...Lemonade Stand Part II (Informal Business Report) DeVry University BUSN115 Introduction to Business and Technology Lemonade Stand Informal Business Report INTRODUCTION Lottie's Lemonade started with the intentions of providing quality lemonade at a reasonable price and to make certain that every customer felt like they were a part of our family every time they visited. The expectation for my team has been to provide a family friendly atmosphere and service with a smile. In my opinion, we have done just that, Lottie's Lemonade has been in business now for a little over a year and every month since we opened our doors we have seen double digit growth in our profit percentages. It is now time for me to start focusing on expansion and employee growth. BRANDING STRATEGY Lottie's started out using the "Free and Freemium" pricing strategy. After a couple of months the customer demand increased and we were able to switch to a different pricing strategy and were able to raise our prices to keep up with the demand. Due to the increase in demand, we have had longer lines, so we created a website for our customers to place their orders online and have it ready for them upon their arrival. I have also implemented a rewards program for our customers. If they order 10 glasses of lemonade, they will receive a free 32oz glass in a specially designed mug that they can take home with them, of course with Lottie's logo on it. OPPORTUNITIES FOR NEW LOCATIONS I have decided...
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...Lemonade Stand Business Strategy Preview In the United States, ‘lemonade on wheels’ is a start up company in the field of the Beverage industry. Since the company is new, there would be a chain of stands across the city. The main products served at the stand will be Lemon juices in various flavors’ according to the taste, quantity and packages. The products are not age targeted and hence specific for all. Since it is a startup business, the plans for the company includes making its popularity by promoting the products in the market by very basic procedures. Name of the lemonade stand and its importance The name of the company has been kept as ‘Lemonade on wheels’. The reason behind choosing its purpose was to have mobility in the stands. The stand will be mini vans. It will have one compartment where fresh lemonade would be prepared and served. There will be a second compartment where the chairs for the customers be kept. The consumers will have their seats in the shape of wheels outside the van. The seating arrangements for the customers would be such that all the chairs would get packed inside the van when the day gets completed. The basic idea for ‘lemonade on wheels’ is that the position of the van can be changed according to the costumers and timings and be easily set. Secondly, it is intended to channelize the popularity of the product as a brand name as lemonade that is served on wheels. Mission statement and its Significance Lemonade on wheels mission statement...
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...United way: Not only help get you on your feet, but help you stay there. FUNDRASER HOW WE DID IT: Started off with the lemonade stand (selling approach) on the corner where the stop sign is. Bye humane society. (noticing how many students visited. Bagging groceries: both involved with Bagging groceries through church Plymouth covenant. Gave us the idea. Pastor Dan gave us the idea because we went to him. Groceries best idea Experience Getting involved in community Seeing appreciation from people for offering our help And them giving there money to the people in need People’s reactions/ thoughts: Lemonade stand: The few people that stopped by wanted to know what we were doing and for what, so we explained to them that it was for a class and we were fundraising to raise money for The United Way and how it was going to help so many people. Most people were walking and stopped by to buy some lemonade GLOBAL IMPACT: Improving education: by helping children in youth achieve their potential. In the video watched, I noticed that they not only help you get on your feet, but make sure you stay on your feet. Income: promote financial stability and independence Health: improving peoples health WHAT WE COULD’VE DONE BETTER: Get opinions around campus about what people would actually buy or attend so we could base it off of that and have a better success rate Topic: The United Way Fundraiser Specific Purpose: Working in a group, and trying to raise as much...
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...Tuyet Chavez BUSN 115 Professor John Kyser 15 November 2015 Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options? The name that I have chosen to go with for my lemonade stand is “The undistracted lemon squeezer”. The reason I decided to come up with this name is because, it sounds like my lemonade stand is the destroyer of all lemons. The name also makes it sound like this lemonade stand can be the bet out there. It can make any perfect glass of ice cold liquid gold, turn into amazing refreshing lemonade. I believe that my lemonade stand name is vital when I am considering marketing alternatives because I believe a name can make a difference. If it is not a catchy name, not many will notice it. People will just look at the stand and walk away if the name is just the lemonade stand. Since it’s a catchy name; it’s absolutely impossible that a client that makes a trip to quench their thirst will forget a name like the undistracted lemon squeezer. Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company? To me a statement of purpose is the thing that ought to help a man to continue spending their cash at a foundation. A few illustrations of the statement of purpose are to help the populace of the group, fulfill the customer needs, and so on. The undistracted lemon squeezer stand's main goal is to raise cash to further research...
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...Lemonade Stand, Part 1 Develop a creative name for your lemonade stand, and then explain why a name is important when you are considering branding options. The name that I have chosen to go with for my lemonade stand is “The Lemonators”. The reason I picked this name is because it sounds like my lemonade stand is the destroyer of all lemons to make nothing less than the perfect glass of ice cold liquid gold; or as others like to call it, lemonade. I believe that my lemonade stand name is important when I am considering branding options because I believe that the name is genius. It’s catchy; there is no way that a customer that stops by for a quick quench of their thirst will forget a name like The Lemonators. Create a mission statement for your lemonade stand (Chapter 6); then explain why a mission statement is important for any company. To me a mission statement is what should help a person to keep spending their money at an establishment. Some examples of the mission statement is to help the people of the community, satisfy the consumer needs, etc. The Lemonators stand’s mission is to raise money to further research in pediatric cancers. We strive to raise money to hopefully make a change in at least one little boy or girl’s life, even if is a couple cents of profit. It makes everyone feel better about themselves that a percentage of their money went to help a little child in need of help. I believe that a mission statement is important...
