“Let’s Revolutionize Sound…”
Thomas Clark [email protected] Hunter Most [email protected] Max Weiss [email protected] Devin Gannon [email protected]
Table of Contents
I. Executive Summary………………………………………………………….3
II. Business Concept…………………………………………………………...5
III. Product Description…………………………………………………...……6
IV. Industry Analysis…………………………………………………….……..8
V. Market & Customer Analysis…………………………………………….12
VI. Founding Team……………………………………………………..……..14
VII. Sales Strategy……………………………………………………………..15
VIII. Financial Analysis…………………………………………………...…..16
IX. Feasibility………………………………………………………..……..…..18
X. Timeline to Launch…………………………………………………..…….19
XI. Bibliography………………………………………………………………..20
XII. Appendices………………………………………………………………...22
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I. Executive Summary
Who are we?
BLUSound is an innovative audio company that offers the ability for listeners to meet their desire of always having their favorite music while changing the way people listen. Our product is a unique design where technology and a professional appearance meet in a revolutionary set of Bluetooth-compatible, memory foam encased, and totally wireless earbuds which give the user the ultimate freedom when listening to music.
The founding team for this venture is comprised of Thomas Clark, Max Weiss, Hunter Most, and Devin Gannon. Thomas Clark, the originator of the idea, will act as the Chief Executive Officer and will be responsible for overseeing the direction of the organization. Max Weiss will serve as our Chief Financial Officer and will therefore be responsible for all financial matters including but not limited to investments and fundraising. Hunter Most will serve as the Chief Technology and Operations Officer. Hunter will oversee the design and manufacturing of the products as well as monitoring the overall operations of BLUSound. Finally, Devin Gannon will serve as the Vice President of Finance & Marketing. She will assist Max in financial matters such as bookkeeping, and work to build the BLUSound brand.
What is our purpose?
BLUSound seeks to capitalize on the fast-growing premium headphone market by offering a product that is totally different from what is currently on the market. For our business model, BLUSound hopes to have a similar structure to Apple. Like Apple, we will offer the highest quality of user-friendly, simple, and elegant designs in a mass- market boutique. We will be on the cutting edge of technology and style while our competitors are stuck producing the same styles of headphones that they been for years.
How will we do it?
BLUSound focuses our products around Bluetooth technology to remove the wires from headphones, but our design still allows for the use of wires if the customer so chooses. This gives the user the ultimate flexibility and freedom with their music listening experience. We want to sell high quality products to people who desire that quality, just
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like Apple. In order to truly differentiate ourselves in the audio equipment industry, we will persuade the customers by demonstrating “The Why” of our products, in addition to “The What” with marketing strategies targeted at the high quality consumer. The organization will work to make sure customers will be so satisfied with their experience that they will recommend it to their friends and family and allow us to obtain a greater portion of the market share. An initial investment of at least $200,000 will allow us to secure an inventory, build a professional eCommerce web store, and create the first stage of marketing and promotional materials. This money will be raised through the networks of the founding team and through angel investors, and it will also cover all start-up expenses. Based on conservative estimations using industry proxies, we expect that BLUSound will be profitable very quickly and has the potential to gross millions of dollars in profit over the first 5 years As the company gradually increases in size, we will seek strategic partnerships to gain retail space and more market share. After this is complete, we will seek to be acquired by another company in the industry.
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II. Business Concept
What We Are All About
For the avid music listener who seeks the comfort and convenience offered by an innovative wireless headphone, BLUSound is a new and revolutionary company that envisions a world where superior sound and wireless technology meet in harmony. We deliver high-quality sound performance while maintaining a sophisticated and stylish design.
Unlike our competitors, BLUSound is committed to delivering to our customers an experience with products that will transform the way people view wireless headphones by combining a technology and professional appearance, all easily available on our boutique website.
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III. Product Description
The Design
Our product is a high quality set of earbud headphones that are completely wireless and Bluetooth-compatible. The design is based on two popular earpiece designs. The interior components and design is based on a Bluetooth earpiece used to talk on the phone hands free, but scaled down to make it smaller, and without a microphone. The exterior design of the product is based on the design for memory foam ear plugs. The product will be made from a hard and durable molded plastic shell encased with memory foam and made according to industry standards to fit the smallest 95% of consumer’s ears comfortable.
The uniqueness of the BLUSound is due to its design. Never before has such convenience of a totally wireless headphone been packed in such a professional and compact design. Internally, the device will function the same way as any other ear bud with the various standard components connected my copper wiring. Though not entirely noise cancelling, the memory foam tip is flexible to fit any ear, but firm enough to fit snugly and comfortably. This fit at the edge of the ear canal allows for the cutting off of air into the ear, in turn reducing most outside noise.
