Section 4

Team 7
Fall 2022

Business Plan
Business Name: Phoenix LLC
Product: Portable, rechargeable, heated food container

Team Members: Email Addresses:

Sophia Doane doanesm@dukes.jmu.edu

Katie Dorey doreykm@dukes.jmu.edu

Reece Griffiths griff3cr@dukes.jmu.edu

Sheila Hinnegan hinnegsa@dukes.jmu.edu

Juliana Passy passyjl@dukes.jmu.edu

Noah Pendleton pendlenc@dukes.jmu.edu

Daniel Root rootdp@dukes.jmu.edu

 Executive Summary
Phoenix LLC
Katie Dorey
42770 Executive Drive, Canton, MI, 48188
Phone: (571) 342-8698
E-mail: doreykm@dukes.jmu.edu

Management: Business Description: Phoenix LLC is a

Titles: Chief Executive Officer, Marketing
Manager, Production Manager, Secretary
Industry: 335210-Small Electrical
Appliance Manufacturing
Number of Employees (Year 1): 15
Amount of Financing Sought:
SBA Loan: $600,000
Investment Sources:
Founder’s Equity: Investing $25,000 each
for a total of $175,000.
Outside investor’s equity: $515,000.
Use of Funds: Product development,
equipment, setup costs, facilities
Product selling price (Year 1): $274.99
manufacturing and marketing firm that
produces and sells the SaunaBox.
Products: The SaunaBox is a portable,
rechargeable, heated food container. We
will offer three colors (black, gray, and
navy blue) in a 37-quart size. We estimate
our cost per unit in Year 1 to be $93.10.
Competitive Advantage: There are
heated containers on the market, but they
either must be plugged in during use or
hold only a single meal. Our patented
product is designed to hold several meals
and can be recharged. The SaunaBox will
heat for 4 hours and stay warm beyond
that with its insulation properties.
Markets: Our target market is made up
of consumers who are wealthy,
adventurous, aged 30-60, and have
families. Our market segments include
tailgaters, happy potluckers, cold weather
activities, leisure boaters, and beach
lovers. We predict a growth rate of
approximately 6% per year. This market’s
potential is 126 million where we expect to
have a market share of approximately 2%.

Distribution Channels: We will be selling our product on our website and shipping nationally
through the United Parcel Service (UPS).

Competition: We share a similar target market with Yeti, Blackstone, Stanley, and
LunchEAZE. Stanley, Yeti, and LunchEAZE also manufacture portable food containers.
Blackstone is a portable grill but is far less convenient for adventurers. Yeti and Stanley’s
products resemble the style and shape of our SaunaBox. While their products can only keep
food warm with insulation, our product uses a heating component to keep food hot much
longer. LunchEAZE has a product that has a comparable heating component but is far smaller
and targets lunches for individuals rather than families. Although we share a similar target
market to our competition, our product, the SaunaBox, stands out with its ability to heat large
amounts of food for an extended period on the go.

Financial Projections (unaudited): dollars, in thousands

2022 2023 2024 2025 2026
Revenue: 1,959 3,585 3,810 4,051 4,310
EBIT: (551) 158 305 264 375

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 Our company is Phoenix LLC, and we are seeking a $515,000 investment for 30%

equity in our company. Don’t you hate it when you want to take your prepared food on the

go, but it doesn’t stay hot? Even with all the insulated bags out there, it is frustrating how

they never keep your precooked food fully hot. The days of lugging your grill to the tailgate

are over! Introducing our product, the SaunaBox! The SaunaBox will continue to heat food

for up to 4 hours anywhere, without the need for an outlet. Whether customers are

tailgating and want to socialize, at a potluck, relaxing by the water, or in the snow, they will

never have to worry about their food getting cold. Thanks to the SaunaBox, people can

spend less time worrying about cooking food and more time socializing while enjoying a hot

meal. Also, the SaunaBox is easily transportable, making our product convenient to bring on

adventures. With your investment, we will be able to purchase the raw materials and

equipment needed to begin production. We are expecting to more than double the value of

Phoenix over the next five years and would love to have you be a part of it!

The SaunaBox is a heated, insulated chest, designed to continuously heat your food

for up to 4 hours. A rechargeable lithium-ion battery powers the heating element which

keeps food hot at 165 degrees Fahrenheit. The SaunaBox weighs about 20 lbs. and

measures 15.75 inches (40cm) long by 12 inches (30.5cm) wide by 11.5 inches (29.2 cm)

deep. Its interior cubic volume is 1.26 cubic feet or around 37 quarts. The insulating heating

properties of the SaunaBox will keep your food hot long after the four-hour heating period.

Other products on the market either have a much shorter power time, are much smaller in

size, or they have no heating element at all. The SaunaBox creates a solution to this

problem by creating the first portable, heated container that can hold large quantities of

food and be heated for a long period of time.

The SaunaBox’s features set us apart from the rest of our competitors. While there

are similar products on the market, there is no product that can keep food hot for as long or

heat the amount of food that our product can. When creating the SaunaBox, we were

aiming for a differentiated strategy. We took different parts and concepts from other

2
products on the market and merged them into one. The patented design of our product also

stands out by using a rechargeable battery so that consumers can use our product on the

go without the need for an outlet. Although we are not the most affordable product, we fall

in between the majority of our competitors' prices while providing more features.

Phoenix’s source of income is through website sales of the SaunaBox. Based on the

average of all of our target market segment growths, we conclude that our sales will be

consistently increasing by an average of 6.234% every year (Statista, 2022). With a return

on investment of 8.2%, your investment will on average give a return of around $42,230

annually.

Our main facility will be located at 42770 Executive Drive Canton, Michigan 48188

(42770 Executive Dr, 2022). This facility places our operations in the center of the cold,

largely populated states where we are expecting high demand of our heated container. This

location also puts us by the Great Lakes for potential customers to enjoy our product on the

boat or at the beach. Additionally, Canton is about 30 minutes outside of Detroit, a city with

an unemployment rate of 7% (Detroit, MI Unemployment Rate, 2022), where we could

source employees. Our only outsourced function is delivery through UPS because we have

hired the necessary staff to manufacture, market, and maintain our company. We chose to

outsource a few parts of our product including plastic wheels, batteries, and heating coils.

