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Bus 508

In: Business and Management

Submitted By jokod7
Words 2504
Pages 11
Table of Contents 1.0 Executive Summary 1.1 Objectives 2.0 Company Summary and ownership 2.1 Start –up Summary 3.0 Services 4.0 Market Analysis Summary 4.1 Target Market Segmentation Strategy 4.2 Competition and Buying Patterns 5.0 Strategy and Implementation Summary 5.1 Sales Strategy 5.1. Sales Forecast 6.0 Appendix 6.1 Personnel Plan 7.0 Financial Plan 7.1 Break Even Analyst References

1.0 Executive Summary

Kodjo car wash will be the first hand car wash serving Takoma Park, Maryland. The car wash will be run by Cokouvi. Cokouvi has been working for decades in Maryland big dealership.
The Business Kodjo car wash will offer customers with three different services: interior cleaning, and exterior car washing. Kodjo car wash has a lot of competitors who are trying to take over the market by offering low rate with high quality service. Kodjo car wash offer high quality service, by hiring best employees in regards to respond quickly to the time customers have to spend in the shop before they get their cars back .This delivery time will be very important to kodjo car wash to keep its customers, and distinguish itself from competitors. Kodjo car wash will hire best employees to operate in effective cost control. Research proves that unhappy employee provides less productivity than an employee who is happy. Unhappy employee always fell like the managers are taking advantage on him therefore his result will be less than a happy employee.
The Customers Kodjo car wash will have three groups of customers: local business car dealerships individual car owner and leasers. The environment surrounding the site area is quite affluent, and busy with 50% of the residents earns over $60,000 a year. This revenue allows these residents to have niece cars. Also there are four different dealerships within ten miles. These dealerships will require car wash services for the various fleets. Moreover, there are many small businesses in the area that have cars and will need to be washed.
Management
Cokouvi experiences as a former dealer help kodjo car wash management to be stronger. Cokouvi dealership strength and experience help kodjo car wash to control its assets and costs more efficient than its competitors. He has worked in a dealership business for the last ten years and has occupied the operation manager position for the last five years. He was one of the top managers for the last five years overseeing operations. Cokouvi received his MBA from Strayer University. He is somebody who has twenty five years investing in community local services, and is an active member of this community. The company will be the first car wash using hand in Takoma Park area.
1.1 Objectives 1. Increase shops from one to three in the next four years.

2. Get a profit over 30% of all activities over a year

3. Have a gross margin over 70%

Like I mention on the Executive summary Kodjo car wash will do everything to make employees feel well in the work environment therefore these will do everything to make customers services impeccable.
2.0 Companies summary and ownership
2.1 company ownership Kodjo car wash will be owned by Cokouvi, and the initial investment which is $25,000 will be finance part by his own saving, and the rest by others sources.

