Appendix II

Universiti Tunku Abdul Rahman

Faculty of Business and Finance
(Academic Year
2021/2022) MAY
2021 SEMESTER

UBTE 2013 ENTREPRENEURSHIP

GROUP ASSIGNMENT COVER SHEET

Course Details

Course : UBTE 2013 ENTREPRENEURSHIP

Year and Semester : Y1T1
Tutorial Group : Tutorial Group 3
Tutor’s Name : Adi Wira Bin Mohd Zin
Lecturer’s Name : Adi Wira Bin Mohd Zin

Assignment Details

Topic :

Due Date :

Important Note : Submission of assignment is the responsibility of the students.

Student Details

Name Student ID
1. FOO HOO YAO 21ABB01612
2. LIM SZE SUEN 21ABB02206
3. LIM YEE WENG 21ABB02455
4. ONG ZHE 21ABB01480
5. PANG CHANG LEONG 21ABB02753

Assignment overall marks:

1
 Appendix III

Universiti Tunku Abdul Rahman

Faculty of Business and Finance
(Academic Year 2020/2021)
MAY 2021 SEMESTER

UBTE 2013 ENTREPRENEURSHIP

MARKING SCHEME FOR GROUP ASSIGNMENT

Marks Marks
No. Assessment Allocation Given
1 Company, Product, Service and Industry Background 2

2 Recognizing opportunities/techniques for generating ideas 3

3 Feasibility Analysis 8

4 Industry Analysis and Competitor Analysis 8

5 Pro-Forma Financial Statements and Funding Aspect 8

6 Business Model 8

7 Growth Strategies 5

8 Quality of the Written Assignment 3

Total Marks 45

Comments:___________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________

Name of Marker : _______________

Signature of marker : _______________

Date : _______________
 Table of Content Pages

1.0 Introduction of Kar Pin Trading 1-2

2.0 Identify Opportunities of business

• Issues of business 2-3
• Recognizing Opportunities

3.0 Overall Financial Attractiveness of the proposed venture

Feasibility Analysis
• Service Feasibility
4-12
• Industry/ Target Market Feasibility

• Organizational Feasibility

• Financial Feasibilities

12-16
4.0 Industry Analysis and Competitors Analysis

5.0 Pro-Forma Financial Statement & Funding Aspect 16-18

19-23
6.0 Business Model

7.0 Growth Strategies of business

• Internal Growth Strategies 23-25
• External Growth Strategy

Appendix 26-37

Reference 38-40
 1.0 Introduction of Karpin Trading

Kar Pin Trading primarily operates stationery stores and does some printing in Tangkak,
Bukit Gambir, a small town in Johor near Malacca. Kar Pin Trading was founded in the 1970s
and it is a sole proprietorship running by Ong Ah Kow who is the founder with his humble
beginning, and he began this journey as a vintage small barbershop. Later, it began to sell a
variety of stationery, and the store was taken over by the first-generation successor, Ong Lai
Tiam. After the first-generation successor (Ong Lai Tiam), took over the retail store that it had
from a sole proprietorship to a family business. It had truly become a printing and stationery
store with the simple and clear aim of providing a good service in the small town. In 2020, this
retail store has its further expanded, slightly repainted, and refurbished. The store has always
been run entirely by family members, with no outside additional assistance.

The mission of Kar Pin Trading is pursuing their business with innovation and creativity
that exceeds the expectations of respected customers to deliver superior printing and stationery
services while their vision is becoming a better business by providing better services,
relationships, and profits. Kar Pin Trading has been in business for nearly 50 years and thus
has more experience in this field. Photocopying and stationery are inextricably linked. This
retail store also offers photocopying services, wedding invitations, and cards, stationery
supplies, rubber stamps, name cards, banners as well as selling newspapers and printing single
books. Because of the variety of the retail store, stone and wood carving is also available to
meet customers' needs. Also, the founder (Ong Ah Kow) has a great interest in savoring tea, so
the business started to sell quality products of the teapot and fine tea leaves. However, is facing
stiff competition as more commercial printers and stationery stores open nearby. Another
benefit is that trained family members are familiar with all the goods, their uses, and other
details. There are many fragmented customers, and there is no specific customer base but most
of their customers are students from schools. As technology advances, stores are offering
WhatsApp, WeChat, email, and store QR codes to make it easier for customers to photocopy
documents. In addition, as people have mobile phones and the government advocates better
use of Internet resources, the retail store also provides online payment services e.g., e-wallet.
Online services such as a "Facebook" page to publicize and inform residents about the latest

1
news about a retail store, signalling a shift away from traditional operation methods and toward
computerization.

2.0 Identify Opportunities of business

2.1 Issues of business

a) Similar competitors are expanding in the town.

b) COVID-19 outbreak has negatively affected business in Kar Pin Trading.
2.2. Recognizing Opportunities

It is well known that stationery products are a set of commonly used products in the
home, office, and school. According to the founder, the increase in nearby competitors has
caused fluctuations in the demand market for Kar Pin Trading. Prices differ due to the varying
quality of competitors' products and services. This is already visible in the quality of printers
that they use today. For example, the machine is no longer superior to its professional copy
shop competitors. Also, social distancing restrictions and shifts in health - and economy-driven
needs from COVID-19, school closures, etc. It has led to the closure of many small businesses
and start-ups and has had a significant impact on Kar Pin Trading's sales.

To summarise, there are two opportunities for Kar Pin Trading:

Create online marketplace of Kar Pin Trading at Shopee: Nowadays, Shopee online
marketplace are trending in Malaysia, through Shopee, Kar Pin Trading can increase sales and
reduce stock. Shopee's scale online is the main benefit of selling in stores. Kar Pin Trading has
struggled to attract large numbers of customers to its brick-and-mortar stores during the
outbreak. So, when Kar Pin Trading chooses to sell a variety of stationery or goods on Shopee,
sales increased, and the target market expanded from small towns to all online market users.
Customers may come across stationery or products listed by Kar Pin Trading in the store, even
if they don't search for your particular store on their first visit. The shop may gain new
customers once they patronize Kar Pin online store with the help of excellent service and
fulfilment, customers will always come back to spend again. By doing so, it has benefit in
logistics and shipping process in Kar Pin Trading. After investigation, Shopee has a strong
online business in Malaysia, is a top e-commerce store, with safe and reliable logistics and
transportation conditions. Moreover, Kar Pin Trading can reduce its transportation costs
(shipping agent provided by Shopee). As a result, Kar Pin Trading can ensure that the goods
are delivered to customers within the budgeted time.