In Year 1, our company is in debt due to start-up and equipment costs with a net

loss of $600,121 and a debt/equity ratio of 6.68. Following Year 1, our company makes an

annual profit. By Year 5, we have made an overall profit and have gotten out of the debt we

were originally in, expecting to pay $290,000 in dividends to our investors. Our gross profit

is on a steady climb with our company earning a gross profit of $2,879,436 in Year 5, that

we expect to continue in the following years.

So, in conclusion, “keep it hot.”

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 Exhibit 1: Organization Chart and Timeline

Event From Cost (if

Date Day 1 Event Event Description relevant)
Finalize plan & advertise CEO, Secretary, &
11/8/22 -55 Accountant positions Put up job applications
12/2/22 -31 Interview candidates
12/6/22 -27 Hire president, Secretary, Accountant Offer employment
12/12/22 -21 Apply for Federal ID (EIN), business license Apply through IRS and michigan.gov $50 license
12/28/22 -5 Training for newly hired positions CEO, Secretary, and Accountant
1/2/23 0 Day One Open bank account, apply for loan
1/2/23 0 Build website and social media $9.99/month
Advertising for management and production Production, website, and marketing
1/3/23 1 line positions managers, production line
1/10/23 8 Sign facilities lease
1/17/23 15 Design the manufacturing set up
1/18/23 16 Purchase machinery and raw mat.
1/27/23 25 Interview candidates
1/30/23 28 Hire managers Offer jobs to best applicants
2/1/23 30 Begin prototype development
2/27/23 56 Develop marketing plan
3/20/23 77 Hire employees Hire production workers
5/2/23 120 Begin production Start full scale production
7/1/23 180 Open selling to website Customer can begin ordering

Phoenix LLC
December 31, 2024

• This organizational chart shows the staffing and structure in Year 2.

Critical Employees:
1. Customer Service Representative will be the main contact for customers regarding
concerns with the product. Customer concerns will be monitored primarily through
email with the option to set up phone calls if needed.
2. Website Manager will continuously keep the website easily navigable while remaining
aesthetically pleasing. They will also keep the website up to date with product
descriptions.

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 Exhibit 2: Pay and Benefits Table (Year 2)
Team Name:
Phoenix LLC 12/31/2024

Mandatory Payroll Deductions Benefits

Projected
End of
Projected Year 2
End of Salary or
Salary or Year 2 Wage Mandatory Benefits - Benefits - Total Cost Total Cost
Wage for # for Salary/ including Deductions Health Retirement Benefits - per for All
Position position) Bonus pos. Wage bonus FICA FUTA* SUTA WC - Total Cost Cost Other Total Employee Employees
Chief Executive
Officer 125,000 10,000 1 135,000 135,000 10,328 420 257 2,700 13,704 14,400 4,050 8,107 26,557 175,261 175,261
Production
Manager 90,000 2,500 1 92,500 92,500 7,076 420 257 1,850 9,603 14,400 2,775 5,707 22,882 124,985 124,985
Secretary 80,000 2,100 1 82,100 82,100 6,281 420 257 1,642 8,599 14,400 2,463 4,587 21,450 112,149 112,149
Accountant 75,000 1,900 1 76,900 76,900 5,883 420 257 1,538 8,097 14,400 2,307 3,507 20,214 105,211 105,211
Human
Resource
Specialist 60,000 1,800 1 61,800 61,800 4,728 420 257 1,236 6,640 14,400 2,307 2,907 19,614 88,054 88,054
Marketing
Manager 85,000 2,100 1 87,100 87,100 6,663 420 257 1,742 9,082 14,400 1,854 5,707 21,961 118,143 118,143
Website
Manager 80,000 2,000 1 82,000 82,000 6,273 420 257 1,640 8,590 14,400 1,854 3,347 19,601 110,191 110,191
Production
Specialist 45,000 1,200 7 46,200 323,400 3,534 420 257 924 35,944 14,400 1,386 2,307 126,651 69,428 485,995
Customer
Service
Representative 47,000 1,300 1 48,300 48,300 3,695 420 257 966 5,337 14,400 1,449 2,307 18,156 71,793 71,793
Totals 687,000 24,900 15 711,900 989,100 54,460 3,780 2,309 14,238 105,596 129,600 20,445 38,483 297,086 975,215 1,391,782

Standard Time-off Benefits:

Holidays (list all): New Year's Day, Martin Luther King Jr. Day, Memorial Day, Juneteenth, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving, Black Friday, Christmas, Boxing Day
Other Benefits: (include cost and descriptions for each): Dental insurance with Anthem Blue Cross ($107/year), 10 days of Paid Leave (4% of yearly salary)
Securing People and Training:
Jobs will be posted online to advertise for applicants. When hiring employees, we will review resumes from all applicants. The
applicants must have a year of previous work experience in a similar field, however they will be trained once hired. The
applications we feel would benefit our company the best will be contacted for an interview; a second interview will be
determined if we feel it is needed. We will contact each applicant and tell them if they received the position. The newly hired
employee will attend an employee orientation program as well as 1 week of paid training sessions before officially starting. The
CEO will be training the Marketing Manager, Production Manager, and Secretary who will then train their respective employees.
The production manager will be qualified to train new production line employees as they are required to have several years of
experience in the field.

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 Exhibit 3: Market Segmentation and Targeting
Target Growth
Size Description Priority Justification for Targeting
Name Projection

Tailgater US Households: 1,316,869 16.6% for the This segment consists of upper-class Tailgating is one of the top four times people use a grill (“US
(“New Homesteaders,” next 5 years middle-aged families with kids. They Consumers grilling occasions,” Statista, 2019). 78% of tailgaters stated
Claritas, 2022) (“Barbecue grill
sales by type
are avid sports fans and attend their food is the most important item and 76% (“Must have tailgating
U.S,” Statista, children's games. (“New 1 items,” Statista, 2014) of people responded saying a grill is the second
2019) Homesteaders,” Claritas, 2022). most important. The focus for this target will be convenience.

