Entrepreneurship & Marketing 10

PART E: Final business report

Team Members: Daniel Chui, Alex Lee, Alex Yang, Kevin Shan

ELK
Accessibility on our fingertips

Executive Summary – This is a summary of the entire business plan. It should be the first
section presented but the last section created. Once you have completed the other components
of your business plan, you can then summarize the content to create your executive summary.
Max one page, double-spaced.

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The Elk is a glove made out of polar fleece fabric with stainless-steel conductive thread sewn at

the tip of the thumb, index, and middle finger. This grants the user the ability to interact with

touch screen devices without removing their glove.

The most plausible age range of our customers would vary from above 13 to under 60 years of

age. However, there would likely be abnormalities due to the increase of younger children with

devices (phones, ipads, tablets etc).

Unlike our competitors, the Elk glove has stainless-steel conductive thread woven into the

surface of three of the fingertips, rather than a patch of conductive foam. This makes the Elk

glove less troublesome to store than competing brands. Although the Elk’s considerably lower

price makes it seem like a second rate option, the Elk’s quality is on par with its costly

competitors’.

The Yang Gang’s mission is to affordably provide warmth, comfort, and convenience during the

coldest of seasons. To solve this issue, the original concept and prototype of the Elk was made

by one of the founding members, Daniel Chui. The other three founding members include Alex

Lee, Kevin Shan, and the company’s president, Alex Yang. The accomplishments made by the

Yang Gang were only attainable with the combined efforts and indispensable skills of the

members.

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Table of contents
Page 1- Cover page

Page 2- Executive summary

Page 3- Table of contents, Value proposition

Page 4- Marketing Plan, Product

Page 5- Price, Competition

Page 6- Place, Promotion and branding

Page 7- Market research

Page 8- Survey results

Page 9- Survey results

Page 10- Team biography

1. Value Proposition
1.1. Company Mission Statement: Our mission is to affordably provide warmth,
comfort, and convenience during the coldest of seasons.

1.2. General Information:

Legal Name:Yang Gang (Daniel Chui, Alex Lee, Kevin Shan, Alex Yang)

Business Address: Sir Winston Churchill Secondary (Room A114), 7055 Heather St,
Vancouver, BC V6P 3P7

Type of Business: Corporation

Incorporation Date: December 1, 2020

Website Address:https://wix.to/NMA9DKI

1.3. Business Profile

Type of Business: [Yang Gang] is a private corporation

Major Goods or Services: The Elk is a glove that grants the user the ability to interact
with touch screen devices while also providing warmth. The glove comes in a variety of
colors and sizes such as white, grey, black, loose, tight, medium.

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 2. Marketing Plan
2.1. Target Market – The most likely age range of our customers would vary from above
13 to under 60. However, there would likely be abnormalities due to the increase of younger
children with devices (phones, ipads, tablets etc). The survey was primarily completed by
teenagers(fig 1.), therefore we do not have an accurate representation of all possible
customers’ preferences.

2.2. Product –
The Elk glove is shipped in a 4 x 4 x 4” cardboard box, and is made with stainless-steel
conductive thread, polar fleece fabric, thread and transfers paper. The conductive thread is what
allows the Elk glove to interact with touch screen devices, without large conductive foam pads
like our competitors. The polar fleece fabric resists water which helps it retain a comfortable
amount of heat. The transfer paper is a subtle 2 x 2 cm square with the Elk logo printed onto it.

Share what you learned from making the prototype:

-How long did the process take?

Approximately 4 hours with minimal assistance from family.

-Was specialized equipment or tools needed? If so, how did you acquire them?

The minimal requirements include: stainless-steel conductive thread, needle, thread, fabric.
Normal thread and fabric can be substituted for a spare glove.

-Was help needed from other people? If so, who were they?

Family members (assistance only required to improve production rate)

- If you were to produce multiple units of your product to be sold, how will you improve your
product, what would you do differently, and how would you be resourceful (making the most out
of limited resources)?

