...Dhara Patel Lemonade Stand, Part 1 DeVry University BUSN115 Introduction to Business and Technology Professsor: Lessie Branch As we have read about in our lecture, the use of a lemonade stand has helped us understand some basic concepts of business, this would be considered a simple business structure, yet it can help us understand almost every function of firm such as marketing, operations, finance, technology, entrepreneurship and many other aspects. In this assignment, I have decided to open a lemonade stand in my local neighborhood. I have grand plans for this stand and expect to attract customers. Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options? * I am going to name my Lemonade Stand “Pitcher of Pleasure!” Branding is one of the most important aspects of any business. Your business name is the first image that your business projects. It is what customers will remember (good or bad) about your business that will either draw them to it or send them to a competitor’s business. Assuming my business lasts, I will have invested a lot of time and money building it. Obviously, part of the value of the business is the name. Always pick a name that is easy to remember and describes what the business does. Create a Mission Statement for your Lemonade Stand; then explain why a mission statement is important for any company? * The mission statement for my lemonade stand will be to...
Words: 499 - Pages: 2
...Lemonade Stand, Part 1 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 Lemonators”. The reason I picked this name is because it sounds like my lemonade stand is the destroyer of all lemons to make nothing less than the perfect glass of ice cold liquid gold; or as others like to call it, lemonade. I believe that my lemonade stand name is important when I am considering branding options because I believe that the name is genius. It’s catchy; there is no way that a customer that stops by for a quick quench of their thirst will forget a name like The Lemonators. Create a mission statement for your lemonade stand (Chapter 6); then explain why a mission statement is important for any company. To me a mission statement is what should help a person to keep spending their money at an establishment. Some examples of the mission statement is to help the people of the community, satisfy the consumer needs, etc. The Lemonators stand’s mission is to raise money to further research in pediatric cancers. We strive to raise money to hopefully make a change in at least one little boy or girl’s life, even if is a couple cents of profit. It makes everyone feel better about themselves that a percentage of their money went to help a little child in need of help. I believe that a mission statement is important...
Words: 758 - Pages: 4
...BUSN115 Week 3 Assignment Professor Prepared by Jane Doe Dates: Due 2015 Submitted 2015 Contents Phase 1: Choosing a name 3 Phase 2: Mission Statement 4 Phase 3: CSR Plan 5 Phase 4: Pricing strategy 6 Phase 5: Expansion 7 Bibliography 8 Phase 1: Choosing a name My concept is simple to provide delicious lemonade to my customers. I wanted my clients to relate the product to the simplest form of nature. When creating the name I aimed for a target our customers could relate to because of its unique simplicity. I needed a name that would roll right off the tongue as if it were a name you would use daily. I came to the conclusion that the only way to create a name that would appeal to my customers was to create a survey. I targeted 200 people with no demographic in mind. I conducted the survey at four different grocery store parking lots, on opposite sides of town. The chart below shows our results: General consensus dictated the Lemonade Stand would be called “Lemonade Stand”. I am very happy with the results as this was the name I was originally aiming for. I wanted a name that would be easy for people to remember. I did not want to add my personal name to it as I felt it was not original and lacked creative branding. I also wanted to stay away from the word Natural. I have found that this word is very loosely used in food products, as many food products are massed produced and contain preservatives. I wanted our product to reflect that it is an all-Natural...
Words: 1024 - Pages: 5
...environment; is most effective, while others point of view is that; to survive in this competitive market environment one has to adopt to series of ad hoc brilliant strategies because it can provide their business cutting edge over the others (Pietersen, 2002). I believe that both the strategies has a role to play in achieving desired strategical outcomes. What is important is that they fit right in the current environment and are implemented in a risk free manner. Changes in theories of Strategic planning When strategic planning was modernised in 1950s, large scale companies were the ones that adopted it first (Godet, 2000). They were not part of the current strategies but were running in the background and were known as long term plans. As the idea matured, smaller companies started to adopt them as well and with time it became of part of the plan for most of the companies. Nowadays market is different, it is fast paced and quickly changing, hence strategic...
