Essay About Reasonable Price And Title Of My Business

Battle’s Fresh Squeezed Lemonade
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DeMarcus BattleJanuary 25, 2015BUSN 110Professor:  Darryl FieldBattle’s Fresh Squeezed Lemonade is the title chosen for my lemonade stand. The name is important when you are considering branding your product is because this is what will attract consumers. If your name is not attractive, it will be very hard to market your product. This brand will create an image and this will stick with your company for a very long time. I decided to place my last name in the title of my business due to the fact that I feel as though my name is very important and I would like for my business to have my legacy, which is my name. If you are from a small tow, sometimes your name is what sells your product as long as you have a great image throughout the community. The mission of my company is to provide a great quality product for a reasonable price. At the end of the day, consumers are always looking for low prices and if I price my product too high, this will turn consumers away. Your product can be very tasty but if prices are too high, it will not sell. This will be my company motto. As a part of my CSR, my company will do the following:Participate actively in community events and programs by giving back to the community (offering my services and products free of charge)Creating a great work environment focused on building relationships to expand the businessImplement strategies that will help become more eco-friendlyThe pricing strategy I chose was Competition. “Competitive prices are obviously a major consideration whenever a firm is establishing or changing its prices (E, C., & Thill, J. 2013).” With this strategy, some firms offer a price matching service to match what their competitors are offering. Since we will all have lemonade stands selling lemonade, pricing and taste is what will drive consumers to your stand. If there are 4 other vendors, and your price is the highest, more than likely your sells will hurt significantly from the increase in price over the other vendors. At my lemonade stand, I can either match other consumers, price lower, or offer something additional to make my stand unique to the others. I feel as though a lot of things need to be taken into consideration before deciding whether or not to go global. One must evaluate how to ship this product safely to its consumers. Going global can be considered a big expansion for the company and could really blow this company up to make a fortune. I would do my research on the market that is available now to see if I can make my brand stand out from other lemonade distributors. This will be your huge selling point. Battle’s Fresh Squeezed Lemonade can succeed online with the right business structure and plan. “Every country has unique laws, customs, consumer preferences, ethical standards, labor skills, and political and economic forces. Understanding cultural and legal differences are an essential first step for any business contemplating international operations (E, C., & Thill, J. 2013).”