...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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...set your product apart from the rest. Branding is your promise to the customer of what they can expect from your product. Branding is a strategy that is very important in the beginning stage of creating a business. Without a good brand name, your business could sink before it touches the water. With a properly thought out name, your business could turn into the Hilton of hotels; the Starbucks of coffee shops. “Your brand strategy is how, what, where, when, and to whom you plan on communicating and delivering on your brand messages”, (http://www.entrepreneur.com/encyclopedia/branding). It’s all in the name. Mission Statement Our mission is to yield the best lemonade at the most affordable price to the Ohio Valley. We dispense only the best quality lemonade possible, and provide a large variety of lemonades, to always keep your taste buds coming back for more. So, come on and wet your whistle. A mission statement is a concise description of why a business exists (Bovee, C.L., Thill, J.V. 2013). It defines your target customers, establishes your product and services, and describes the location that your business operates in (http://www.entrepreneur.com/encyclopedia/mission-statement). It is important to have a mission statement to let the people know who you are, and why you’re here, to draw them in. Corporate Social Responsibility CSR Plan • Purchase lemons from local farmers markets to give back to the community. • Provide a clean, safe, and pleasant...
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...The creative name I have chosen for my lemonade stand is Tasty Lemons. The name of your business is important because it is the first impression for all of your customers. A good name will stick inside the minds of customers allowing your company to stand out from the competition. Mission Statement: Our goal is to provide our customers with the absolute freshest lemons possible to give them the best lemonade on the market. A mission statement is important to a company because it gives information about the business and its goals to the consumer. Our goal lies with the environment first allowing for our customers to have purchase our product knowing that the lemonade they are drinking was made as eco-friendly as possible. The pricing strategy I chose to use with the lemonade stand will be dynamic pricing. Dynamic pricing will enable the company to adjust the pricing levels to gain the most profits while still thinking about the customer. It will also let the company to keep making profit even if the market for lemons or sugar changes. Although this will allow the company to change the prices whenever they want they should not change it too often to avoid customers getting upset because you used to be cheaper yesterday than you are today. I chose to pick this strategy since it is the best choice for the business and the consumer. In order for a company to go global and have an online presence they must first conduct proper research in the marketplace. One example...
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...DAMM Good! Lemonade Stand (DGLS) Accounting Summary Report – Season One Bus 599 - Introduction to Quantitative Principles 12 September 2010 Background The enclosed DAMM Good! Lemonade stand (DGLs) accounting summary is a quantitative snapshot of financial transactions that have occurred during the first season of operation of DGLs. This accounting summary report has two aspects: to generate common accepted financial statements that reflect the health of the business and to provide concise but insightful interpretations and necessary recommendations deduced from the data (Larson, 2008). Financial Position Summary Appendix I: Daily Seasonal Data * The seasonal data was used as an “ad hoc” journal or daily receipts record to build each of the financial worksheets. Appendix II: Financial Journal The DGLs Financial Journal is the formal recording of five aspects of a transaction that is found in the Daily Seasonal Data: (1) its date, (2) brief description of the transaction, (3) ledger account to be debited and amount, (4) ledger account to be credited and amount, and its (5) cross-reference title for other financial reports. It also includes additional data entries such as the weather condition on that day and number of hours the stand was open to help “flush out” the other factors affecting the DGLs. This approach provides an audit trail and a means of analyzing the effects of daily transactions on DGLs’s financial position. * The DGLs first season...
