Entrepreneurship and SMEs - Lexi Western Wear Inc - Example

Business Plan Lexi Western Wear Inc. 90 Carl Street, Cole Valley, Los Angeles, California Executive Summary The report is based on the start-up business plan for Lexi Western wear Inc. This is a small specialty clothing retail store planned to be situated in 90 Carl Street, Cole Valley, Los Angeles, California. The retail outlet will be specialized in selling clothing materials, accessories and jwelleries to the female consumers of Los Angeles. The organisation is targeted to fulfill the demand and clothing preferences of 18 to 35 years of the female consumers in Los Angeles which represent the 11% and 15% of the market respectively. The fashion clothing industry is rapidly growing in Los Angeles. Over 19% of the manufacturing firms of Los Angeles are focused towards the apparel industry of the location. Growing GDP rate is also incresing the demand of the potential market. The organisation will start its business in a partnership form. The ownership of the company will be handled by two personnel. As a top management I will handle the decision making process of sales, marketing and promotional process. The other partner will handle the administrative work. During the initial two years the organisation will possess 8 employees in four major departments such as sales, product customisation, customer service and billing and front desk. All of the employees need to be graduate with adequate experience in their respective field. The primary investment will be done by the owner of the company. A certain part of the finance will be accumulated from bank loan. The projected sales forecast and cash flow have demonstrated sustainable growth within the five years of its operation. According to the break-even analysis the organisation can generate profit within the third month of its operation. The possible drop in growth rate of the industry, price competiton, new product introduction by competitors, faliure of suppliers to provide products within right time and advancement of sales technologies can hamper the expected growth rate of the organisation. The orgaisation need to concentrate of continuous updation of their training process and process techniques as per the changing requirement of the society. They also need to improvise their products and services according to the changing market demand. Table of Contents 2. Business Description 5 Overview of the Industry 5 The Company 6 Description of Products 7 Your Positioning 8 Your Pricing Strategy 8 3. The Market 8 Customers 8 Market Size and Trends 8 Competition 10 Sales Projections 10 4. Development 12 Development Status 12 Production Process 13 Cost of Development 13 Labour and Competency Requirements 15 Investment and Operating Expenses 16 5. Sales, Distribution & Marketing 18 Marketing Strategy 18 Distribution 19 Advertising and Promotion 19 Training policies 20 6. Management Team 20 Description 20 Ownership 20 Board of Directors 20 Support Services 21 7. Financials 21 Financing strategy 21 Cash Flow 22 Income Statement 24 Balance Sheet 26 Risks 26 Conclusion 27 29 Reference List 33 Introduction The report is based on the designing of a business plan for a clothing retail outlet, Lexi Western Wears Inc., in Los Angeles, California. The start-up business will be targeted to provide ethnic western clothing and accessories solution to the female consumers within Los Angeles, California. The main target of the company is to position the business within the top clothing retailers in the particular market. The market of Los Angeles possesses very limited number of ethnic western clothing stores while the demand for the fusion fashion wears is gradually increasing within the market. The further discussion will detail the business concept and model of Lexi Western Wears Inc. along with the market analysis, product development and sales and marketing strategies. This report will also discuss the management structure and the financial projection of the company. 2. Business Description Overview of the Industry Lexi Western Wears Inc. will be competing in the fashion retail market of Los Angeles, California. The choice of market will provide huge business opportunity to the company due to the increased demand, large manufacturing scale and availability of skilled workforce. According to the research report of 2013 California Fashion Association, Los Angeles comes under the largest clothing manufacturing centre within the US in terms of skilled employees and proper availability of raw materials. As per their data, Los Angeles can be considered as the second largest apparel manufacturing centre in the USA (Dickson, et al., 2012). Almost 50% of the market within Los Angeles is populated with different small and medium sized specialty retailers which demonstrate near about 30.9% sales of the total apparel requirement within the region (Appendix 1). By the end of 2013, California has demonstrated the highest GDP growth (2.3%) within the US economy (Appendix 3). This situation has elevated the demand of fashion products within the consumers due to the increase of their disposable income. During 2013 the southern part of California has witnessed almost $107 billion sale of female apparel products which is projected to be higher within the next five years (Appendix 2). Key success factors: Increasing demand for fashion and luxury products within the market. Growing GDP and purchasing power of consumers. Scarcity of large