Answered: Do the following: Inventory • What kind…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Do the following: Inventory • What kind of inventory will you keep: raw materials, supplies, finished goods? • Average value in stock (i.e., what is your inventory investment)? • Rate of turnover and how this compares to the industry averages? • Seasonal buildups? • Lead-time for ordering? Details in the photo attached

Transcribed Image Text:COMPANY DESCRIPTION Our business is named "Snap and Sketch" as we primarily do take photos and do live sketch or drawing. We are offering affordable services to our clients, such as taking photos of them using instax and sketching them live so it's a fun experience, especially with friends, families and colleagues. II. General Company Description Snap and Sketch" is distinguished by its creative approach, affordability, dedication, quality focus, brand-building strategy, customer-centric mindset, market visibility goals, and a heartfelt philosophy of creating lasting memories. These strengths and competencies collectively position the company as a unique and customer-oriented player in the world of photography and live sketching. MISSION, GOALS AND OBJECTIVES AND BUSINESS PHILISOPHY Mission: To offer fun experience and capture the memories of our clients, by taking quality pictures them and live sketching. We do this through dedication, inspiration and love Goals and objectives: • To encourage people to embrace fun of pictures and sketches To offer high quality service and output to make the customers satisfied To be the most preferred brand when it comes to live sketching and taking pictures To develop positive brand image and earn the trust of the public • To provide fun experience and satisfactory products to our clients ● To increase brand awareness and to be known in the market Philosophy: To be part of people's memories- one picture, one sketch and one group of people at a time. TARGET MARKET "Snap and Sketch" is open to all kinds of people, but we also specifically targeting teenagers and young adults. For teenagers, ages between 13-17 who love to take pictures with their friends and classmates, and also love sketches or drawings. While on young adults, those are colleges and working people, ages between 18 to 25, as they are also fan of pictures and appreciate more the essence of aesthetics, such as the sketching and drawings. And since we target these people, our marketing collaterals and programs are more focused on them, especially the promos and discounts. Nevertheless, we still offer our service and outputs at a very reasonable price, as we are aiming to make it accessible to everyone, and also budget-friendly. Most importantly, we will be having a survey and research to know the trend, especially to the generations of these teenagers and young adults. And to also know if there's a need to extend more and innovate.