Words: 3321 - Pages: 14
...This report provides an insight into understanding factual quantative information on a lemonade stand for the first season, from the use of the business’s general journal, and the data that was collected during Season One. The business was started from a capital balance of $40.00 when the weather was normal throughout the first season of six business days. The business created a General Journal (Appendix-1) to record each transaction in chronological order, that will allow you to see the debits and credits for each transaction that was made during the first six days of selling lemonade (Brownfield, 2007). The General Journal will show the first transaction being the startup capital of $40 that formed the partnership between two individuals, the equipment and supplies being purchased, how much lemonade was sold and how much supplies were used in one day with the debits and credit balances showing $468.05 for six days. This journal allowed the business to know how to “label” certain parts of the balance sheet and income sheet. Such as the inventory and equipment that has been purchased and with the cash earned while selling lemonade that was considered total assets. (Appendix 1) The income statement is to show total revenue earned and expenses the business occurred over a period of six days for the lemonade stand during the first Season (Brownfield, 2007). The revenue shown is $167.30 with expenses being $123.50. By subtracting our revenue from the expenses we showed net...
Words: 771 - Pages: 4
...DAMM Good! Lemonade Stand (DGLS) Accounting Summary Report – Season One Bus 599 - Introduction to Quantitative Principles 12 September 2010 Background The enclosed DAMM Good! Lemonade stand (DGLs) accounting summary is a quantitative snapshot of financial transactions that have occurred during the first season of operation of DGLs. This accounting summary report has two aspects: to generate common accepted financial statements that reflect the health of the business and to provide concise but insightful interpretations and necessary recommendations deduced from the data (Larson, 2008). Financial Position Summary Appendix I: Daily Seasonal Data * The seasonal data was used as an “ad hoc” journal or daily receipts record to build each of the financial worksheets. Appendix II: Financial Journal The DGLs Financial Journal is the formal recording of five aspects of a transaction that is found in the Daily Seasonal Data: (1) its date, (2) brief description of the transaction, (3) ledger account to be debited and amount, (4) ledger account to be credited and amount, and its (5) cross-reference title for other financial reports. It also includes additional data entries such as the weather condition on that day and number of hours the stand was open to help “flush out” the other factors affecting the DGLs. This approach provides an audit trail and a means of analyzing the effects of daily transactions on DGLs’s financial position. * The DGLs first season...
Words: 1732 - Pages: 7
...qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwer...
Words: 645 - Pages: 3
...Accounting Summary Report Curline Registe BUS 599 Instructor Roberts July 14, 2015 Accounting Summary Report Write a three- to four-page accounting summary report (not including the title page) that presents the financial reports for the Lemonade Stand Business. As part of your report include a journal, Income statement, and Balance Sheet. In the business world, Accounting Summary has proven to be a big part of the daily activities of a company. An Accounting Summary can consists of a Journal, Income statement or Profit and loss, Company Snapshot, Statement of Cash Flows, Balance Sheet, Scorecard and an Audit log. Basically these statements are designed to give a breakdown of the different aspects of the organizations daily financial activities. This essay will focus mainly on the journal, Income statement, and Balance Sheet for the Lemonade Stand Business. It will summarize the accounting activities and briefly present the Lemonade Stand Financial reports for four different seasons. The journal gives details regarding the organizations financial transactions for four seasons. In general the journal is designed to show the entire record of every transaction on a daily basis including debits and credits (Wild, Shaw & Chaippetta, 2010). The transactions will go as far back as the when the owner started out with only $40 and the debits and credits that added up to $406.60. The journal is written in chronological order by dates. The journal shows revenues that came by way...