Ultimate Flexibility
The design allows the user to have the ultimate flexibility, significantly more so than the competition. The user will have the freedom to listen to music and simply feel like they have ear plugs in their ears. The design also features ports for a 1/8 inch audio cord, so the listener could use cords if they so choose. The individual buds also have ports for a MicroUSB cord, which will be used to charge and power the buds. A split MicroUSB cord will be provided with the purchase of the ear bud set for the user’s convenience so that they can charge both buds at the same time. The memory foam tip also allows the bud to compress to an even smaller size, allowing for easy storage in a custom phone case.
Intellectual Property & Liability
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At this time the intellectual property of this design is not protected, but ultimately a utility patent would suffice to protect this design. Having an exclusivity contract with the manufacturer would further protect the business. No government or other agency approval is necessary.
The liabilities for this product are limited, but still worth noting. As with any product that interacts with the human body, BLUSound must be aware of the liability that can be created by misuse of the product in any way. This potential issue will be mitigated by the purchasing of product liability insurance, as well as prolific warnings and detailed instructions on the packaging. The same misuse that could be a liability is also arguably the biggest weakness of the product. The earbuds are made of high quality materials, but they must be handled well. Being too careless with the product may lead to damage or sub-par performance. At this time, all that is needed to proceed with the design are the final specifications and agreement from the manufacturer.
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IV. Industry Analysis
The Big Players
Bose Corporation
The largest company in this industry is Bose Corporation. Currently, Bose makes up 35.6% of the market. The company is estimated to have eight manufacturing plants and employs more than 8,000 people worldwide. Bose manufactures automobile sound systems, home stereo speakers, music systems, PC sound systems, aviation headsets, professional loudspeakers and headphones. Bose has a reputation for making high- quality products, though the company does not publish its technical data or product specifications. Boosted by its strong reputation, Bose has a lot of pricing power in the marketplace. Because of this, Bose demands that its distributors sell their products at or above a set price, guaranteeing a predetermined profit per purchase. Bose is a private company and therefore does not report its financial performance. However, IBISWORLD estimates US production revenue at $1 billion in 2013. This is a large downward change from 2008 when revenue estimates were at $2.14 billion. This drop is due to a number of factors including the introduction of another company, Beats By Dre as well as the decrease in consumer spending and the global economic outlook. Bose has cut 2,000 jobs over the past 5 years to account for this trend.
Harman International Industries
The next largest player in the industry is Harman International Industries Inc. Harman International Industries develops, manufactures and markets high-quality audio products and electronic systems for the automotive, consumer and professional markets. Harman earns about half of its revenue in Europe, about one-fifth in the United States and the remainder in new markets, such as China, Brazil and Russia. Currently, Harman employs 12,221 across all their sites. Harman is organized into three unique business units: infotainment, lifestyle and professional. The infotainment segment creates products for vehicles such as GPS navigation, traffic information, voice- activated telephone and climate control, rear seat entertainment, wireless internet access, hard disk recording and MP3 playback. Harman's lifestyle segment contains brands that offer mid- to high-end speakers and electronics for home and mobile use. The company's professional segment designs and manufactures loudspeakers, power amplifiers, digital signal processors, microphones, headphones and mixing consoles. Harman is traded on the New York Stock Exchange under the ticket HAR. Last year,
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Harman reported revenues of $4.3 billion. Harman also reported 2013 sales of $908.5 million. This is down from a 5-year high of $953.5 million in 2008 but a massive increase from a 5-year low in 2009 of $577.6 million.
Voxx International Corporation
Voxx International Corporation is another major player in the industry. The company conducts business through 18 wholly owned subsidiaries and employs nearly 2,100 people worldwide. Voxx segments its operations into two categories: electronics and accessories. In the electronics segment, the company produces multimedia video products, portable video entertainment systems, radios, architectural speakers, in-ear and on-ear headphones, loudspeakers and amplifiers, among other products. The accessories segment manufactures television antennas, wireless internet antennas, high-definition accessories, power cords and connectivity products, remotes, television mounting systems, wireless headphones and speakers and specialized iPod products. The company went public in 1987 under the ticket VOXX. Voxx International's revenue has risen at an average annual rate of 3.9% over the past five years. Last year, Voxx reported sales of $835.58 million. Voxx also had a net income after taxes of roughly $22.49 million.