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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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...provide delicious lemonade to my customers. I wanted my clients to relate the product to the simplest form of nature. When creating the name I aimed for a target our customers could relate to because of its unique simplicity. I needed a name that would roll right off the tongue as if it were a name you would use daily. I came to the conclusion that the only way to create a name that would appeal to my customers was to create a survey. I targeted 200 people with no demographic in mind. I conducted the survey at four different grocery store parking lots, on opposite sides of town. The chart below shows our results: General consensus dictated the Lemonade Stand would be called “Lemonade Stand”. I am very happy with the results as this was the name I was originally aiming for. I wanted a name that would be easy for people to remember. I did not want to add my personal name to it as I felt it was not original and lacked creative branding. I also wanted to stay away from the word Natural. I have found that this word is very loosely used in food products, as many food products are massed produced and contain preservatives. I wanted our product to reflect that it is an all-Natural product, without the assumption that labeling the bottle “Natural” is just a clever advertising ruse. By calling it “Lemonade Stand” I am hoping to create an image to my customers, that they are grabbing an actual lemon from the grocery store, and not just a powdered version Lemonade. Phase 2: ...
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...Misty Baker Lemonade Stand While playing the game I learned a lot of new things about what can impact the supply and demand of products. I had to run a lemonade stand for thirty days making sure to keep the supplies needed to make the lemonade equal to the amount of lemonade I thought I would sell for the day. At first when I started out I didn’t take into consideration that certain aspects could have an impact on how much lemonade I would sell for the day. After playing for about twenty days I began to see a pattern in how things would affect how much lemonade was sold on certain days. Once I figured out what things had an impact on how much lemonade I sold, I was able to come up with a strategy that worked out best to meet my supply and demand perfectly. The strategy I put into place was on days that were colder or rainy; I had to drop the price of lemonade down to $.15 a cup. Since on these days I wasn’t selling very many cups I didn’t have to buy that much supplies. On days that were warmer and more humid out I could raise the price of my lemonade to $.25 a cup because of the fact that the demand for my lemonade was greater on these days. On the hotter days I sold more lemonade so I had to make sure that I had bought more supplies to the demand of my customers. I also learned that people were more apt to pay the higher price if the lemonade was good quality lemonade. Supply and demand was shown through this by how much lemonade people would buy on certain...
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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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...BUSN115 Introduction to Business and Technology Professor ZZZ Lemonade Stand Informal Business Report INTRODUCTION In this section, provide a brief introduction to your lemonade stand to provide a potential investor with necessary background material. Your introduction should indicate your subject or purpose and why it is important. You might summarize some of the main points you identified in Part I of this assignment. BRANDING STRATEGY In Part I, you decided part of the brand when you developed your pricing strategy. Continue with the other parts of the marketing mix (place, promotion, and product), and discuss how the lemonade stand should be branded utilizing this marketing mix in this section. Draw upon Chapter 13 to support your points, and compose your response in complete sentences with APA citations where applicable. For this section and all sections in which research is incorporated, please keep the following in mind: An in-text citation uses the following format: (Author’s last name, year). It should appear at the end of the sentence in which information gathered from your text appears. Be sure to place quotation marks around any material that comes word for word from your source. When directly quoting, you must also include the page number in your in-text citation: (Author’s last name, year, p. #). Here is an example: (Williams & Tollet, 2008, p. 49). OPPORTUNITIES FOR NEW LOCATIONS Your stand in your neighborhood has been very successful and you are considering...
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...Financial Summary Report Kenyatta Maggitt Dr. Lee Meadows BUS 599 March 26, 2012 An income statement is a summary of the income coming and going out in a business over a certain period time. The income statement covers fees earned, revenue, expenses and net income. At Magic Lemonade Stand, the earned income for the first season was $206.75. The operating expenses for inventories $4.77 and equipment $11.50 for a total operating expenses of $79.58. The Net income was $127.17. The statement of owner's equity is a summary concerning changes that occur in an owner's equity over a certain period of time. The statement of owner's equity lists the net income and the deductions for that period. The capital for the beginning of Magic Southern Lemonade was $40 and the retained earnings were $127.17 with $36.97 in withdraws, which increased the owner's equity to $167.17 and the overall capital for the month was $204.14. The balance sheet is a financial statement that itemizes the assets, liabilities, and equity for the business for a certain period of time. The total assets was $223.02 (cash $206.75, supplies $16.27 and accounts receivable$ 36.97) and the liabilities $36.97(accounts payable) and the owner's equity $167.17, total of liabilities and owner's equity $204.14. The statement of cash flow is an itemized cash receipts and cash payment summary for a certain time frame. The revenue was $206.75 and $79.58 in account payables for a difference of 127.17. Balance Sheet for Season...
