LEMONADE STAND 1
Nameand Importance of a name
Ihave made a decision to open a lemonade stand in my localneighborhood. I plan to name my lemonade stand "Lemon’s." A good name is important in any business whenit comes to branding since it plays a vital role in brand perceptionand growth. A name is usually the first thing that a customer sees,and it makes an immediate impact on the impression of the client. Ithas to communicate a positive message to the potential customer. Acatchy name also helps a client to remember you and hence caninfluence the business`s ability to retain customers (Sukiennik &Raufman, 2015).
Missionstatement and its importance
Mymission statement is "to raise awareness of the importance offruits in healthy lives."
Accordingto Sukiennik & Raufman (2015), theimportance of a mission statement is that it determines the directionof the company by communicating goals and plans to employees andcustomers alike. A mission statement defines the reason the companyexists. It is the statement of purpose and serves as a guide to allthe company`s decision making. It is also significant in defining thebusiness, products or the services to the customers. Additionally, itallows the company the ability to differentiate itself from itscompetitors.
Corporatesocial responsibility plan
Whilecreating business value, it is equally important to promote positivesocial change. My business is will give back to the community. My CSRplan involves promoting social awareness on healthy living,especially among the youth and children. My vision is to see ahealthy community with foundations rooted in a healthy younggeneration. As well as promoting my business, I seek to promote thissocial idea by initiating and sponsoring sports and co-curricularactivities among this young generation within my community. Byfacilitating such events as ball games and athletics, my businesswill also take the opportunity to educate the youth and children onhealthy living practices, and the role played by fruits. I willmonitor every aspect of this program closely to ensure the intendedobjective is realized. I will consider my community’s health needsand promote talent recruitment in these activities.
Thereare different types of pricing strategies, but for my "LemonsLemonade" stand, I choose to employ the ‘pricing for marketpenetration strategy.` I found this approach more appealing since itwill attract more customers for my new business. I will charge lowerprices to draw attention away from my competitors to promote more ofmy sales. This technique will be entirely beneficial to my newbusiness as cost conscious people will be attracted to the businessthat is offering lower prices for high-quality goods. Over time,increased awareness in my lemonade stand will facilitate sufficientmarket penetration. This is how I plan to deliver on this strategy.
Myinitial intention is to sell to my local customers, but I considerusing the Internet to reach global markets online. The presence ofthe World Wide Web has made the world a global village, and it is nowcheaper and easier to access wider markets online. After evaluationof the cost and benefits involved, my company will create an onlinepresence by developing a website for my lemonade stands and packagingmy lemonade to sell online. The initial investment is cheapercompared to the profits that I will realize by expanding to theonline community.
Sukiennik,Diane., & Raufman, Lisa. (2015). The Career Fitness Program +New Mystudentsuccesslab Access Card: Exercising Your Options.Pearson College Div.