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DESS Pte. Ltd.Managerial Report for launch of Moonlight Series products

ContentsOverview of the industry........................................................................................................................2

Background of Company........................................................................................................................2

Identification of products.......................................................................................................................2

Factors affecting pricing.........................................................................................................................3

Internal Factors..................................................................................................................................3

Branding Strategy...............................................................................................................................3

Cost....................................................................................................................................................3

External Factors..................................................................................................................................4

Market Demand.................................................................................................................................4

Competition........................................................................................................................................4

Currency.............................................................................................................................................4

Cost Data................................................................................................................................................5

Shipping..............................................................................................................................................5

Truck...................................................................................................................................................5

Costing Strategy.....................................................................................................................................5

Pricing Strategy......................................................................................................................................6

Contribution Margin based pricing.........................................................................................................6

Cost-Plus Pricing.....................................................................................................................................6

Impact on Pricing....................................................................................................................................7

Diagrams................................................................................................................................................9

Citation.................................................................................................................................................10

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Overview of the industryCamping is a highly popular outdoor activity throughout the world. Each year more than 40 million people go camping, either in parks, home backyards or in other recreational vehicles. Consumer spending on camping equipment comes to around 1.8 billion dollars each year. This includes expenditure on tents and shelters, sleeping bags, stoves, other campfire necessities and more. As such, there is high level of demand for camping related items in the market.1

Being a garden city, Singapore is a place to enjoy nature at its fullest. Singapore is home to many National Parks that allows its people to camp on and appreciate the natural beauty bestowed on them. Some of the best locations to camp in Singapore include the Changi Beach Park and East Coast Park.2 Campers can also enjoy other activities such as cycling in these areas. More camping shops are providing rental services to campers, to allow them to enjoy camping with ease.3

Background of CompanyOur company is named DESS Pte Ltd. We started our company 3 years ago, organising camping activities for schools and companies. Over the years, we felt the pressure in labour wages and have difficulty in finding suitable candidates to join our company. As such, our company decided for a change in operation. We realised that there are opportunities for our company to do well in manufacturing of our own camping equipment due to the increase in demand for camping products from school and families. This results us to start on this business.

Identification of productsFor our company, we have decided to introduce our moonlight series products which consist of our MoonX tents and MoonX Bags respectively. We believed that both of them complement one another as without each other, a great camping experience would not be possible. Without camping bags, campers would not be able to store their items that they would like to bring along throughout the duration of their camp. Likewise, without the presence of a camping tent, they would not be able to sleep safely and comfortably in a remote and unfamiliar location.

One of the new products in the moonlight series is the MoonX Tent4. This tent is 2.13 meters long and 2.13 meters wide, similar to a queen size mattress. The tent is able to accommodate a maximum of 3 adults in the tent. The tent has a window which takes up 20% of the whole tent. It is made of mash net to allow the air to stay ventilated in the tent and prevent insects from staying inside the tent. The tent is made of Nylon cloth which provides smooth texture for campers to rest on inside the tent.

A dual zip is provided for campers to zip up when they are resting. This provides better protection from threats such as wildlife animals and rain as compared to Velcro tapes. Standing at the height of 1.32 meters tall, campers, especially kids are able to move at ease inside the tent. We have already patched up the poles with the tents clips therefore; campers would be able to set up the tents easily, taking not more than 10 minutes.

1 http://www.statista.com/topics/1319/camping-und-recreational-vehicles/.2 http://www.nparks.gov.sg/cms/index.php?option=com_visitorsguide&task=activities&id=6&Itemid=81.3 http://sgtravelinfo.com/things-to-do/camping-in-singapore-top-5-camping-places-in-singapore/.4 Refer to Diagram 1 on page 9.

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In addition, the poles are attached to the tent to allow easy set-up for our campers. The tent pegs are made of strong aluminum metal to ensure that the tent would not be blown away easily5. There is also a small access which allows electric cords to be used inside the tent. Campers will be able to use electrical gadgets inside the tents while charging6.

