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Final Plan PDF
Final Plan PDF
Narrative
Do you drink coffee? Tea? Do you eat soup? If yes, the Hot Shot is for you. The Hot Shot is
an innovative, one of a kind tumbler. Our product is perfect for those who are frequently on the go,
particularly working professionals. When you are busy getting ready for the day, the last thing you
want to worry about is brewing coffee. With the Hot Shot, you don’t have to! With a simple flip of a
switch, our product is capable of heating liquids up to 200 degrees Fahrenheit—wherever you may
be.
As offered by our differentiation strategy, unique features of the Hot Shot will include a
removable base containing a hot plate and FDA approved food grade 18/8 stainless steel which is
dishwasher safe, unlike most tumblers on the market. This aspect of the Hot Shot is our primary
competitive advantage. Although the base of the tumbler will be outsourced, our state-of-the-art
heating technology will be manufactured in our warehouse in Dallas, Texas, to guarantee that the
We will import the body and lid of the tumbler for a mere $9.99 (20 Oz. Palmer Stainless
Steel Tumbler, n.d.) from Longbehn company. We will also be outsourcing the micro USB cord
from the same producer at a low cost of $1.65. (“2 in 1 Telescopic Data/Charging Cable”, n.d.).
Lastly, the micro USB port will be outsourced from Allied Electronics and Automation for $0.21
(“Amphenol FCI 10118193-0001LF,” n.d.). Our mesh wire ball will cost $0.89 (“Update TBI-20 -
Tea Ball Infuser, 2-inch dia.”, 2018), being outsourced from JES Restaurant Equipment. Finally, our
rocker switch will cost $1.27, (Lighted Rocker Switch, n.d.) outsourced from Grainger Inc.
Texas is a great location for our company because it does not have state income taxes. Also,
being stationed in a central location in the United States, we can easily offer our product to
customers throughout the nation by use of Amazon.com and FedEx shipping services to deliver the
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Hot Shot right to customers doorsteps. Furthermore, Texas is recognized for its “strong startup
activity score” (DePietro, 2016, n.p.), therefore, our company has a high probability of succeeding
Other self-heating tumblers on the market are bulky and non-dishwasher safe unlike our
product will be competitively priced, sleek, lightweight, and dishwasher safe. Additionally, our
tumbler can be charged and heated easily, quickly, and virtually anywhere by using a micro USB
cord. Many of our direct competitors have little portability while charging and heating. Our tumbler
will also have a rubber grip lining the body of the Hot Shot to prevent burns and provide comfort to
users. The Hot Shot can be purchased on Amazon.com in the next few months. We intend for the
tumbler to be available in for purchase in Target and Bed, Bath & Beyond in the upcoming years.
We will offer a one-year warranty in which malfunctioning products will be replaced free of charge,
limiting the risk of purchasing our tumbler. The Hot Shot will be able to provide users with warm
beverages for years using durable lithium-ion batteries (Lithium Polymer Battery, n.d.).
By purchasing our product, users will ultimately save money in the long run by decreasing
the amount of money spent at coffee shops. Furthermore, our product will be environmentally
friendly seeing as it is reusable and does not use disposable items such as k-cups. The Hot Shot
enables customers to brew and drink beverages while out and about replacing the need for
traditional coffee makers and basic tumblers; the Hot Shot is a combination of both of those
devices. Our company’s primary focus is offering an innovative, high quality device with a
dishwasher safe feature at a value-based price. This tumbler makes getting through busy days not
only easier but also more enjoyable. For a hot cup of joe on the go; the Hot Shot.
5
The organization chart for year 2, shown above, is the same as the one for year 1. In year 3, in order
to meet an increased demand for Hot Shots, we will employ two additional full-time factory
workers, totaling 4 factory workers. The following year, we will employ 2 more workers to again
increase capacity, totaling 6 factory employees. Finally, in year 5, we will hire 3 more employees
equating to a total of 9 factory workers. These workers will be divided up between the 2
workstations that are portrayed in the exhibit 7 process map.
