Lemonade Stand
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Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options? The name of a business is just as important as the product that you are selling or service that you are offering. There is an old saying that goes, “you will never get a second chance to make a first impression” so you want to make your first impression your best. The name of your business is the first thing that a potential customer will see, the name needs to be simple and something that customers will remember. If I were to open a lemonade stand I would go with the name “Life Gave Me Lemons”. I would consider this name because it’s easy to remember, it informs customers of what we are selling, and the name alone promotes positivity, and optimism.
Create a Mission Statement for your Lemonade Stand; then explain why a mission statement is important for any company? A company’s mission statement is important because it’s essentially the companies purpose of existing. The statement should tell “what the organization aims to accomplish for customers, investors, and other stakeholders. (Bovee,2012 pg.144) My mission statement for Life Gave Me Lemons would be; To encourage optimism and a positive can-do attitude in the face of adversity, to serve as a reminder to take a small break and enjoy the small things in life.
You are very involved in your community; please outline your CSR plan (Chapter 4) for your business. Cooperate Social Responsibility is the belief that business has an obligation to society past making a profit. I believe that this is true however, since the purpose of us being in business is to generate profit, if we are going to contribute to society we as a business also need to benefit from it. We at Life Gave Me Lemons chose to participate in Strategic Cooperate Social Responsibility; which is a “social contributions that is directly aligned with a company’s overall business strategy (Bovee,2012 pg.76)”. We do this by informing society on our website that honeybees are disappearing at an alarming rate, educating society of the importance of honeybees and how they contribute to our ecosystem. Informing society that honeybees pollinate many of the foods we consume including the ingredients that go into making the lemonade for Life Gave Me Lemons. A portion of our proceeds will be donated back for research purpose on the disappearance of honeybees.
The textbook lists many different types of pricing strategies, please pick one of these and explain how you will deliver on this strategy with your stand. (Chapter 14) The pricing strategy that I would use to determine a price for my lemonade, is the penetration pricing method. I would use this method because as a new business our main goal and objective is to build our customer base and revenue. We would initial offer a low price for the product to lure in customers and push them away from competition. By offering