Our company has also launched a bag as part of the moonlight series products namely the MoonX bag7. We believe in only providing the highest quality camping bags to our customers to meet their ever-changing needs. With a mixture of 600D Polyester Print and 420D Nylon as the main fabric used to create our bags, we are able to create sturdy and firm bags suitable for the rigours of lifting heavy weights during a camping trip.

With multiple pockets within the bag to store different items of different sizes, storage of items in the bag would be a hassle-free process. The larger items could be stored inside the bag whereas smaller items could be kept on the front pocket. A water bottle pocket is included for campers to put their water bottle and stay hydrated during a camping trip.

The comfort of our customers when carrying our bags was one of the top priorities during manufacturing. Therefore, we have included compression and shoulder straps, a load lifter and a hip belt to ensure ample support for users of the bag. Prior to the creation of the bags, we have measured that 10 cm of each straps and 5cm of load lifter were suitable lengths.

Factors affecting pricing Internal FactorsBranding StrategyHaving a good grasp of the brand’s objective is important in setting prices as it can affect any brand-building efforts. The pricing needs to be in-line with the marketing strategy of the product. It has to match to the product design and distribution to convince the customers to buy the products. Similarly, if the company has a strong brand image of producing good quality of products, the company should have their price set higher to convince the customers. 8

Being a new company in the market, we strive to strengthen our brand name by providing good quality products with affordable prices to schools and families. As a result, the selling prices of our products are of a slightly higher price range than our competitors to convince our target customers with the quality of our products. Yet, we are cautious with our pricing to ensure that our customers can afford our products.CostCompanies are required to set the selling price of the product at a range to cover the cost in production of the products. On top of that, the company will have to achieve profit from the sales of products in order to sustain the operations in the long run. Thus, if the cost of the product constantly increases, it will create burden to the company’s operation and the profit earned may not be able to sustain the company’s operation.9

Currently, our products are adopting activity based costing whereby the products’ cost are calculating with the variable cost input with a mark-up to cover the fixed cost and maximise

5 Refer to Diagram 2 on page 96 Refer to Diagram 3 on page 97 Refer to Diagram 4 on page 98 http://www.knowthis.com/pricing-decisions/internal-factors-cost9 http://www.knowthis.com/pricing-decisions/internal-factors-costs

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profit. It is important to set a minimal profit margin to assure that there are sufficient returns to cover the fixed overhead costs and to earn profits.

We are also applying contribution margin pricing and cost plus pricing for tents and bags respectively. For contribution margin pricing, only variable cost is included as the cost. This will reduce the cost which the customers are paying as compared to other costing methods which includes fixed cost in the costing. This would lead to a lower selling price. This would be appealing to the customers as they tend to prefer products of lower prices. To cover the fixed cost and bring in profit, mark- up will be done to the variable cost of the product when determining the selling price of the tent.

External Factors

Market DemandIn Singapore, primary schools have cultivated the habit of camping in their students. Majority of primary school students have already been exposed to camping activities in popular camping sites in Singapore. Moving forward, secondary school students are also given the opportunity to experience camping overseas such as in the renowned Kota Tinggi camping area.

With that being said, families, children and even youths are actively involved in camping here in Singapore. Nowadays, people are facing fast paced lifestyle; they may not have time to enjoy holidays by going overseas. Camping at local camping sites allow them to live away from the work and stress they are facing every day and enjoy some bonding time with their friends and family. It provides a new and unique experience away from their busy life. It saves cost for big families as compared to going for an overseas holiday.

To have an enjoyable camping experience in Singapore, a camping permit is needed to conduct camping activities daily in the sites, including school holidays and public holidays. It can be done easily through any AXS station island-wide or the National Parks website. This brings conveniences to the campers as they will be able to register easily. For campers who are unprepared, camping equipment can be rent in many camping shops. This will attract more people to try out camping over the years.

CompetitionPricing is a platform to understand the operations of our fellow competitors. Through the pricing of our competitors, the company may understand better on the production of the product and the costing and pricing strategy. The impact of this information on the actual setting of price will depend on how competitive the market is at the moment. Since our competitors’ products are very similar to ours in nature, it is unwise to set the prices of the product far apart from our competitors. This is because if the customers perceived the products or services offered by the company to be the same as the competitors and the company is charging at a higher price, customers tends to opt for the product of a lower selling price. As such, our company decided to match our selling price to the current price range in the market without losing out in profit and able to cover all costs.

