...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 appropriate...
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...business. A business that I think it might have great potential in the near future. But that it also comes with a few questions in mind. Let’s explore some of this questions one by one. -Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options? The name of my business will be call, “Lemon Lime” I see this name very catchy as it is a hybrid of the two of the many types of lemons around the world. The name will reflect what I am and what I can do as a business person, as person or company with integrity and ethics value. But is not just for me or my employees is for my target consumers, the thousands of people in my local area as that’s where I plan to start my business from or perhaps the millions of people around the world. Or as Bovee and Thill says “It gives customers a way of recognizing and specifying a particular product so that they can choose it again or recommend it to others”. And that’s exactly what I want from my business to be recognized first locally then globally as pure “Lemon Lime Splash”. -Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company? To produce the best lemonade for the local consumers but at the same time to bring it to the masses. By meeting, learning and selecting the best lemons from local growers farmers or from around the world. I see a mission statement as a vital point to the...
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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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...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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...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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...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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...BUSN115_Week3_Assignment Scenario: - To open a Lemonade Stand in your local neighborhood. Its summer time and the most important thing in hot weather is the need to quench your thirst. What is a better drink then a refreshing Lemonade. Since long I was very much interested in opening a lemonade stand, which I finally decided to have it implemented before the summer season starts. After a lot of research and hard work I have come up with a business model that would work efficiently in generating revenue and also help local community. Brand:- The brand name that I came up with is a catchy and trendy word which I think represents the product and justifies the product’s need in hot season. The brand name would be “GO-COOL” Real Lemonade. People find different reasons to stay cool in harsh summer season. One way of staying cool is keeping the body hydrated. Providing consumer a refreshing drink will give them a reason to come back and with the easy brand name they would never forget the product. With future expansion plans like franchising in other countries the name would be universally accepted. Mission statement:- At “GO-COOL” Real Lemonade, we embrace the simplicity of Lemonade— Lemon, Water and Sugar. Our goal is to create a product in which the true taste of the Lemons come through. “GO-COOL. We will strive to live up to the expectation of the consumer to provide them the best of the nature to give them the feel of cool nature. We will work hard and will be honest whether...
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...Lemonade Stand Norberto Vargas DeVry University Lemonade Stand Informal Business Report INTRODUCTION The name of this Lemonade stand is “Lemon and its products” and its primary products in the market will be lemons and all other products that can be derived from lemons such as juices and lemon flavored baked products. Its main drive is to make these products readily available in the market, expand the business globally and help the society to have healthy living people. It will also be keen to giving back to the community through corporate social responsibility. The business pricing strategy will be on demand basis. The excess or shortage supply of raw materials and willingness/ability of the customers to purchase will affect the prices (Bovee & Thill, 2012). BRANDING STRATEGY The product will be branded in a manner that creates a great consumer experience with an emphasis of very high quality products that are natural, healthy and tasty. The packaging materials will bear a design and a logo that’s entirely unique and communicates of the company’s association to the product. The company will also consider a support service of free delivery within a certain area of operation to encourage consumers to buy products without visiting the stores (Bovee & Thill, 2012). Distribution will be considered on retail level of engagement since lemon products are perishable and cannot be stored for long. The retailer will be requested for to give some forms to customers...
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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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...Lemons Heads Lemonade Stand Thaddeus Tolbert Devry University INTRODUCTION Lemons Head is a locally owned and provides the highest quality lemonade to our customers. We buy the best fresh Lemon on the market. Our lemonade will also come in different flavors such as raspberry, strawberry, and peach. One of Lemon Heads main goal is to create good quality products and sell them for reasonable cheap price. BRANDING STRATEGY Lemons heads has a great chance to be one of the best lemonade stand or franchising. Hopefully in the future we can expansion and hit the market with a have a franchising opportunities. Also I would like to work with retailer stores like as Walmart, Abertson, Fry’s so I can sell my product in there store, but I can also start at the local moms and pops stores for a test run to see how my product sell before going to the big retailers, but this will allow Lemons head a much greater opportunity for the company to show its brand and for a great exposure. OPPORTUNITIES FOR NEW LOCATIONS Our stand is local at Westgate at a small booth, business has been extremely successful because of the area, we get a lot of business when there are sports events like the Cardinals and Coyales games going on. Lemon Heads is looking at opening up a new location in Tempe on Mills Ave. The area would be a perfect spot for a new stand. The Area is known for the popular spot for Arizona State University students. Our stand also needs to be in the area on Mills Ave that...
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...Interactive Supply and Demand Simulation Lemonade Stand": a game that just oozes the phrase "supply and demand". "Lemonade Stand" was somewhat challenging in the gameplay; the concept, however, was simple, play through seven days, selling lemonade, while buying the components necessary to concoct said lemonade. Sounds easy, but the kicker is the part where you want to come out with as much profit as possible. I played three seven day sessions of this game, and never once did I manage to come out with a profit. It seemed as though the only time I was drawingin customers was when I dropped the price and raised the amount of sugar per pitcher, which would, needless to say, increas my spending and decrease the money I'm making. Obviously, this is not good for business. A game such as this, believe it or not, requires quite a bit of thought, and, if one hopes to be successful, a strategy. My strategy going into my first gameplay was simple: I didn't have one. My brother had played this game before and warned me that it is difficult to know what to do until you see how the customers react. If you get little-to-no customers, drop the price, then see how they react. Even after lowering the price, I was getting customers that were telling me to lower it even more, and some customers just simply said, "Mmm!" So I knew the lemonade I was producing was tasty, but many were not happy with the price. I lowered the price to fifteen cents per cup, and people started saying it wasn't good...
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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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...Is Lemonade Legal?; Local food Regulation Anonymous This article explains the laws some states have that prevent people from selling food that hasn’t been through a formal kitchen inspection. In Texas in June, two young girls were holding a lemonade stand in their neighborhood but police had to shut down their business in order “to act to prevent an immediate and serious threat to human life or health" which is part of the law in Texas. On a larger scale, this law could impact the economy since many citizens still are making money by making food in their homes and selling it at famers markets. Since each state has it’s own laws about what types of food can and can’t be sold location plays a huge role in the market of home made goods, since some states are still perfectly fine with selling food that hasn’t had a formal kitchen inspection, yet some states see this as a huge problem. Some states are okay with citizens selling uninspected food, however, they are very picky about who they let sell food. For example, in Rhode Island it is okay for famers to sell uninspected food but it is illegal for everyone else. In Oklahoma, bakers are allowed to sell uninspected food, however, they are the only ones. In Wisconsin it is okay for people to sell food from their homes, however there is a maximum amount of income they are allowed to get from these sales per year. Although the government’s ultimate goal for these laws is to keep citizens healthy and safe, preventing...
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