Happy US Households: 4.04% over 5 This segment consists of upscale 62% of people look forward to spending time with families and friends
Potlucker 1,726,469 (“Kids & Cul-de- years middle-aged families, some with around holiday seasons (“Christmas in the US,” Statista, 2009). 56% of
Sacs,” Claritas, 2022) (“Camping:
social Activities
children. These members are family people participate in cooking holiday meals during the holidays (“United
in North oriented and prefer to spend money 2 States Easter Activities,” Statista, 2022). They would be able to bring a
America,” on products that benefit their values. holiday meal to a family gathering without worrying about reheating
Statista, 2015) (“Kids & Cul-de-Sacs,” Claritas, 2022) their food.

Cold Skiers: 14.91 million (“U.S. 7.9% over next This segment consists of wealthier In 2021, there were 59 million visits to ski resorts in the US (“Snow
Weather Americans who went skiing 5 years middle-aged families with or without sports visits United states 2021,” Statista, 2021). During the 2020/21
Activities 2021,” Statista, 2022) (“Forecast:
Snowboarders: 7.6 million Skiing Facilities
children. It also contains people who winter season, Michigan had 39 ski areas which is the second state
(winter)
(“US Americans who went Revenue,” spend hours in the cold like frequent with the most ski facilities. (“Ski areas per state in the US 2020/21,”
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Snowboarding,” Statista, skiers and snowboarders. Statista, 2021) Skiers and snowboarders want from a hot meal after
Statista,2022) 2016) being in the cold.

Leisure Registered boats (16-26
Boater feet): 6.95 million (Arguin,
“Recreation Boating
Statistics,” 70, 2021)
US Households: 1,792,454
(“Traditional Times,”
Claritas, 2022)
.07% for next This segment consists of a wealthy In Michigan, there are 808,059 recreational boat owners (“Registered
5 years older families who own or rent boats. boats by state in the US,” 2022). Boat owners spent roughly 6.9 hours
(“Registered
boats by state
They are active people who spend on the boat per trip (NMMA, “Recreational Boating Statistics,” 2016).
in the US,” free time participating in leisure 4 Our customers would be able to bring hot food and still spend long
2022) activities or recreational fishing. hours on the boat.

Beach US Households: 2.56% for 5 This is wealthy middle-aged families 45% (Christensen, “Summary Statistics from Beach Intercept Surveys
Lover 110,249,079 (“Popular years (“The in coastal areas that enjoy spending Conducted in Southern California in Summer 2016,” 2016) of people
Vacation,” Statista, May worldwide
2015) beach hotels
time at the beach. spend more than 4 hours at the beach, so the focus of promoting to
industry,”2022) 5 this segment would be convenience and portability.

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 Exhibit 4: Marketing Quantification
Tot Mkt Potential Mkt Growth Market Annual Unit
Year Product Annual $ Revenue
(# Customers) * Projection** Share*** Unit Sales Price
1 126,339,871.00 6.03% 1.55% SaunaBox 7,125 $274.99 $1,959,304
2 133,958,165.22 6.44% 2.68% SaunaBox 13,036 $274.99 $3,584,652
3 142,585,071.06 5.91% 2.67% SaunaBox 12,700 $299.99 $3,809,812
4 151,011,848.76 5.95% 2.68% SaunaBox 13,503 $299.99 $4,050,837
5 159,997,053.76 6.40% 2.69% SaunaBox 13,683 $314.99 $4,310,091
* How did you determine your market potential?
We determined market potential by taking the total population size of our marketing segments and adding them together (Exhibit 3).
Assume the average for skiers and snowboarders would be: 14,910,000+7,600,000/2=11,255,000
1,316,869+1,726,469+11,255,000+1,792,454+110,249,079=126,339,871
For each year going forward, we took the total starting population of 126,339,871 and multiplied it by the market growth projection from
the previous year and then added the previous years starting population.
Year 2: (126,339,871.00 *6.03%) +126,339,871.00 = 133,958,165.22
Year 3: (133,958,165.22*6.44%) +133,958,165.22 = 142,585,071.06
Year 4: (142,585,071.06 *5.91%) + 142,585,071.06 = 151,011,848.76
Year 5: (151,011,848.76 * 5.95%) + 151,011,848.76 = 159,997,053.76
** Actual market or market potential. How did you determine the growth projection(s)?
The projected growth over the next 5 years was determined by the size of each of our market segments from Exhibit 3. We used the sum of
the market projected growth rate for each segment and divided them by 5 years to determine the average projected growth rate for the
entire market over the next 5 years. The following rates were taken directly from Exhibit 3 for each segment respectively: tailgaters, happy
potluckers, cold weather activities, leisure boaters, and beach lovers.
Average projected growth rate for the entire market over the next 5 years: (16.6% + 4.04% + 7.9% +.07% + 2.56%)/5 = 6.234%
The market growth projection numbers in years 1-5 are rough estimates that approximately equal to 6.234% over the next 5 years.
**** How did you determine your unit forecast?
To determine the unit forecasting for the SaunaBox, we used each year's revenue that our group calculated by using Bizminer industry
financial report. The calculation for annual unit sales for each year is the revenue/selling price of the year. In years 1-2, we are selling our
product for $274.99. Due to an increase in inflation, which we found by determining the average unit in Years 3-5, we increased our selling
price per unit. Respectively in years 3-4, we are selling our product for $299.99 and in year 5 it will increase to $314.99.
Year 1: $1,959,304/$274.99= 7,125.
Year 2: $3,584,652/$274.99=13,036. Breakeven Point for Year 1 =1,846,614/(274.99-93.10)=10,153 units
Year 3: $3,809,812/$299.99=12,700.
Year 4: $4,050,837/$299.99=13,503.
Year 5: $4,310,091/$314.99=13,683.
How did you determine market share?
To find market share, we used the average annual revenue and divided it by our total market potential numbers for each year.
Year 1: $1,959,304/126,339,871.00= .01550 or 1.55%
Year 2: $3,584,652/133,958,165.22= .02675 or 2.68%
Year 3: $3,809,812/142,585,071.06= .02671 or 2.67%
Year 4: $4,050,837/151,011,848.76= .02682 or 2.68%
Year 5: $4,310,091/159,997,053.76= .02693 or 2.69%
How did you determine annual revenue?
We found data on Bizminer using our NAICS code 335210 and looked at the industry financial report. We used the average revenue data
from 2017 as our year 4 revenue. To find year 5, we multiplied the revenue from year 4 by the projected market growth rate.
Year 5: $4,050,837 + (4050837 x 6.4%) = $4,310,091
To find year 3 revenue, we multiplied year 4's revenue by projected market growth and subtracted that out of year 4's total revenue. For
year 2, we repeated the same process.
Year 3: $4,050,837 - ($4,050,837 x 5.95%) = $3,809,812
Year 2: $3,809,812 - ($3,809,812 x 5.91%) = $3,584,652
Year 1: $3,584,652 - ($3,584,652 x 6.44%) = $3,353,800
For year 1, we divided the calculated revenue in half because we are only selling in the second half of the year and got $1,676,900. We also
decided to estimate our sales slightly higher as $1,959,304 to account for how we start sales in the second half of the year, for which we
predict to have much higher demand due to the seasonality of our product.
Fcst by month Units Revenue ($)
Jan 23' - $0
Feb - $0
Mar - $0
Apr - $0
May - $0
Jun - $0
July 673 $185,068
Aug 976 $268,390
Sep 1,672 $459,783
Oct 1,201 $330,263
Nov 1,255 $345,112
Dec 1,348 $370,687
Total 7,125 $1,959,304