organisations within the marketplace. Abundance of raw materials and skilled workers (Caro and Martınez-de-Albéniz, 2014). Therefore, the Los Angeles market provides immense opportunities to attract a huge customer base with a small set up of specialty clothing stores for female consumers (Williams and Currid-Halkett, 2011). Lexi Western Wears Inc. will be a small business which will provide a fusion of ethnic western clothing to the female consumers of the market. The unique collection and customization procedure of clothing and accessories will allow the company to attract potential consumers. Though the market of Los Angeles possesses a number of fashion clothing retail facilities, they possess very small number of customized fusion clothing stores. Hence, with proper advertisement and promotion procedure the organisation can attract a huge number of consumers (Sullivan and Lee, 2014). The Company Mission The mission of Lexi Western Wears Inc. is to offer good quality and high fashion ethnic clothing products with the customization facility as per the size and preferences of the consumers. Business type and Ownership Lexi Western Wears Inc. will be a retail business based on the sales of fusion ethnic clothing and accessories merchandize. The business will be categorized as small specialty clothing store. The ownership structure of the company involves two partners Lisa Thompson and Dave Jones. Lisa Thomson is a human resource management graduate who will be handling the administrative works of the organisation. On the other hand, Dave Jones will tackle all the sales and marketing related decision of the organisation. The organisation is targeted to fulfil the customized fusion ethnic and western clothing requirements of the consumers within Los Angeles. The organisation will only focus on the female population of the Los Angeles market within the age bracket of 18 to 35 years. The retail store will be operational all the seven days of a week. Monday to Wednesday the store will be operational from 10 am to 6: 30 pm. Thursday to Sunday the store will operate from 11:30 am to 8pm. As the organisation is targeted to fulfil the customized clothing requirement of consumers it will certainly require the support system of qualified and talented customer services personnel and sales personnel. Apart from the personnel the business will also require proper and adequate advertisements through different available media. The management will also indulge in various promotional activities in the initial phase to attract more consumer traffic. Description of Products Products The product offerings of Lexi Western Wears Inc. will include various American western clothing brands. The wide availability of different clothing brands under one roof will offer immense choices to the consumers. The collections will range from ethnic dresses, party wears, formal wears and suitable accessories such as bag, hats and jewelleries. The ease of availability of suitable accessories as per the clothing options will also assist the consumers to simplify their shopping quests. The sales representatives will be also attentive towards the requirement of customization of clothing in terms of colour, size and style preference of the consumer. Competitive edge The business plan of Western Wears Inc. possesses a number of advantages that will assist the company to create an identity within the competitive market of Los Angeles. The business will provide the clothing customization according to shape, size, colour and style. This facility is very rare within the small clothing retailers in Los Angeles. The retail outlet is based on a populated locality with immense opportunities to target huge consumers. The business is focused to create a sense of bonding within different communities of the market by providing a number of ethnic outfits as well as offering their fusion and customization. The proper maintenance of customer data and frequent follow-up will be beneficial to build relationship with consumers. Your Positioning Proper market positioning strategy and statement assist organisation to occupy their distinct position within the market while competing with the existing companies in the market (Fuchs and Diamantopoulos, 2013). The positioning statement of Lexi Western Wears Inc. elaborate that the organisation will provide a wide range of size, style and colours of different western and ethnic outfits under one roof. Lexi Western Wears Inc. will fulfil the clothing and accessories customization requirement which is not readily available within different mass apparel retailers. Your Pricing Strategy The company will initiate the business with a flexible pricing strategy. Most of the products offered by the company come with a suggested retail price. The management tends to follow that price range only. In case of the product customization the company will adopt marginal cost pricing. This pricing strategy will allow the management to set a price in relation to the extra cost of production (Danziger, et al., 2014). 