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Team 7
Spring 2016
Business Plan
Business Name: Globe Soap
Business Idea: Organic, bar soap company for both humans and dogs.
Team Members:
Email Address
William Casler
Christopher Cowdrey
Dylan Fairhurst
Seung Lee
William Casler
Christopher Cowdrey
Dylan Fairhurst
caslerws@dukes.jmu.edu
cowdrecw@dukes.jmu.edu
fairhudx@dukes.jmu.edu
Seung Lee
lee6sh@dukes.jmu.edu
Alexandra Nolte
Alexandra Nolte
noltear@dukes.jmu.edu
Grace Paterson
Grace Paterson
patersge@dukes.jmu.edu
Executive Summary
Globe Soap
Seung Lee
2120 116th Ave NE, Bellevue, WA 98004
Phone: (425) 473-9623
E-mail: customerservice@globesoap.com
Management:
Titles:
General Manager
Sales and Marketing Manager
Industry: Soap Manufacturing
Number of Employees: 7
Amount of Financing Sought:
Total Amount Sought: $120,000
Investment Sources: Loans
Personal Loan- $120,000 100%
Independent Investors
Use of Funds: Production, marketing and sales,
distribution, wages, website development, purchase of
facility.
Product/Service Selling Price: $11 for human soap
$10 for dog soap
2018
$2,694,876
($1,146,035)
2019
$2,965,500
($959,561)
2020
$3,604,956
($664,537)
Narrative
This past month my dog Maggie jumped into a giant mud puddle, forcing me to give her a
bath. The next morning Maggie was so sick she could barely walk and was in unbearable pain. I
rushed her to the vet where they determined that Maggie had gotten sick because the shampoo I
used has this effect on dogs. Realizing what harsh chemicals, dyes, and parabens are in most soap,
we were inspired to develop a product, for both people and dogs, that safely and effectively washes
off the environmental toxins we experience daily. Globe Soap is committed to being a safe and
luxurious product that you can feel good about using on yourself and your loyal companion.
Globe Soap is an organic hand made bar soap company that will be invented to give both
dogs and humans a healthy alternative to the harsh chemical filled soap that people use every day.
Many bars of soap have a high pH of 9-12, which strips skin of its natural oils. Our soap will have a
pH of around 6 making it safe for both humans and dogs while maintaining the skins natural oils.
Our dog soap will be bone shaped and come in a honey almond oatmeal scent while our human
soap will be a sphere shape and come in a green tea lemongrass scent.
The competitive advantages of Globe Soap are the perceived value of our product and our
ability to out market our competition. We will have a product high in perceived value because the
price of our product is comparable to our competition, on average only $2 higher, while providing a
high quality product that is half an ounce and one and a half ounces bigger than our competition.
Customers will recognize we offer more bang for your organic buck at Globe Soap. Our second
competitive advantage is our ability to out market our competition in our target market range. We
will allocate 65% of sales to our advertising budget, 10% higher than the industry average, to ensure
that we have valuable space in the hearts and minds of our customers. When our target market
thinks of organic dog and people soaps, we want them to think Globe Soap.
Globe Soap is an excellent investment due to our unique competitive advantages. Our
intention of out marketing the competition is a risk we expect to pay off and yield promising
returns. Our low cost to produce and high margins will provide confidence for investors.
The company will begin by operating with a direct sales model, selling soap to customers
through the Internet. After we gain brand recognition and prove our potential through social media
campaigns, magazine ads and word of mouth, we will contact Trader Joes and OnlyNaturalPets.com
with the goal of incorporating a market-retailing model. We will have an aggressive ad campaign to
generate sales and knowledge of our product and brand.
Globe Soaps manufacturing facility and headquarters will be located in Bellevue,
Washington. Being in Washington allows us to easily distribute to the West Coast, which makes up
the majority of the organic market, although our distribution will be nationwide. Washington is also
one of the leaders in terms of manufacturing and development.