2
In addition, e-commerce has become an essential component of the global retail framework in
recent years. The retail industry, like many others, has undergone significant change since the
advent of the Internet. With Internet access and adoption increasing rapidly around the world,
the number of digital buyers grows year after year. To cover the payment gateway, all local
Shopee Marketplace sellers charge a small transaction fee. As a result, Kar Pin Trading's capital
is perfectly suited to the establishment of retail outlets for stationery and its various products.

Kar Pin Trading can create loyalty card, which includes the following features: Kar Pin
Trading offers loyalty cards that merchants can use to collect information about their customers.
The data from the database will be used to help Kar Pin retailers better understand and influence
the buying habits of their customers, and to stock according to those customer habits.

Customers can be kept in touch with Kar Pin Trading by using loyalty cards. The loyalty card
programme, in addition to being a great way to attract new customers, also helps to build trust
with existing customers, allowing them to have faith in Kar Pin and return. In addition, loyalty
cards can be used to encourage customers to try new products, and Kar Pin offers discounts to
customers to raise awareness among local customers. For example, at Kar Pin Trading, if you
spend RM50 or more on stationery or photocopying services, you will receive a 10% discount,
and this is how loyalty cards are calculated. Hence, Customers who need large copies or
stationery will be reminded that Kar Pin Trading offers discounts in this way. Because of its
effectiveness, this technology is used by many businesses. Kar Pin Trading can keep the
rewards fresh by changing them on a regular basis and keeping customers interested. Kar Pin's
reach is also expanded thanks to loyalty cards, which provide customers with special offers,
discounts, and rewards. Customers who are loyal are more likely to invite their friends to join.
Offer coupons to people who refer business to others as another way to get more customers.
"Recommend a friend to print at here, paste a seal, three seals get RM20 coupon," for instance.
Of course, all the terms and conditions are generated by the store, once owner feel inappropriate,
he may discontinue this preferential for the enterprise to reap the greatest benefits.

3
3.0 Feasibility Analysis.

3.1 Service Feasibility

3.1.1 Service Desirability (Concept Statement)

New Business Concept

Kar Pin Trading

Service

Kar Pin Trading will be developing an E-Commerce business on the platform of Shopee. The
online store will sell stationaries. Besides also provide a variety of customized services which
include photocopying service (books and banner), wedding invitations and cards printing,
rubber stamp and name card making, and also stone or wood carving. Customers can inquire
about the customization services via Shopee or available social media platforms (WhatsApp,
WeChat, email, and store QR code).

Target Market

Kar Pin Trading was sited in a strategic location surround by the primary school and tuition
centres. The target markets are students, education institutions and offices. With this access to
online business, the customer group would be expanding nationwide.

Why Kar Pin Trading in Shopee?

Due to the COVID-19 Pandemic lockdown cause some businesses and shops are a force to
shutdown. The Standard Operating Procedure to practice social distancing has limited the
ability of the customer to conduct walk-in purchasing. Kar Ping Trading will sell and provide
a variety of stationaries and customize services in Shopee. The price of products is cheap and
affordable to the customer. All the products and services offered will be categorized based on
type to ease the browsing. The stationaries will also be sold in a bundle to customers.

Special Feature

Kar Pin Trading will be offered a different type of customization service (printing, rubber
stamp, name card making and carving) in Shopee to fulfil customer requests at a reasonable
price. They will offer an assortment of stationery set in Shopee during particular occasions.
The assortment stationery set includes the top-selling item of Kar Pin Trading. They also sell
quality products of the teapot and fine tea leaves because the founder (Ong Ah Kow) has a
4
great interest in savouring tea. The stores will also sell other items such as Chinese herbs
patches, masks, and snacks.

Management Team

Kar Pin Trading is led by the first-generation successor, Ong Lai Tiam who took over this retail
store from a sole proprietorship to the family business. The store has always been run entirely
by family members, with no outside additional assistance.

3.1.2 Service Demand (Customer Buying Intention Survey Summary)

Based on the survey conducted, we have received 25 respondents (60% Female and 40% Male)
responses regarding the new business concept statement of Kar Pin Trading and most of them
are a student between 18-24 years old (84%). The respondents are from the different states of
Malaysia which are majority from Perak (52%), follow by Selangor (24%) and Johor (16%).
We also focus in investigate respondent’s income levels. Based on the survey result, 18
students (72%) have no job and no income. In the income level less than RM2,500, it involves
6 respondents (24%). Besides, there was a respondent who operates a family business had an
income of RM5,000 and above.

Based on the survey result, we found that:

• The online shopping app ‘Shopee’ is the most popular platform that uses by the respondents
which consist of 95.8%.

• The respondents were able to find what they are looking for in the Kar Ping Trading online
store. The various types of stationeries (64% of respondents) customize photocopying
services (40%of respondents) and snacks (60% of respondents) that are provided by the
stores are more preferable by the respondents. Some of the respondents were also attracted
by the other customized service provided. For instance, the stone and wood carving has 4
respondents (16%) prefer because every carving product created is unique based on their
designs and appearance.

• Most of the respondents about 84%-88% willing to browse and try Kar Ping Trading
products and services if they provide discounts or special offers. The price of products and
services offered also affect the buying behaviour of respondents. 84% of respondents would
like to recommend Kar Pin Trading products and services to their friends or colleagues
when Kar Pin Trading developing an online store in Shopee.

5
• 79.2% of respondent’s aspect Kar Pin Trading online store be quick and convenient with
detailed and customized in providing the products and services. While many things should
do to make the business more customer-focused, few are more important than maximizing
the convenience that can offer to customers. Customer service is important because it set
the business apart from competitors and built a strong relationship with the customer.

• The snack is preferable by respondents, a respondent suggests Kar Pin Trading offer some
groceries since some food products are offered. Several respondents also provide
suggestions in diverse product and service options along with affordable prices such as
selling reference books or magazines, art supplies, photo printing services, daily supplies,
toys, and promotion. This will attract more customers. A suggestion of respondents in
expanding the multi-network marketing such as Facebook, Instagram, and Lazada. This
will enable Kar Pin Trading online store to be easier found on various platforms.

• A respondent aspect Kar Pin Trading able to provide a good delivery service to the nearby
area. Logistics is an important element of a successful supply chain that help business to
increase their profit and sales. That is important in selecting the logistics company or
partner.