3. The Market Customers The target consumer of the company is the female population of the Los Angeles within the age bracket of 18 to 35 years. The company will sale their products to the targeted consumer through the retail outlet situated in 90 Carl Street, Cole Valley, Los Angeles. This wide age ranges of female population also require clothing of different sizes and shapes. The differences in the life style and community elevates the need for ethnic clothing and accessories while the increased professional life has shifted the preference towards the fusion clothing in terms of ethnic and western. Therefore, the wide ranges of product availability in terms of shape, size and colours will create interest within the female population within different age groups within the market. The clothing customization will also attract plus size and different heights of female consumers. Market Size and Trends Market Segment The main target of the company is the female population within the age of 18 to 35 years in the Los Angeles marker. Therefore, the marketer needs to segment the market of Los Angeles as per the male and female ratio. The 2013 data suggests that the approximate population of Los Angeles is 38,84,307. According to the data of 2013, near about 50.4% of the total population of Los Angeles is occupied by female population (World Population Statistic, 2014). According to the product offering of the organisation the market need to be segmented as per the age category of the consumers. Out of the total female population 11% comes under the bracket of 18 to 35 years and 15% comes under the 24 to 34 age group (Appendix 4). Hence, these sections will be the major target of the organisation within Los Angeles market. Market Growth The fashion retail market is growing rapidly within the Los Angeles market. According to the recent data over 19% of the manufacturing firms of Los Angeles are focused towards the apparel industry of the location. This industry is also serving the 7% of the total wages for the Los Angeles population. During 2002 while the total apparel industry employment in the US has demonstrated sharp decline, the Los Angeles County has accounted 24% growth in the apparel manufacturing job. Current data have shown that market of Los Angeles has predicted approximately 16,780 jobs within new local business segments. These situations have assisted the market of Los Angeles to secure a strong economical position within the US (Eckman, et al., 2015). Therefore, this employment growth and clothing manufacturing facilities will allow the organisation to achieve their desired competitive position. Market Trend The fashion clothing market is quite well-established within the Los Angeles. The demand of western and fusion clothing is increasing within the consumers of the Los Angeles market. The increased GDP of California location has entitled the consumers of higher population density location to seek for high fashion and customizes products. The elevated professional opportunities have increased the collaboration of different communities within Los Angeles. Therefore, the requirement of fusion and customizes product is increasing gradually. Lexi Western Wears Inc. will utilize these changing trends of the market to attract their potential consumers. Competition The major competitors of Lexi Western Wears Inc. are ElleX and Concrete Angel (Los Angeles City Planning Departments, 2007). ElleX is the major competitor of Lexi Western Wears Inc. The organisation offers a wide range of clothing and accessories solutions to their consumers in Los Angeles. The organisation also offers plus size clothing solution for their consumer. One of the main competitive advantages of the organisation is their e-Commerce facility. This process assists the organisation to promptly serve the consumers demands. On the contrary, the pricing strategy of the organisation mainly targets the premium customer of the market. This situation restricts them to properly penetrate the Los Angeles market. This pricing practices also have reduces their consumer database (Los Angeles City Planning Departments, 2007). Concrete Angel can be considered as another potential competitor of the organisation. Concrete Angel offers affordable prices for high fashion clothing within Los Angeles market. Their friendly customer service procedure allows the organisation to capture a competitive position within the market. On the other hand, the product line of the organisation offers very limited variety of clothing such as pants, long dresses and jumpsuits. The absence of diversification restricts the consumer traffic towards their outlet (Los Angeles City Planning Departments, 2007). Lexi Western Wears Inc. possesses a number of attributes that will allow the management to establish their brand within the leading position of the market. The diversified clothing and accessories offered by the organisation will allow them to attract a huge number of consumer needs and demands. This will allow them to achieve competitive advantage over Concrete Angel. The flexible pricing policies will enable the organisation to properly and efficiently penetrate the Los Angeles market. Therefore, the pricing attribute of the organisation will assist them to gain competitive advantage over ElleX. Sales Projections The sales projection of the organisation will demonstrate the forecast of unit sales, sales cost and profit generated from the sales within the coming five years. The likely scenario of the sales forecast has provided the realistic and affordable sales plan as per the present scenario of the market (Önkal, et al., 2013). The organisation has utilized marginal cost pricing for all their product segments. According to the changing market demands it has been predicted that the demand for customized ethnic and fashion wear will increase every year. It has been predicted that the proper sales promotion and advertisement procedure will allow the marketers to achieve near about 10% to 15% growth in their each year sales within the projected five years. The worst scenario of the sales forcast has demonstrated lower price per unit and lower unit sales. The increase of price competition in the market may influence the organisation to adjust their pricing as per the makret trend and demand. Ineffieincy in e-Commerce facility and improper promotional procedure may alsi affect the unit sales of the organisation (Appendix 6). Therefore, It can reduce the overall sales profit of the organisation. On the other hand, the best scenario has demonstrated higher unit sales of the product line (Appendix 6). This situation may occur due to growth in market demand as well as experiential marketing procedure. 