Words: 570 - Pages: 3
...The Basic Profit Equation: Cost-Volume-Profit analysis (CVP) relates the firm’s cost structure to sales volume and profitability. A formula that facilitates CVP analysis can be easily derived as follows: Profit = Sales – Expenses Profit = Sales – (Variable Costs + Fixed Costs) Profit + Fixed Costs = Sales – Variable Costs Profit + Fixed Costs = Units Sold x (Unit Sales Price – Unit Variable Cost) This formula is henceforth called the Basic Profit Equation and is abbreviated: P + FC = Q x (SP – VC) Contribution margin is defined as Sales – Variable Costs The unit contribution margin is defined as Unit Sales Price – Unit Variable Cost Typically, the Basic Profit Equation is used to solve one equation in one unknown, where the unknown can be any of the elements of the equation. For example, given an understanding of the firm’s cost structure and an estimate of sales volume for the coming period, the equation predicts profits for the period. As another example, given the firm’s cost structure, the equation indicates the required sales volume Q to achieve a targeted level of profits P. If targeted profits are zero, the equation simplifies to Q = FC ÷ Unit Contribution Margin Q = FC ÷ Unit Contribution Margin In this case, Q indicates the required sales volume to break even, and the exercise is called breakeven analysis. Target Costing: A relatively recent innovation in product planning and design is called target...
Words: 791 - Pages: 4
...Danisha Williams ACC 537 Paper 1 October 29, 2011 Accounting is very important part of business aspect. This paper will discuss four different topics of accounting: generally accepted accounting practices, effective accounting information, the difference between accrual based accounting and cash basis accounting, and finally the different types of business structure and defining each structure. The topics above will provide accountants with the knowledge that is need in order to be successful. Topic 1 Accountants can use many different accounting principles but there are only a few that are accepted by law known as the generally accepted accounting practices. According to Wikipedia the generally accepted accounting practices are defined as“ accounting rules used to prepare, present and report financial statements for wide variety of entities, including publicly-traded and privately-held companies.” The principles are set by Financial Accounting Standard Board(FASB), Interpretations, and staff positions; APB Opinions and AICPA Accounting Research Bulletins. FASB standard, Interpretations and Staff position. The GAAP are guidelines that all accountants must follow when preparing financial statements for different organization and companies. Each Organization listed above creates the GAAP hierarchy each one is important to the accounting principles for the reason it identifies the sources on the way that financial statements should be prepared. Topic 2 In order to comply...
Words: 763 - Pages: 4
...Homey’s Food Truck & Grill 1. Background ........................... 1 2. Strategic Focus and Plan ......... 1 • Mission Statement ................ 1 • Goals ...................................... 1 • Competitive Advantage ............ 2 3. Situation Analysis........................ 2 • SWOT Analysis ............................... 2 • Competitor Analysis ..................... 3 • Company Analysis .............................. 3 • Customer Analysis ................. 4 • Industry Analysis .................... 4 4. Market-Product Focus............. 4 • Marketing and Product Objectives ............ 4 • Market-Product Grid .......... 5 • Target Markets .............. 6 • Points of Difference ......... 6 • Positioning ................. 6 5. Marketing Program ............ 7 • Product Strategy .................... 7 • Price Strategy ..................... 7 • Promotion Strategy ............ 8 • Place Strategy............8 6. Financial Projections ........... 9 • Break-even Analysis ................. 9 7. Organization ................. 9 8. Implementation Plan ............. 9 9. Evaluation and Control ............... 10 • Possible Deviations ............. 10 • Possible Solutions ..................... 10 Josiland N. Anderson Marketing Business 319 Building My Marketing Plan April 19, 2013 Homey’s food truck & grill Company...