3.2 Industry/ Target Market Feasibility

3.2.1 Industry Attractiveness- Michael Porter’s Five Forces Model (Retail and Trading
Industry)

Competitive Force Threat to Industry Profitability

Low Medium High
Threat of Substitutes
Threat for New Entrants
Rivalry among existing firms
Bargaining power of Suppliers
Bargaining power of Buyers

• Threats from the substitutes

Threats from the substitutes are high. Buyers will have more options to select from one or more
substitute goods because substitute goods becoming more available in the retail market to meet

6
their needs more effectively. The desire of customers to purchase alternative items is
determined by a lot of factors, including quality, price, and performance of the substitute
products. There were many aspects including the availability of other buying choices like
internet shopping, alternative payment methods, home delivery service, and the pricing of
replacement items that may increase the impact of substitutes (Management Study Guide,
2021).

• Threats from the new entrants.

Threats from the new entrants are high. The new entrance will be able to learn from current
players' errors and enter the sector with better tactics or remedial actions. To attract consumers,
they might provide low-cost goods with enhanced features. New entrant obstacles can be
established by obtaining a cost advantage or low-cost leadership. The differentiation of the
product, capital investment strength, and strong consumer loyalty to current companies might
pose a threat to new entrants (Management Study Guide, 2021).

• The rivalry among existing firms.

The rivalry among existing firms are high. Several variables determine the impact of
competitive rivalry in the retail industry including the achieving economies of scale in sales or
production to gain a competitive advantage over competitors and also the products offer with
a variety of options to maximise client pleasure and increase customer loyalty. Other important
elements that influence the intensity of competitive competition include the product price,
service quality, and strategic alliances such as mergers or acquisitions. The high rivalry might
be seen as a threat since it reduces profit margins and lowers prices (Management Study Guide,
2021).

• Bargaining power of the suppliers.

The bargaining power of the suppliers are high. The suppliers' bargaining power is likely to be
high if the raw material or inputs are of extremely high quality. The uniqueness of the inputs
or raw materials, as well as the quality of the product supplied by the suppliers, are variables
that influence the suppliers' bargaining power. The higher the demand for a supplier's products,
the higher the supplier's bargaining power (Management Study Guide, 2021).

• Bargaining power of buyers.

The bargaining power of buyers are high. Because of the easy availability of many substitutes
with greater price offerings, volume purchased by the buyers, sensitivity to pricing related-
variables, and low brand loyalty, the buyers' bargaining power is predicted to be quite high in
7
the retail business. If a buyer has the option of switching sellers, their bargaining power is
likely to be stronger (Management Study Guide, 2021).

3.2.2 Target Market Attractiveness.

Due to the location of its business is strategic, its target market is usually students,
education institutions and offices who need convenient access to these products and services.
Kar Pin Trading especially focus on the student as a target market. When the prices are low,
students will feel more encouraged to repeat purchase and organically spread positivity Kar
Pin’s brand throughout the student population about how well Kar Pin Trading meet their daily
needs and requirements. Since many students and teachers now complete their work on
computers and prefer to buy e-books rather than printed books, there is still a high demand for
stationery goods in the market. For businesses and companies, his customer group purchases
stationery for the whole organization, although other groups within the same company may
make individual purchases as well. Because most companies and businesses having own
printers and photocopiers, they are rarely utilizing this service from a third party. Similarly,
even though most official work is now done online, accountants and clerks at various
institutions still require stationery for a variety of purposes (OGS Capital, 2018). Other than
that, because the prices offered by Kar Pin Trading is low and relevant affordable, they usually
target middle- and lower-income consumers. The customers decide to buy from Kar Pin
Trading because of the benefits they offer, along with their price.

3.3 Organizational Feasibility

2.3.1 Management Prowess

Kar Pin Trading is a sole proprietorship business. The business was registered under The
Companies Commission of Malaysia in 1998. The scale of operation carried on by Kar Pin
Trading is generally small and the area operations are limit in a small town. The proprietor and
his wife take all the decisions of business such as determine prices of products and services
and managing the stocks. Besides, the store has always been run entirely by family members;
no organizational structure is required. They are not employed outside assistance to help them
in the internal business operation, later was hire a newspaper delivery man when they began to
sell the newspaper. Kar Pin Trading also set a custom policy for their old customers which they
can buy goods on credit.

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3.3.2 Resources Sufficiency

Several non-financial resources that may be critical to the successful launch of a new business
concept of Kar Pin Trading which were:

• The location of the business is strategic. Kar Pin Trading store was surrounded by
tuition centres, primary schools, and kindergarten and offices which were close to its
target market.

• The IT skills, all the business operations were supported by the technological
equipment. For instance, all the transactions and auditing were done and recorded on a
computer by the proprietor. Additional skills, the proprietor is good at design name
cards and wedding cards. He was also able to customize the handmade stone or wood
carving for customers. Besides, all the family members have been trained to be
familiar with all the details of the business. They were able to provide advice to
customers who were unfamiliar with their products and services offer.

• Close relationship with old customers. The old customers can recommend them to
the new customer, this will also help them save a lot of advertisement cost. Kar Pin
Trading has a good relationship with its suppliers. The ordered stocks reach on time
currently and having a special discount with suppliers who has a long-term business
deal.

• The number of machines and equipment. Kar Pin Trading has 2 digital printing
machines, 1 inkjet printer, 2 computers, and 1 rubber stamp machine which can fulfil
the huge order or demand of customers in a short term.

3.4 Financial Feasibility

3.4.1 Total Start-up cash needed.

Items Amount (RM)

1) 2 Laptop 8,000
2) 2 Printer 50,000
3) Van 100,000
4) Transportation cost 2,000

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 5) Utilities 2,000
6) Advertising cost 500
7) Inventory

• Daily Supplies 5,000

• Snacks 3,000

8) Van’s driver wage 1,600

9) Packaging Materials (Boxes, Foams, Air Bubble Wraps, Tapes) 1,000

Total 173,100
Table 1: shows the budgeting items needed for the Kar Pin Trading new business concept

Table 1

3.4.2 Financial performance of Similar Business

The comparison of financial performance of Kar Pin Trading and Chang Zhong Enterprise.
The Chang Zhong Enterprise is a stationery store located at Bandar Baru Menglembu, Perak.