4. Development Development Status Lexi Western Wears Inc. collects their product line from different leading brands of the USA such as Tommy Hilfigure, Topshop, Forever 21 etc. The development of products include initiation of contract with the global clothing brands, Price setting as per the contract, creating customized prototype with the assistance of local ethnic cloth manufacturer and preparing all the collections for the marketing purpose. Presently the product selling contract and price setting procedure has been completed. The remaining stages of product development till the initiatyion of marketing will be completed within another two months. Product development status Jan-15 Feb-15 Mar-15 Apr-15 May-15 Contract with the global clothing brands           Price setting           Customized prototype with the assistance of local ethnic cloth manufacturer           Preparing collections for marketing           Production Process The company is not involved with the manufacturing of cloths or accessories. Therefore, the production process will include the stages of retail store opening, inventory collection, personnel hiring and final product sales and customer servioce process. The retail location leaseing and occupency permission procedure will focus on the convenience of the regular inventory supply through different manufacturing locations as well as ethnic clothing organisations. Therefore, the company has selected Cole vcalley as a favoutrable location which is situated very close to the local manufactuiring facilities. Steps of delivering retail service Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Retail location lease                   Apply for occupancy permit                   Inventory order placement                   Opening store                   Office equipment purchasing                   hiring skilled employees for sales and customization purposes                   Create store policies                   Advertisement and promotion                   customer service                   Cost of Development The organisation is not manufacturing the product. It is mainly availing the clothing material of different fashion brands. It will also assemple those brands to provide unique collection to the consumers. Hence, there will be no cost for manufacturing. Setting up a fully functioned retail outlet will cause the major cost in the developement phase. The following chart has detailed the start-up funding of the business. The budget has described the start-up expenses which includes legal charges, occupancy charges, equipment expenses, advertisement and insurance cost. It has also detailed the required capital and borrowing of the organisation. start-up Funding ($)   Start-up expenses ($) Year 1 Legal 550 Occupancy 2300 Equipment 2734 Advertisement 2200 Utility 240 payroll 6500 Insurance 696 Others 0 Total Start-up expense ($) 15220 Start-up assets to fund ($)   Non cash asset from start-up 14000 Cash asset from start-up 384 Additional cash requirement   Total asset ($) 14384 Liabilities and capital ($)   liabilities ($)   current borrowing 0 long-term liabilities 16700 Outstanding bills 0 Interest free current liabilities 2000 Total Liabilities ($) 18700 Capital ($)   Owner cash investment 5100 Additional investment 0 other 0 Total planned investment ($) 5100 Loss at Start-up ($) 15220 total capital ($) -10120 Total capital and liabilities ($) 8580 Total Funding required ($) 23800 Labour and Competency Requirements The business will possess total 4 departments such as sales, product designing and customization, customer service, front desk and billing. The organisation need to establish Point of Sales (POS) software to esasily handle the sales procedure. The product customization equiments need to be of latest technologies. Lexi Western Wears Inc. is a small organisation with total of 8 employees. During the third year of operation the organisation will hire four more employees to serve the increased demand. Sales: This employees need to possess proper experience in garment retailing business. Adequate training will be provided for proper customer handling. Product designing: These employees need to be graduated in fashion designing. Proper experience in the cloth and accessries customizatiuon will be prefered. Customer service: Good interpersonal skill is required. This employee will be provided proper training related to the customer preferences and usage of different media to communicate with consumers. Front desk and billing: Both of the employees should be proficient with computer usage. They also need to possess basic knowledge regarding POS software. They will also be provided