that the business
will be successful. When requesting funds to boost a business, the bankers go through
the executive summary. The executive summary analysis the financial strategy of the
business. This helps them to understand the business on financial matters. The
bankers also get to understand whether the business plan will be successful and how
long it will take.
An executive summary outlines how the business will serve the intended
market and this gives an outline of how well the plan is. Additionally, an executive
summary gives the business’s history by describing the services that will be offered,
who the founders are, and the kind of employees who will work there. It is therefore
important for a business to write its executive summary. This is because this will save
time for the investors as well as make it easier to understand the whole business idea
even without going through the whole business plan. A good executive summary
states the purpose of the business. It will also state the problem it will be addressing
and the need to solve the problem. An executive summary also highlights what can be
changed or upgraded to solve the noted problem. The executive summary should
provide the results of the findings. It also gives recommendations on ways to address
future issues, (“Notes on the Importance of Executive Summary in a Business Plan”,
2021).
References
Considering a New Venture? Consider a Feasibility Study. Investopedia. (2021).
Retrieved 1 September 2021, from
https://www.investopedia.com/terms/f/feasibility-study.asp.
Notes on the Importance of Executive Summary in a Business Plan. Your Article
Library. (2021). Retrieved 1 September 2021, from
https://www.yourarticlelibrary.com/planning/notes-on-the-importance-ofexecutive-summary-in-a-business-plan/13661.
Why Is an Effective Business Plan Introduction Important?. Small Business Chron.com. (2021). Retrieved 1 September 2021, from
https://smallbusiness.chron.com/effective-business-plan-introductionimportant-60988.html.
Chapter 4: Name/ Critical Thinking /Customer Survey
Wayne Wang
CMR242
Marsha Carroll
2021/9/12
QUESTION 1
. When looking for a business name to represent your products or services, it is
critical to select a name that is both marketable and infused with personality. Surf the
Web, look up words in a dictionary, read trade magazines, and bounce ideas off
friends and colleagues to help the creative process along. However, when looking for
the perfect name, three main questions should be kept in mind:
• Will your company’s name be protected as a trademark?
• Is your proposed company name available?
• Is a similar domain name available if your company will have a website?
Furthermore, if you’re forming a corporation, limited liability company, or limited
partnership, you must follow a few state rules when naming your company.
How to find out if the business name one wants is available?
To ensure that no one else is using the business name you want to use to market
similar products or services, you must conduct a name and trademark search. Check
with the county clerk’s office to see if the proposed name is already on the county’s
list of fictitious or assumed business names. If a person discovers that their desired
name (or a very similar one) has been registered as a trademark or is on a fictitious or
assumed name register, they should not use it. If you’re forming a corporation, LLC,
or limited partnership, make sure your business name doesn’t coincide with that of an
existing corporation, LLC, or limited partnership in your state. If a name that is
identical or very similar to the proposed business name appears in your state’s
database, you must choose a different name.
How to register a business name?
1. Choose a name for your company that is legal in your state. When registering
for an LLC, for example, your business name must include a term in the title such as
“L.L.C.,” “limited company,” or something similar.
2. Submit paperwork and pay fees. This usually entails writing your “articles of
organization,” which describe the purpose of your business, as well as your operating
agreement. Mostly not required. Having one allows your company to protect itself and
ensure that it is governed by its own rules, rather than being governed by the general
rules set by your state.
3. Issue a notice of intent. Some states, but not all, require a notice of intent to form
an LLC. Check your state’s regulations to see if this step is required.
4. Obtain all required permits and licenses. Ensure that you do obtain all of the
necessary permits required and licenses to operate your business.
Trademark Law and the Naming of Your Business
A trademark is a sign or an indicator used by an individual, business, to identify a
product or service as one of its own and to differentiate it from those of competitors.
Under federal and state trademark law, a business name can generally be protected as
a trademark. Trademark law intentions is to prevent consumer confusion about the
trademarks used by businesses or other organizations in connection with their goods
and services. To summarize, it is illegal for a business to use a trademark in
connection with a good or service if that use is coincidentally similar to another
business’s use of a trademark.
In general, if someone in a similar field to yours is already using a specific business or
organization business name, you should not use it, nor should you use a name that is
confusingly similar. Historically, there was nothing to prevent someone from using a
trademarked name in a completely unrelated field or industry because there was no
risk of consumers confusing one for the other. However, the emergence of “antidilution” law means that the owner of a “famous” trademark can forbid you from
using it in a completely unrelated industry. Historically, the law also allowed multiple
companies to use a given name in different geographical areas of the country, but the
global nature of the Internet diminishes the importance of geographical isolation and
increases the likelihood that an Internet use of a name or trademark could be
confusing regardless of where the brick-and-mortar businesses or organizations are
physically located. As a result, you should probably avoid using a name that is the
same or similar to one used by someone else in your field, even if that person or
organization is located far away from you.
Business Name;
-NIMMOUHS’ DESIGNS
References
Fishman, S. (2016). Trademark: legal care for your business & product name. Nolo.
DuBoff, L. D. (1993). What’s in a name: the interplay between the federal and
trademark registries and state business registries. DePaul Bus. LJ, 6, 15.
QUESTION 2
Customer Analysis
This is the process of analyzing customers and their habits is defined as customer
analysis. One of the most important areas of study in business is customer analysis.
Execute these decision-making processes in the three stages listed below, assessing:
Before making a purchase
During the purchasing process
Following the purchase
Customer analysis, also known as the path to knowing your customers, is one of the
most important marketing functions. Understanding the customer allows one to begin
to provide services that meet their needs. Customer analysis, including marketing
tools, is a study centered on the buyer.