Exhibit 2 Pay Range Actual Compensation Commissions/Bonuses Mandatory Payroll-related Expenses Cost of Madatory Expenses Benefits Offered Cost of Benefits Total by Position
FICA $7,229 Healthcare $12,872
FUTA $42 IRA $1,418
CEO $94,500-208,000+(10%-90%) $94,500 - SUTA $581 Paid Time Off $0
Workers Compensation $1,370 Holidays $0
Total $9,222 Total $14,290 $118,012
FICA $5,868 Healthcare $12,872
FUTA $42 IRA $1,150
Marketing
$73,750-208,000+(10%-90%) $73,750 $2,950 SUTA $581 Paid Time Off $0
Manager Workers Compensation $1,112 Holidays $0
Total $7,603 Total $14,022 $98,325
FICA $3,182 Healthcare $12,872
Assistant FUTA $42 IRA $624
Marketing $29,277-50,846(10%-90%) $40,000 $1,600 SUTA $581 Paid Time Off $0
Manager Workers Compensation $603 Holidays $0
Total $4,408 Total $13,496 $59,504
FICA $2,678 Healthcare $12,872
Customer Service FUTA $42 IRA $525
Representative (2 $20,020-50,280(10%-90%) $35,000 - SUTA $581 Paid Time Off $0 $52,061 per
full time) Workers Compensation $363 Holidays $0 employee $104,122
Total $3,664 Total $13,397 total
FICA $5,355 Healthcare $12,872
FUTA $42 IRA $1,050
Operations
$49,890-208,000(10%-90%) $70,000 - SUTA $581 Paid Time Off $0
Manager Workers Compensation $1,015 Holidays $0
Total $6,993 Total $13,922 $90,915
FICA $2,295 Healthcare $12,872
FUTA $42 IRA $450
Factory Workers(2 $46,675 per
$18,320-54,350(10%-90%) $30,000 - SUTA $581 Paid Time Off $0
full time) Workers Compensation $435 Holidays $0 employee $93,350
Total $3,353 Total $13,322 total
Total $412,800 Total $42,259 Total $109,168 $564,227
We found all of the pay ranges on O*Net by searching each job title on the website (O*NET, n.d.). All pay ranges are in the 10%-90% range reported. The CEO makes $94,500 a year because we are a startup company and the salary range includes companies that
are well established and have a solid financial history. Since we are new, we don't have the finances to offer a larger salary at this point. The marketing manager will be paid the minimum in the range because we can still employ a skilled manager at this cost,
particularly because we have so few accounts and people to manage in our beginning years. We will be offering an end of year performance bonus to the marketing manager totaling 4% of their salary. A typical bonus percentage is between 2.5 and 7.5 percent but
sometimes as high as 15% to 4% seemed reasonable since Hot Shot is just starting out (“Types of Bonuses: 10 Bonus Programs for Employees,” 2018). Our assistant marketing manager will be paid in the 50th percentile and be compensated with an end of year
bonus worth 4% of his salary like the marketing manager. The customer service representative makes $15,000 more than the minimum salary on the pay range because although we would like good customer service, it is not one of our priorities. Our operations
manager is getting paid in the bottom quarter of the pay range but leaves plenty of room to increase as the company grows. We felt that it was important to have a somewhat experienced operations manager who is able to direct the factory workers to facilitate
efficient processes and handle logistical issues as they arise. Factory workers will be paid above the median rate since they are responsible for making the actual product and will find the higher salary motivating to focus on ensuring their workstations run smoothly
to reduce the number of defective products. To determine the FICA expense, we multiplied the FICA tax rate of 7.65% by the salaries of the employees, then added the products together for each year. The SUTA rate for Texas is 6.46% for the first $9,000 earned
(State and Federal Fast Wage and Tax Facts, n.d.), therefore all of our employees will be charged the same amount because they all make above $9,000 per year. Up to 5.4% of the SUTA expense can be deducted from FUTA (State and Federal Fast Wage and
Tax Facts, n.d.). Since our SUTA expense is higher than our FUTA expense, we can deduct the full 5.4% and only pay the .6% on the first $7,000. The amount of workers compensation is determined by taking the salary of each individual worker and multiplying
it by the worker's compensation rate of 1.45% (Workers' compensation rates, 2016). Our healthcare expense is equal to the average amount of money employers in the United States spend on healthcare (Watson, n.d.). We use the fees associated with simple IRA's
to determine our IRA expense. By Using simple IRA's we only have to match up to 3% of the employee's salary (Simple IRA cost, n.d.). Since some of the employees would rather keep their income for current use rather than putting it into an IRA, we estimate
that on average we will match 50% of employees savings.
