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    Entrepreneurship Assignment 1 PDF

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    Kavin Martin
    Power Pen Company manufactures high-quality wooden pens for children and adults. Their target customers are parents and grandparents looking to foster children's creativity. They plan to market and sell their pens, which include all-purpose, colored, light-up, sketching, calligraphy, and glitter styles, at craft fairs and through their website. As a sole proprietorship run by Andrew Robertson, Power Pen Company aims to build pens that will be cherished for generations through durable craftsmanship and affordable pricing.

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    Entrepreneurship Assignment 1 PDF

    Uploaded by

    Kavin Martin
    61 views7 pages
    Power Pen Company manufactures high-quality wooden pens for children and adults. Their target customers are parents and grandparents looking to foster children's creativity. They plan to market and sell their pens, which include all-purpose, colored, light-up, sketching, calligraphy, and glitter styles, at craft fairs and through their website. As a sole proprietorship run by Andrew Robertson, Power Pen Company aims to build pens that will be cherished for generations through durable craftsmanship and affordable pricing.

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    Power Pen Company manufactures high-quality wooden pens for children and adults. Their target customers are parents and grandparents looking to foster children's creativity. They plan to market and sell their pens, which include all-purpose, colored, light-up, sketching, calligraphy, and glitter styles, at craft fairs and through their website. As a sole proprietorship run by Andrew Robertson, Power Pen Company aims to build pens that will be cherished for generations through durable craftsmanship and affordable pricing.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    61 views7 pages

    Entrepreneurship Assignment 1 PDF

    Uploaded by

    Kavin Martin
    Power Pen Company manufactures high-quality wooden pens for children and adults. Their target customers are parents and grandparents looking to foster children's creativity. They plan to market and sell their pens, which include all-purpose, colored, light-up, sketching, calligraphy, and glitter styles, at craft fairs and through their website. As a sole proprietorship run by Andrew Robertson, Power Pen Company aims to build pens that will be cherished for generations through durable craftsmanship and affordable pricing.

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    How to create a business plan!!

    ED Assignment

    Power Pen Company

    By
    Rakshana.v
    161061101133
    B.tech cse _D
    Executive Summary

    Product
    Power pen manufactures high-quality pens for children and adults. All pens are made from
    solid hardwoods including maple, beech, birch, cherry, and oak. The pens are built to be long
    lasting with convinient for writings and some are even attractive for childs interest.

    Customers
    The target audience for power pens is adults, specifically parents and grandparents who wish to
    give their children or grandchildren the opportunity to write with a joy that is not only durable and
    aesthetically pleasing, but also attractive to the childs creativity.

    Future of the Company


    Although the pen manufacturing business is highly competitive, we believe that there is a place
    for high-quality, attractive, durable, and affordable pens. Our goal is to build and market pens
    that will entertain children and stand the test of time.
    Company Description

    Mission Statement
    To build and sell high-quality pens that will be cherished and handed down from generation to
    generation.

    Principal Members
    Andrew Robertson owner, designer and primary builder
    Jane Robertson business manager/bookkeeper
    Bill Williams and swan Lee builders, assemblers, and painters
    Mickey susan web master and handles shipping for web, mail, and special orders

    Legal Structure
    Power pens is a sole proprietorship.

    Market Research

    Industry
    Built-Rite pens will be a part of the prn manufacturing industry. Currently, wooden pens are
    considered a niche market, comprised of different sized companies. The largest companies,
    such as parker pens and Metal pens, have large inventories of products that are offered
    internationally. The smallest companies sell locally either in shops, at craft fairs, or online.

    This industry is currently suffering from the economic recession as consumers are spending
    less on non-essentials. However, industry revenues increased by $1.2 million in the 2nd quarter
    of 2012. This means there is a potential for growth as the economy recovers.

    Detailed Description of Customers


    The two groups that the company plans to market to are parents (age 18-30) of young children
    and grandparents (age 60-75) of young children with an income range of $35,000 - $80,000 a
    year. Our target customers are interested in giving durable, well-made pens to their children and
    grandchildren to help foster creativity. They value quality and they research the products they
    buy. Our target customers are willing to spend more money on products that are of higher
    quality and last longer.

    Company Advantages
    Power pens has the following advantages compared to competitors:
    ● Basic, practical designs.
    ● Safe, non-toxic paints, parts, and accessories.
    ● Easy-to-assemble parts.
    ● All components are manufactured in America and made with grade-A wood, high quality
    steel, and ink.
    ● Quick, 48-hour delivery since our goal is to keep at least 50 units of each pen in stock.
    ● High-quality, interactive website.
    ● Face-to-face interaction with customers at craft shows over a three state area.

    Regulations
    Power pens must meet all federal and state regulations concerning toy manufacturing.
    Specifically, Code of Federal Regulations in Title 42, Parts 1234 and 9876.50, 51, 52 and 89
    C.F.R. 5555.18(a)(9); Consumer Product Safety Improvement Act of 2008; toxic Free pens Act;
    and Title 99.9 of the Code of Oregon.

    Service Line

    Product/Service
    Power pens will sell wooden pens made from solid hardwoods (maple, beech, birch, cherry, and
    oak) and steel rivets. The pens are handcrafted and designed for children to easily use. Our line
    currently includes the following nine models:
    ● All-Purpose wooden hand crafted pen
    ● Five coloured creative pen
    ● Invisible in light and glow torch pen
    ● Sketches
    ● Rich ink pen
    ● Calligraphy pen
    ● Glitter pen
    ● Black gold color changing pen

    Pricing Structure
    Wooden Grain Toys will offer its products for the following prices:
    ● All purpose wooden hand crafted pen - $25
    ● Five coloured creative pen - $20
    ● Invisible in light and glow torch pen - $15
    ● Sketches - $12
    ● Rich ink pen - $18
    ● Calligraphy pen - $20
    ● Glitter pen - $18
    ● Black gold color changing pen - $22

    Product Lifecycle
    All current power pens products are in production and inventory is being accumulated.

    Intellectual Property Rights


    Power pens is a trademarked name in the State of Oregon.

    Research and Development


    The company is planning to conduct the following research and development:
    ● Include a feedback mechanism on the website for ideas, suggestions, and
    improvements
    ● Provide comment cards for distribution at craft fairs
    ● Review available market research to identify top children pens and reason(s) for their
    popularity
    Marketing & Sales

    Growth Strategy
    To grow the company, power pens will do the following:
    ● Sell products at craft fairs in California, Oregon, and Washington.
    ● As business grows, advertise in target markets, especially in advance of the holiday
    season.

    Communicate with the Customer


    Power pens will communicate with its customers by:
    ● Providing an email newsletter with company news, product information, and craft fair
    schedule.
    ● Using targeted Google and Facebook advertisements.
    ● Utilizing social media such as Twitter, YouTube, Facebook, LinkedIn, Pintrest and
    Tumblr.
    ● Providing contact information on the company website.
    ● Adding labels on pens that include company name, contact info, and web address.

    How to Sell
    Currently, the only person in charge of sales for power pens is the owner, Andrew Robertson.
    As profits increase, power pens will look to add an employee to assist with social media and
    online marketing. The target demographic for the company will be students and adults. The
    company will increase awareness to our targeted customers through online advertising and
    attending craft fairs.

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