Industry Overview
Market Share
The audio and video equipment manufacturing industry is dominated by a few major players. The three largest companies are Bose Corporation, Harman International Industries Inc. and Voxx International Corporation. In total these three companies make up 84.1% of the market share of the industry. This is a huge percentage when taking into account that there are currently 404 businesses operating in the industry. All of the companies in this industry face problems with constant need for research and design. It is necessary for producers to regularly make significant investments in R&D to continue to innovate.
Industry Barriers
In such an industry in which there are hundreds of players, but just a few superpowers, there are not too many barriers to keep out competition. The markets are big enough that everyone can receive a portion, and even the smallest of portions can still make for a respectable company. Superpowers like Bose and Harman do not create many obstacles for smaller companies because they are not losing much from the
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success of smaller companies. There are however some barriers set by industry convention and production processes that create issues for emerging companies. These include the necessity to manufacture a high quality product in mass quantity. This often drives product prices very high and makes the product difficult to market.
Another major barrier is getting shelf space in high volume stores. Starting as a small company in such a big market, it is very difficult to get the attention of major retailers in order to get shelf space in their stores. Once those industry barriers have been overcome, the only remaining issue to contend with is the power of the controlling companies. These companies have more resources than anyone else in the industry and it is thus very important that a company stays off of their radars until that company has grown enough in stature to defend itself.
Though the industry can be costly to compete, startup costs are relatively low. A new company may enter the space with a fairly small amount of money. Most of the costs involved come with expansion and growth.
Competitive Rivalry
As far as competitive rivalry goes all of the big companies such as Beats, Voxx international and Harman are the biggest threats. These companies already have established products that people know about, and distribution channels that are far superior to the smaller companies. There are many threats of substitute products. If people can find a similar product for cheaper, chances are high that they are going to buy it. Fortunately, the headphone industry is growing very fast right now, so there are always threats of new competition. Any newcomers will also have the same challenge to distinguish themselves from everyone else.
Our Approach
The best way for BLUSound to approach the industry is to capitalize on our differences as compared to the rest of the industry. The first major advantage of our organization is a difference in product design. The rest of the industry has very little barrier for new companies entering the market because the technology is not protected very well. Other companies can easily create a pair of stock headphones similar to everyone else’s. With our unique design, we can protect the product by creating intellectual property barriers such as utility and design patents to exclude other manufacturers from using our ideas.
Furthermore, having such a specific product allows us to target a very specific niche while still targeting a large group of consumers. It will be relatively easy to
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communicate with this market because they are a digital and technology driven group of people. Using grassroots strategies we can capitalize on the deficiencies of our competitors that are either too big to maintain a personal relationship with consumers, or too similar to stand out, in order to get the attention of the consumer without getting the attention of our competitors.
There are some issues that are expected to arise. The music industry is growing at incredibly fast rates and there are many companies looking to enter the space. It will be a constant challenge to differentiate ourselves from the rest of the industry. Another foreseeable weakness that is common in technology is quality assurance and customer service. With any technology, there is room for manufacturer or user error that results in poor performance. This is especially true with a design as intricate as ours. BLUSound will be focused on making sure that we do consistent quality control and have well trained customer service representatives in the case of any technological issue. This service is crucial in the building of the brand.
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V. Market & Customer Analysis
Customer Profile
Due to the specificity of our product, we must have a specific market for potential customers. Our goal is to reach the “higher class” of music lovers (ie. music producers, DJs, engineers, etc). Our purpose is to solely think about the higher class segment of this market, then expand to other segments. Our intended targeted market are affluent people willing to spend a necessary amount for superior product. Ideally, our customers’ demographics include people who fit the following specification(s): -Over $60,000 household income -Search the internet for headphones -Own one smart device/laptop with Bluetooth technology
Market Composition
The headphone market is a steadily increasing market due to popularity and smartphone usage. In the year 2013, there were a total of 284 million headphones sold. The worldwide retail is forecasted to grow 5% each year from 2013 to 2017. Given the annual growth rate of 5% we determined that there will be roughly 298,200,000 headphone units sold in 2014. Further research shows that premium headphones make up 43% of the headphone market. Multiplying the projected units of 298,200,000 by 43% we obtain a potential market of 128,226,000 in 2014. The study also concluded however, that those who own premium headphones, on average they own 2.3 pairs. Taking into account the 2.3 pairs a total market of 55,750,435 people was reached.