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...Dhara Patel Lemonade Stand, Part 1 DeVry University BUSN115 Introduction to Business and Technology Professsor: Lessie Branch As we have read about in our lecture, the use of a lemonade stand has helped us understand some basic concepts of business, this would be considered a simple business structure, yet it can help us understand almost every function of firm such as marketing, operations, finance, technology, entrepreneurship and many other aspects. In this assignment, I have decided to open a lemonade stand in my local neighborhood. I have grand plans for this stand and expect to attract customers. Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options? * I am going to name my Lemonade Stand “Pitcher of Pleasure!” Branding is one of the most important aspects of any business. Your business name is the first image that your business projects. It is what customers will remember (good or bad) about your business that will either draw them to it or send them to a competitor’s business. Assuming my business lasts, I will have invested a lot of time and money building it. Obviously, part of the value of the business is the name. Always pick a name that is easy to remember and describes what the business does. Create a Mission Statement for your Lemonade Stand; then explain why a mission statement is important for any company? * The mission statement for my lemonade stand will be to...
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...Assiyah’s Lemonade Part 2 Assiyah Fateen DeVry University BUSN115 Introduction to Business and Technology Professor Eileen Nance Introduction Assiyah’s Lemonade have been a growing company since 1999.Offering the local consumers with the best lemonade .With the company gaining success , Walmart has offered to be an investor. Assiyah’s lemonade will be in Walmart stores worldwide Branding strategy My branding strategy for Assiyah’s Lemonade, is to take the product to another level. My goal is to have my product available in multiple stores. I will offer promotions to gain new customers. My first promotion will be buy one get one free. I will offer a variety of sale throughout the growth process of branding my product. Assiyah’s lemonade will be known for the refreshing taste, quality and the affordable price Opportunities for New Locations New locations opportunities for Assiyah’s Lemonade stand, would be to broaden the local area where the stands are located in Detroit .For now the locations of the stands are in the Wayne county district. The new location opportunities would be to add stands to Macomb county and Washtenaw county. By offering more stands in the other counties in the tri state county area of Detroit, business would boom. ...
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...Lemonade Stand: Part 2 Your Name Course Name Professor’s Name Date Lemonade Stand: Part 2 The company, John’s Lemons, is a lemonade stand engaged in the beverages business. Specifically, the company’s products are lemonades made up of lemon, sugar, water, and ice. Lemonades are popular drinks during the summer as it helps quench thirst because of the hot weather. Considering the low initial cost of putting up a lemonade business, there is substantial competition making it a highly competitive venture with a soaring market demand. Because of the tough competition, John’s Lemons formulated a plan that positions its products for success. As a result, this report outlines the company’s branding strategy, identification of possible new locations, promotional plans, and employee training opportunities. Branding Strategy For the purposes of creating a branding strategy for John’s Lemons, the remaining aspects of the marketing mix, namely, Product, Place, and Promotion, will be used. This will be done after identifying and dividing the market into various segments where customers will be grouped according to characteristics, needs, and behaviors. Product John’s Lemons will primarily offer lemonade to its customers. It is moderate in size and will be priced competitively. It will be known for its healthy, natural, flavorful, and well-known taste. The main objective is to create the image of a light and satisfying thirst quencher, a beverage that is not only...
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...This report provides factual quantative information on Lemonade Stand, sourced from financial statements, the business’ General Journal and financial data collected during Seasons One, Two and Three. The following economic summary report will consider how well Lemonade Stand’s business is performing by, among other things, deducting the stand’s capital costs from its profits. Through analysis of the previously stated quantiative information, the company will be able to measure how well the stand is using capital to build economic value, with perhaps deploying company resources in ways that will further enhance its economic value. In short, the economic summary report’s fundamental objective is to maximize the stand’s return for its owners, as well as to focus on very precise value-related targets, be they cost reductions, new investments, or other resource allocation. Over the three season period of review, Lemonade Stand has shown a steady revenue growth. Although this growth is positive, there are aspects of the business that, if managed more efficiently, could have brought the stand a significant increase in overall profits. First, the price per cup could have been increased throughout Season Two – instead of maintaining a steady price of $0.60 during the whole season. This simple increase in price would increase revenues and profits for the season. Second, there was a lack of wise management towards the purchase of supplies during Season Two. It was difficult to forecast...