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Exhibit 5: Positioning and Competitive Analysis

Positioning Statement: The Phoenix’s heated container is an

adventurer’s dream, offering them the first long-lasting, portable place
to keep their hot food in prime condition. A lot of our competition have
products that are similar, but they must be plugged in and are not
able to be transported while maintaining their heating element.
Another portion of our competition have products that can be
transported easily, but they do not have long-lasting heating
elements. They either have short-term heating (1-2 hours), or they
are simply insulated and do not contain a heating component. Phoenix
is positioned with both a long-lasting heating element, while also still
being able to be conveniently transported. We chose to compete head-
to-head with LunchEAZE, a heated box made for one lunch. We
differentiate our product by having a box that could be used for a large
group of people.

SWOT Analysis: Our main strength is that we are the only product on
the market that will be able to control the temperature of large
quantities of food for long periods of time. Our main competitor,
LunchEAZE can heat food up for a total of 2 hours. The SaunaBox
heats food at 165 degrees Fahrenheit for up to total of 4 hours. Our
SaunaBox is also significantly larger than the LunchEAZE, allowing the
consumer to place much more inside. The LunchEAZE is meant for one
singular person’s meal, while our product is meant to be serving a
family. One weakness that our company faces is that we are currently
not distributing our product on any other platforms other than our
website, while LunchEAZE is distributing on amazon.com. Another
weakness the SaunaBox runs into is how bulky and heavy our product
is, while the LunchEAZE is much easier to carry. Therefore, we decided
to add wheels and a handle onto our product. An opportunity for
Phoenix is eventually making additional sizes/products to reach more
consumers. An opportunity that would greatly impact the tailgating
community is possibly making NFL customizable SaunaBoxes
supporting whichever NFL team the customer is a fan of. Another
opportunity could be opening a store in certain areas where most of
our products are selling, or we could sell products in outdoors
equipment stores. A threat for the SaunaBox is that LunchEAZE has
the feature to set a time to heat up food. LunchEAZE allows users to
set what time they want their food to begin warming and is controlled
through a mobile app, where the SaunaBox has a simple on/off switch.
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Exhibit 6: Marketing Mix
Product Branding
Our name, Phoenix, is recognizable and symbolic. We were inspired by a mythological bird, commonly used in
Ancient Greek folklore, that is representative of worship of the sun. Being that our market is still in its growth cycle,
we wanted to make our brand’s logo easily associated with what our product does. For our logo, we chose
something clean and simple, yet used a small flame to complete the letter ‘i’, to make the association between our
logo and product’s usage distinctive. Our slogan, “Keep it Hot.”, signifies our goal of letting our consumers enjoy
their time with their families and friends, without the inconvenience of trying to obtain hot food. Collectively, our
brand wants to create a way to enjoy your time with your loved ones, while limiting the obstacle of a basic need
that might fall in the way. Eventually, when we expand our product line, we will be using a multi-branding strategy
to differentiate our products while remaining under the same manufacturer name, Phoenix.
Pricing
2023 2024 2025 2026 2027
Unit Cost: $93.10 $95.89 $98.77 $101.73 $104.78
Wholesale Price: $165.00 $165.00 $180.00 $180.00 $190.00
Retail Price: $274.99 $274.99 $299.99 $299.99 $314.99
Given that we are entering a new market, many companies’ prices are extremely diversified. Most tend to lean
towards the more expensive side, ranging from about $100 to $400 dollars. We decided to take a psychological
approach using odd-even pricing. Over the first two years our selling price per unit is $274.99 rather than $275.00.
Many studies show that the customer is more likely to buy your product based on the numbers before the decimal
place and ignore the "extra change.” In years 3, 4, and 5 of sales, we increased our prices due to inflation. We
intend on entering the market as a product quality leader to send a message of a high-end, high-value product
while still falling between competitor’s prices. Although we don’t plan to go to retail within the first five years, we
do have a longer-term goal to expand afterwards. On average, the wholesale price of a product is between 30 and
50 % below the retail price (Johnson, 2022). Therefore, we included a wholesale price each year of 40% less than
our retail price.
Distribution/Location Strategy
Phoenix will be utilizing a direct distribution method, selling our products strictly online. As reported by WARC, there
was a shift to online shopping due to COVID-19 and how more consumers intend to browse, research, and shop
online. We will be outsourcing our distribution system by using UPS. We do not specialize in the distribution of our
product, making it more beneficial for us to outsource shipping to experts in that area. This allows us more time to
specialize on building and marketing our product. We chose to locate ourselves in Canton, Michigan, giving us easy
access to many consumers found in our market segments due to the popularity of boating, lake beaches, and cold
weather activities.
Promotional Strategy (in thousands of $)
2023 2024 2025 2026 2027
Total IMC Budget: $195.93 $358.47 $380.98 $405.08 $431.01
Advertising Exp: $97.97 $179.23 $190.49 $202.54 $215.50
Sales Promo Exp: $39.19 $71.69 $76.20 $81.02 $86.20
PR Exp: $58.78 $107.54 $114.29 $121.53 $129.30
As a new company, educating our consumers is crucial. Rob Clapp studied how social media plays a vital role in the
brand and product discovery stage. Data showed that 64% of consumers say they discover new products across
numerous social media platforms (Clapp, 2022). Phoenix’s promotional strategy will be focusing most of the
advertising expense on social media ads and search ads. A presence on Facebook, Instagram, and YouTube will give
Phoenix more opportunities to communicate advertisements to customers and offer our Marketing Manager
demographic and psychographic data so we can target users. This gives Phoenix the ability to control who sees our
paid ads to reach our target market, leading to word-of-mouth advertising. Our industry's average Total IMC
Budget ranged from .36-.53% of revenue. As a startup, we wanted to budget more than our industry average,
using 10% of annual revenue for the Total IMC budget. We used 50% of our annual IMC budget as our advertising
expense and 20% for sales promotion. For the sales promo expense, we will display the SaunaBox at trade shows
to reach innovators and early adopters as well as offering 10% off occasionally throughout the year and around the
winter holidays. Our PR expense will focus on creative performance and the different mindsets of audiences so we
can influence how the public perceives the SaunaBox. Our PR expense, 30% of our total IMC budget, will also be
used for the launch of more effective campaigns by researching new information to provide better strategies than
competitors and ways to communicate with the public.