Marketing Strategies
Being new to the market space, we plan to reach only a minimal number of customers out of our market segment. However, it is these initial sales that will allow us to further target the consumer. For a purchasing medium, we plan to start off with a professionally designed eCommerce web store with our product available for online purchase. Much of BLUSound’s resources will be allocated to the website design and further search engine optimization. We will begin our product’s distribution in the United States of America, and hopefully with good timing and profit, expand globally with strategic partners in the smartphone and electronics industries.
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In communicating with their audiences, most of our competitors focus on the “what they’re selling” instead of the “why they’re selling.” BLUSound plans to break that pattern and attempt to show customers that there is more to the brand than merely headphones. BLUSound is a high-tech, professional attitude. Research done by the NPD group found that approximately 33% of those that buy premium headphones are under the age of 25. Being that such a large portion of people in this age demographic is active on social media, this will be a major method of advertising. Social media platforms such as Facebook, Twitter, and Instagram will help to increase our brand recognition. Other methods of advertising will be more conventional such as TV commercials or billboards. Though traditional, all of these materials would be catered to the audience to be engaging and would ideally include celebrity appearances and endorsements.
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VI. Founding Team
Team Responsibilities
The founding team for this venture is comprised of Thomas Clark, Max Weiss, Hunter Most, and Devin Gannon. Thomas Clark, the originator of the idea, has a background and management and will act as the Chief Executive Officer. He will be responsible for overseeing the direction of the organization. Max Weiss has a background in finance and will serve as our Chief Financial Officer. He will therefore be responsible for all financial matters including but not limited to investments and fundraising. Hunter Most has a background in Industrial Engineering and Music Technology and will serve as the Chief Technology and Operations Officer. He will oversee the design and manufacturing of the products as well as monitoring the overall operations of BLUSound. Finally, Devin Gannon will serve as the Vice President of Finance & Marketing. She will assist Max in financial matters such as bookkeeping, and work to build the BLUSound brand.
Company Structure
The company will officially be formed within the next month and take the name of BLUSound, LLC. Equity in the company will be split evenly among the team with the contention that everyone must fulfill their duties or be subject to a penalty. BLUSound intends to grow at a high rate and eventually be aquired by one of our larger competitors. BLUSound intends to sell to a company that is committed to the same ideals and have a similar passion for the customer.
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VII. Sales Strategies
Communication & Distribution
BluSound will start by selling products strictly online. Extensive search engine optimization will ensure that our website is among the first responses for headphones on every major search engine. This strategy is crucial to the success of BLUSound, as the more web traffic we receive; the more likely sales will increase. Distribution of the products ordered will be by way of standard United States shipping. Social media and advertisements will be used to communicate with our customers. In addition, we will have sales and customer service representatives who will be available to answer phone calls and help our customers to have the best experience possible. Our customers will find us through advertising, search engine optimization and word of mouth referrals.
Costs & Future Plans
The costs that are associated with our sales strategy are that of advertisements, employees, and search engine optimization. All of these costs will initially be fixed, but with later growth offer variable bonuses and other incentives to our employees. Once we have established an online and gain market traction, BLUSound will seek to get our headphones in retail stores. This will take place by eventually joining into strategic partnerships with phone carriers and other electronics retailers to have our product placed in their stores.
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VIII. Financial Analysis
Five-Year Overview
Being that BLUSound is entering the premium market for headphones we decided on a price point of $300. In determining sales projections, we looked at the beginning stages of some our the larger competitors in our market. Beats by Dre had sold roughly 15 million units over the first 5 years of their life. Skullcandy was also around this number of units sold. We scaled this number down because we are more of a niche product than either of those two and determined that BLUSound would sell around 1.8 million units over the first 5 years of our existence. We expect sales to grow exponentially over the years with 8,000 units sold in year 1 increasing all the way to 1,000,000 units sold in year 5. After speaking with numerous suppliers, we determined that BLUSound earbuds would cost roughly $50 to produce. This figure includes the cost to ship the product from China where our suppliers are located. Figure 5 in the appendix shows the pro forma income statement over five years for BLUSound. Expected revenues in year 1 are 2,400,000 while direct costs will be 469,000. Salary expenses will be 276,000 with depreciation expense of 36,714. Facility costs in year 1 are 75,000 with system costs of 25,000. All together this gives BLUSound a total cost of revenue of 977,714 in the first year of operation. EBIT in the first year will be 472,869 yielding a gross profit for year 1 of 1,422,286.