• Liquidity Ratios

a) Current Ratio

Particular Kar Pin Trading Chang Zhong Enterprise

Current Assets 89,043 90,000
Current Liabilities 43,167 41,510
Current Ratio 2.06 2.17
Chang Zhong Enterprise’s current ratio is better as compared to Kar Pin Trading, which shows
Chang Zhong Enterprise is in a better position to repay its current obligations.

b) Quick Ratio

Particular Kar Pin Trading Chang Zhong Enterprise

Quick Assets 11,338 19,486
Current Liabilities 43,167 41,510
Quick Ratio 0.26 0.47

10
Chang Zhong Enterprise is in a better position as compared to Kar Pin Trading to instantly
cover its current obligations.

• Profitability Ratios

a) Gross Profitability Ratio

Particular Kar Pin Trading Chang Zhong Enterprise

Gross Profit 44,483 60,650
Net Sales 442,318 450,438
Operating Profit Ratio 10.06% 13.46%
The operating efficiency of Kar Pin Trading is lower than Chang Zhong Enterprise.

b) Net Profit Ratio

Particular Kar Pin Trading Chang Zhong Enterprise

Net Profit -15,622 -17,723
Net Sales 442,318 450,438
Net Profit Ratio -3.53% -3.93%
Kar Pin Trading has better profitability compared to Chang Zhong Enterprise.

• Turnover Ratios

a) Inventory Turnover Ratio

Particular Kar Pin Trading Chang Zhong Enterprise

Cost of Goods Sold 397,835 432,700
Average Inventory 79,675.50 70,327
Inventory Turnover Ratio 4.99 6.15
A higher ratio means a company is selling goods very quickly and is managing its inventory
level effectively. Chang Zhong Enterprise’s inventory turnover ratio is higher than Kar Pin
Trading.

3.4.3 Overall Financial Attractiveness of the proposed venture.

For the next three years, Kar Pin Trading advises that the money be rolled over more
quickly via debtors to maintain the current ratio under control. The payment conditions should
be made clear, and the credit duration should be negotiated as early as possible. Kar Pin Trading
should be paid off as often as possible. It would lower current liabilities and enhance the current

11
ratio. Early payments to creditors can save money on interest and get discounts, both of which
have a direct influence on the company's performance. A company's cash flow will suffer if it
is burdened by current debt (Finance Management, 2021).

Other than that, Kar Pin trading would do an increase of sales to improve its liquidity
ratios in the next three years. Discounting and enhanced marketing are two methods for
increasing sales and, as a result, increasing inventory turnover (Robert Newcomer-Dyer, 2019).
Moving into new market sectors may completely change a company and substantially improve
profitability. The analysis shows that the ratio is low, the important areas to look at or improve
in terms of economy and effectiveness are purchasing and selling. Low inventory turnover is
caused by low sales as a result of price or cost issues. When dealing in premium stock with
extremely involving high-profit margins on finished goods. The better at anticipating what
consumers will want and when they will want it, the fewer items need to be kept in-store and
the higher the inventory turnover rate, such as customised services materials.

4.0 Industry Analysis and Competitors Analysis

To analyze the company, Kar Pin Trading, we use Porter’s Five Forces analysis. Porter’s
Five Forces analysis was proposed by Michael Porter in 1979 (The Strategic CFO, 2021).
Porter’s Five Forces analysis includes bargaining power of suppliers, bargaining power of
buyers, threat of new entrants, threat of substitute products, and intensity of rivalry (The
Strategic CFO, 2021). Through analyzing the five forces of Kar Pin Trading, we can actually
understand the industry attractiveness and threats.

Before analyzing the industry, we have to know the trend of the stationery industry. The
economic trend of stationery now is not good due to the COVID-19 pandemic. During the
pandemic, school and other tuition class were not allowed to open, in this case, the stationery
industry was facing a huge problem, which is stationery cannot be sold, and the sales was
dropped. For social and technology trend, stationery industry also in a bad situation. This is
because in the 21st century, development of technology is growing rapidly, people start to teach
and learn from physical switch to online. The benefit of online learning is saving time and more
convenience because people can learn everything anytime and anywhere and it just required a
laptop or a smartphone. Although stationery is still essential, but compared to before, the
importance was decreased especially during the pandemic. Furthermore, the profit margin of
stationery industry is decreasing now, because of the trend we discuss before, the sales of
12
stationery is decreasing. According to the experience of owner of Kar Pin Trading, ten years
before, the sales of the stationery shop is RM2000 per day, a quite profitability industry at
before. But now, the daily sales only have RM800 per day. Of course, in addition of the reason
we discuss before to make the sales of stationery industry is decreasing now, the other factors
also exists such as the location factor, competitor factor, and the others.

The attractiveness in Porter’s Five Forces included bargaining power of suppliers and
bargaining power of buyers (The Strategic CFO, 2021). The results of analysis show that the
attractiveness of Kar Pin Trading is low due to the bargaining power of suppliers and
bargaining power of buyers are high (The Strategic CFO, 2021). In terms of bargaining power
of suppliers, the control power is high, it is because the quantity of suppliers for Kar Pin
Trading are fewer, basically most of the goods of Kar Pin Trading are sourced from these
wholesalers. For Kar Pin Trading, it is very dependents on these suppliers, once it loses these
suppliers, there will be a seriously shortage of stock. In contrast, there are a lot of customers
for suppliers, hence the suppliers do not rely on Kar Pin Trading, the purchasing power of Kar
Pin Trading is insignificant for the suppliers, even if Kar Pin Trading didn’t purchase the goods
from them, the impact on the suppliers will not be too huge. Besides that, suppliers have a
strong forward integration (CFI Education Inc, 2021). Forward integration is suppliers have
ability to control the next value chain (Kenton, 2021). For example, suppliers can sell its goods
by themselves instead of dependent on retailer and this will also affect the sales market of Kar
Pin Trading, in this case, the bargaining power of suppliers are high. Furthermore, for suppliers,
the switching costs of them are low (The Strategic CFO, 2021). This is because Kar Pin Trading
only occupies for a small proportion of suppliers’ sales, so that if suppliers stop to supply Kar
Pin Trading and sell to other retailers, the switching costs are not high.

