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Busn-115

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The primary product to be offered by XYZ lemonade stand is a beverage that is a product of lemon, sugar, water and ice. The brand was born by the high demand of lemonade in the summer or during hot weather. The lemonade business is highly competitive due to the low initial cost. To beat the competitors who include young and creative entrepreneurs, XYZ will position its products for success. In his book ‘Entering new businesses: selecting strategies for success’ Edward. B emphasizes on the use of effective strategies for the success of new business entrants. In the case of XYZ lemonade, a variety of products will be offered including different flavors like strawberry lemonade, plain lemonade, pink lemonade, limeade and other complementary products like snacks and popsicles.
Research before launching the XYZ will investigate how and when the residents prefer lemonade. Taking into account their reservations XYZ lemonade will be served in conspicuous cups that will come in different sizes, the table cloth colors will also be bright (pink) in order to attract the customers. The different cup sizes will make it affordable to a number of people as people can buy according to their pockets. To ensure XYZ lemonade brand remains in the minds of consumers, XYZ lemonade stand identified its current location after research and effective market segmentation. The selected neighborhood has a high population count; fortunately, the position can be seen from many of the apartments and will not require any permits before operation.
Market penetration pricing was used to arrive at the price of a cup of lemonade. Effective pricing of lemonade is not a competitive edge for XYZ since consumers have a reference price, thanks to the vast number of lemonade stands. Being aggressive is a requirement for this business and XYZ will use various promotion platforms to reach the consumers. Since the costs of advertisement are high for new entrepreneurs, the lemonade stand will use social media to communicate with potential customers. Use of posters and billboards will also prove effective in selling the brand of this business. A budget of 5000 dollars will be utilized in printing adverts in the form of posters, in addition to these methods; proper and prompt services at XYZ lemonade will enable it to acquire customers through referrals. The extra $5000 will be spent on small gifts to customers.
The lemonade making process will include the careful sorting of lemons on the basis of quality and the use of freshwater to mix ingredients. To ensure that high health standard are observed, the employees of XYZ lemonade will use tissue papers, sanitizers, and even gloves.
Success in the neighborhood will call for expansion into new markets. Identification of other places to set business will be determined by the amount of foot traffic, areas with lots of people example outside shopping centers and the number of competitors in the area. After conducting a locational analysis and identifying potential areas, then XYZ will move to the area and operate a chain of lemonade stands.
Good customer service is necessary for survival in this business, employee training in this area is thus critical. Employees will undergo training on how to deal with customers, like addressing them by name or title, always smiling and greeting the customers. They should be trained to be professional by being fast, wearing the necessary uniform, apologizing and accommodating unsatisfied customers. Use financial rewards, and other reinforce good performance and behavior among employees. Suspensions and withdrawal of benefits can also be used to curb poor performance and unprofessional practices. (Ford, 2014)

REFERENCES
Armstrong, G., Adam, S., Denize, S., & Kotler, P. (2014). Principles of marketing. Pearson Australia
Ford, J. K. (Ed.). (2014). Improving training effectiveness in work organizations. Psychology Press.
Berg, N. (2014). Success from satisficing and imitation: Entrepreneurs' location choice and implications of heuristics for local economic development. Journal of Business Research, 67(8), 1700-1709.

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