Year One Overview
The first year of operation is critical to the future success of BLUSound. As such, we constructed a pro forma cash flow for the first year which can be seen in the appendix under figure 4. The first 3 months of our venture we do not anticipate making any sales as we establish our brand and get all of our systems and procedures set up. Once this is all taken care of we expect to begin selling product in the 4th month. Specifically we expect to sell 400 units in this month. As seen in figure 7 of the appendix the revenues for the second quarter are expected to be $552,000. Revenues for the third quarter will increase to $888,000 due to an increase in sales before closing out the year with $960,000 in sales in the fourth quarter. While our revenues are steadily increasing, we are not generating a positive cash flow as can be seen in figure 4. This is due to the high costs of the property and equipment as well as the increasing amount of money owed to BLUSound once we begin to make sales. In total, the cash at the end of year 1 will amount to a figure of $(631,290).
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Cost Of Goods Sold
As previously stated BLUSound expects to sell 8,000 units in the first year. Because the unit cost is $50 this will give us a COGS of 400,000 in year 1. Labor costs for the first year are 69,000 so the total direct costs will be $469,000.
As seen in figure 8, fixed costs for the first year include $115,000 in sales and marketing salary expense. Also, the total compensation for research and development will be $143,750 while the general and administrative compensation will total $125,000. Rent and utilities for the first year will be $75,000.
Starting Capital
BLUSound originally projected needing $200,000 in upfront cash. That cash was to be used on legal fees, labor costs, equipment and inventory. However, after more detailed research and seeing the negative cash flow generated based on this figure we determined an adjustment needed to be made. As such the new upfront cash balance needs to be a figure closer to $800,000. This is mostly in part because of the increasing costs of holding the inventory as well as the lack of loans and sale of ownership stake. While the negative cash balance at the end of the first year is definitely a deterrent, with a greater upfront cash flow this can easily be avoided.
Breakeven & Profitable Future
Based on our projection of 8,000 units sold in year 1, BLUSound anticipates to breakeven within the first year as seen in figure 7. Specifically, the breakeven point in year 1 is $1.5 million however, with expected revenues of $2.4 million BLUSound will breakeven within the 10th month of the year.
There are some very attractive figures associated with BLUSound that could help us to proceed. The fact that BLUSound is breaking even within its first year is very positive. However, the negative cash flow at the end of the first year is quite the opposite. The good news is that this negative cash flow can be easily avoided. Being that the founders of the team wanted to completely control BLUSound we determined not to sell any equity in the firm. However, upon seeing the negative cash balance we decided it would be best to sell some equity as well as take out short term loans. These will both help to increase our cash balance and ensure that BLUSound lives up to its great potential.
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IX. Feasibility Decision Business Feasibility
The founding team of BLUSound has determined that this is a feasible venture. This decision was made based our projected financial statements. These were completed research and calculations done regarding the market space, customer base, and supply chain. This data was found amongst the public information released by various companies with varied market shares in the industry. Adjustments were made in order to scale our projections to a more conservative and reasonable level. The overall feasibility of the BLUSound is high, but contingent on the infusion of enough starting capital.
Strengths & Weakness Analysis
Our product has multiple strengths that give us a competitive advantage. With the growing market, our unique design puts us a step ahead of the competition. Our founding team has a very high passion for this company and the product and that reflects in the quality of work and in turn success. Our headphones give our customers the freedom and flexibility they want with no more tangled wires. Our product also offers a convenience that simply isn’t available with a pair of regular headphones.
Our product comes with a few minor obstacles that can be overcome with time. The biggest hurdle is our funding. If the company is able to get enough funding, the outlook is positive, but undercapitalization could be detrimental. Another potential threat is competition. Entering into such a growing market, there is a great deal of competition from which BLUSound must differentiate itself. Quality control is yet another forced focus of BLUSound. Not all of the products from the manufacturer will be perfect but we must minimize the number of incidents as much as possible. Lastly, BLUSound must attempt to overcome user error. Customers are used to abusing their headphones, and they must realize that these ear buds are more susceptible to excessive wear and tare. Failure to do so will result in customers who are unhappy with the brand merely due to their own actions, but will still have to be consoled by company representatives.
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X. Timeline to Lunch
First Steps With the conclusion that our venture is feasible, the next milestone for BLUSound is to compose a business plan. The business plan will include a full guideline and blueprint for the operations of the company, customer segmentation analysis, SWOT analysis, and financial expectations for the venture. After gathering necessary information from research, the business plan is set to be complete within 3 weeks.