9
Exhibit 7: Process Map

Quality What is measured? How often? How will you ensure quality?
Step
Q1 Integrity of raw materialsEvery new Acceptance sampling
shipment
Q2 Number of defective parts Each unit Visual inspection for cracks or
deformities
Q3 Temperature reached by Every 10 units Sampling testing of SaunaBox heating
heating element and performance
battery function
Q4 Check for seal of Each unit Visual inspection of insulation seal
insulation

Critical Brief Description Unit Cost (in How many?

Resource appropriate unit)
CR1 Injection Molding Machine $56,000 2

CR2 Hydraulic Plate Bending Machine $7,960 1

CR3 Table Saw w/ Aluminum Cutting Blade $2,794 1

CR4 2.5 Ton Diesel Forklift Truck $7,400 1

Our main facility will be located at 42770 Executive Drive, Canton, Michigan. It is
32,000 square feet in total with 4,100 square feet being office space and the rest
where manufacturing and storage will take place.

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 Exhibit 8: Quality Assurance
Indicate the Why is this dimension important, given your Identify the
Dimensions of industry & target market? corresponding
Quality on Quality Step(s) on
which you will the Process
focus. Flowchart.
Performance We advertise a lot of promises related to how long Q1, Q3
our product can keep food warm and we want to
deliver on that promise. The main function of the
box is to heat food for a long time on the go,
making its performance one of our primary quality
dimensions.
Durability Our SaunaBox is meant to be taken on any Q4
adventure, so we want our product to be durable
and long-lasting. We want our food container to be
something that people have and use for a long time
with any activity or lifestyle.
Aesthetics Given the price of our product, we want our Q2
customers to feel that it was a reasonable expense.
Making the SaunaBox aesthetically pleasing shows
that our product is high quality and worth the price
tag. Given our target market of beach, boat, and
tailgating fans, aesthetics is a large part of their
decisions as consumers.

Use the space below to describe any additional Proactive Quality Assurance Plans
that are not connected to a specific activity on your Process Flowchart / Service
Blueprint.
A quality assurance step that is not directly connected to the process flowchart is shipping.
In order to secure and maintain a positive impression on our customers, we want to conduct
fast turnover on shipping out our products. The SaunaBox is not yet sold in stores, so the
necessity of expediting the transportation process is a must.

Employee training will also be a large part of our proactive quality assurance plan. Production
Specialists and Technicians will be given extensive training on each step of the manufacturing
process and quality assurance steps to prevent errors and defects from happening.

Describe any reactive quality assurance plans. Include a recovery plan should a
customer receive poor quality goods and/or services.
Our reactive quality measure is guaranteeing good customer service and full money-back
guarantees on defective SaunaBoxes for the first year after purchase.

If you will utilize a quality/process improvement methodology, indicate which:

TQM
Provide a specific explanation of how your chosen quality methodology relates to
your business and how it will be applied:
We will use the TQM methodology because, at Phoenix, we want to leave customers
satisfied with their purchase. With each quality assurance step, we will implement the
necessary adjustments to our processes to improve efficiency as needed. Having a
company-wide mindset for continuous improvement, in all areas of our business, and
maintaining quality customer relationships is at the heart of our business model.