2.1 Start up business funding

Assets

Cash in hand $10,000

Supply $2,500

Prepaid insurance $3,500

Equipment $2,000

Cash required $3,000

Others sources of fund $4,000

Liabilities

Account payable $11,000

Unearned Revenue $3,000

Total Liabilities $2,000

Equity

Owner Cokouvi, Capital $9,000

Total Liabilities and Equity $25,000

This open statement will help the company to face all future expenses. Cokouvi also has been working with one of his former lawyer to set up a time framework before he lunches the car wash. In one hand Cokouvi has a lot of experience in cars,because he has been in car dealership for a couple of years. in another hand , he has a little experience in car washing ,and detailing that is different from his first job. Furthermore, the monthly rent will for kodjo car wash is $1,300, with a direct deposit of $3,900. In addition, Kodjo car wash insurance will be $300per month. Kodjo car wash expenses are equipment need to start the business .These equipments are two industrial vacuum one cash register,three computers, four high power water pump, and will be depreciated over five years. The shop The location was previously used as a quick stop automobile service shop, so it is set up to move vehicles quickly through the premises, but does not have all the necessary systems in place to host a car wash and detail facility. To improve the customers waiting room and the use of the facility ,kodjo car wash will seek a service of a contracting company.
3.0 Services
Kodjo Car Wash will be providing three services to its customers: Car detailing Car washing (exterior) Car cleaning (interior) 4.0 Market Analysis Summary Takoma Park situation is a huge benefit for Kodjo Car wash because this area has 45% of household earn more than $68,000 annually year. This potential market that is a direct neighborhood of Kodjo car wash own or lease new car, and will likely need services. Kodjo car wash also has in three miles four dealerships that will need their car to be wash. Kodjo Car wash segments its customers by type of car ownership. 1. New car owners: Owners of newer cars are most likely to use a hand car washing service. New car owners take great pride in their cars and will bring them often to the wash and detail service. Kodjo car wash objectives with these customers is to promote regular use of the wash and detail service. The aim is to inform these customers that Kodjo Car Wash will keep their car looking as good as it did the day they drove it off the lot. 2. Older luxury car owners: These people have either owned their high-end luxury cars for several years and want the feel of relaxed driving by keeping their cars in the best shape possible. Those who have bought second-hand cars will often spend many hours in their cars and will place high importance on keeping their cars looking good. Older luxury car owners are customers who will come regularly to get their cars wash in weekly base 3. Sports car owners: These people are young with average age 25- 38 ; who like nice car ,and will always need them to be wash due to the importance they give on cars . They will also pride themselves on the look of their car and will have their car hand washed (at least) weekly. The sport cars owners will like their cars so clean and have an occasional detail. 4. Lifetime owners: Many of these people have owned their cars for more than five or six years, and are more likely to be women. They are attached to their cars as friends and though it may be more sensible for them to purchase a new car, they will bring their car in for a wash occasionally, just when the car is dirty. They will not have a detail carried out on their car unless they are selling it. 5. Dealerships: There are five new and used car dealerships within three miles of the proposed location of Kodjo Car wash. These dealerships often use outside car wash services to detail their vehicles before they are put up for sale. In addition, there are fifteen other car dealerships within a seven mile radius of Kodjo Car wash. 6. Local businesses: Some local businesses have fleets of cars and small vans that must be kept clean to maintain their company image. These businesses will be looking for a cost effective, efficient car washing service to perform this service, and will prefer to use a car wash service during the week rather than during weekends, like the general public.

4.1 Target Market Segment Strategy The strategy behind Kodjo Car wash target segmentation is to attract customers who will be repeat users and will frequent the business in the typically quiet times for a car wash business. It will not be difficult to attract customers during the summer months and on the weekends, the weekdays however, especially in the winter, people will not think about having their cars washed. For this reason, Kodjo Car wash will target people who will tend not to be restricted to these busy times. • Business owners (new car owners) tend to be very busy people, but will give some time to give their cars clean in their convenience time . • Retired people (older luxury car owners) are not restricted by typical work schedules so will be able to frequent the car wash during the week. • Dealerships will need cars detailed and washed regardless of the time of the day and week. • Businesses will need their fleet cars washed during the week during regular business hours.
4.1 Market segment strategy

There are many competitor in Takoma Park area who use hand car wash. These competitors can be local children raising money for youth group on Saturday by cleaning cars ,or others shop using automatic machine are from children . However, these two alternatives aim to meet the needs of the price-conscious individuals who are choosing the service simply so they do not have to clean the car themselves. Kodjo Car wash on the other hand, targets the quality-conscious individuals who value their car enough to spend $15-$25 per week to make it looks good.

4.2 Competition and buying patterns

Takoma Park area has two others hand car wash shops. These competitors use automatic machine and offer very low rate to customers. Nonetheless, these competitors will not target customers who want hand washing. Kodjo car wash will target customers that do not care to spend more money in the services they are getting. They just are looking for high quality with their paint in excellent shape.