Gathering start-up funds is the next milestone in order for BLUSound to launch. The goal for acquiring start-up funds is to gain the attention of angel investors who would be willing to invest prior to the company’s launch. The founders of BLUSound will also use personal funds in order to show validity to investors and keep the operation running during the fundraising round. The uses of credit and/or loans are also options for initial capitalization. Max Weiss, our Chief Financial Officer, along with Devin Gannon, our Vice President of Finance and Marketing will oversee those funding operations as they progress in the coming months.
During the launch process each of the founding team members have specific tasks to accomplish. Thomas Clark will organize and compose the business plan to have prepared for angel investors. Hunter Most will finish researching and developing prototypes for products. Once completed, he will begin product testing with customers. Max Weiss and Devin Gannon will begin networking and contacting possible angel investors for funding.
Partnerships & Launch
BLUSound has a great deal of potential to enter into strategic partnerships with companies spanning multiple industries. Plans to collaborate with include website developers, who will help us set-up the online boutique. Later, partnerships with phone carriers and other electronics retailers such as AT&T, Verizon, Best Buy, and Radio Shack are ideal.
In order to have a successful launch, BLUSound must hire developers to help build prototypes to obtain the final product. Sales and customer service representatives are also needed for quality control and customer relations. After completing all of these tasks, it is estimated that BLUSound will be able to have a successful launch within the next 6-12 months.
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XI. Bibliography
Market Analysis
"10 Bluetooth Headsets to Help You Talk to Yourself in Public." Digital Trends. N.p., n.d. Web. 14 Apr.
2014.
"Consumer Insight." HEADPHONES. N.p., n.d. Web. 14 Apr. 2014.
"How Dr. Dre Made $300 Headphones a Must-Have Accessory." Business Money How Dr Dre Made 300
Headphones a MustHave Accessory Comments. N.p., n.d. Web. 14 Apr. 2014.
accessory/>. "Pew: 61 Percent In US Now Have Smartphones." Marketing Land. N.p., n.d. Web. 14 Apr. 2014. "Premium Headphone Sales Account for Over 90 Percent of Headphone Revenue Growth in Q1 2013, According to The NPD Group." Premium Headphone Sales Account for Over 90 Percent of Headphone Revenue Growth in Q1 2013, According to The NPD Group. N.p., n.d. Web. 14 Apr. 2014. sales-account-for-over-90-percent-of-headphone-revenue-growth-in-q1-2013-according-to-the- npd-group/>. "Premium US Headphone Market Surpasses $1 Billion in 2013, According to NPD." Premium US Headphone Market Surpasses $1 Billion in 2013, According to NPD. N.p., n.d. Web. 14 Apr. 2014. market-surpasses-%241-billion-in-2013-according-to-npd/>. Page 20 Product Description "Case Guidelines for Apple Devices." Apple Developers. N.p., n.d. Web. 28 Apr. 2014. "Tympanic Membrane – Anatomical Influence on Hearing Aid Fittings." Waynes World Wayne Staab History and Current Events in Hearing Loss Hearing Aids Research HearingHealthMattersorgWaynesWorld. N.p., n.d. Web. 28 Apr. 2014. on-hearing-aid-fittings/>. Industry Analysis "Audio & Video Equipment Manufacturing in the US." IbisWorld - Where Knowledge Is Power. N.p., n.d. Web. 14 Apr. 2014. "Audio & Video Equipment Manufacturing Industry." Hoover's Database. N.p., n.d. Web. 14 Apr. 2014. "Monster Cable Products, Inc. - Hoover's Database." Hoover's. N.p., n.d. Web. 14 Apr. 2014. Page 21 XII. Appendices Product Description Figure 1. Earbud Design / Exploded View Figure 2. Case Design / Exploded View Page 22 Industry Analysis Table 1. Revenue Growth for the Audio & Video Manufacturing Industry Figure 3. Industry Leaders & Current Market Share Figure 4. Market Share & Forecasted Revenue Growth Page 23 Market Analysis Graph 1. Worldwide Headphones Market by Region Graph 2. Premium Headphones Worldwide Trend Since 2005 Page 24 Graph 3. Devices Connected to Headphones Among Headphone Users Table 2. Top Influences of Premium Headphone Purchases Graph 4. Regional Interest in Premium Headphones Google Trends Page 25 Financial Analysis Figure 5. Year 1-5 Income Statement Figure 6. Year 1 Monthly Cashflow Statement Page 26 Figure 7. Years 1-5 Monthly Revenue Figure 8. Years 1-5 Operating Expenses Page 27 Figure 9. Year 1-5 Break-Even Analysis Page 28 Thomas'R.'Clark! School!Address:"880"Toftrees"Avenue,"Apt"518"State"College,"PA"16803! Home!Address:!1969"71st"Avenue"Philadelphia,"PA"19138! Cell:!