Words: 3240 - Pages: 13
...Due to the reorganization of the sales team and the shifting focus of the sales force, it is important that the team be educated with the necessary tools required and be prepared to take on this challenge. The new sales team will consist of members from InterClean, as well as members from EnviroTech and they are going to need training to learn how to tackle the changes that are occurring. The current sales team is made up of three members from EnviroTech, who have excellent customer service skills with some sales experience. They are used to creating relationships with the customer and for the most part, are knowledgeable in customer service skills. They are also used to working in a diverse team environment. Although these employees have great customer appreciation, they could use some training in sales strategies. The rest of the team is made up of employees from InterClean. These employees have excellent sales strategies and are aggressive in meeting and exceeding sales goals. They are not, however, used to working in a team environment and could use some training on their customer service skills. By training the team in customer service, they will learn how to serve their customers and by doing so, will hopefully help to form business relationships with the customers and increase the rate of returning customers. With the amount of competition in the market today, it is important to be able to repeated customers. Casio stated, “the ability to solve problems...
Words: 1432 - Pages: 6
...Management Vs Leadership Question 1)Which leadership aspects from the prior slide do each of the above vignettes illustrate? Plan, Setting Direction/Vision = “First, I met with the people- and listened. Then, at our initial team meeting, I talked about how things were going to change, and why. There were a lot of doubting Thomas’ then, but not anymore.” Organize, Communicating Vision/Aligning People = Each quarter, I show the employees as much financial information as I do the bankers. I also brought in trainers to teach them financial principles– they operated a lemonade stand. This helped, because they had all thought we must be making money because they saw so much product shipping-when in fact we were near bankruptcy.” Direct,Control, Motivation/Inspiration = In a 450 person division, the COO knew each person’s first name and something about their personal background. All were on a first name basis with him. He had helped one of the forklift drivers solve a personal problem involving the driver’s son. The COO’s comment to me on all of the above: “That’s the price you pay to be a leader.” Question 2) If you worked at this Company, would these experiences make you more or less motivated to do well by the Company, or not have much effect? Business owners often face a mammoth challenge to keep their people motivated at work, especially in environments that fail to make employee satisfaction a part of their core business strategy. While...
Words: 341 - Pages: 2
...New training and mentoring program Interclean Cassandra Settles University of Pheonix Training and Mentoring Needs Due to the reorganization of the sales team and the shifting focus of the sales force, it is important that the team be educated with the necessary tools required and be prepared to take on this challenge. The new sales team will consist of members from InterClean, as well as members from EnviroTech and they are going to need training to learn how to tackle the changes that are occurring. The current sales team is made up of three members from EnviroTech, who have excellent customer service skills with some sales experience. They are used to creating relationships with the customer and for the most part, are knowledgeable in customer service skills. They are also used to working in a diverse team environment. Although these employees have great customer appreciation, they could use some training in sales strategies. The rest of the team is made up of employees from InterClean. These employees have excellent sales strategies and are aggressive in meeting and exceeding sales goals. They are not, however, used to working in a team environment and could use some training on their customer service skills. By training the team in customer service, they will learn how to serve their customers and by doing so, will hopefully help to form business relationships with the customers and increase the rate of returning customers. With the amount...
Words: 1486 - Pages: 6
...Quiz ------------------------------------------------- Top of Form Note: It is recommended that you save your response as you complete each question. | Question 1 (4 points) The ____ shows the results of a firm's operations over a period of time, usually one year. Question 1 options: | income statement | | balance sheet | | statement of cash flow | | statement of financial position | Save Question 2 (4 points) Operating expenses include Question 2 options: | marketing-related expenses. | | the cost for independent dealers to prepare for the distribution of the product. | | interest on all loans. | | income taxes. | Save Question 3 (4 points) For the opening day of The Lemonade Kids, MacKenzie and John bought $40 of “premium pink lemonade mix” and paper cups, which constituted their Question 3 options: | cash balance. | | fixed assets. | | inventory. | | cost of goods sold. | Save Question 4 (4 points) After their first day of their The Lemonade Kids, MacKenzie and John’s profits were $45. However their cash increased by only $30 because their _____ also increased. Question 4 options: | debt | | inventory | | accounts payable | | accounts receivable | Save Question 5 (4 points) Raw materials and products held by the firm for sale constitute _____. Question 5 options: | accounts payable. | | accounts receivable. | | cost of goods. | | inventories. | Save Question...
Words: 2049 - Pages: 9