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...The Lemonade Stand Report This report provides an analysis and evaluation of the current profitability, liquidity and financial stability of The Lemonade Stand. Methods of analysis include trends in debits, credits, accounts payable, revenue, cash and inventory. The results of the data analyzed show that all ratios are above industry averages. In particular, comparative performance is good in areas of profit margins, liquidity, and credit control. All calculations can be found in the appendixes. The report finds the prospects of the Lemonade Stand in its current position are very positive. One major area of weakness is too much inventory and requires further investigation and remedial action by management. Recommendations to be discussed include: • Improving the average collection period for accounts receivable. • Improving/decreasing inventory turnover. This report also investigates the fact the analysis conducted has limitations. Some of the limitations include: • Forecasting figures, which are not provided. • Nature and type of company is not known. • The current economic conditions data limitation. • Not enough information is provided or enough detail e.g. monthly details not known. According the balance sheet for the Lemonade Stand, the total of assets and total equity & liabilities are the same which suggest that the amount of money taken in carried the amount of money going without a profit or loss. According to the income statement, the...
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...Running Head: THE FOOD STAMP PROGRAM 1 The Food Stamp Program Patricia Ibrahim PPA 601 Foundations of Public Administration Instructor Raby THE FOOD STAMP PROGRAM 2 The first Food Stamp Program started in 1939 during the height of the Great Depression, a period of high unemployment and widespread hunger. The program was successful, but the need for food assistance in America didn’t last very long. Soon after entering World War II in 1941, the U.S. began a period of booming growth and prosperity.(Cancio, Coleen, How Food Stamps Work) The program operated from 1939-1943, and was seen as an innovative way to respond to severe hunger caused by the Depression while also supporting farmers. The food stamps were made of orange and blue paper in the form of coupons. The stamps were purchased by citizens at a value equal to what they spent on food each month. The stamps were used to purchase food and household articles, (starch, soap, matches) but could not be used to purchase alcohol or tobacco. For every US $1 worth of orange...
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...Lemonade Stand: Part I Shane Meeker DeVry University BUSN115 Introduction to Business and Technology Professor Deborah Stapenski Lemonade Stand: Part I BRANDING Through my reading of the textbook I have realized the importance of a name and the impact of branding. The book states, “The choice of a brand name and any associated brand marks can be a critical success factor” (Business in Action, Pg. 322). The name has to be something that is simple and yet represents the company. I wanted something that was casual and inviting so I chose, “The Lemon Shack.” MISSION STATEMENT The mission statement is extremely important to my company as well as others. This gives the company a clear direction in which to precede. It makes it clear to employees, customers, and investors, what we are here for and our mission. This is not to be taken lightly, and took a lot of time to come up with. Our corporate mission statement is, “To provide quality lemonade, at affordable prices, while maintaining great customer service, and giving back to our community.” We take pride in our product and our customers, as well as our local community; and by following our mission statement we can make sure that we meet all expectations. CSR PLAN After reviewing the textbook (Business in Action), I have decided to take a strategic CSR approach. By taking a strategic approach we can give back to the community while still benefiting the company. First, we will donate any left-over produce to the local...
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...8. Anna’s profits from running the lemonade stand is $2. We arrive at the profits by taking the total revenue and subtracting it by the total costs. [Profit/Loss = [(TR=$20)-(TC=$3+$10+$15)]=$2]. She made a good decision running the lemonade stand because she made profits. However, it can be argued that her profits from picking up sticks would have been greater and that she should have done that instead. I believe there is not enough information in regards to all of the economic costs associated with picking up the sticks and therefore I am skeptical of it at this time. 9. In the short run the market for gasoline has a factor other than price that changes and the increased income causes a shift in the demand curve to the right. This change...
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