We are going to outsource our raw materials. The first reason for this is for the safety of our
employees. The chemical reaction to produce soap is extremely dangerous, so to ensure safety we
have decided to outsource the soap base that comes with lye already infused into it. We will be
getting 2,000 pounds of our oatmeal soap base for $4,150. To make the soap base ourselves would
cost $27,600 to get just the Shea butter base alone, not accounting for the lye, glycerin, and other
natural additives that come standard in the oatmeal soap base. Additionally, we are going to
outsource our shipping by using the common courier company Old Dominion Freight Line. They
are certified as a SmartWay partner, which means they are environmentally friendly. They cover
everything from distribution to retail consumers nationwide and direct delivery to customers
homes.
General
Manager
Sales &
Marketing
Manager
Materials
Specialist
Packager
(2 FTE)
Soap
Molder
(2 FTE)
Book
Keeper
Customer
Book
Keeper
Service
Exhibit 1
We will be outsourcing web design. As sales and the
demand for our product increases, additional Materials
Specialists, Packagers and Soap Molders may need to be
added in order to keep up with the demand. As long as the
management structure remains efficient, staffing will
generally remain the same and will be restructured
according to sales and the demand for our product.
Salary Wage
(Range)
$38K-$120K
FICA: $8,415
WC: $180
SUTA: $243
FUTA: $42
Total: $8,880
Sales &
Marketing
Manager
$41K-$146K
$80,000
FICA: $6,885
WC: $180
SUTA: $243
FUTA: $42
Total: $7,350
Materials
Specialist
$16K-$65K
$30,000
FICA: $2,295
WC: $150
SUTA: $243
FUTA: $42
Total: $2,730
Soap Molder
(2 FTE)
$17K-$65K
$30,000
X2
$60,000
FICA: $4,590
WC: $180
SUTA: $243
FUTA: $42
Total: $5,055
Packager
(2 FTE)
$15K-$60K
$30,000
X2
$60,000
FICA: $4,590
WC: $180
SUTA: $243
FUTA: $42
Total: $5,055
Book Keeper
$19K-$48K
$40,000
FICA: $3,213
WC: $180
SUTA: $243
FUTA: $42
Total: $3,678
Customer Service
$26K-$53K
$41,714
FICA: $3,191
WC: $180
SUTA: $243
FUTA: $42
Total: $3,656
N/A
$406,714
FICA: $33,179
WC: $1,230
SUTA: $1,701
FUTA: $294
Total: $36,404
General Manager
Total
Projected Taxes
Benefits
Health: $10,000
401K: $6,500
Profit Sharing: $3,900
Bonus: $20,000
Perks: $13,200
Incentives: $3,500
Vacation: $5,000
Total: $62,100
Health: $10,000
401K: $4,500
Profit Sharing: $2,700
Bonus: $10,000
Perks: $6,000
Incentives: $3,500
Vacation: $5,000
Total:$41,700
Health: $10,000
401K: $2,250
Profit Sharing: $1,350
Perks: $1,500
Vacation: $5,000
Total:$20,100
Health: $10,000
401K: $2,250
Profit Sharing: $1,350
Perks: $1,500
Vacation: $5,000
Total:$20,1000
Health: $10,000
401K: $2,250
Profit Sharing: $1,350
Perks: $1,500
Vacation: $5,000
Total:$15,100
Health: $5,000
401K: $7,100
Profit Sharing: $4,260
Bonus: $2,000
Perks: $2,000
Vacation: $5,000
Total: $25,360
Health: $10,000
401K: $4,171
Profit Sharing: $2,503
Perks: $1,500
Vacation $5,000
Total: $23,174
Health: 65,000
401K: $29,021
Profit Sharing: $17,413
Bonus: $32,000
Perks: $27,200
Vacation: $50,000
Total: $227,634
Total Cost
$165,980
$129,050
$52,830
$85,155
$80,155
$69,038
$68,544
$670,752
Notes: Health Benefits cover one individual ($5,000) or two individuals ($10,000.) Web design will be outsourced.
Perks include:
General Manager- Company Car ($10,500), Mobile Phone ($1,200), Wellness Program ($500), Training ($1,000), Incentives ($3,500) include
tickets to this individuals favorite sports team and gift cards to their favorite restaurants and concert tickets. Incentives are negotiable if
individual does not enjoy what is offered.
