Fresh Juice Lemonade Stand
Instructions
You are to write roughly 500 words in answering all questions posted above for your Lemonade Stand.
The paper needs to be written in an APA format and should have at least your textbook listed as a scholarly source in your bibliography. Please view the APA tutorial in your syllabus for more on how to format your paper. Your paper should include a cover page and running header as stipulated by APA formatting.
The paper needs to be written in an APA format and should have at least your textbook listed as a scholarly source in your bibliography. Please view the APA tutorial in your syllabus for more on how to format your paper. Your paper should include a cover page and running header as stipulated by APA formatting.
A lemonade stand has a simple business structure; yet, it can help us understand almost every function of a firm; such as marketing, operations, finance, technology, entrepreneurship and many other aspects. In our two assignments in this course, you will own and operate your very own lemonade stand as you apply the knowledge you have learned from the course.
Scenario
You have decided to open a lemonade stand in your local neighborhood. You have grand plans for this stand and expect to attract many customers. In part I of this assignment, you will develop the basic premise of your new company. .
Company Name: Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options?
Mission Statement: Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company?
Corporate Social Responsibility: You are very involved in your community; please outline your Corporate Social Responsibility plan (Chapter 4) for your business.
Pricing Strategy: The textbook lists nine different types of pricing strategies 1) cost-based pricing, 2) value-based pricing, 3) optimal pricing, 4) skim pricing, 5) penetration pricing, 6) loss-leader pricing, 7) auction pricing, 8) participative pricing, 9) free-mium pricing. Please pick one of these and explain how you will deliver on this strategy with your stand. The definition of each pricing method is located in Chapter 14. We did not cover this chapter in the previous weeks but it is in your book. This information can also be located on the last three slides of Chapter14 powerpoint. Go to canvas, click on “files” tab.
Going Global: Even though you only sell to local customers, you understand that you could package your lemonade and sell it online globally. Evaluate whether or not the company should go global by creating an online presence and selling your lemonade online (Chapter 3).
Scenario
You have decided to open a lemonade stand in your local neighborhood. You have grand plans for this stand and expect to attract many customers. In part I of this assignment, you will develop the basic premise of your new company. .
Company Name: Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options?
Mission Statement: Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company?
Corporate Social Responsibility: You are very involved in your community; please outline your Corporate Social Responsibility plan (Chapter 4) for your business.
Pricing Strategy: The textbook lists nine different types of pricing strategies 1) cost-based pricing, 2) value-based pricing, 3) optimal pricing, 4) skim pricing, 5) penetration pricing, 6) loss-leader pricing, 7) auction pricing, 8) participative pricing, 9) free-mium pricing. Please pick one of these and explain how you will deliver on this strategy with your stand. The definition of each pricing method is located in Chapter 14. We did not cover this chapter in the previous weeks but it is in your book. This information can also be located on the last three slides of Chapter14 powerpoint. Go to canvas, click on “files” tab.
Going Global: Even though you only sell to local customers, you understand that you could package your lemonade and sell it online globally. Evaluate whether or not the company should go global by creating an online presence and selling your lemonade online (Chapter 3).