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Busn115 Lemonade Stand

In: Business and Management

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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 soup kitchen. We will also have employees donate their time to make our fresh lemonade out of the left-overs for the homeless and serve food as well. This will care for the homeless as well has shed a positive light on the company. Second, we will support a local little league team and name it, “The Lemon Shack’s. This will provide recreational activities for local youths, as well as provide advertising for us on their jerseys. Finally, we will team up with the local workforce development office as well as the local high school, to provide job training and development. We will do this by offering seasonal employment. This will create jobs as well as give us a way to get needed employees.
PRICING STRATEGY I have chosen to implement the penetration pricing strategy. I would like to start my prices out low to attract customers and then adjust them as time goes on. This will help to pull from the competition but not to the point of putting them out of business. I would like to also like to utilize price adjustment tactics after coming through the initial penetration. By utilizing price adjustment I can insure that the customer will keep coming back. I will do this by having a punch card that at every tenth purchase the customer will receive a free small lemonade. I also will distribute coupons and have seasonal sales to help keep business in the colder seasons.
GLOBAL STRATEGY After much thought and consideration I have decided that our company is not at the point of dealing globally now as we are just beginning and the cost is too much now. In the future though I would like to develop a website in which we can sell bottled lemonade worldwide. This would of course require either having our own production plant or to provide licensing agreements to a bottling company to bottle and distribute our product for us. As I said before, I would like to eventually get involved in the online marketplace as well as possibly become a franchisor. If we find success in our local community than we can share our business model with others and expand our company and brand.

References
Bovee, C. L., Thill, J. V. (2/2012). Business in Action, 6th Edition. [VitalSource Bookshelf Online]. Retrieved from https://devry.vitalsource.com/#/books/9781269588669/

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