6
Exhibit #3: Market Segments and Targets
Segment size (e.g. # of
Segment Name Growth Projection of Segment Segment Description Priority level for targeting Justification for Targeting
Households in Segment)
We chose this target market because the majority of
professionals employed full time rely on at least one cup of
28,806,000 people coffee to provide them with energy throughout the day. A
total of 58% of coffee drinkers consume coffee to wake
There are 128.6 million people themselves up ("Why do you usually drink coffee," 2017)
in the United States between the and thus will find our product useful during their busy
ages of 25 and 54 ("Resident mornings. This target market will find the Hot Shot
Population of the United States attractive due to the fact that it doubles as a tumbler and a
by Sex and Age as of July 1, single serve coffee maker considering 26% of coffee
2% increase in growth per year Professional men and women in the United
2017," 2017). We multiplied drinkers use single cup brewers ("Method of preparation
based on growth rates from years States who are between the ages of 25 - 54.
128.6 million by 64%, the among past-day coffee drinkers in the United States in
in the past according to the These individuals hold a BA or higher, earn on
percentage of adults that drink 1 2018," 2018). In addition, 35% of coffee drinkers
National Coffee Association average a minimum of $50,000 per year, are
Coffee Drinkers cup of coffee a day (Reuters, 1 consume coffee while on the go or at work ("Where do
website ("Share of Coffee employed full time, and habitually drink at least
2018), which equals 82.304 you usually drink coffee," 2017). Our device will save
Drinking Consumers in The one cup of coffee per day while on the go or at
million people. We then these users time by allowing them to brew a hot cup of
United States in 2017, by Age work. Additionally, they work full time in a
multiplied the number of adults coffee at home, in the car, at work, or on the go with the
Group," 2017). single location travel often for work.
in the age range that drink a cup flip of a switch. Despite the fact that our coffee tumbler is
of coffee a day by 35%, the priced higher than traditional, simple tumblers, the cost is
percentage of adults that drink not a deterrent to these professionals due to their sufficient
coffee on the go or at work financial incomes. Furthermore, the price is set
("Where do you usually drink competitively to other single brew coffee machines on the
coffee," 2017), which equals market. This is our top priority segment because we feel
28,806,000 million people. that our product will appeal to a large number of coffee
drinkers and will satisfy their need for caffeine and aid
them in reducing the time spent on their morning routines.
3,403,000 people.
We chose not to spend our limited marketing resources
attempting to target this market because our research
In the United States, there are
indicates that tea is mostly consumed for its taste and
84.03 million men and women
for relaxation purposes ("Why do you usually drink tea,"
between the ages of 40 and 59
2017). Tea is consumed more heavily during the afternoon
("Resident Population of the This segment consists of both men and women
and evening compared to the morning ("On what
United States by Sex and Age as between the ages of 40 and 59. These individuals
occasions do you usually drink tea," 2017). Furthermore,
of July 1, 2017," 2017). We are concerned with their health and are attracted
tea is most often consumed at home ("Wher do you usally
multiplied 84.03 million There is an expected continuous to tea partially because of the antioxidants the
drink tea, 2017), therefore, tea drinkers will not feel very
by 45%, the amount of CAGR growth of 3-5% in the tea herbs contain. They prefer hot, brewed tea,
Tea Drinkers 0 compelled to purchase a higher priced tumbler to use
individuals between the ages of industry ("Tea Fact Sheet," rather than iced tea, particularly in the winter and
when infrequently drinking tea out and about. Lastly, our
40 and 59 that drink tea daily 2017). in the mornings. Additionally, they prefer black
research indicates that over 85% of the tea consumed in
(Bolton, 2015), reaching tea in the morning due to its greater caffeine
the United States is iced ("America is slowly—but
37.8135 million people. Next, content compared to other types of tea. These
surely—becoming a nation of tea drinkers," 2014),
we multiplied 37.8135 million individuals drink tea on the go daily.
therefore our product is generally less attractive to tea
by 9%, the percentage of tea
drinkers due to it's heating element. Overall, we feel that
drinkers that drink tea on the go
the target segment size is too small to dedicate marketing
("Where Do You Usually Drink
funds towards and that our money will be better spent
Tea," 2017), arriving at roughly
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Market Share (MS) - We took our annual revenue for each year and divided it by our market potential revenue for each year.