initial training related to the usage of POS. During the third year of operation the organisation will require 2 more employees in product customization department, one more employee in customer services and one employee addition in sales team. Investment and Operating Expenses The utility charge and payroll expenses can be considered as the operating expense. Both of these charges are ongoing expenses for the organisation and display a tendency to vary as per the changing trends in industry. The estimated changes in the utility charges over the next four years are very nominal. Therefore, it has been ignored. On the orther hand, the organisation’s prediction regarding the requirement of four more employees within the third operational year will centainly modify the overall expenses. Various unfavourable market condition can cause depriciation in the non-cash asset value of the organisation. The asset values have been predicted to be depriciated within 2% to 5%. The total expenses of the third, fourth and fifth years will be as follows- The charges of utility can be considered as variable cost. This variable cost for the five operating years will be same. Fixed cost includes legal, occupency, equipment, advertisement, payroll and insurance charges. This amount will vary due to the increase of employement strength in third year. 5. Sales, Distribution & Marketing Marketing Strategy The market objectives of Lexi Western Wears Inc. are: To generate a shopping environment that fulfils the demand of customized clothing. To attract a wide range of consumers through the lucrative pricing policy. To maintain the quality of product and service. The marketing strategy of the company will concentrate on the niche positioning, proper customer service and sales promotion. The management will follow the market penetration, product developement and market developement of the Ansoff’s matrix to secure a competitive position in the Los Angeles market (Wilson and Gilligan, 2012). (Source: Hussain, et al., 2013) Distribution The retail location will be mainly responsible for the product distribution procedure. Direct mail facility will be provided to the top 50% consumers to aware them about in-house promotional sales. Advertising and Promotion The advertisement and promotional process will utilize different print media to impart product related knowledhe to the targeter consumers. Advertissement through newspaper and local magazine will be utilized to attract consumer attention. Distributing flyers and postcards will also assist the company to generate customer database. Though the company is not planning to set up an e-Commerce facility in the near future, it will invest in designing a attractive websiite as well as social media pages. This process will assist the management to easily distribute knowledge regarding their offerings to a wide range of consumers. The organisation can also arrange fashion show within the local community to generate consumer awareness about the brand. Lexi western wears Inc. is targeted to spend approximately $2200 each year for the overall advertisement and promotional process. Training policies The sales associates needs to be atleast graduate and they must possess prior experience in garmant retailing. The sales persons need to undergo a traning period of one week which will educate them about the products, offerings and deals. The customer service agent should demonstrate good interpersonal skills. They will recieve on the job taining for communication and customer preferences. 6. Management Team Description As a management graduate I am quite proficient with the sales and account handling processes. I have more than 5 years of experience in the field of retail garmet salling. This experience will assist me to properly analyse and fulfil the requirements of potential consumers. The company will follow the partnership form of business. The ownership of the organisation will distributed within two members. This process will assist us to easily generate the required funds. The business can also utizise the different management skills of both the partners (Daft, 2012). There will be two key personnel in the top management including me. I will be responsible for the sales and marketing related decisions while the other partner will management the administrative works. Ownership The ownership will be devided into the two members of the top management. Both of the partners will be equally responsible for the decision making processes of the organisation. Board of Directors Lexi Western Wears Inc. is a small scale business. Therefore, it will not possess any perticular board members. The owner of the company will serve as board member as well an general manager of the organisation. Support Services Advertising agencies: The management will initiate a contract with Los Angeles Advertising Company that will be responsible for handling the online visibility and advertisement processes. Outcast Ads company will manage all the print media advertising for the company. Insurance: The management also need to hire third party retail sales insurance agent to ensure the long-term sustainability of the business. 