11
Exhibit 9A: Inventory, Suppliers and Distribution
Item(s) Supplier Name & Location Reason Supplier lead Frequency of System of Modes of
time replenishment Management Transportation
Insulation Block Owens Corning (Newark, OH) Low cost, good quality 7 days 30 days Fixed Order Interval Highway
PC-ABS Plastic Polymer Resources (Farmington, CT) Responsiveness 23 days 30 days Fixed Order Interval Highway
Industrial Dye Dharma Trading Co. (San Rafael, CA) Low cost 10 days 30 days Fixed Order Interval Highway
Heating Coil Thermo Heating Elements (Piedmont, SC) High quality 28 days 30 days Fixed Order Interval Highway
Battery/Cord ProTechnologies, Inc. (Pilot Mountain, NC) High quality, reliable 20 days 30 days Fixed Order Interval Highway
Aluminum FastMetals (Southington, CT) Same day shipping 3 days 30 days Fixed Order Interval Highway
Plastic Wheels Green Bay Plastics (Green Bay, WI) Customizable 28 days 30 days Fixed Order Interval Highway
Wiring Dacon Systems, Inc. (Corona, CA) High quality 14 days 30 days Fixed Order Interval Highway
Switch Metro Hydraulic (Newark, NJ) High quality 30 days 30 days Fixed Order Interval Highway
Hinges Engel (York, PA) Low cost, good quality 8 days 30 days Fixed Order Interval Highway
Gasket Excelsior (Rockford, IL) Customizable 11 days 30 days Fixed Order Interval Highway
Packaging Mat. Shillington Box Co. (St. Louis, MO) Low cost 11 days 30 days Fixed Order Interval Highway

FINISHED GOODS INVENTORY If your organization does not have finished goods inventory, please check this box: NA
Finished goods Frequency of shipping Average level of Amount of safety stock on site
produced (per finished goods Finished goods
hr.) inventory on site
At the end of Year 1 5.39 Daily (5.39 x 8) + 0 /2= 21.56 5.39 x 165.36 op hrs./mo. x 1 mo. (max lead time) = 891
At the end of Year 2 6.57 Daily 26.28 1086
At the end of Year 3 6.4 Daily 25.6 1058
At the end of Year 4 6.8 Daily 27.2 1124
At the end of Year 5 6.9 Daily 27.6 1141

What is the lifespan of your finished goods inventory? ☐NA 10 years due to the crucial lifespan of the heating element

How will you manage the perishability of Finished Goods NA

Inv.?

DISTRIBUTION If your organization does not require distribution, please check this box: ☐NA
Name of transportation provider/carrier Reason(s) for selecting this provider/carrier Frequency of Pick Up / Drop off
UPS Cost-effective domestic shipping Daily pick-up

12
Exhibit 10: Capacity
Demand Capacity Utilization Hours of Bottleneck name How will you manage /adjust the bottleneck to ensure
(per hour) (per hour) (%) Operation and description you can appropriately serve or supply your customers?
At the end 5.39 8.5 63% 8 Install heating We are operating at a comfortable utilization rate and will not
of Year 1 element and battery be adjusting our bottleneck in these first five years.
At the end 6.57 8.5 77% 8 Install heating N/A
of Year 2 element and battery
At the end 6.4 8.5 75% 8 Install heating N/A
of Year 3 element and battery
At the end 6.8 8.5 80% 8 Install heating N/A
of Year 4 element and battery
At the end 6.9 8.5 81% 8 Install heating N/A
of Year 5 element and battery
Show your calculations for the following parameters at the end of Year 1.
Hours of operation/month Demand/month Demand/hour Capacity/month Capacity/hour Utilization
248 working days of year/12 7,125 units (demand 890.63 units per Capacity/hour=8.5 x Bottleneck 5.39
months=20.67 days a month x for Year 1)/8 month/165.36 165.36 throughput (demand/hour)/8.5
8 hours =165.36 hours/month operating months in hours of hours/month=1,405.56 rate=8.5/hour (capacity/hour) =63%
Year 1=890.63 operation=5.39 units/month approximate
units/month units/hour utilization

Additional resources (beyond your bottleneck) must be allocated appropriately to support operations. Identify
which resources have a significant impact on capacity at start up and describe why these are appropriate amounts of
resources at start up.
Other than the critical resources from Exhibit 7, there are no other resources related to operations that would have a significant
impact on capacity.
Describe adjustments you will make as resource requirements vary with time. Be specific regarding which key
resources (beyond your bottleneck) will be adjusted. If you will make multiple adjustments, explain each.
N/A
How will you manage seasonality? If your organization does not have seasonal demand, please check this box: ☐N/A
The demand per hour above shows an average over the year. We expect a higher demand leading into the colder months
(August-January) so throughout the summer, when we have lower demand than our average, we aim to continue to produce at
this average level of demand. This will provide us with leftover inventory that will be used to meet our demand in the
colder months.

13
 Exhibit 11: Income Statement
12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027

Sales Revenue $1,959,304 $3,584,652 $3,809,812 $4,050,837 $4,310,091

COGS 663,338 1,247,232 1,251,499 1,370,700 1,430,655

Gross Profit $1,295,966 $2,337,420 $2,558,313 $2,680,137 $2,879,436

General and
Administrative
Expenses

Salaries and Wages $855,751 $989,100 $1,017,780 $1,129,088 $1,161,901

Payroll Tax, Benefits,
Ret. Expenses 390,602 402,682 414,762 427,205 440,021
General Insurance
Expense 3,300 3,399 3,501 4,688 4,828

Depreciation Expense 27,816 21,313 16,396 14,770 14,474

Rent Expense 296,988 305,898 315,075 324,527 334,263

Travel, Meals, and
Entertainment 5,000 3,000 3,000 3,000 3,000

Website Expense 36 96 96 96 96
Advertising and
Promotion Expense 195,930 358,465 380,981 405,084 431,009

Taxes & Licenses 75 25 25 25 25

Office Expense 10,000 3,000 3,000 3,000 3,000

Patent Expense 10,500 - - - -

Uncollectible
Accounts Expense 1,633 2,987 3,175 3,376 3,592
Credit Card
Transaction Expense 48,983 89,616 95,245 101,271 107,752
Total General &
Administrative
Expenses $1,846,614 $2,179,582 $2,253,037 $2,416,130 $2,503,961

Earnings Before
Interest and Taxes $(550,648) $157,839 $305,277 $264,007 $375,475