5 Year Forecast - For year 1, to predict our unit sales on Amazon Web Services (AWS), we used our proxy's web sales of 20,000 tumblers per year and quartered it to take into account the fact that our product
is somewhat new to the market and will take time before we acquire brand awareness and a loyal customer base to sell as many tumblers as our proxy. We estimate that we will sell 5,000 tumblers off of AWS in
our first year. Our unit sales for AWS will increase yearly as we continue to promote our product and as it becomes more well known among potential consumers. For year 2, we also begin selling in 184 Target
locations. Adjusted from our proxy’s unit sales of one tumbler per week, we estimate to sell 1 tumbler every 2 weeks in year 2 considering the Hot Shot is an innovative, unique product on the market that sells at
a higher price than Zak’s tumblers. We will make an agreement with our wholesaler, Petra, and Target, in which our product will be distributed to 10% of Target stores. This agreement will be made based off of
our production capabilities at that point in time when expecting to sell 1 tumbler every 2 weeks. All future agreements will also be based off of our production capabilities when expecting to sell a certain number
of tumblers per week. For year 3, we will be selling in both Target and Bed Bath and Beyond. Our prior agreement from year 2 will be upheld in which our tumblers will be distributed to 10% of stores, however,
due to increased population and sales in the previous year, we expect to increase the number of tumblers we sell in stores from 1 tumbler every 2 weeks to 2 tumblers every 3 weeks. Our product will have
become fairly well known by this point, and thus purchased more frequently, through our online marketing and promotion tactics. Furthermore, our production capabilities will increase as our demand increases
to ensure we are supplying our retailers with an adequate amount of tumblers. For year 4, we project to sell 1 tumbler per week in both Target and Bed, Bath and Beyond. Our agreement with our retailers and
Petra will be altered in which we will increase the number of stores we sell in by 5%, totaling 15% of stores. In year 5, we expect to continue to sell 1 tumbler per week in stores. In this year, we will adjust our
agreement once again and increase distribution to stores by 10% to 25%. Zak! Designs is a useful proxy because as a kitchenware manufacturer, they sell tumblers and have gone through the process of getting
their model into large chain stores such as target and into online retailers such as Amazon. We have adjusted Zak! Designs numbers to account for the extra cost for the added features the Hot Shot contains, such
as self-heating aspect and dishwasher safe material, as well as for the fact we are a new product in the market. Though we are priced higher than Zak!’s tumbler, we expect customers will find the Hot Shot more
attractive due to its unique abilities which will allow us to match the proxy’s unit sales in year 4.
Position Statement: For the hard working individual who is constantly on the go, the Hot Shot is a
self-heating tumbler that possesses high portability during the heating process. Designed with a
removable base and dishwasher safe material, the Hot Shot is attractive due to its ability to brew
beverages without cords, and for its painless cleanup.
10
Pricing
Year 1 Year 2 Year 3 Year 4 Year 5
Key Competitor Customer Price: Ember $149.95 $149.95 $149.95 $149.95 $149.95
Key Competitor Customer Price: Cauldryn $129.99 $129.99 $129.99 $129.99 $129.99
Your Channel Price: $64.98 $64.98 $64.98 $64.98 $64.98
Your Retail/Customer Price: $129.95 $129.95 $129.95 $129.95 $129.95
We are using the value-based pricing strategy as well as the odd-even pricing tactic. Our customers will receive the full value for the price they paid for
the Hot Shot due to its high quality and various features and benefits that our competitor's products lack. Using the odd-even pricing tactic, we set our
customer price at $129.95 instead of a flat $130.00. We chose to implement this tactic so our customers will perceive a lower price than $130.00 although
they are really only paying 5 cents less. Our product will be sold at a price of $64.98 for our distributors, enabling us to collect a minimum of 50% of
the revenue from the sales of Hot Shots.
Distribution/Location Strategy
We will sell our product through Amazon Web Services (AWS) for years 1-5, Target for years 2-5, and Bed, Bath & Beyond for years 3-5. We will use a
wholesaler to facilitate the sale and distribution of our products in Target and Bed, Bath & Beyond. By using AWS in year 1, we will generate revenue,
expand our brand, and establish a sales record as evidence for future suppliers to ensure them that they will make a profit from selling the Hot Shot. In
the second year, our product will be sold through AWS and will be distributed through a wholesaler, Petra, to Target in 10% of their stores nationwide.
Petra is one of the nations leading wholesalers in consumer electronics, including small kitchen appliances. Located in Oklahoma City, Oklahoma,
Petra will distribute our product to stores all over the country using their efficient shipping processes. In the third year, on top of Target, we will gain
access to shelf space in Bed, Bath & Beyond due to our growth and increasing sales records from the previous two years and will sell in 10% of stores.