Besides of bargaining power of suppliers is high, as I mentioned before, bargaining power

of buyers is also high (The Strategic CFO, 2021). Reason for this situation first is there are a
lot of substitute goods for buyers to purchase (CFI Education Inc, 2021). Kar Pin Trading
mainly selling stationery, nowadays, consumers can purchase whatever stationery they prefer
in anywhere because stationery is very common in the market. In addition, we are in a
generation of high technology, people can use computer, smartphone, and other electronic
products to conduct their work or study, so that the stationery is not very important to them,
even the stationery is unnecessary. Quality of stationery is roughly the same now, consumer
will buy the stationery from a random shop when they remember what stationery they want to
buy, most of the consumer will not be very loyal to a stationery shop unless the stationery of
13
the shop is very cheap and unique for them. For consumers of stationery, they have a very wide
range of sources, for example, they can buy all of the stationery they can think of online, even
the stationery didn’t sell at physical shops. They can buy those things from Taobao, Shopee,
Lazada, and other online shopping platforms hence they don’t really need the physical shop,
as we can also interpret it as their switching costs are low. Kar Pin Trading is a small company,
the customer flow is low, the volume of each customers’ purchase power is very important and
has occupy a big proportion (CFI Education Inc, 2021). For Kar Pin Trading, every customer
with a high purchasing power. Therefore, bargaining power of buyers for Kar Pin Trading is
high. According to the above mentioned, we found that the attractiveness of Kar Pin Trading
is low (The Strategic CFO, 2021).

Apart from the attractiveness, the threats are also a serious problem for Kar Pin Trading. By
doing research, we have known two types of threats, which are threat of substitute products
and threat of new entrants (The Strategic CFO, 2021). For Kar Pin Trading, the threat of
substitute products is huge, because there are many types of substitute products, such as a ball
pen, it has many brands and colours, except for special requirements, basically when blue
colour ball pen have no stock, consumer will choose the black colour ball pen, so that consumer
normally will not persist particularly in one type of stationery. In additional, consumers will
also choose the substitute products due to its packaging. The pretty and novelty packaging often
attract the people to buy it, but this is base on it is a same type of products, for instance, when
a student girl is choosing a mechanical pencil, she will prefer the cartoon and cute one, that’s
why packaging called as silent salesman (Dixit, 2021). The consumers of Kar Pin Trading
mostly are office workers and students, for them, sometimes they would not buy the stationery
because of its brand, hence the brand effect is not strong. They just buy the stationery that can
fulfill their demand. Certainly, the price of substitute products is the biggest threat for Kar Pin
Trading. Typically, office workers and students will not pursue the brand of stationery as a
result of they are mostly pay their attention on the price. They usually ask for the lowest price
to fulfill their demand.

Threat of new entrants is another threat for Kar Pin Trading (The Strategic CFO, 2021). It
is a big threat for Kar Pin Trading as a result of there is a low of initial capital needed for an
owner to start up a new shop compared to other industry (The Strategic CFO, 2021). Besides
that, stationery industry is part of monopolistic competition market, there are many firms in
monopolistic competition market hence the firm can easily enter to the stationery market and
cause a stiff competition (The Investopedia Team, 2021). In stationery market, the quality of
14
stationery mostly is in similar. In this case, stationery shop is hard to retain the customer,
customer will buy the stationery in anywhere. For those new stationery shop, they will compete
with other shop. In addition to snatch the original customer from other stationery shop, new
shop can actually obtain the new customers for them through promotions. For instance, new
entrant will conduct promotion during opening day, this will cause most of the customers go
and buy the cheaper things as they can get the new customers. Unfortunately, it is often at this
time that the customers will snatch by the new entrant. Furthermore, if an owner wants to
operate a stationery shop, he does not need a very complicated procedures and professional
knowledge. Thus, this also lowers the barrier to entry for the industry. As previously pointed
out, these are the threats Kar Pin Trading encounters. Overall, the threats Kar Pin Trading
encounters are huge and tricky.

To analyze the competitors, it is based on the intensity of rivalry, there is a great extent of
competition between Kar Pin Trading and competitors (The Strategic CFO, 2021). In terms of
numbers, Kar Pin Trading have about four competitors, they hold each other at bay, because
they located in different but very close to each, the customers are distracted by Kar Pin Trading
and its competitors, their respective customer numbers are also decreased. Besides that, the
growth of stationery industry is low and the demand is decreased (MaRS Discovery District,
2021). As a result of the changing of times, most of the people are gradually not dependent on
the stationery, so the development of stationery industry has run into a bottleneck hence the
competition between Kar Pin Trading and its competitors is increasing intensively. Due to the
quality of stationery do not have an obvious difference, the price of stationery also very close,
each stationery shop is unable to highlight their strengths in particular among themselves, so
that the market share divided by them equally (The Strategic CFO, 2021). The other reason for
the high level of competition is loyalty of brand is not high (The Strategic CFO, 2021). As I
mentioned before, customers will buy whatever brand of stationery they can use, although all
the stationery shop have its frequent customer, but they are not based on the brand of stationery,
they are based on convenience of purchasing. Fortunately, during this COVID-19 pandemic,
Kar Pin Trading allowed to operate the shop due to Kar Pin Trading has selling newspaper,
people need the newspaper to obtain the information. For the competitors, they are not allowed
to operate their shop, this is actually help Kar Pin Trading to increase the customer flow. In the
conclusion, even though Kar Pin Trading can operate the shop, but the COVID-19 pandemic
is a short-term situation, this is not a viable option in a long run. Hence, through the analysis,

15
we can learn that attractiveness of Kar Pin Trading is low, the threats of it are huge, and the
competition between Kar Pin Trading and its competitors is intense.

5.0 Pro-Forma Financial Statement & Funding Aspect

KAR PIN TRADING

Pro forma income statement Pro forma income statement Pro forma income statement
For the Year Ended 2021 For the Year Ended 2022 For the Year Ended 2023
RM RM RM
Revenue 461,696 Revenue 489,398 Revenue 538,338
Cost of Sales (401,813) Cost of Sales (417,886) Cost of Sales (442,959)
Gross Margin 59,883 Gross Margin 71,512 Gross Margin 95,379
Expenses (62,960) Expenses (65,478) Expenses (69,407)
Net Profit (3,077) Net Profit 6,034 Net Profit 25,972

KAR PIN TRADING

Pro forma Balance Sheet Pro forma Balance Sheet Pro forma Balance Sheet
As At 2021 As At 2022 As At 2023
RM RM RM
Current Asset Current Asset Current Asset
Cash 6,622 Cash 12,200 Cash 32,000
Inventory 79,259 Inventory 80,052 Inventory 78,000
85,881 92,252 110,000
Non-Current Assets Non-Current Assets Non-Current Assets
Motorbike 3,400 Motorbike 3,230 Motorbike 6,468.5
Fixed Asset 5,080 Fixed Asset 5,500 Fixed Asset 5,500
8,480 8,730 11,968.5
Total Assets 94,361 Total Assets 100,982 Total Assets 121,968.5