(215)!49476900!!Email:[email protected]" ! EDUCATION" The!Pennsylvania!State!University,!State"College,"PA" SMEAL"College"of"Business" " !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Cumulative!GPA:"3.2/4.0" Major:!Business"Management"""""""""""""""" " """"""""""""""""""""""""""""""""Anticipated!Graduation!Date:"May"2015" ! WORK!EXPERIENCE" The$Solana$House,$A$BrookDale$Senior$Living$Community$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $ $$$$$$$$$$$$$$$$Horsham,"PA' Kitchen(Utility(Associate'' ' ' ' ' ' ' """""""""""""""""""April"2013"–"August"2013" • Operating"a"dish"machine"to"wash"dishes,"glasses,"cups,"trays,"silverware,"and"food"service"equipment" • Setting"up"and"cleaning"dish"machine"area;"checking"temperatures"and"soap"dispensing"levels" • Assisting"in"maintaining"preparation"and"service"areas"in"a"sanitary"condition" $ Arthur$Ashe$Youth$Tennis$and$Education!Center!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Philadelphia,"PA"$$ Junior(Instructor!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Summer"2010"S"2012! • Performed"and"instructed"youth"basic"tennis"skills"to"enhance"their"athletic"abilities" • Charged"with"assisting"Coach"with"directions" • Placed"youth"in"local"tournaments"to"help"exceed"skill"level""""" """""""""" ACME$Supermarkets!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Philadelphia,"PA"""""""""""""""""""" Customer(Assistant!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!October"2010"–"February"2011"!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! • Assisted"customers"with"packing"purchased"items" • Provided"efficient"customer"service"to"ensure"customer"satisfaction"" • Provided"cleaning"services"in"order"to"improve"store"appearance" " E.$Harris$Lewis$Community$Youth$Program,""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""Philadelphia,"PA"$$ Youth(Editor"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""June"2007"–"August"2007! • Researched"and"completed"editorials"to"provide"local"residents"with"current"news" • Assisted"in"proofreading"and"other"administrative"responsibilities" • Interviewed"area"residents"to"gather"information"pertaining"to"community"events"or"issues"" ! COMPUTER!SKILLS! Computer"Skills:"Microsoft"Excel"&"Access,"Adobe"Photoshop,"!! ! AWARDS!AND!EXTRACURRICULAR!ACTIVITIES"" Dean’s!List" " " " " " " " " " " " """""Spring"2012""" Arthur!Ashe!Tennis!Association!of!Philadelphia!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!2006"–"Present" Philadelphia!Chess!Club" " " " " " " " """"""""""""""""""""""""""""""""2006"–"2008" West!Oak!Lane!Youth!Association!! ! ! ! ! ! ! ! ! !!!"""2003"–"2008" " " Page 29 Hunter Most 10 Cherokee Drive, Richboro, PA 18954 [267-980-1103] email: [email protected] Objective To obtain an internship for the summer of 2014 combining general technical engineering and business management with an emphasis in production or logistical functioning. Education The Pennsylvania State University – University Park, PA Bachelor of Science in Industrial Engineering Major, May 2015 GPA: 2.9 Minor in Engineering Entrepreneurship Experience Founder, President May 2011- 2013 F&M Management Group, Holland, PA • Founded Bucks County Home Swimming • Achieved profitability in under one month • Facilitated the legal acquisition of Platinum Sound & Lighting • Handled day-to-day operations of Platinum Sound & Lighting • Developed engineering and intellectual property division • Created marketing, production, and promotions plans for projects • Constructed short and long term business projections Co-Founder, Vice President September 2008- 2011 Bucks Co. Marathon Ventures, LLC, Feasterville, PA • Assisted with day to day operations of the organization • Hired and managed staff of six • Designed logistical plans for each venture Manager, Master of Ceremonies, Disc Jockey December 2007- Present Pulse Entertainment, Ivyland, PA • Mastered the set-up, break-down, and use of over 100 pieces of equipment • Sold event packages to prospective clients • Personally attended over 150 parties as an entertainer • Trained employees on equipment and methodology • Made connections to popular music artists while working with the radio station WIRED 96.5 Other Service Alpha Epsilon Pi Fraternity- September 2011-Present • Founding House Manager/ Brotherhood Chair/ Standards Board Member • Current Risk Manager Camp Discovery- July 2008-Present • Program Staff – “Crazy Co-op’s” Teacher Tribe-to-Tribe Marathon – September 2008 - 2011 • American Public Relations Executive for international