Sales and Marketing, - Education ($500), Auto Allowance ($4,000), Training ($1,000), Wellness Program ($500), Commissions are uncapped and
will be worth 20% of sale. Incentives ($3,500) include tickets to this individuals favorite sports team and gift cards to their favorite restaurants
and concert tickets. Incentives are negotiable if individual does not enjoy what is offered.
Accountants - Education ($500), Training ($1,000), Wellness Program ($500)
Materials Specialist, Soap Molder, Packager and Customer Service- Training ($1,000) and Wellness Program ($500)
All employees will have 4 weeks paid vacation ($5,000 each)
Target Name
Dog Owners
Organic
Enthusiasts
Segment Size
(e.g. # of
Households in
Segment)
11.8 million 1
households in
the US with an
average
household
income above
$100,000 and at
least 1 dog
8.94 million4
people in the US
as of Spring
2015
Growth
Projection of
Segment
Segment Description
16% increase
from 2015 to
2020 due to
growing health
concerns and
increased
purchasing
power 5
Priority
level for
targeting
Sources:
1 http://www.marketplace.org/2013/09/12/wealth-poverty/income-upshot/behind-data-pet-ownership-income-bracket (Source for number of HH
in US with an average HH income above $100,000 and who own a dog) Given 42.7% of HH in the US have an average HH income above $100,000
and own a dog and there are 27,654,480 HH in the US with an average HH income above $100,000, 42.7% * 27,654,480= 11.8million HH
2 https://www.ibisworld.com/gosample.aspx?cid=1&rtid=101
3 http://blog.marketresearch.com/projected-2015-trends-in-the-pet-industry
4 http://www.statista.com/statistics/228377/people-who-buy-organic-food/
5 http://www.prnewswire.com/news-releases/global-organic-food-market-to-grow-at-over-16-by-2020-concludes-techsci-research-523104261.html
7
* How did you determine your market potential? Identify key sources and assumption:
Market potential for product 1 was found by multiplying our target market of 8.94 million organic enthusiasts x 82.9% of people who use bar soap x 15 the number of units purchased a year x 11 the cost of our product.
Market potential for product 2 was found by multiplying our target market of 11.8 million HH in the US with an average household income above $100,000 and at least 1 x 3 the number of bars of soap purchased for them
in a year x 10 the cost of our product.
** Actual market or market potential. How did you determine the growth projection(s)? Identify key sources and assumptions
This percentage indicates total market growth projection. We analyzed the growth rate in HH over the past 5 years and developed a mean growth rate of 1.117%, for product 1, that will increase proportionally with HH
growth. For example, year 2 market growth projection= year 1 market growth projection + ((year 2 Market potential revenue - year 1 Market potential revenue)/ year 1 Market potential revenue) x Year 1 Market growth
potential.
For product 2 market growth know that household owned dogs are speedily increasing so we applied the same equation but found the mean increase of households that own dogs to be 1.1%.
*** How did you determine your market share? Indicate key sources and assumptions
Market share was determined by taking Annual Revenue in dollars for each year/ total Market Potential Revenue.
**** How did you determine your unit forecast? Indicate key sources and assumptions
One of our Competitive Advantages is our intent to out market our competition. We plan on spending 65% of sales on advertising and promotion of our product for the first 2 years and then slowly decrease this percentage.
which is 10% higher then our industry average according to a study by IBISWorld. Based on this spending, we anticipate being the most well know organic soap for our target market and therefore increasing sales over time.
A study by IBISWorld shows that the pet grooming industry is relatively recession proof so we are confident that sales will grow. The market for all natural human soap has shown increasing growth over the years according
to Mintel Acadmenic. Based on this we know our sales will grow over these 5 years and are more stable in an economic downturn then other industries. This coupled with our second competitive advantage of perceived
value will keep customers coming back to our brand time and time again.