CurrencyOne of the reasons for the fluctuations in exchange rate is the increasing inflation in China. Since our direct materials are retrieved from our supplier in China, the exchange rate between Ren Min Bi (RMB) and Singapore dollars are of a great concern to us. If the inflation in china constantly increases, it would lead to a weaker China currency as compared to

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Singapore dollars. As a result, it will be cheaper for us to import direct materials from our China supplier.

On the other hand, there is also an increase in demand for RMB by foreign companies to make investment in China. As China continue to open up their domestic markets with more relaxed regulations for foreign investors to invest, it is expected that the demand for RMB will go up, leading to the higher value as compared to Singapore dollars.10 You may refer to the graph attached at the appendix. This will impact the cost for our direct materials as we will need to pay more for the direct material. Thus, it affects our pricing with higher selling price to cover the cost.

Cost DataYou may refer to our appendix on our tents and bags cost data. Since we adopted activity based costing, it will mainly affect the overhead cost. For direct material and direct labour, it can be understood from the information in the cost data.

ShippingThe company only orders direct materials every quarter, therefore the shipping costs will only reflect the cost of shipping for three months. The shipping cost includes the freight plus insurance, the loading and unloading fee, the transport fee and the good and services tax (GST). The freight plus insurance is $950, based on a package size of 3m by 4m by 6m under Less than Container Load (LCL). The loading and unloading fee is $150 each.11 Transportation is due to the fact that the direct materials have to be transported from the suppliers’ warehouse to the port in China. It is estimated to be $150 as our company has ordered from many different suppliers. Lastly the GST is $9058.45 as calculated based on 7% of Cost, Insurance, Freight (CIF), assuming that direct material cost for tents and bags are $33.20 and $17.86 respectively.12

TruckA truck was purchased for delivery of materials between the Singapore Port, our warehouse and shops. The cost of owning a truck in Singapore is inclusive of the cost of the truck, road tax, insurance premium, season parking, and the cost of Certificate of Entitlement to own the truck. The truck cost of $107,00013 is inclusive of COE cost at $49,90114 based on the bidding exercise conducted by the Land Transport Authority. Road Tax which is to be paid annually stood at $2,38615 based on the figures calculated by the road tax calculator. Season parking amounts to $13016 per month at Woodlands Industrial Park E area.

Costing StrategyOur team has explored several costing approach to determine the most suitable one for our products. Our team has agreed to adopt activity based costing as our product’s costing method as it will mainly help to identify the cost allocated to each product with greater convenience. The cost allocated to each product will be precise and specific to each product.

10 http://www.rttnews.com/2380021/china-announces-new-measures-to-support-foreign-investment.aspx?type=alleco&simrec=211 http://www.tubularservices.com/pick-up-delivery/loading-fees/12 http://www.worldfreightrates.com/en/freight.13 http://www.sgcarmart.com/new_cars/newcars_overview.php?CarCode=1153614 http://www.onemotoring.com.sg/1m/coe/coeDetail.html15 http://www.onemotoring.com.sg/publish/onemotoring/en/lta_e_services/online_enquiries/road_tax_calculator.html16 https://www.ura.gov.sg/uramaps/?config=config_preopen.xml&preopen=Season%20Parking&cpIndex=2

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Activity based costing is a costing method which allows the company to assign overhead expense based on a suitable cost driver for each expense. Cost driver is a factor which affects how much proportion is given to each product in every overhead expense incurred.

In activity based costing, we should identify the overhead cost to allocate to the products. Next, identify a suitable cost driver to the expenses identified. Charge the expense based on the proportion which the cost driver has allocated to each product.