One of the most important metrics would be total market size. Marketers place a high
value on market location, preferences, socioeconomic status, price elasticity toward
the product, and other factors. The goal is to understand these people’s existing culture
in order to understand the motivating factors for why they are interested in
purchasing. Marketers analyze how customers perform during the purchase process in
order to focus their attention on the most profitable products of the business. In this
stage, a customer analysis sample includes purchasing behavior, total purchase value,
influencing factors that motivated the purchase, satisfaction levels during the
purchase, and more.
When a product is purchased, the customer analysis matrix takes on a new role.
Customer satisfaction, word-of-mouth from customers, the likelihood of additional
purchases, and other factors are all important at this stage. The goal here is to assess
the effectiveness of the product in order to encourage customers to make repeat
purchases.
Market Analysis.
A market analysis is an assessment of a market’s quantitative and qualitative
characteristics. It investigates the market’s size, both in terms of volume and value,
the various customer segments and purchasing patterns, the competition, and the
economic environment in terms of entry barriers and regulation.
How do you conduct a market analysis?
The market analysis section of a business plan’s objectives is to demonstrate to
investors that:
You understand your market.
The market is always large enough to support a long-term business.
To accomplish this, I recommend the following strategy:
Segmentation and Demographics
Prospective Clientele
Market Demand
Competition
Entry Difficulties
Regulation
References
Day, G. S. (1981). Strategic market analysis and definition: an integrated
approach. Strategic Management Journal, 2(3), 281-299.
Szymanski, D. M., & Henard, D. H. (2001). Customer satisfaction: A meta-analysis of
the empirical evidence. Journal of the academy of marketing science, 29(1), 16-35.
Chapter3: Business plan mission stmt/competitive advantage
Wayne Wang
CMR242
Marsha Carroll
2021/9/6
Business.
1). Competitive analysis.
Business Definition Question
Fad Design Studio
The Offer
Revolutionary apparel designs
Target Market
Predominantly youth (This segment is
more exploratory in nature and selfconscious).
Production Capability
Manufacturing at the company’s
production facility producing 2 tons of
garment weekly.
Problem Solving
Eliminate standardization in apparel
design and gravitate towards
experimental design aimed at promoting
self-exploration and awareness.
Factor
Fad Design
Retro Fabrics
Drip Apparel
21 Vintage
Studio
& Designers
Studio
Wears
Weig Rati
W.Rati Rati
W.Rati Rati
W.Rati Rati
W.Rati
ht (a) ng
ng
ng
ng
ng
ng
ng
ng
(b)
(a*b)
(b)
(a*b)
(b)
(a*b)
(b)
(a*b)
Quality
0.25
5
1.25
5
1.25
4
1.00
5
1.25
Price
0.2
5
1.00
3
0.60
2
0.40
4
0.80
Locatio
0.09
3
0.27
4
0.36
5
0.45
2
0.18
0.13
5
0.65
3
0.39
5
0.65
3
0.39
n
Selectio
n
Service
0.1
4
0.40
5
0.50
2
0.20
4
0.4
Speed
0.06
2
0.12
5
0.30
3
0.18
1
0.06
Uniquen 0.17
5
0.85
2
0.34
2
0.34
5
0.85
ess
TOTAL
1.00
4.54
3.74
3.22
3.93
2). Gross Profit and average unit of sale.
Gross profit is defined as the remainder profit after production and marketing
deductions are made from the net sales/revenue. Gross profit contains other costs that
are yet to be deducted to determine the net profit such as implicit costs and imputed
costs. The total sales of a product are normally referred to as unit sales Average unit of
sale or rather the average unit retail is defined as the average selling price of an item.
It is calculated by dividing total sales (unit sales) by number of items sold or
customers served.
Business A: A restaurant that serves $6490 in meals to 312 customers per day.
Average unit of sale =Unit sales/number of sales
=$6490/312
=$20.8
Business B: B. A record store that sells $ 5672 worth of CDs to 91 customers per day,
but has 132 customers come in to the store.
Average unit of sale =Unit sales/number of sales
=$5672/91
=$62.33
3). Business Plan: Mission statement, Vision and Culture.
Proposed Business: Fad Design Studio.
Vision:
Our goal is to be an internationally reputable apparel brand in driving individual
awareness and promoting cultural inclusivity. We seek to transverse geographical
borders and redefine the scope of the apparel industry as critical to self-awareness and
expression. We aim to make the world a more accommodating space where freedom
of self-expression is unlimited. We aspire to revolutionize the global apparel
manufacturing industry from the current capitalist undertones to a functionalist-driven
industry.
Mission:
Fad Design Studio seeks to innovate dressing as a means of expression, tool for
experimentation and avenue towards self-awareness. At Fad Design studio, we
recognize our inherent individuality and believe that no person should have to hide a
part of themselves. We seek to promote self-consciousness and exploration through
apparel design as an avenue to soul gratification. We aim to promote interpersonal
tolerance and inclusivity by showcasing a people’s diversity in passion, tastes and
ideas. Fad Design Studio seeks to be the embodiment of a progressive society with
inclusivity at its core.
Culture:
At Fad Design Studio, we appreciate and celebrate diversity. We encourage our staff
to accommodate individual differences and exercise tolerance for heterogeneity. We
seek to build a workplace where everyone feels a sense of belonging despite our
innate differences. Our activities at the company are enshrined in the values of mutual
tru…
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