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...Lemonade Stand Account Summary Report Olivia Amosun BUS 599 Introduction to Quantitative Principles October 13, 2014 Instructor Kurt Diesch The following report states the operating activities of the Lemonade Stand during season one. The journal, income statement and balance sheet will express the flow of funds in expenses and income including any gains or loss during the accounting period. Exhibit 1.1 Journal First Season |Date |Description |Debit | |Credits | | | |Account |Amount | |Account |Amount | |1 |Partnership |Cash | 40.00 | |Equity | 40.00 | |1 |2 pitchers, 2 spoons |Equipment | 11.50 | |Acct. Payable | 11.50 | |1 |Purchase supplies |Inventory | 7.50 | |Acct. Payable | 7.50 | |1 |Sold 23 @ 0.5 |Cash | 11.50 | |Revenue | 11.50 | |1 |Supplies used |Expenses | 6.96 | |Inventory | 6.96 | |2 |Purchase supplies |Inventory | 11.50 | |Acct. Payable | 11.50 | |2 |Supplies used |Expenses | 5.21 | |Inventory...
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...Revive Lemonade Revive Lemonade is a Lemonade made from fresh organically grown lemon and raw honey. Revive Lemonade is considered not just for it’s delicious taste but it is considered for a fresh start to clean health in a cup. Revive Lemonade was created as a new way to introduce raw foods in to one of the highest rated obesity community in the City Chicago. In the past several month this community along has been the rated number one area for high blood pressure and diabetes disease case in the whole City of Chicago. Mission Revive Lemonade has the ability to change life for the better for a longer lasting future. Our mission is to bring healthier food in this community. First, a mission statement is a brief expression of why the company exists. (Bovee pg. 144) “The mission statement sums up your company's direction and outlines goals for what you and your management team hopes to accomplish, both in the business and the industry you serve. Just as you want to establish your direction as a business, it is equally important to establish it for the public. Consumers, industry partners, media professionals and more should all be able to read your mission statement and understand your direction as a company and why you've chosen that focus. The mission statement should communicate why your goals were established and why they are important to your company's overall direction.” http://smallbusiness.chron.com/reasons-mission-statements-company-15701.html Revive...
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...Institutions name Tutor’s name Students’ name Date The primary product to be offered by XYZ lemonade stand is a beverage that is a product of lemon, sugar, water and ice. The brand was born by the high demand of lemonade in the summer or during hot weather. The lemonade business is highly competitive due to the low initial cost. To beat the competitors who include young and creative entrepreneurs, XYZ will position its products for success. In his book ‘Entering new businesses: selecting strategies for success’ Edward. B emphasizes on the use of effective strategies for the success of new business entrants. In the case of XYZ lemonade, a variety of products will be offered including different flavors like strawberry lemonade, plain lemonade, pink lemonade, limeade and other complementary products like snacks and popsicles. Research before launching the XYZ will investigate how and when the residents prefer lemonade. Taking into account their reservations XYZ lemonade will be served in conspicuous cups that will come in different sizes, the table cloth colors will also be bright (pink) in order to attract the customers. The different cup sizes will make it affordable to a number of people as people can buy according to their pockets. To ensure XYZ lemonade brand remains in the minds of consumers, XYZ lemonade stand identified its current location after research and effective market segmentation. The selected neighborhood has a high population count; fortunately,...
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...outputs. Steiner, George A. (2010) in his book explains that strategic planning is indissolubly mixed with field of management these days and is not regarded as a separate process. Managers focus has largely shifted from ‘operations only’ to ‘strategize and operate’ philosophy (Steiner, 2010). However, organisations are in a state of dilemma over the concept of effective strategy implementation (Grimshaw, et al., 2004). Some believe in single strategical approach that is consistent with one pre-planned scheme which slowly adapts to the environment; is most effective, while others point of view is that; to survive in this competitive market environment one has to adopt to series of ad hoc brilliant strategies because it can provide their business cutting edge over the others (Pietersen, 2002). I believe that both the strategies has a role to play in achieving desired strategical outcomes. What is important is that they fit right in the current environment and are implemented in a risk free manner. Changes in theories of Strategic planning When strategic planning was modernised in 1950s, large scale companies were the ones that adopted it first (Godet, 2000). They were not part of the current strategies but were running in the background and were known as long term plans. As the idea matured, smaller companies started to adopt them as well and with time it became of part of the plan for most of the companies. Nowadays market is different, it is fast paced and quickly changing,...
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...Lemonade Stand According to the text book economics is “the study of how best to allocate scarce resources among competing uses” (Larson et al, 2007. p. 340). The United States continued search for stronger prosperity continues to grow. Each business wants to grow stronger and to do so they need to continue to produce more goods and service. By utilizing their various financial statements they will be able to develop an Economic Profit report which will show them how they are failing or growing. The Economic Profit Report takes information from a variety of sources in the business’ paperwork to give the owner an idea of where they stand. This report is made up of explicit revenue and expenses and implicit revenue and expenses. The explicit expenses are clear cut costs that a business pays to outsiders that reduce the bottom line profit of a company. Implicit expenses are those costs that are within the business such as hours worked. Both sets of expenses are added together and both sets of revenues are added together to give the totals for each section. Expenses are then subtracted from revenues to give the business their Economic Profit. To determine the implicit expenses of the lemonade stand for the three seasons was a matter of figuring the amount of hours that were spent working each of the 6 days for each of the seasons. This total number of hours was then multiplied by a wage for each of the seasons. This expense is necessary for any business to run as the...
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