Through activity based costing, the company’s management would be reminded to review the production process consistently. We can improve the production process and reduce cost and time for our products. Unsuitable or unprofitable overhead cost information could be retrieved easily by the management. Further decisions could be taken into consideration if amendments are needed. Our products can continue to be produced at an effective rate and remain competitive in the market. The company could also cater to special needs based on customer’s request on a custom order or change of trends in the market. In the long run, it would increase the company’s productivity and profit. This would ensure the company’s investors are assured that the company will remain competitive in the market.17

Pricing StrategyOur team has explored several costing approach to determine the most suitable one for our products. We have concluded to use the contribution margin based pricing and cost plus pricing for the pricing of our tents and bags respectively.

Contribution Margin based pricingOur team has decided to adopt contribution margin-based pricing for the sales of tents. This is mainly because for big items such as tents, it uses more fixed cost such as rental space. As such, using contribution margin based pricing, only variable cost will be included in the cost. This will bring down the cost amount of producing one unit and leads to a lower selling price as well. This will be more appealing to our customers for them to buy our products. The fixed cost will be then covered from the mark up profit we have set in the selling price.

The cost of the tent is tabulated based on the total variable cost, which includes direct material, labour and variable factory overhead cost, which is a total of $75. The variable overhead cost includes the utilities expense of shop and factories, shipping expenses, delivery expenses and the indirect material and labour. They are charged to each unit of tent based on the cost driver we have identified in the cost data shown in the appendix. The direct materials are ordered directly from our supplier in China and they are shipped to our factory here in Singapore on a quarterly basis. Three workers are hired with a monthly pay of $1500 to work on the production of tents. 1.5 direct labour hours are used to produce one unit of tent and therefore are charged as the labour cost involved. From there, we have set up a mark-up of 40%. The mark up is done to cover the fixed overhead cost such as rental space and marketing expense. Through the sales of the tent, it is expected to bring a 13% profit to the company for every unit sold. This has resulted to the selling price of $105 ($75*(1+0.4)).

Cost-Plus Pricing Our team has adopted the cost-plus pricing for the sales of bags. Cost-plus pricing method ensures that the selling price which the company set is able to cover all the costs to produce the product and make a profit from the mark-up value.18 17 http://www.accountingtools.com/activity-based-costing18 http://smallbusiness.chron.com/factors-influencing-pricing-strategy-54489.html

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We chose the cost-plus pricing for the sale of bags because we feel that it would be reasonable if the sales value that derives from this pricing formula ensures that all fixed and variable costs are covered. Profit is made as well as we made sure that the company stays competitive with other companies which sells similar products such as bags and that the company is able to continue operating in the long run. Moreover, once the information of cost of production is available it is easy to calculate the selling price and thus, lesser time can be devoted for such process.

In our case, the cost of the bags is calculated based on how much cost driver was allocated to each product during the production process. The total fixed cost which consists of depreciation of machinery, rent, warranty expense, general expense and marketing expense is $17.85. The total variable cost which consists of direct material, direct labour, indirect labour, indirect material, utilities expense and shipping expense is $61.22. Thus, the sum of total fixed cost and total variable cost which is the total production cost is $79.08. From there, we decided to mark-up 40% which is generally used by retailers.19 This results the selling price to be $110.71, ($79.08*(1+0.4)) which is within the current market range.

Impact on Pricing

19 http://www.tom-gray.com/2012/04/26/pricing-to-distributors-what-is-reasonable-markup/

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From the analysis above, it has shown that the change in the prices of both tents and bags would affect our company profit greatly. Currently, we are adopting contribution margin pricing when selling tents. We set a 40% mark-up to the variable cost, leading to a 13% profit earned after covering the fixed cost from the selling price of each tent. On the other hand, cost plus pricing is used in the sales of bags. 40% mark-up is applied to the total fixed and variable cost to derive to the selling price of the bags. We have opted for cost plus pricing for the sales of bags by including the total fixed and variable cost and marking the cost with 40% as the profit margin.

We have assumed the changes in price with an increase and decrease of 10% respectively and applied the sales-mixed method in order to derive to the weighted average contribution margin for each unit of tents and bags. We expect both tents and bags to have total production units of 9000 each; the sales mix percentage will be the same at 50%. As a result, the breakeven sales unit between each product lines will be divided equally. Assumptions are made for the cost volume profit analysis regarding our company. Firstly, we assume that the selling price is constant. The price of our products will not change as volume increases throughout the whole financial year. Secondly, the costs incurred to produce and sell the products are assumed to be linear. As such, the cost can be divided into fixed and variable components.