Interest Expense14 49,473 45,956 42,127 37,960 33,425

Earnings Before
Taxes $(600,121) $111,883 $263,150 $226,047 $342,050

Income Tax Expense - 5,035 11,842 10,172 15,392

Net Income (Loss) $(600,121) $106,848 $251,308 $215,875 $326,657

14
 Exhibit 12: Balance Sheet
As of Inception
Date 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027
ASSETS
Current Assets
Cash $746,951 $538,304 $563,007 $796,663 $971,995 $1,099,141

Accounts Receivable - 163,275 298,721 317,484 337,570 359,174

Less: Allowance for
Doubtful Accounts - (1,633) (4,620) (7,795) (11,171) (14,763)

Inventory - 93,100 95,890 98,770 101,730 104,780

Pre-paid Insurance 3,300 - - - - -

Pre-paid Rent 24,749 - - - - -

Total Current Assets $775,000 $793,046 $952,998 $1,205,122 $1,400,124 $1,548,332

Fixed (Long-Term) Assets

Machinery and
Equipment 130,154 130,154 130,154 130,154 166,104 167,289
Total Gross Fixed
Assets $130,154 $130,154 $130,154 $130,154 $166,104 $167,289
Less: Accumulated
Depreciation - (27,816) (49,129) (65,525) (78,001) (86,075)

Net Fixed Assets $102,338 $81,025 $64,629 $88,103 $81,214

Long Term Investments - - - - - -

Total Other Long-Term
Assets $- $- $- $- $- $-

Total Assets $775,000 $895,384 $1,034,023 $1,269,751 $1,488,227 $1,629,546

LIABILITIES AND STOCKHOLDERS'

EQUITY

Liabilities

Current Liabilities

Accounts Payable 130,154 168,097 208,337 209,063 228,944 358,426

Accrued Salaries and
Wages - 36,368 38,042 39,145 43,426 44,688
Accrued Payroll Taxes
and Benefits - 11,567 15,488 15,952 16,431 16,924

Interest Payable - 49,473 95,429 137,556 175,516 208,941

Total Current Liabilities $130,154 $265,505 $357,296 $401,716 $464,317 $628,979

Long-Term Liabilities

LT Debt Less Current

Maturities1 $600,000 $540,000 $480,000 $420,000 $360,000 $300,000

Total Liabilities $730,154 $805,505 $837,296 $821,716 $824,317 $928,979

STOCKHOLDER'S EQUITY

Common Stock 175,000 690,000 690,000 690,000 690,000 690,000

Retained Earnings - (600,121) (493,273) (241,965) (26,090) 10,567

Total Stockholders'
Equity $175,000 $89,879 $196,727 $448,035 $663,910 $700,567
Total Liabilities and
Stockholders' Equity $905,154 $895,384 $1,034,023 $1,269,751 $1,488,227 $1,629,546

15
Exhibit 13: Cash Flow Statement
12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027

Cash Flows From (For) Operations

Net Income $(600,121) $106,848 $251,308 $215,875 $326,657
Depreciation 27,816 21,313 16,396 12,476 8,074
Interest Payable 49,473 45,956 42,127 37,960 33,425
Changes in Current Assets

Accounts Receivable (163,275) (135,446) (18,763) (20,086) (21,604)

Allowance for Doubtful Accounts 1,633 2,987 3,175 3,376 3,592
Inventory (93,100) (2,790) (2,880) (2,960) (3,050)

Changes in Current Liabilities

Accounts Payable 168,097 40,240 726 19,881 129,482

Accrued Salaries and Wages 36,368 1,674 1,103 4,281 1,262

Accrued Payroll Taxes and Benefits 11,567 3,921 464 479 493

Cash From (For) Operating Activities $(561,542) $84,703 $293,656 $271,282 $478,331

Cash Flow (For) From Investing Activities

Fixed Asset Purchases (130,154) - - (35,950) (1,185)

Net Cash Flows (For) From Investing $(130,154) $- $- $(35,950) $(1,185)

Cash Flow From (For) Financing Activities

Issuance of Common Stock $690,000 $- $- $- $-

Long Term Debt Borrowings 600,000

Dividends Paid to Stockholders (60,000) (60,000) (60,000) (60,000) (60,000)

Cash Flows From (For) Financing - - - - (290,000)

Net Change in Cash $538,304 $24,703 $233,656 $175,332 $127,146

Beginning Cash Balance $- $538,304 $563,007 $796,663 $971,995

Net Change in Cash $538,304 $24,703 $233,656 $175,332 $127,146

Ending Cash Balance $538,304 $563,007 $796,663 $971,995 $1,099,141

16
Exhibit 14: Financial Statement Notes:
• Our startup costs were financed by a $600,000 small business loan at 8.5% annual
interest and will be paid for over 10 years. Our seven founders will also contribute
$25,000 each, totaling $175,000.
• Outside equity investors will contribute $515,000 by the end of Year 1.
• The company uses double declining for its depreciation of its fixed assets.
• Accrued wages are assumed to be two weeks of the annual salaries and wages.
• Production line workers will begin working 4 months into Year 1, accounting for the
lower salaries/wages and payroll expenses.
• We pay all expenses in Accounts Payable two months after purchase.
• Credit card transaction costs are 2.5% of credit sales. As we are an online business,
credit sales make up 100% of our sales.
• Raw materials are to be ordered on the first of each month and paid back two
months after purchase.
• Cost per unit begins at $93.10 for Year 1 and adjusts for inflation of 3%.
• The loan principal will be paid at level increments every year and the interest will be
repaid in sum at the expiration date in Year 10.
• Insurance, for 12 months, is paid at the beginning of the fiscal year.
• Allowance for doubtful accounts is calculated as 1% of the ending accounts
receivables balance.
• Salaries/wages, and benefits increase yearly to adjust to inflation of 3%.
• An inventory of approximately 1,000 units worth of raw materials and finished goods
from the past year gets sold first (FIFO); COGS has approximately 1,000 units at
cost per unit from the year before.
• Industry standards are based off 335210: Small Electrical Appliance Industry.
• There are risks with not having our patent get approved, hiring management talents
and labor, and in the impact of overall economic situation.