After creating the prototype, we have learnt the exact amount of stainless-steel conductive
thread required per glove. The quality and quantity would drastically improve if the person
making the gloves is proficient at sewing. These variables will significantly reduce waste and
increase productivity.

2.3. Price –

Raw Materials Quantity of Cost No. of gloves Cost per pair of

each RM of gloves
each
RM*

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 Total
:

Stainless steel 1 spool (30ft), $7.50 3 pairs. $2.50

conductive makes 3 pairs of
thread gloves. 33.60
$

Polar fleece 1 sheet (100cm $7.49 4 pairs. $1.87

fabric x 160cm),
10.8w by 19.2h makes 4 pairs of
(2X) cm gloves. 25.17
= pairs $

Transfers 1 pack = 10 $16.9 75 pairs $0.23

paper sheets( 21.59x 9
27.94 cm)
makes 75 pairs
of gloves

Thread 1 spool $2.99

(114.3m), makes
gloves.

Unit cost per 75.76 $6.56

glove $

Unit cost: $6.56

Selling price: $12

Breakeven point:x6.5/12 gloves sold.

Is it reasonable?
Yes, it is above 150% of the unit cost ($9.84). The Elk costs significantly less than the
competing brands listed below.

Competing Products -

Arteesol Winter Thermal gloves touch screen

$19.99

Waterproof Winter Gloves For Men

$34.99

Unigear winter gloves

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 $20.99

2.4. Place – If you could sell your product, how/where would you
sell it? Face-to-face at school? Go door-to-door in your
neighborhood? Sell it on the Internet and then mail it?
Setting up an online store (e.g.: Etsy) would be the safest and most favorable option.

2.5. Promotion and Branding

Branding – What is the inspiration behind your branding?

The elk reflects our values, and the quality of our gloves. Elks are considered a spirit animal that
represents the same moral as the Tortoise and the Hare. The temperature of an elk's natural
environment ranges from 38° C to -40° C, but it is able to maintain a steady body temperature.

Brand/product name: Elk

Logo:

Slogan: Accessibility at your fingertips

Promotion – Include links to the TV commercial and website. What type of reaction are you
hoping to get from the audience after watching the TV commercial? What types of advertising
do you feel would be successful for you and why? For example, Facebook, Instagram, posters,
display table at a craft fair/trade show, etc.

The purpose of the commercial was to inform the audience in a goofy way, to help them
remember our product more than our competitors. Television commercials and social media
would be more effective to promote our product because they are more likely to be seen.

https://wix.to/NMA9DKI

https://youtu.be/2JaAxogXUD8

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3. Market Research Survey – What conclusions did you make about your product
based on the quantitative analysis of your market research survey? [see Part E Lesson 1 in
Teams for explanation] Include all the graphs/tables that were automatically created by Google
Forms.

The survey results confirmed our original preference predictions. Because the survey was
primarily completed by teenagers(fig 1.), we do not know the preferences of all of our possible
customers.

Fig 1.

Fig 2.

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Fig 3.

Fig 4.

Fig 5.

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Fig 6.

Fig 7.

Fig 8.

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Fig 9.

4. Appendix – Team Biographies

Alex Yang: Being the project manager of this team, Alex Yang is an all around person that can
be trusted to finish whatever he has aimed his sight on. Alex Yang is in charge of commercial
advertising, editing and has helped us get the photos needed to construct our website. Some
personal hobbies of Alex Yang are travelling and taking beautiful pictures of nature.

Alex Lee: Alex Lee has taken the role of creating ELK's website itself and its design along with
various other bits that contributed to the end result of ELK's website. Alex Lee also
communicated well within the group. Some hobbies of Alex Lee include playing video games
and eating food.

Daniel Chui: Daniel Chui is responsible for the majority of the writing and rephrasing of the
website, as well as the construction and concept of the Elk glove's prototype. Daniel has spent
several hours overtime, resolving various punctuation problems. But he is still determined to
persevere until his goals have been realized.

Kevin Shan: Kevin is a passionate, driven and talented individual with the accomplishment of
being an artist. He makes the group more organized and designed the Elk's logo. Kevin loves to
exercise and play basketball occasionally.

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