Positioning Statement: For both organic enthusiasts and dog owners looking for an all-natural,
organic bar soap, Globe Soap ensures a high-perceived value, offering a comparable cost for a
larger size soap in comparison to our competitors. We handpick our ingredients, ensuring the
highest quality each time. With our aggressive advertising and branding, we aim to be the go-to
organic soap brand in the minds and hearts of our consumers. Consumers will get the most
bang for their organic buck with our product-and we guarantee it.
Additional Key competitive or market information related to Positioning (this may or may not be
blank): The competitors listed on the perceptual map consist of only companies that sell
organic soap for both humans and dogs. The horizontal high and low perceived value axis is
based on the price and the amount of soap provided to the consumer in one bar. The vertical
quality and basic ingredients axis is based on the complexity of ingredients, the amount of
natural oils added, and scent of the soaps.
2016
$8.50
$8.50
$8.50
2017
$8.60
$8.45
$8.60
2018
$8.70
$8.55
$8.70
2019
$8.80
$8.65
$8.80
$8.50
$8.60
$8.70
$8.80
2020
$8.90
$8.75
$8.90
$8.90
$1.56/
$1.56/ $1.56/
$1.56/
Your Variable cost/unit
$1.56 human/$1.91 dogs $1.91
$1.91
$1.91
$1.91
Your Channel Price:
Your Retail/Customer Price (dogs):
$10.00
$10.20 $10.50
$10.60
$10.80
Retail/Customer Price (people):
$11.00
$11.20 $11.50
$11.60
$11.80
Our prices reflect the perceived value of our consumers organic dollar. We are trying to create value by pricing our product at a comparable price
to our competitors, while still providing the consumer with a quality product and significantly more soap per bar. We believe that at this price point,
consumers will feel that they are partaking in a good value and getting the most bang for their organic buck. The predicted prices ranging through
2020 are based on inflation.
Distribution/Location Strategy
We will begin by selling our products through our website, and use a common courier for shipping and handling. After 10 months, we will market
to Trader Joes and OnlyNaturalPets.com.
Promotional Strategy
2016
2017
2018
2019
2020
Total IMC Budget:
$618,001 $1,001,325 $1,616 926 $1,631,025
$1,802,478
Production Exp:
$92,700 $150,198 $242,538 $244,653 $270,371
Advertising Exp:
$185,400 $300,397 $485,077 $489,307 $540,743
Sales Promo Exp:
$185,400 $300,397 $485,077 $489,307 $540,743
PR Exp:
$92,700 $150,198 $242,538 $244,653 $270,371
Other Promo Exp:
$61,800 $100,132 $161,692 $163,102 $180,247
Using our promotional budget, we are going to launch a pulsing ad campaign that emphasizes the perceived value of our consumers organic dollar
and the frequency and reach of our campaign is intended to out market our competition. We will begin with the launch of our website, in order to
get Globe Soaps name out to potential customers and begin branding ourselves. In the month following our initial launch, we will begin our social
media campaign focusing on our brand personality and awareness. We expect sales to increase significantly with the quickly implemented and
substantial marketing campaigns. In the month following the social media campaign we will implement a magazine campaign, further driving up
sales and enhancing our exposure to our target market. In November, before the holiday season, we will begin a holiday themed ad campaign. Our
sales are expected to increase during the holiday season of December and to encourage sales after the holiday season, we will offer an after holiday
sale. Once our brand and product become well known to our target market, we will begin selling units in Trader Joes and on OnlyNaturalPets.com.
This will bring in more customers that may not be in our initial target market and drive up sales.
# of Salespeople:
0
0
0
0
0
Compensation Method: n/a
n/a
n/a
n/a
n/a
Our Sales and Marketing manager is going to take care of our sales plan. We do not have salespeople because we feel that our Sales and Marketing
Manager will be able to manage the sales to retailers and create direct relationships with them.
10
*The split in the flowchart occurs because we will produce human and dog soap at the same time with separate production lines that yield
different output.
What is measured?
How often?
Brief description
If soap maker spills
ingredients, doesnt fill
mold to capacity, or soap
does not solidify properly.
11
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.