5.0 Strategy and Implementation Summary The key differentiator for Kodjo Car Wash is Cokouvi and his business and personal connections within the Takoma Park neighborhood. For this reason, the sales and marketing focus will be on a one-to-one basis, with the emphasis on gaining loyal and repeat customers as "friends" of the business. Kodjo Car Wash, therefore, will depend on word-of-mouth advertising for the immediate community. Cokouvi created a system fast and efficient which will keep cost in terms of time spent per car, to a minimum.

|5.1 Sales Strategy | |

The company understands that better employees treatment have an impact in the care these will give to the customers. We must be aware that there are low switching costs in the car washing industry, so we have to work hard to develop and keep repeat customers.
|5.1.1 Sales Forecast | |

The following chart forecasts sales based upon the Market Segmentation Strategy. Sales are seasonal in this industry, tending to be higher in the warmer summer months, and to drop off in the winter. However, we will aim to flatten sales across the sales cycle by targeting segments that will want to keep their cars clean and looking good year round.

Sales Year (2010) Year (2011) Year (2012)
Interior Wash 660 1,000 1300
Full wash 1700 2,200 3,000
Exterior wash 2,200 2,600 2,500
Car Dealership 500 650 900
Total unit Sales 5,060 6,450 7,700

| | | | | |
| | | | | |
| | | | | |
|Unit Prices |FY 2010 |FY 2011 |FY 2011 |
|Full Wash |$17.00 |$17.00 |$17.00 | |
|Exterior Wash |$10.00 |$11.00 |$13.00 | |
|Interior Clean |$9.00 |$10.00 |$11.00 | |
|Car dealership |$80,00 |$85000 |$90,000 | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
|6.0 Appendix | | | | |
| | | | | |
|Sales | | | |
|Full Wash |$26,400 |$34,320 |$44,616 | |
|Exterior Wash |$18,450 |$26,650 |$41,574 | |
|Interior Clean |$6,160 |$9,009 |$11,712 | |
|End User Detail |$18,060 |$27,985 |$43,425 | |
|Business Fleet Washes |$6,150 |$9,225 |$13,838 | |
|Car Dealership Details |$34,580 |$48,150 |$77,040 |
|Total Sales |$109,800 |$155,339 |$232,204 | |
| | | | | |
|Direct Unit Costs |FY 2005 |FY 2006 |FY 2007 |
|Full Wash |$0.70 |$0.80 |$0.90 | |
|Exterior Wash |$0.40 |$0.45 |$0.50 | |
|Interior Clean |$0.30 |$0.35 |$0.40 | |
|End User Detail |$3.00 |$3.50 |$4.00 | |
|Business Fleet Washes |$0.70 |$0.75 |$0.80 | |
|Car Dealership Details |$3.00 |$3.50 |$4.00 | |
| | | | | |
|Direct Cost of Sales |FY 2010 |FY 2011 |FY 2012 |
|Full Wash |$1,232 |$1,830 |$2,677 | |
|Exterior Wash |$820 |$1,199 |$1,732 | |
|Interior Clean |$231 |$350 |$521 | |
|End User Detail |$387 |$676 |$1,158 | |
|Business Fleet Washes |$431 |$692 |$1,107 | |
|Car Dealership Details |$1,482 |$2,247 |$3,852 |
|Subtotal Direct Cost of Sales |$4,583 |$6,994 |$11,047 |

| | |
| | |
| | |
|6.1 Personal Plan | |

Since car washing is a seasonal business, with business increasing in the warm summer months, and being busier on the weekends than during the week, Kodjo Car wash will rely on both temporary and part-time help. The company will hire one full-time car wash/detail specialist and one full-time car wash specialist when it opens for business. Although it will rely on temporary and part-time help, quality will not be compromised, since all washers and detailers will receive thorough training. The company will also hire an administrative assistant who will assist Cokouvi with paperwork and act as a receptionist.
7.0 Financial Plan The following plan outlines the financial development of Kodjo Car wash. The business will be initially financed by a $25,000 investment by Cokouvi and will finance growth through cash flow. This will mean that the company will grow more slowly than it could, but it will ensure that Cokouvi retains control over the direction of the company. In year three, it is hoped that the company will be able to open a second location. It is envisioned that an outside loan or equity funding will be sought at that time.
|7.1 Break-even Analysis | |