Liabilities Liabilities Liabilities

Account Payable 113,061 Account Payable 113,648 Account Payable 114,696.5

16
 Equity Equity Equity
Retained Earning(18,700) Retained Earning(12,666) Retained earning 7,272
Total L & E 94361 Total L & E 100,982 Total L & E 121,968.5

KAR PIN TRADING

Pro forma Cash Flow 2021 Pro forma Cash Flow 2022 Pro forma Cash Flow 2023
RM RM RM
Cash from operating Cash from operating Cash from operating
activities activities activities
Cash receipt from Cash receipt from Cash receipt from
Customer 461,696 Customer 489,398 Customer 538,338
Depreciation 170 Depreciation 161.5
Cash paid for Cash paid for Cash paid for
Inventory Inventory Inventory
purchase (392,114) purchase (410,408) purchase (438,499.5)
Salaries (40,000) Salaries (40,000) Salaries (40,000)
Other expenses (22,960) Other expenses (26,960) Other expenses (28,000)
Net C.F from Net C.F from Net C.F from
Operation 6622 Operation 12,200 Operation 32,000

Explanation: The revenue in 2021 is RM461,696, which increased by 5% over the previous
year. It is because KAR PIN TRADING started their business in Shopee and uses social media
for publicity. But it is still decreasing with the rate because of the covid-19 pandemic although
most people start shopping online and have no income during the pandemic. Another that, in
2021 KAR PIN TRADING will still have a net loss same as last year but the number of net
loss decreases. Because of the delivery service, KAR PIN TRADING will buy a motorbike
which the company didn’t have any traffic tools that need to use the owner traffic tools when
they need. Next year 2022, we estimated that the economy will recover because of the covid-
19 cases drop and the economic sector is reopened. It is very helpful to the company and this
year revenue will increase to 6% plus have the profit for the first time after the pandemic. The
second year of the reopening of the economy, KAR PIN TRADING has the highest growth

17
which is 10% as we have estimated. This is a very big achievement for the company. Besides
that, KAR PIN TRADING successfully expands the business in the network is also one of the
factors that increase highly. At the same time, delivery services are in high demand, so they
have to buy the second traffic tools. Most important of all is the net cash flow unprecedented
increase a lot more than usual.

5.1 Financing or funding aspect

To be honest, the owner of the KAR PIN TRADING didn’t know any information or
knowledge in financing or funding. We learned that because they are just a small business, and
they didn’t have the financing needs. However, as the company grew, KAR PIN TRADING
will be like any other company needing financing. So, we decided to tell them what we knew.
Financing is the process by which businesses raise and concentrate funds through various
financial markets and financing channels in order to meet their operational, investment, and
other demands. The terms "long-term" and "short-term" are used interchangeably. Generally
speaking, financing is long-term financing. Financing can be divided into different types in
different dimensions. First type is the source of capital, Internal and external financing are the
two types of capital sources. Internal financing is a type of money raised by a company by
retaining its own profits, which are generated naturally within the company. External funding
is used when internal financing is insufficient to meet a company's demands. External funding
is not suitable to KAR PIN TRADING because this type of funding is just for the listed
company. Second type is capital attributes, there are three types of finance: equity, debt, and
mixed financing. Stocks, bonds, and convertible bonds are some of the terms used to describe
it (and preferred stocks). Same to the above, it is not suitable to KAR PIN TRADING. Third
type is financing channels, there are two types of financing: direct and indirect. Direct finance
consists mostly of capital investments, stock issuance, and bond issuance. Bank loans and
financial leases are examples of indirect finance. So, we recommended KAR PIN TRADING
just need to focus on indirect finance. According to our investigation KAR PIN TRADING can
make the financing at all the traditional Banks. Besides that, the company may also consider
financing from SME Bank, Independent Cooperatives, Malaysia Enterprise Development
Center or Credit Guarantee Corporation (CGC).

18
 6.0 Business Model: Kar Pin Trading
Back-end Front-end
8. Key Partner 7. Key Activities 1. Value Proposition 2. Customer 4. Customer
Segment
Relationship

- Courier - Selling - Photocopying Services

Service Stationary - Students
- Wedding Invitations & - WhatsApp
- Stationary - Photocopying Cards Printing - Education
Supplier Institutions - WeChat
- Printing - Rubber stamp & Name
- Printing Card Manufacturing - Offices - Email
Company - Laminating
- Stone & Wood Carving - Store QR code
- Wood Carving - Promoting
Workshop - Assortment Stationery
Set
- Certificate - Promotion
- Magazines
- Voucher
- Teapot & Fine Tea
6. Key Resources Leaves 3. Channels - Free Shipping

- Chinese herbs patches

- Laptop - Masks - Shopee

- Printer - Snacks - Facebook

- Transport (Van) - Delivery Service - Physical Store

- Transportation
Workers

- Packaging
Materials

9. Cost Structure 5. Revenue Structure

19
- interest charges - Shopee

- property taxes - Physical Store

- insurance

- inventory

- utilities

- bonuses

- commissions

- marketing expenses

1. Value Proposition

A value proposition is a promise made by a company to provide value to customers if they

choose to purchase their products. It is a statement that tells customers what a company stands
for, how it works, and why it needs its business. (Alexandra Twin, 2020). Kar Pin Trading
provide customization service, including photocopying books and banners, wedding invitations
and cards printing, rubber stamp and name card manufacturing, and stone or wood carving.
Thus, they have sold set teapots and fine tea leaves, Chinese herbs patches, masks, and snacks
for earning foreign exchange. They will provide an assortment of stationery to get student’s
attention.

2. Customer Segment

Customer segmentation is the division of a company's customer groups based on their

similarities. The objective of customer segmentation is to determine how to interact with
customers in each group in order to improve each customer's value to the company. (Optimove
Inc., 2021). First, demographic segmentation targeting potential consumers based on their
gender, age, and income. Based on the survey, most respondents are students from age 18 to
24 and have no income. Although the target is students with no income, their parents will pay
for them if they have needed. Second, psychographic segmentation focuses on the personality
and hobbies of consumers. The most consumer is students when they will do the homework by

20
using stationary. The next target is education institutions and offices, they would need
photocopying books and banners, rubber stamps, and name cards during their works. Third,
geographic segmentation is typically one of the simplest to see sorting consumers based on
their actual location. Based on the survey result, we can give target on Perak, Selangor, and
Johor people which is more nearby the physical store. (Stephen Rötzsch Thomas, 2021).