charity Page 30 MAX AARON WEISS 25 Stonewall Lane Mamaroneck, NY 10543 • 914.523.8603 • [email protected] EDUCATION! The Pennsylvania State University, University Park, PA Class of May 2014 Bachelor of Science in Finance, Smeal College of Business GPA: 3.84/4.0 Academic Honors: Dean’s List (2010-Present), Phi Eta Sigma Freshman Honor Society (2010-Present) EXPERIENCE Fieldpoint Private, Greenwich, CT June 2013-August 2013 Wealth Management Intern •Assisted in the aggregation and on boarding of new relationships •Participated in meetings and quarterly calls with asset managers •Reconciled and confirmed client fees to ensure accuracy prior to debiting client accounts •Worked to populate the new policy management system with up to date policies and user data •Migrated current users to a new SAML 2 single sign-on solution •Confirmed client asset values to enable lending team to calculate advance rates •Aided in the quality assurance and mailing of quarterly reports •Identified bugs and flaws while testing the new website and reported findings to senior developers Sony Music Entertainment, New York, NY June 2012–August 2012 Sales Department Intern •Aggregated, forecasted and presented daily sales information using Excel •Compiled and organized data for use in prospect pitch meetings •Managed promotional material distribution for purposes of ranking popularity Rettner Management Corporation, Yonkers, NY June 2012-August 2012 Intern to Matthew Rettner, Principal •Reviewed, analyzed and consolidated 30 commercial and residential contracts and leases •Advised firm’s principal on potential tenants •Shadowed agents on building sight tours Mohawk Day Camp, White Plains, NY June 2010-August 2011 Swim Counselor/Lifeguard •Provided swim lessons to approximately forty 5-12 year olds by focusing on stroke mechanics •Certified in life-saving skills such as CPR and AED LEADERSHIP AND ACTIVITIES Alpha Epsilon Pi, Phi Sigma Delta Sigma Chapter, University Park, PA September 2011-Present Founding Father/Finance Committee/Rush Programming Chair •Volunteer for State College Food Bank The Penn State IFC/Panhellenic Dance Marathon, University Park, PA September 2011-Present Volunteer •Aid in the fundraising of over $60,000 for pediatric cancer research Penn State Investment Association, University Park, PA January 2012-Present Financial Sector Team •Attend weekly meetings to learn fundamentals and current events of financial industry ComRadio, University Park, PA September 2010-Present Sportscaster/Soundboard Operator •Call play-by-play of sports to enhance knowledge of broadcasting •Manage soundboard operations and communication between sportscasters SKILLS Thorough knowledge of: Word, PowerPoint, Outlook, SalesForce, Policy Tech, Black Diamond, Bloomberg, Factset, Excel (V-Lookup, regression, pivot tables) Page 31 Devin J. Gannon [email protected] 267-408-5989 EDUCATION The Pennsylvania State University, Smeal College of Business University Park, PA Bachelor of Accounting, Entrepreneurship Minor, HDFS Minor May 2015 GPA: 3.29 Dean’s List: 2/5 semesters AWARDS Gold Congressional Award- June 2011 • Completed 200 hours of personal development and personal fitness and 400 hours of volunteer work ACTIVITIES Women in Business January 2014-Present • Participate in a variety of activities throughout the semester VITA Spring 2014 • Schedule people to come in and file their tax returns Relay for Life (Team Captain) April 2014 • Fundraise money for cancer research and participate in a 24 walk VOLUNTEER WORK Alternative Spring Break in Kentucky- Spring 2014 • Help families in rural areas Alternative Spring Break in D.C.-Spring 2013 • Volunteered at DC Central Kitchen helping provide meals for over 5,000 homeless people each day Nicaragua- Spring 2012 • Taught English to elementary and middle school students Tennessee- April 2011 • Helped to clean up neighborhoods after a tornado New Orleans- Summer 2009 • Cleaned up damage from hurricane Katrina along with 30,000 other youth WORK EXPERICNCE McDonald’s September 2013-Present State College, PA • Work 35 hours a week while maintaining a full class load Mary Kay September 2011-Present Independent Sales Consultant • Sell make up through parties and facials to potential customers using marketing skills • Handling a customer base of about 15 people who order products regularly Ardsley Day Care April 2012- August 2013 Ardsley, PA • Provided care for the two year old room • Worked 30-40 hours a week Hatboro YMCA November 2010- June 2013 Hatboro, PA • Instructed 8-10 year old girls on the techniques of gymnastics Page 32