17
 Exhibit 15: Financial Ratios
Industry
12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 Average
Liquidity Ratios

Current Ratio 2.99 2.67 3.00 3.02 2.46 2.14

Quick Ratio 2.64 2.40 2.75 2.80 2.30 1.29
Operating Cycle (days) 81.64 58.48 59.22 57.51 57.15 86.19

Leverage Ratios

Debt/Equity 6.68 3.05 1.34 0.90 0.86 1.07

Times Interest Earned -11.13 3.43 7.25 6.95 11.23 5.99

Asset Management
Ratios

Inventory Turnover 7.13 13.01 12.67 13.47 13.65 8.19

Receivables Turnover 12.00 12.00 12.00 12.00 12.00 8.77
Fixed Asset Turnover 19.15 44.24 58.95 45.98 53.07 28.51

Profitability Ratios

Gross Profit Margin 66.14% 65.21% 67.15% 66.16% 66.81% 39.37%

Operating Profit Margin -28.10% 4.40% 8.01% 6.52% 8.71% 2.22%
Return on Assets -67.02% 10.33% 19.79% 14.51% 20.05% 7.61%

DuPont Analysis

Net Profit Margin -30.63% 2.98% 6.60% 5.33% 7.58% 3.26%

Total Asset Turnover 2.19 3.47 3.00 2.72 2.64 2.33
Equity Multiplier 9.96 5.26 2.83 2.24 2.33 3.89
Return on Equity -667.70% 54.31% 56.09% 32.52% 46.63% 40.00%

Valuation

2023 2024 2025 2026 2027

Multiple 0.82 0.82 0.82 0.82 0.82
Projected Revenues $1,959,304 $3,584,652 $3,809,812 $4,050,837 $4,310,091
Estimated Valuation $1,606,629 $2,939,415 $3,124,046 $3,321,686 $3,534,275

18
Exhibit 16: Financial Analysis

Liquidity

Our current and quick ratios are steadily above the industry average for the first five years
of our company. We believe that this leaves us in good standing to pay off our debt in the
case of an unforeseen emergency arising. Our operating cycle sits well below the industry
average after year one, which shows us that we could hold more inventories in the future.

Financial Leverage

The debt-equity ratio is relatively high in year one but declines over five years and after
year three falls below that of the industry average. Our times interest earned starts out well
below the industry average but jumps above the industry average in year three and
continues to rise throughout the first five years. We are very happy with our leverage as our
ratios show how we have a low amount of debt for the industry and have a great ability to
pay it off.

Asset Management

Our inventory turnover spikes above the industry average after year one, showing us that
we could benefit from making larger, less frequent orders of inventory. Our fixed asset
turnover is significantly above the industry average, suggesting that we are effectively using
assets to generate sales.

Profitability

Our gross profit margin is significantly higher than our industry average for the first five
years. This is due to our decision to price our product higher than most of our competitors
because of its unique features, while still maintaining a reasonable unit variable cost. While
our operating profit margin and return on assets are considerably low in year one due to
high startup costs, they remain above the industry average following the first year. From
these ratios we conclude that we are steadily making a profit to cover our original startup
costs.

DuPont Analysis

Our total asset turnover stabilizes slightly above the industry average following year two.
After year one our net profit margin fluctuates but remains around double that of the
industry average. Our equity multiplier holds below the industry average after year two. Our
return on equity is very low during year one but jumps slightly above the industry average
in year two. Over the next four years, ROE remains, on average, above the industry
average, showing us that we are properly utilizing our investors’ contributions. Our above-
average profit margin is very attractive and allows us to recover from our high startup
costs.

Valuation Method

Our valuation was found using the price/sales ratio of the industry and applying it to
estimated sales revenue. The median price/sales ratio in the $2.5m-$24.9m sales group in
our industry is 0.82.

19
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27
 Meet the Team - Section 4, Team 7
My name is Sophia Doane, and I am originally from Wenham MA, a small town
located just north of Boston. I am currently a junior, majoring in Business
Management planning to concentrate in human resources. I am an active member
of the Phi Mu sorority here at JMU. I enjoy traveling the world with friends and
learning about different cultures. I aspire to work as a human resource manager.

My name is Katie Dorey, and I am a junior CIS major with a minor in Honors
Interdisciplinary Studies, expecting to graduate in May of 2024. I am originally
from Ashburn, Virginia. I am also a member of the International Business Society,
Beta Gamma Sigma.

My name is Sheila Hinnegan, and I am a junior Marketing major. I grew up in the

small town of Egg Harbor Township, New Jersey, a short drive away from Atlantic
City. I am an active member of Delta Delta Delta here at James Madison
University. I spent the past summer in Florence, learning about Italian culture and
history through a JMU study abroad program.

My name is Juliana Passy, and I am from Ashburn, Virginia. I am majoring in

Business Management while minoring in Global Supply Chain Management. I'm
the Director of Financial Operations for my sorority Tri Delta. I’m also a member
of the international business honor society Beta Gamma Sigma. I enjoy traveling
and going on adventures with my friends. I aspire to become a management
consultant.

My name is Reece Griffiths, and I am from Hopkinton, Massachusetts. I am a

junior management major in the College of Business. I am the risk management
chair for both JMU Club Ice Hockey and Boarderline. I enjoy wakeboarding and I
am hoping to compete in a few collegiate tournaments this spring.

My name is Noah Pendleton, and I am from Ashburn, Virginia. I am a Junior CIS

major and an Honors Studies minor. I am also the current recruitment chair for
Delta Tau Delta fraternity. In my free time I enjoy watching and playing sports. I
am hoping to work as a consulting intern for Accenture over the summer.

My name is Daniel Root, and I am from Woodbridge, Virginia. I am a junior

Accounting major and I also work part-time in the Marine Corps Forces Reserve
and as an Office Services Assistant at the University Recreation Center. I hope to
one day get my CPA and work in auditing.

28