3. Channels

A distribution channel is a network of firms or intermediaries that a product or service travels

through before reaching the final customer or end-user. Distribution channels include
wholesalers, retailers, distributors, and even the Internet. Moreover, Kar Pin Trading sell the
product directly to the end customer in a direct-to-consumer approach by using online store
(Shopee) and physical store. Customers will be able to verify the availability and pricing of the
products offered by the store via a website. Official Facebook and Shopee pages will be put up
to assist consumers, keep them informed, and keep them engaged in the store's numerous
promotions. (Jason Fernando, 2020).

4. Customer Relationship

Customer relations is the company-wide strategy of building strong customer connections. Kar
Pin Trading use WhatsApp, WeChat, Email and Store QR code to keep connecting with
customer to increases customer's satisfaction and loyalty for the company. They need to
understand the consumer needs through customer interviews, consumer research, and
recommendations from customer care, consumer experience, and sales. Furthermore, they
would be having promotions and vouchers in the online store to increase customer satisfaction.
Thus, free shipping is popular now in online stores, they can set a price of minimum spend for
free shipping orders.

5. Revenue Structure

The various sources through which a company generates money via the selling of goods, or the
supply of services are referred to as revenue streams. The sorts of income that a company
registers on its records are determined by the company's operations. (CFI Education Inc., n.d.).
The revenue of Kar Pin Trading came from Shopee and physical store’s sales and services
while it is the channel used for sales.

6. Key Resources

21
The major inputs the firm employs to build its value proposition, serve its client segment, and
deliver the product to the consumer are referred to as key resources. First, physical resources
are used to create its value proposition, including equipment, inventory, buildings,
manufacturing plants, and distribution networks that allow the business to operate. Kar Pin
Trading has a laptop, printer, transportation (van), and packaging materials as physical
resources. Next, brands, patents, intellectual property, copyrights, and even partnerships are
examples of non-physical intangible resources. Lists of customers, consumer knowledge, and
even the employees are all examples of intellectual resources. Human resources are especially
important for firms in the service industry that demand a lot of innovation and a large reservoir
of knowledge. The delivery driver of the company provides delivery services like human
resources. Cash, lines of credit, and the capacity to offer stock option programs to employees
are among the financial resources available. Finance is a crucial resource for all organizations,
although some will have stronger financial resources than others, such as banks, which rely
solely on the accessibility of this key resource. (Anastasia Belyh, 2020).

7. Key Activities

Any actions that the firm engages in with the primary goal of earning a profit are considered
key activities including operations, marketing, production, problem-solving, and
administration. (Steven Imke, 2019). The major activities of Kar Pin Trading are selling
stationery products, photocopying, and printing.

8. Key Partner

The partnerships with other businesses, governments, or non-profit organizations that assist the
business model function are known as key partners. These might be the company's ties with its
suppliers, manufacturers, and business partners. The partner that Kar Pin Trading has is
Parcelhub Courier Service, as they are in charge of the delivery services. Besides, they have
partnered with Treasure Stationery Supply Sdn Bhd & Sin Seng Kee Trading Sdn Bhd as the
stationary supplier, Interplus Enterprise as a printing company, and JS Woodcraft Enterprise
as a wood carving workshop.

9. Cost Structure

The types and quantities of fixed and variable costs incurred by the company are referred to as
a cost structure. Smaller units, such as a by-product, service, consumer, product line, division,
22
or geographic region, might be used to describe the idea. The fixed costs including insurance,
interest charges, property taxes, salaries expenses, and depreciation of fixed assets; while
variable costs are inventory, direct labor costs, direct material costs, utilities, bonuses and
commissions, and marketing expenses. (CFI Education Inc., n.d.).

7.0 Growth Strategies of business

7.1 Internal Growth Strategies

• Setup Online Marketplaces (Shopee)

To begin with, the use of website sales has been mentioned numerous times in
conjunction with the new and more effective marketing strategy. Kar Pin Trading's digital
marketing strategy enables the company to develop a deep understanding of its specific
target market and consumers. There will also be more information on the percentage of
repeat customers. Marketing a small print business can entail a variety of activities, such
as (participating in every Shopee sale), strategies, and channels, but accorded Kar Pin
Trading's limited resources, the initial cost of opening a Shopee online store could be much
lower.
In addition, consider the direction of the future. The future of the stationery business is
becoming less and less of a business in an age of social distancing, safety, and hygiene, so
keeping up with the trend of modern technology is critical if it wants to stay in business for
the long term. Kar Pin Trading can accomplish this by using an electronic store to help sell
and reduce inventory of stationery. The online platform also offers promotions on various
social media platforms for a small fee to promote online sales.
• Extending Product Lines
Nowadays with three trends, namely environmental protection, delicate and pay attention
to shaping products in Kar Pin Trading, with taking advantage of changing customer lifestyles
and current industry trends to innovate value for Kar Pin Trading's products with making
additional changes to the product to appeal to a wider customer base.
Examples of value-added of suggested products:

Packaging of stationery - Product packaging has evolved into the most important marketing
tool for communicating with and influencing customer behaviour. Packaging communicates a
brand message and demonstrates why one product is better than another (As Appendix shown).

23
Designing a new product - Buyers are more likely to notice a product with a unique design. For
instance, people have developed an intention of writing journals in recent years. People will
follow the influencer’s posts on the social network. The aesthetic design, on the other hand, is
satisfactory for people (Branding Your Business, n.d.).

• Market penetration
Kar Pin Trading's growth through market penetration does not include entering new
markets or creating new products; Market penetration is the use of existing products or services
to increase Kar Pin Trading's share of the market. Kar Pin Trading is more suitable to
implement this strategy by increasing marketing efforts to attract customers from competitors.
For example: advertising. Post the market research, the next aspect is the actual marketing and
advertising of the business.
Aside from traditional advertising methods like print ads, flyers, and billboards, the
stationery industry can also use newer marketing techniques like having a website, having a
social media presence, and using Google AdWords, among others. These will assist the
company in reaching a wider audience.

