Developa creative name for your lemonade stand, and then explain why a nameis important when you are considering branding options?
Life’sLemonade is the name for my lemonade stand. The name of the lemonadestand is essential as it plays a significant role in the developmentof the firm as well as the perception. The name of the company canbreak or build the business. The name that you give a company orbusiness becomes the entrepreneurial landmark. The reason why I choseLife`s Lemonade is that it reflects the face of my brand. When acustomer or the passersby see the name Life’s Lemonade, what comesto their mind is that they want to have some lemonade especiallyduring the summer. The name is also catchy, and therefore customerswill be able to remember it because it is shorter and very easy tomemorize.
Agreat name can create a sustainable relationship between thecustomers and the business, and it is significant to note that italso can ruin the relationships between the two (Longenecker, 2009).
Createa mission statement for your lemonade stand then explain why amission statement is important for any company?
Weuphold quality as the most important factor. By using a unique recipeand nothing else but quality products, we look forward to seeing ourcustomers getting nothing less than quality.
Besidesa major focus on giving our clients quality, their satisfaction andhappiness are also our primary focus. Our team is very friendly andengaging-besides what a good lemonade is without an engaging, happysalesperson? We always work to ensure our clients enjoy every sip ofthe lemonade. This would work to help them do away with theirunnecessary worries.
Ourstrategic location has the right atmosphere with the right kind ofpersonnel our customers will always feel as if they are going tomeet a friend and not going to buy just a beverage.
Importanceof a Mission Statement
Amission statement of a business is used to communicate the purpose ofthe firm/company. A mission statement also informs the direction thatthe business wants to take. It, therefore, serves to remind the teamsin the organization the reason why the group exists because when allis said and done this is what makes the firm successful. It keepseveryone clear on the company`s direction, intention as well as theintended destination. A mission statement also shapes the strategy ofthe business. Since every organization requires having strategy amission statement ensures that the plan is not created in a vacuum(Longenecker, 2009).
Youare very involved in your community please outline your CSR plan foryour business.
TheCSR plan of our lemonade stand is focused on ensuring that everyonegets adequate food to eat including the poor. Therefore, for everyglass of lemonade that we sell five cents is set aside for thiscause. We want to provide food to the poor people and street familiesbecause we believe that everyone has a right to have a full stomach.
Thetextbook lists many different types of pricing strategies, pleasepick one of these and explain how you will deliver on this strategywith your stand.
Bundlepricing will be our pricing. We will sell three two glasses oflemonade as a bundle and at a slightly lower price. The strategy willensure that the stocks move fast and that we increase the valueperception in our customers.
Eventhough you only sell to local clients, you understand that you couldpackage your lemonade and sell it online globally. Evaluate whetheror not the company should go global by creating an online presenceand selling your lemonade online.
Goingonline will mark a huge step for our business. This is because wewill be able to access a larger customer base. However, while this isa good thing, even if we would like to go online we would not like togo global as the business is still young and our products may not beconvenient for markets which are too far.
Longenecker,J. G. (2009). Smallbusiness Management: Launching and growing new ventures.Toronto: Nelson Education.