Before melting the ingredients for soap, workers must cut the ingredients into small cubes using the large smoothing
blade and place them in the heater so they can melt easier. The essential oils and other ingredients not in the oatmeal
soap base will also be added. Once the melted soap is moved to the pot tipper, workers will fill up steel pitchers with
the melted soap. They will then use the pitchers to pour the soap into the respective molds. Before filling up the
molds, workers will spray a small amount of rubbing alcohol in the molds so the soap mixture doesnt stick and they
can easily pop out once cooled.
Describe any reactive quality assurance plans. Include a recovery plan should a customer receive poor
quality goods and/or services.
If a consumer receives a soap that is poor quality, or does not meet their expectation, we will refund the consumer
for the soap or send them a new soap on us so they can see our true potential. A label will be on the outer packaging
of both bars that informs our consumers to avoid contact with their eyes when using the soap as well as to not ingest
the product.
If you will utilize a quality/process improvement methodology, indicate which:
NA
TQM
Six Sigma
ISO 14000
Benchmarking
Provide a specific explanation of how your chosen quality methodology relates to your business and how it
will be applied:
ISO 14000 will be a perfect fit for our business since we are already planning on being as natural and
environmentally friendly as possible. The use of ISO 14000 certification would only make it more clear how much
we truly care about the environment and reinforce our processes of not including anything harmful. TQM will also
be a must for Globe Soap as we have a high quality product that needs to be reproduced countless times with no
defects. We will conduct monthly field tests by the marketing/sales manager giving out free samples to people with
dogs to try out both products and give feedback and suggestions on the quality of each product.
12
RAW MATERIAL INVENTORY & SUPPLIER SELECTION If your organization does not have raw material inventory, please check this box: NA
Item(s)
Supplier lead
time (in days)
Oatmeal Soap
Base
Free Shipping cost and this specific ingredient comes with lye infused
into the product. This is much safer for the workers dealing with the
melted product that molds into the soap.
The combination of low pricing and the quantity of material which
they can ship to our company is not matched by competitors.
14 business days
Frequency of
replenishment
(in days)
7 days
System of
Management
Mode(s) of
Transportation
Fixed Order
Interval
Highway Rail
Waterway Air
7-14 business
days
14 days
Fixed Order
Interval
Highway Rail
Waterway Air
7-14 business
days
270 days
Fixed Order
Interval
Highway Rail
Waterway Air
7-14 business
days
330 days
Fixed Order
Interval
Highway Rail
Waterway Air
7-14 business
days
300 days
Fixed Order
Interval
Highway Rail
Waterway Air
14 business days
30 days
Fixed Order
Interval
Highway Rail
Waterway Air
Shipping costs are the lowest when compared with competitors and
this was the only company that sold lemon oil in this large of quantity.
7-14 business
days
30 days
Fixed Order
Interval
Highway Rail
Waterway Air
Highway Rail
Waterway Air
*The oatmeal base is purchased frequently because this was the largest quantity we could buy from a distributor. The aloe and shea butter are cheaper in some months compared to others due to seasonality.
Ground Lemon
Peel
Free shipping and no other competitor sells ground lemon peel in this
quantity.
DISTRIBUTION
Name of transportation provider/carrier
Old Dominion Freight Line
30 days
Fixed Order
Interval
If your organization does not have finished goods inventory, please check this box: NA
14 business days
Frequency of shipping
finished goods
End of Week (Friday)
End of Week (Friday)
End of Week (Friday)
End of Week (Friday)
End of Week (Friday)
If your organization does not require distribution, please check this box: NA
13
At Start Up
At the end of Year 1
At the end of Year 2
At the end of Year 3
At the end of Year 4
At the end of Year 5
Demand
(per hour)
0
24 Spheres/hr
20 Bones/hr
41 Spheres/hr
29 Bones/hr
70 Spheres/hr
53 Bones/hr
77 Spheres/hr
58 Bones/hr
99 Spheres/hr
65 Bones/hr
Hours of
Operation
40/week
40/week
Capacity
(per hour)
100Spheres/72Bones
100Spheres/72Bones
40/week
100Spheres/72Bones
40/week
100Spheres/72Bones
40/week
100Spheres/72Bones
40/week
100Spheres/72Bones
Utilization
(%)
0
24% Spheres
28% Bones
41% Spheres
40% Bones
70% Spheres
74% Bones
77% Spheres
81% Bones
99% Spheres
90% Bones
*We have a large initial capacity from the start that can sustain our projected growth forecast for five years.