Given that the profit is tabulated after deducting the total fixed and variable cost from the selling price of both products, the profit earned by the company after selling different number of units of both products are shown in the profit-volume graph. From the graph, firstly, it shows the profit we are earning if we decided to sell our products together at our projected price of $216, which includes $105 for tents and $111 for bags. We will able to breakeven our sales with the cost when we sold 4054 units each and a total of 8109 units.

Similarly, if we decide to increase the selling price by 10% for both products, a total price of $238 which includes $116 for tents and $122 for bags, we will be able to breakeven at a lower production level of 3189 units each which is 6378 units in total. However, the response from the customers may not be as well as we have expected. This is due the increase of

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selling price and they may not be willing to pay more for products of the same quality as the other competitors who are selling the products at a lower price range. This may impact the number of units which we are able to sell and may cause losses in the long run.

On the other hand, if we decide to sell each unit of tents and bags with a 10% decrease in selling price of each product, we are selling at $195, with tents at $95 and bags at $100. We will only be able to achieve the breakeven point at a much higher production level of 5565 units each and a total of 11312 units. This will be too risky for the company as our total production level each year for each is only 9000 units. We are required to sell more than half of our production capacity. Losses may occur easily in the long run. It would take a longer time to achieve the breakeven units as compared to the situation when we are selling at a higher price. Company may not be able to sustain operations up till that point in time since we have just started our business and may not have sufficient capital to support the operations before breakeven point is achieved.

Diagrams

Diagram 2: Coleman

Diagram 4: The North face

Coleman Diagram 3: Coleman

Diagram 5: China Investment graph, IMF

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A ppendix(1)- MoonX Tents

Direct Material Quantity

Individual Price/meter or piece

TotalCamping Poles 2 of 4m 4 8.00Tent Clips 12 0.25 3.00 Tent pegs 4 1.2 4.80Tent Pins 4 0.2 0.80Zip 1 0.8 0.80Fabric- nylon cloth 13.2m 0.5 6.60Fabric-Mash 3.3m 2 6.60Fabric- nylon cloth for tent bag 2.5m 0.5 1.25Zip- tent bag 1 0.8 0.80

32.65

Direct Labour Hour Contributed Total CostPer Hour Cost Cost Allocated

Labour 1.53 employee with a monthly pay of $1500, no overtime included. 5.5 days a week, 8 hours. 8.52 12.78

12.78Total Direct material and Labour 45.43

Overhead ExpenseDepreciation of Machinery Total Cost Hour Contributed Quantity Cost Driver Cost AllocatedCutter for Fabric 20000/5 15 mins 1 Direct Labour 0.46Cutter for fibre poles 20000/5 15 mins 1 Direct Labour 0.46Industrial Sewing Machine 2(3000/3) 30 mins 2 Direct Labour 0.46Truck 16084.7 10 hours for 750 units 1 Direct Labour 1.80

3.18

Indirect Labour Proportion Cost Driver Cost Allocated NotesIndirect Labour inclusive of shop, office, delivery and warehouse management 200% Direct Labour Rate 17.04

100% attributed to shops and office, 100% to warehouse and delivery

17.04Indirect material Cost Cost Driver Cost Allocated NotesGlue 44 Unit Produced 0.06 Used in patching of parts.

Divided by total units,9000Thread 900 Unit Produced 0.100.16

Rent Cost Cost Driver Cost Allocated NotesFactories, Warehouse 20400 Per Square feet 4.25 5 feets used in factory, 3 feet

used in shopsShop& Office 10000 Per Square feet 5.459.70

Utilities Expense Cost Cost Driver Cost Allocated NotesFactories& Warehouse 550 Labour Hour 6.25 workers' production hoursShop 240 Labour Hour 1.36 Shop operating hours