7. Financials Financing strategy The organisation will not utilize investment from any external investor. The initial investment will be made by the owners. The management will also avail business start-up loan from bank which can be considered as long-term liability. Capital ($)   Owner cash investment 5100 Additional investment 0 other 0 Total planned investment ($) 5100 The following table will detail the cost of the project and the funding process: Cash Flow The following table of projected cash flow for five years has provided the details about the difference between the total sales income and investment of the company within the given period (Brooks and Mukherjee, 2013). Projected net cash flow and cash balance of first year Income Statement The chart has provided the details of the income statement of the Lexi WesternWears Inc. throughout all the months of the first operational year. Break-even analysis The break-even point will demostrate the point of product sales where the revenue generated will be equal to the cost associated to sales (Tsorakidis, et al., 2011; Krajewski, et al., 2012). The estimated fixed cost per period of the business is $1248. The variable cost per unit will be $32. Break-even chart According to the chart the business can achieve break-even point between the second and third month of their operation. Near about 159 units need to be sold to achieve the break-even point. Balance Sheet Risks The major risk that the business can face during its operation are drop in growth rate of the industry, price competiton and new product introduction by competitors. Faliure of suppliers to provide products within right time and advancement of sales technologies can also hamper the expected growth rate. The drop in industry growth rate, new product developement by competitors can reduce the total estimated unit sales of the company. The price competition within the market may force the management to reduce their estimated price for products while the cost is increasing or remaining same. This situation can affect the desired profit out of sales of the company. The chart have demonstrated the worst scenario of sales forcast. The management need to focus on updating their retail and product designing procedure as per the latest trend. The employeed must get proper training regarding the upgradation of the market. The company should timely renew their contract with the suppliers. Continuous monitoring the competitors movement and performance is also necessary for the company growth. Conclusion The overall discussion have demonstrated an elaborated view of the business start-up plan for a specialty clothing retail store,Lexi Western Wear Inc, in Los Angeles, California. The report has projected the business structure, industry type, market trend and market growth. The study has also demonstrated the present competition in the market as well as the possible positioning, distribution and pricing strategy of the company. The further discussion has provided the management structure and ownership of the business. This report has evaluated the developement phase of the business as well as the projected sales outcome. Finally, it has illustrated the five year cash flow, income statement, balance sheet and possible risks of the organisation. Appendices Appendix1: Total apparel sales in Los Angeles through retail chains (Source: Kyser, 2003) Appendix 2: Total apparel sales in Los Angeles (Source: Kyser, 2003) Appendix 3: GDP growth in different states of the USA (Source: Bureau of Economic Analysis, 2014) Appendix 4: Population chart of Los Angeles (Source: CLRChoice, 2012) Appendix 5: Apperal Industry of Los Angeles (Source: California Fashion Association, 2011) Appendix 6: Best and Worst Scenario of Slaes Forecast Sales forecast-Worst Scenario Unit Sales Year 1 Year 2 Year 3 Year 4 Year 5 Clothing 935 1392 2300 3280 4820 Jewelleries 264 568 643 702 879 Other accessories 83 241 312 381 427 Total unit sales 1282 2201 3255 4363 6126 Per unit price ($) Year 1 Year 2 Year 3 Year 4 Year 5 Clothing 30 30 30 30 30 Jewelleries 10 10 10 10 10 Other accessories 15 15 15 15 15 Sales ($) Clothing 28050 41760 69000 98400 144600 Jewelleries 2640 5680 6430 7020 8790 Other accessories 1245 3615 4680 5715 6405 Total Sales ($) 31935 51055 80110 111135 159795 Direct Unit costs ($) Year 1 Year 2 Year 3 Year 4 Year 5 Clothing 25 25 25 25 25 Jewelleries 12 12 12 12 12 Other accessories 17 17 17 17 17 Direct Cost of sales ($) Clothing 23375 34800 57500 82000 120500 Jewelleries 3168 6816 7716 8424 10548 Other accessories 1411 4097 5304 6477 7259 Total direct cost of sales ($) 27954 45713 70520 96901 138307 Profit out of sales ($) 3981 5342 9590 14234 21488 Sales forecast-Best Scenario Unit Sales Year 1 Year 2 Year 3 Year 4 Year 5 Clothing 4327 5231 6542 7491 8590 Jewelleries 1091 1573 2309 2893 3472 Other accessories 786 923 1102 1873 2103 Total unit sales 6204 7727 9953 12257 14165 Per unit price ($) Year 1 Year 2 Year 3 Year 4 Year 5 Clothing 50 50 50 50 50 Jewelleries 25 25 25 25 25 Other accessories 35 35 35 35 35 Sales ($) Clothing 216350 261550 327100 374550 429500 Jewelleries 27275 39325 57725 72325 86800 Other accessories 27510 32305 38570 65555 73605 Total Sales ($) 271135 333180 423395 512430 589905 Direct Unit costs ($) Year 1 Year 2 Year 3 Year 4 Year 5 Clothing 25 25 25 25 25 Jewelleries 12 12 12 12 12 Other accessories 17 17 17 17 17 Direct Cost of sales ($) Clothing 108175 130775 163550 187275 214750 Jewelleries 13092 18876 27708 34716 41664 Other accessories 13362 15691 18734 31841 35751 Total direct cost of sales ($) 134629 165342 209992 253832 292165 Profit out of sales ($) 136506 167838 213403 258598 297740 Reference List Brooks, R. and Mukherjee, A. 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