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Lemonade Stand, Part 1

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Submitted By dharap6593
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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 raise money for a car, help out my parents, and show them that I can run my own business. The remainder of the money will go to the nursing home across the street from my neighborhood. A mission statement is a brief statement of why an organization exists; in other words, what the organization aims to accomplish for its customers, stakeholders, and investors. The mission statement sums up your company's direction and outlines goals for what you and your management teams hope to accomplish, both in the business and the industry you serve. This statement may span a short paragraph or several of them and give a clear objective for why you do what you do. If you sell a product, your mission statement will explain why you sell that product and what you hope to accomplish with those sales.
You are very involved in your community; please outline your CSR plan for your business * Corporate social responsibility (CSR) is the idea that a business has obligations to society beyond the pursuit of profits.

Works Cited Page

1. Williams, John. "The Basics of Branding." Www.entrepreneur.com. Web. <http://www.entrepreneur.com/article/77408>. 2. Banner, M. (2013, January 8). Importance of a Good Business Name. Retrieved from http://www.smallbiz.com/Help/starting/importance-of-a-good-business-name/ 3. Belcher, Lynda. "Reasons for Mission Statements in a Company." Smallbusiness.chron.com. Web. <http://smallbusiness.chron.com/reasons-mission-statements-company-15701.html>. 4.

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