Scenario You have decided to open a lemonade stand in your l

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. Please answer the following questions, utilizing the textbook, to ensure you apply the lesson we have learned in the previous weeks. - Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options? - Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company? - You are very involved in your community; please outline your CSR plan (Chapter 4) for your business. - 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) - 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).

Solution

Creative name for my lemonade stand: \"Refresh and recharge lemonade stand\". The name highlights the values that the lemonade stand offers to the customers. It aims at quenching the thirst of the customers and refreshing and recharging them. A brand name is very important when considering the branding options. A brand name will help you distinguish your offerings from other lemonade stands. Having a strong brand name will help you win the trust and confidence of customers.

Mission statement states the purpose of the organization. My stand\'s mission statement will be: Our mission is to provide customers with great value, high quality yet affordable refreshments in the form of lemonades.

Mission statement is important because it helps the stakeholders in filtering what is important for the organization and what is not important. It serves as a guide for the entire organization and its stakeholders.

CSR plan: to contribute 5 cents from each glass of lemonade sold towards providing food to poor people.

Pricing strategy: My stand will use a contribution margin based pricing. The profit will be maximized in this strategy based on the difference between the product\'s price and variable costs.

Selling online would involve higher costs towards setting an online presence and costs towards proper packing of the lemonade. A proper cost benefit analysis will have to be done. Lemonade will be sold online only if the benefits will outweigh the costs.