7.61Warranty Expense Cost Cost Driver Cost Allocated NotesMachinery(All) 8000 Units Produced 0.89 Each machinery with $2000

warranty each, divided by total units, 9000.Truck 1300 Labour Hours 2.71

3.60 Please refer to report Pg4Delivery Expense Cost Cost Driver Cost Allocated NotesDelivery 25.96 Monthly transportation hours 2.60 4 times to shop, once to port

2.60Shipping expense Cost Cost Driver Cost Allocated NotesShipping 21836 Units Produced 2.43 Please refer to report Pg4

2.43General Expense Cost Cost Driver Cost Allocated NotesAdministrative 16 Office Hours,4Wk*5Days*8Hrs 0.10 Usage of stationery in office

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0.10Marketing Expense Cost Cost Driver Cost Allocated NotesMarketing 40000 Forecasted effect on sales 4.00 Expected increase 10K sales

4.00Total Variable Overhead expense 29.83Total Overhead Expense 47.82Total Cost per unit 75.26Profit Margin 40%Total Sales Value 105.37

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Appendix (2)- MoonX Bags

Direct Material Quantity Length (cm)Individual Price/meter or piece ($) Total ($)

Water Bottle Pocket 2 10 1.21 2.43Straps 5 150 0.75 1.13Zip 8 0.80 6.40Zip Teeth 5 225 0.60 1.35Belt 2 - 0.80 1.60Shoulder Strap 2 - 1.50 3.00420D Nylon - 45 0.50 0.23600D Polyester Print - 45 1.40 0.63Inner part of the bag - 180 0.50 0.90

17.66

Direct Labour Hour Contributed Total Cost ($) Per Hour Cost ($)Labour 2 3 employee with a monthly pay of $1500, no Overtime

included. 5.5 days a week, 8 hours.8.52

Total Direct Material and Direct LabourOverhead Expense

Depreciation of Machinery Total Cost ($) Hour Contributed Quantity Cost DriverCutter for Fabric 4000 15 mins 1 Direct LabourIndustrial Sewing Machine 2000 30 mins 2 Direct LabourTruck 16172.192 10 hours for 750 units 1 Direct Labour

Indirect Labour Proportion Cost Driver Cost Allocated ($) Notes

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AttributedIndirect Labour inclusive of shop, office, delivery and warehouse management 200% Direct Labour Hour 17.04

100% attributed to shops and office,100% to warehouse and delivery

17.04Indirect material Cost ($) Cost Driver Cost Allocated ($) NotesGlue 44.00 Unit Produced 0.06

Used in patching of parts. Divided by total unitsThread 2160.00 Unit Produced 0.240.30 9000

Rent Cost ($) Cost Driver Cost Allocated ($) NotesFactories, Warehouse 20400.00 Per Square feet 4.25 5 feets used in factory, 2 feet used in shopsShop& Office 10000.00 Per Square feet 3.64

7.89Utilities Expense Cost ($) Cost Driver Cost Allocated ($) NotesFactories& Warehouse 550.00 Labour Hour 6.25 Workers' production hoursShop 240.00 Labour Hour 1.36 Shop operating hours

7.61Warranty Expense Cost ($) Cost Driver Cost Allocated ($) Notes

Machinery(All) 6000.00 Units Produced 0.67Each machinery with $2000 warranty each divided total units, by 9000.

Truck 1300.00 Labour Hours 2.71 Please refer to report Pg43.38

Delivery Expense Cost ($) Cost Driver Cost Allocated ($) NotesDelivery 25.96 Weekly transportation hours 2.60 4 times to shop, once to portShipping expense Cost ($) Cost Driver Cost Allocated ($) NotesShipping 14184.8 Units Produced 1.58 Please refer to report Pg4

1.58General Expense Cost ($) Cost Driver Cost Allocated ($) NotesAdministrative 16.00 Office Hours,4Wk*5Days*8Hrs 0.10 Usage of stationery in office

0.10

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Marketing Expense Cost ($) Cost Driver Cost Allocated ($) NotesMarketing 40000.00 Forecasted effect on sales 4.00 Expected increase of 10K sales

4.00

Total Overhead Expense 44.38Total Fixed Cost 17.85Total Variable Cost 61.22Total Cost 79.08Profit Margin 40%Total Sales Value 110.71

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