7.2 External Growth Strategy

• Outsourcing

Since Kar Pin Trading only has a general-purpose printer and no specialty printer. Here
as a side benefit, if trade printers are used, production costs can be drastically reduced. Kar Pin
Trading is always looking for new ways to cut costs while increasing profits. Outsourcing work
to wholesale trade printers is one way for those who aren't specialized printing companies to
cut production costs. Because the wholesale trade receives a large number of orders each day,
they can produce your order at a lower cost than you could if you printed it yourself. They can
also assist you in printing products for which you lack the necessary equipment, allowing your
small print shop to expand into a one-stop-shop for all of their customers' printing needs.

A good trade printer will be able to meet the needs of customers who want to pursue
their goals quickly. Customers simply want speedy, low-cost printing to stay competitive, but
they may be more concerned with how quickly you can provide a quote or how much shipping
will cost. Trade Printer turnover satisfies all these requirements by providing users with instant
quotes and shipping estimates. All in all, geographical expansion is a good way to grow a small
printing business with limited resources. Kar Pin Trading does not always have enough
customers in the area to fill additional orders. However, some trade printers can be delivered
24
directly to customers of Kar Pin transactions. After they print out your order, they send it to
your customer blind so the package can't be traced back to them (Dong, 2020).

25
Appendix

Appendix 1; Introduction (Inquiries Information)

26
27
Appendix 2: Data Collected from the Customer Buying Intension Survey.

28
29
Appendix
Appendix 2 3: Customer Buying Intension Survey

Buying Intension Survey- Kar Ping Trading

New Business Concept
Hi guys, we are from Kar Ping Trading, a stationery store which operating in Tangkak, Bukit
Gambir, a small town in Johor near Malacca.
We are conducting this survey to analyze the buying intention from you regrading to our new business
concept which is to overcome our business crisis during this COVID-19 pandemic.
Your response will be used as our academic references only and will be kept as private and confidential.
Instructions:
The next page is our Concept Statement, you are required to read through before doing this survey.

Thank you for your cooperation and participation.

*Required

1. Service
Kar Pin Trading will be developing an E-Commerce business on the platform of Shopee. The online
store will sell stationaries. Besides also provide variety of customized services which include
photocopying service (books and banner), wedding invitations and cards printing, rubber stamp and name
card making, and also stone or wood carving. Customerable to inquire about the customization services
via Shopee or available social media platforms (WhatsApp, WeChat, email, and store QR code).

2. Target Market
Kar Pin Trading was sited in a strategic location which surround by the primary school and tuition
centres. The target market are students, education institutions and offices. With this access to online
business, the customer group would be expanding throughout nationwide.

3. Why Kar Pin Trading in Shopee?

Concept Due to the COVID-19 Pandemic lockdown cause some business and shops are force to close. The
Standard Operating Procedure to practice social distancing has limited the ability of customer to
Statement- conduct walk-in purchasing. Kar Ping Trading will sell and provide variety of stationaries and
Kar Pin customize services in Shopee. The price of products is cheap and affordable to the customer. All the
products and services offered will be categorized based on type to ease the browsing. The stationaries
Trading will also be sold in a bundle to customers.
New
4. Special Feature
Business Kar Pin Trading will be offered a different type of customization service (printing, rubber stamp,
name card making and carving) in Shopee to fulfil customer request in a reasonable price. They will
Concept
also offer an assortment o f stationery set in Shopee during particular occasions. The assortment
stationery set include top selling item of Kar Pin Trading. They also sell quality products of the teapot
and fine tea leaves because the founder (Ong Ah Kow) has a great interest in savouring tea. The
stores will also sell otheritems such as Chinese herbs patches, masks, and snacks.

5. Management Team
Kar Pin Trading is led by the first-generation successor, Ong Lai Tiam who took over this retail store
from a sole proprietorship to the family business. The store has always been run entirely by family
members, with no outside additional assistance.

30
1. Name *

2. Contact number *
Exp: 0xx-xxxxxxx

3. Email

4. Gender *

Mark only one oval.

Male

Female

5. Age *

Mark only one oval.

under 12 years old

12- 17 years old

18-24 years old

25-34 years old

35-44 years old

45-54 years old

55-64 years old

65 years old and above

31
6.
1. State *

Mark only one oval.

Johor Kedah

Kelantan

Perlis

Pahang

Perak

Selangor

Terengganu

Negeri Sembilan

Melaka

Pulau Pinang

Sarawak

Sabah

7.
2. Ethnicity *

Mark only one oval.

Malay

Chinese

India

Other:

8.3. Marital Status *

Mark only one oval.

Single

Married

Divorced

Other:

32
1.9. Education Level

Mark only one oval.

Primary school

Secondary School

Pre-university (STPM or equivalent)

Higher education

Other:

10.2. Occupation *
Exp: Student

11.3. Income Range (RM) *

Mark only one oval.

Less than 2,500

2,500- 4,500

5,000 and above

Skip to question 12

4.
12. Which online shopping app(s) have you using?

Tick all that apply.

Shopee
Lazada
Tao Bao
Other:

33
13.
1. Which feature(s) do you prefer or useful to you? *

Tick all that apply.

Stationeries
An assortment stationery set (Kar Ping Trading top sell product) Wedding
invitations and cards printing
Photocopying service
Rubber stamp making
Name card making Stone
and wood carving
Teapot and fine tea leavesHerbs
patches
Mask
Snacks

14.
2. Which do you prefer?

Mark only one oval.

quick and convenient detailed

and customizedBoth

3.
15. Would you find this service is useful? *

Mark only one oval.

Yes

No

4.
16. Are you able to find what you are looking for? *

Mark only one oval.

Yes

No

34
17.
16.
1. Would you buy our product in Shopee if we had it? *

Mark only one oval.

Yes

No

2.
18.
17. If we introduced this service, would you be willing to browse it? *

Mark only one oval.

Yes

No

18.
3.
19. If we provide discounts or special offers, would you use it? *

Mark only one oval.

Yes

No

20.
4.
19. Would you recommend us to your friends or colleagues? *

Mark only one oval.

Yes

No

5.
20. How our product/ service(s) make you feel? *
21.

6.
22.
21. What other product/ service(s) would you like us to offer? *

35
23.
1. Any suggestions about our new business concept?

This content is neither created nor endorsed by Google.

Forms

36
Appendix 4:

The Sample of Loyalty card for Kar Pin Trading

Nice packaging of stationeries

New Design of Stationeries

37
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