Individual Assignment #4
Puneet Kaur Ghuman
Student I.D.: 44778
BUSI 1073 Business Writing and Communications (Section B) (15W)
March 14, 2015
I am Puneet Ghuman, the founder and CEO of E-Mazing lights. As noticed, clubbing is moving from a sub culture to a pop culture and E-Mazing is absolutely thrilled to take these gloves to next level and built a billion dollar industry with it.
E-Mazing lights specialize in selling personalized e-light gloves, which have lightings at the fingertips. They are the live to any night party. These gloves are offered in fifteen lighting modes and any color preference. Also, with various hand movements different density of color may be obtained. These lighting gloves range from twenty dollars, basic model, to hundred and twenty dollars, which is the deluxe e-light glove. In terms of product placement, the company sells ninety percent of its products online. (Bhattacharya, 2008, p.114) also sells through two retail stores owned by E-Mazing lights and three licensed stores. Currently, Japan and Australia have the biggest numbers of E-Mazing lights customers.
E-Mazing lights started its journey four years ago with approximately hundred dollars as investment and today the company is very proud to report it has grossed over thirteen million dollars so far. The cost margin for a pair of gloves range from ten to seventeen dollars. They are designed here, in Canada, and assembled overseas among twenty companies with who E-Mazing lights deals with, which minimizes the cost margin and risk. (Evans, 2012)This year the company has projected five point five million dollar and it is right on target.
Gloves are the primary product of the E-Mazing lights. However, from the last year a range of auxiliary products have been introduced to the market. As the CEO of E-Mazing lights, I decided to take money out of the company in order to create another company I-Heart Raves. I-Heart Raves caters awesome wild apparels to all the festivals and social events. In 2014, I-Heart Raves has a revenue of one point four million dollars and this year the company is targeting two point five million dollar.
In terms of competition, E-Mazing lights owns eighty percent of the glowing…