Fixed monthly costs for Kodjo Car wash are estimated to be approximately $7,500, and break even monthly units are 203 units per month.
|Break-even Analysis: | |
|Monthly Units Break-even |203 | |
|Monthly Revenue Break-even |$9,122 | |
| | | |
|Assumptions: | |
|Average Per-Unit Revenue |$45.00 | |
|Average Per-Unit Variable Cost |$8.00 | |
|Estimated Monthly Fixed Cost |$7,500 |

| | | | |

Reference

Ferrell,O.,Hiri,G.,&Ferrell,L.(2009).BUS 508: Business: A changing world:2009 custom Edition (7th ed.), New York: McGraw-Hill/Irwin.
Hellriegel, D. & Slocum, J.W, jr. (2009). BUS 508 Organizational behaviors: 2010 custom Edition (12thed.).Mason, OH; South West Centgage Learning.
Jones, Cohen, M Bruce (1982) .The emerging business: Managing for growth. Coopers and Lybrand: New York.(p47-69).…...

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...Diversification Strategies: Best Buy vs. Circuit City BUS 508 Contemporary Business 25 April 2011 Diversification Strategies: Best Buy vs. Circuit City Diversify, diversify, and diversify! It’s something repetitively said to high-schoolers seeking pre-college extra-curricular memberships, employees seeking investment options, as well as businesses seeking to remain viable. But what is diversification? Diversification as it relates to business is defined as a “business development strategy allowing a company to current products, services, and markets” ("What is diversification?" 2011). This strategy enables a corporation several key benefits such as enhanced shareholder value, distribution of risks across several related or unrelated businesses, as well as the ability to offer lower prices than their competitors. Additionally, the company can benefit from entry into new markets. Although these are very great benefits, diversification requires very extensive research and market analysis in order to be successful. If not implemented correctly, the company could face brand confusion, loss of sales due to customer alienation, as well as lack of establishment of a loyal market following. Here we will explore both the diversification strategy and outcomes of consumer electronics retailers Best Buy and Circuit City. We will also explore possible decisions that led to the drastically different outcomes as well as alternative strategies that could have been employed......

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Bus 508 Assignment 1

...ASSIGNMENT 1 ENTREPRENEURIAL LEADERSHIP Submitted by Joachim Carvelle to PROFESSOR DELONTE October 23, 2011 BUS 508 ENTREPRENEURIAL LEADERSHIP The spectrum of entrepreneurial approaches reflects a combination of profit-oriented and social responsibility-oriented perspectives. At one end is the approach where the profit motive eclipses social responsibility, for example Steve Jobs of Apple, Inc. At the other end is the approach that, although profit oriented, accords significant priority to social responsibility, for example, Sir Richard Branson of the Virgin group of companies. Steve Jobs, whose persona was indelibly imprinted on Apple opined that “[o]ur belief was that if we kept putting great products in front of customers, they would continue to open their wallets.”(Jobs, n.d.) That statement reflected an unswerving commitment to the profit motive where consumerism was a means to an end. The following discussion presents Steve Jobs as an example of a business leader who is strongly profit-oriented, and Richard Branson as one whose primary goal is to make a positive impact on society. The leadership style, and major business principles of Steve Jobs Leadership Style Steve Jobs’ leadership poses an extraordinary challenge for description, judging by the basic categories of leadership as delineated in most business curricula. His leadership is best summed up by the Leadership Editor of Forbes magazine in the article Steve Jobs Broke Every Leadership......

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