In year four, we will continue to sell our product through AWS, Target, and Bed, Bath & Beyond and estimate that stores will then grant us an additional
5% access to stores, totaling 15% of stores nationwide, due to our increasing revenue and growing customer base. Lastly, in year 5, we will still sell
through AWS and will increase the percentage of retail stores we are into 25%.
Promotional Strategy
Year 1 Year 2 Year 3 Year 4 Year 5
Total IMC Budget: $105,000 $134,000 $196,000 $222,000 $264,000
Advertising (Google)Exp: $21,000 $30,000 $42,000 $55,500 $63,000
Sales Promo Exp: $0 $0 $0 $0 $0
PR (Social Media)Exp: $24,000 $24,000 $48,000 $48,000 $72,000
Other Promo (Youtube)Exp: $40,000 $60,000 $86,000 $100,000 $110,000
We are going to promote the Hot Shot using Google and Youtube advertisements in years 1-5. We plan to engage in public relations by working with
social media icons who embody our brand's personality who will promote our product to their followers. On average, Google ads charge $1.50 per
click while Youtube ads charge $0.20 on average per view. We project the conversion rate for Google click ads to be 1.5%. We determined our yearly
advertising expense by multiplying 14,000, our expected clicks on our google ads in year 1, by the $1.50 charge. We added this calculation to 200,000,
the product of our expected youtube views multiplied by $0.20, the cost per ad view. Furthermore, in years 1 through 5, we will utilize social media
platforms including Instagram, Twitter, and Facebook and continue to have users with strong followings to endorse our product and encourage others
to purchase a Hot Shot due to their high satisfaction. It costs approximately $1,000 to have an Instagram user with around 100,000 followers review and
promote the Hot Shot on their personal page. Our Instagram expenses portray our plan to post 2 ads per month in the first 2 years, four ad posts per
month in years 3 and 4, and six ad posts per month in year 5. We also included a $20,000 buffer into our budget in case we incur more clicks than
expected or if we choose to allocate money toward other advertising opportunities as they arise. Our goal, through advertisements, is to increase brand
awareness and sales and to develop a loyal customer base.
# of Salespeople: 1 1 1 1 1
Compensation Method: (40K salary for the assistant marketing manager plus benefits and end of year bonus)
Throughout years 1 through 5, we will employ an assistant marketing manager who will work under and directly report to the head marketing manager.
The assistant marketing manager will be responsible for overseeing advertisements through Google, Youtube, and social media platforms. They will
assist the marketing manager in maintaining good, professional relationships between Hot Shot and AWS, Petra, Target, and Bed, Bath & Beyond. In
addition to advertising, they will also be responsible for monitoring the sales in stores and collaborating with representatives from our retailers and
wholesaler. As part of our compensation plan, our assistant marketing manager will receive a $40,000 salary plus benefits and an end of year bonus of
$1,600 (4% of total salary). This employee will not receive a commission because they are not directly involved in the sale of our product. The
competitive compensation plan, including benefits, that we offer will attract qualified candidates to work for us.
11
12
13
14
15
Exhibit 11a.
16
Exhibit 12a.
18
Inventory: Our raw materials make up our inventory. We will begin buying materials in February
and will repurchase them every two months. For each year, we took the total amount of units we
need to produce and divided that number by 6. We then took the total amount of tumblers we are
required to produce in the two-month span and multiplied it by the cost per unit, $16.16. This price
excludes the cost of the battery which will be bought in bulk at the beginning of the year.
Accounts Payable: Inventory will be the same as accounts payable because the only thing in
accounts payable is the cost of raw materials.
Common Stock: There are no limits on how many shares we are able to authorize since we are a c-
corporation. We will be issuing 10,000 shares.
Founders: The founders include Nicole Caruso, Caroline Cutter, Philip DiTrolio, Daniel
Jenkins, Angela Osgood, and Robert Riley. They will each invest $15,000 for 12.5% of the
company totaling $90,000 for 75% of the company.
Angel Investors: We will be receiving $610,000 from angel investors for 25% stake in our
company.
Retained Earnings: Calculated by taking the beginning balance on retained earnings and adding net
income (loss) to it as well as dividends to shareholders.
19
Exhibit 13a.
20
Exhibit 14
22
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My name is Nicole Caruso and I am from Basking Ridge, NJ. I hope to put my
finance major to use as a financial advisor or a financial analyst when I graduate. In
my free time, I enjoy watching Netflix, mostly The Office, and hanging out with
my friends and family.