Bottleneck Brief description of
How will you manage the bottleneck identified on your Process
Bottleneck
Map to ensure you can appropriately serve or supply your
customers?
B1
The time required to pour
Cross train employees to work in each position of the production
ingredients into molds
process. If bottleneck does not improve, hire additional workers for
exceeds the time it takes to this specific point in the production process to increase output and
cook ingredients and
keep up with demand.
package soap.
Additional resources (beyond your bottleneck) must be appropriately allocated to support operations.
Identify which resources have a significant impact on your capacity at start up and describe why these
are appropriate amounts of resources to start up your organization.
We must establish a good relationship with our many suppliers of raw materials as well as our distribution
company. The better relationship we have with both of these two can yield many advantages such as cheaper
overall price, better logistics quality, and overall better business for each company.
Describe all/any adjustments you will make as resource requirements vary with time. Be specific
regarding which key resources will be adjusted, when and how. If you will make multiple adjustments,
explain each adjustment.
Looking into the future, specifically into year five, increasing the number of production workers will be made
when sales will reach more than 208,000 sphere units a year and 149,760 bones units a year. We will speed up the
melting process by making two batches for each the dog and human soap a week versus the one batch of each we
were making. Adding an additional worker to the Soap Molder position for both the dog and human soap will
double production. Adding an additional worker to the Soap Packager position for both dog and human soap will
also double production, as well as adding a worker to the Materials Specialist.
How will you manage seasonality?
NA
For the first two years of production we will always have one
batch of safety stock on site. This is because in our first two years
we are trying to grow sales and are not producing to maximum
capacity. In years three and four we will always have two batches
of safety stock on site, and in year five we will have three batches
of safety stock on site. As sales continue to increase, we increase
our safety stock for seasonal nature of demand and variation of
demand.
14
15
16
17
Inventory:
a. we purchase raw materials and manufacture soap ourselves
b. We use FIFO to reduce record keeping and because there are no GAAP or IFRS restrictions
on that method
c. For inventory, we have 1 week reserve in years 1 and 2, 2 weeks reserve in years 3 and 4, 3
weeks inventory in year 5.
Depreciation:
a. We use MACRS for depreciation and use a useful life of 5 years
b. We do not need to invest in land or buildings because our current factory is able to produce
enough for our demand
Investments:
a. Our policy is that if we have excess cash left over, we will invest it rather than let it sit idle
b. Our company does not look for risky investments because we focus our profits on our
customers.
18
19
None.
20
Working Capital Ratio: This represents how liquid our assets are. They become less liquid in year 3-5 because we began to invest, which is better for our company.
Operating Break-Even (Human): We will need to produce this amount of units of human soap to have a profit of $0.
Operating Break-Even (Dog): We will need to produce this amount of units of dog soap to have a profit of $0.
Gross Profit Margin: This is the percentage of our revenue that we can use to cover our non-production costs.
Inventory Turnover: Our company creates and sells inventory 4 times each year. Its lower than the industry average because we mass produce our product.
Total Asset Turnover: The company will begin to see a dramatic increase in sales during the 2 nd year of sales operations, because of an improved reputation and more
aggressive advertising campaign. Because the amount of sales will increase even more drastically through years 3-5, the companys total asset will grow at a faster rate than the
companys sales. The company will work on reducing this weakness by strengthening its marketing and improving on sales.
Fixed Asset Turnover: We are able to generate a good amount of sales from our fixed assets because they are low compared to sales.
ROE: This is how much profit is generated from our shareholders investments.
21
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Team Bios/Photos
My name is Will Casler and I am currently pursuing a
business degree with a concentration in marketing from
James Madison University. I am from Lynchburg, Virginia.
I am looking to improve my interpersonal, analytic,
and team oriented skills to better myself and those around me.
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