Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options?
After thinking about my new business of Lemonade Stand, I have come out with a name ‘Lemons! Loving Life’, I choose this name because I prefer to sell juice items which I could say, would try to make quite tasty enough so that people will love it.
Name of the Lemon Stand should belong to category which you would prefer through services as well as how you will treat your customer, that really important while choosing name; that’s why name itself plays an important role for attracting the customer first time. So, I think, I will be go ahead with this name in order to provide a lovable products services to our customers.
– Create a Mission Statement for your Lemonade Stand (Chapter 6); then explain why a mission statement is important for any company?
I would like to choose a mission statement as, ‘Our priority is to make customers happy and satisfied with your lovable juice brands’. I choose this mission statement because I think, our mission should be our customers taste and their satisfaction with services.
A mission statement is important for a company because it shows, what and how you are doing today. It should be favor of customers and society otherwise there is no mean to have mission statement that doesn’t have good values for the associated clients.
Hence, every Company effectively uses a mission statement in order to make customers know about its work and quality. It also helps to set a vision statement for Company so that to apply in future.
– You are very involved in your community; please outline your CSR plan (Chapter 4) for your business.
Corporate Social Responsibility (CSR) plan, is used to form a corporate self-regulation integration in business model. We would like to include our CSR plan with considerable factors as; government regulations, ethical standards and corporate values so that to run business effectively. We will include below points;
Business-based social purpose: Will include business fundamentals like; business model, products pricing mechanism, selling concepts, etc.
Clear theory of change: means to include all the considerable requirements in clear way, so that everyone can understand our business way.
Quality and depth of information: This point is about to include the value of ethical and social responsibilities which are required to effectively run the business.
Concentrated effort: Quality products and satisfied services guidelines (for internal use)
The textbook lists many different types of pricing strategies, please pick one of these and explain how you will deliver on this strategy with your stand. (Chapter 14)
I think, we should go for ‘value-based pricing’ i.e. effectively useful method to define the prices based on the customers perceptions of value means how customers like our products while this can be recognized only after start selling our products. Our strategy is to maintain a product quality irrespective of market cost then sell it on behalf on maintained quality. Preferably, we can expect some good customers in beginning after that with their feedback, can expect more new as well as old customers. Therefore, pricing strategies will work only if we provide satisfactory customer services that really be important for us and will play an important role in our pricing strategies.
– Even though you only sell to local customers, you understand that you could package your lemonade and sell it online globally. Evaluate whether or not the company should go global by creating an online presence and selling your lemonade online (Chapter 13)
Yes, in future, we would like to include our global selling strategies in order to sell our juice products globally but right now, I think, first, we should see the responses in local market, so that make improvements in any required there then will possibly think to go ahead for global selling through online marketplace.
Immediately spending more on global and local market is not the right way to begin a new business, therefore, first will cover, our local market then global with considerable global strategies for online selling of packed juice products.
Courtland L. Bovee & John V. Thill (2012). Business in Action, 6/E. ISBN-10: 0132828782