Lemonade STAND, PART I, business and finance homework help

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Business Finance

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Week 3: LEMONADE STAND, PART I

Background

As you have read about in our lecture, we have used a lemonade stand to help us understand some basic concepts of business. As we pointed out, a lemonade stand has a simple business structure; yet, it can help us understand almost every function of a firm; such as marketing, operations, finance, technology, entrepreneurship and many other aspects. In our two assignments in this course, you will own and operate your very own lemonade stand as you apply the knowledge you have learned from the course.

Scenario

You have decided to open a lemonade stand in your local neighborhood. You have grand plans for this stand and expect to attract many customers. In part I of this assignment, you will develop the basic premise of your new company. Please answer the following questions, utilizing the textbook, to ensure you apply the lesson we have learned in the previous weeks.

  • -Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options?
  • -Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company?
  • -You are very involved in your community; please outlineyour CSR plan (Chapter 4) for your business.
  • -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)
  • -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 3).

Activity

You are to write aminimum of 800 words in answering all questions posted above for your Lemonade Stand. (Please note: you may list the questions in your paper and answer these in a step by step process, but the word count will only apply to your written words).

The paper needs to be written in an APA format and should have at least your textbook listed as a scholarly sourcein your bibliography. Please view the APA tutorial in your syllabus for more on how to format your paper. Your paper should include a cover page and running header as stipulated by APA formatting.Please use the template for homework 3 in doc share.

This paper will be evaluated on how you apply the concepts that are detailed in the textbook to a practical idea. In order to receive the highest grade, it is encouraged that you review the textbook and cite specific area of the text in your responses (taking care in citing these properly). Additionally, while this is not an English class, grammar will account for a portion of your paper. Please take care in writing a well develop response.

Note: For this paper and other papers that you will write in college, please note that when you reference or cite a text, if you use words that are directly from a source, they must be in quotations and cited. If you are just referencing them and have changed the words, a citation is all that is required. One final point, when writing anything in college, you must adhere to the 80/20 rule: 80% of the papers should be in your own words, while 20% make up any citations you may add. Violation of this rule could result in a zero for the assignment.

Grading Rubric

Grading Rubric: Category

Points

Description

Criteria/Creativity

30

Demonstrate a strong grasp of the question and be able to demonstrate an understanding of how the course concepts apply to the situation.

Understanding

50

Be sure you show mastery of the course content by applying concepts from the lectures and text and showing citations from the text when answering the questions.

Execution

20

Write your answers clearly and succinctly using strong organization and proper grammar. Use citations correctly. The paper must exceed 500 words (not including the cover page, citation or any repeating of the questions).

Total

100

A quality paper will meet or exceed all of the above requirements.

Unformatted Attachment Preview

Week 3: LEMONADE STAND, PART I Background As you have read about in our lecture, we have used a lemonade stand to help us understand some basic concepts of business. As we pointed out, a lemonade stand has a simple business structure; yet, it can help us understand almost every function of a firm; such as marketing, operations, finance, technology, entrepreneurship and many other aspects. In our two assignments in this course, you will own and operate your very own lemonade stand as you apply the knowledge you have learned from the course. Scenario You have decided to open a lemonade stand in your local neighborhood. You have grand plans for this stand and expect to attract many customers. In part I of this assignment, you will develop the basic premise of your new company. Please answer the following questions, utilizing the textbook, to ensure you apply the lesson we have learned in the previous weeks. - Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options? Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company? You are very involved in your community; please outlineyour CSR plan (Chapter 4) for your business. 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) 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 3). Activity You are to write aminimum of 800 words in answering all questions posted above for your Lemonade Stand. (Please note: you may list the questions in your paper and answer these in a step by step process, but the word count will only apply to your written words). The paper needs to be written in an APA format and should have at least your textbook listed as a scholarly sourcein your bibliography. Please view the APA tutorial in your syllabus for more on how to format your paper. Your paper should include a cover page and running header as stipulated by APA formatting.Please use the template for homework 3 in doc share. This paper will be evaluated on how you apply the concepts that are detailed in the textbook to a practical idea. In order to receive the highest grade, it is encouraged that you review the textbook and cite specific area of the text in your responses (taking care in citing these properly). Additionally, while this is not an English class, grammar will account for a portion of your paper. Please take care in writing a well develop response. Note: For this paper and other papers that you will write in college, please note that when you reference or cite a text, if you use words that are directly from a source, they must be in quotations and cited. If you are just referencing them and have changed the words, a citation is all that is required. One final point, when writing anything in college, you must adhere to the 80/20 rule: 80% of the papers should be in your own words, while 20% make up any citations you may add. Violation of this rule could result in a zero for the assignment. Grading Rubric Grading Rubric: Category Points Description Criteria/Creativity 30 Demonstrate a strong grasp of the question and be able to demonstrate an understanding of how the course concepts apply to the situation. Understanding 50 Be sure you show mastery of the course content by applying concepts from the lectures and text and showing citations from the text when answering the questions. Execution 20 Write your answers clearly and succinctly using strong organization and proper grammar. Use citations correctly. The paper must exceed 500 words (not including the cover page, citation or any repeating of the questions). Total 100 A quality paper will meet or exceed all of the above requirements. Running Head: TITLE OF DOCUMENT Title of Document Your Name DeVry University BUSN115 Introduction to Business and Technology Professor ZZZ 2 Running Head: TITLE OF DOCUMENT PAPER GOES HERE. 800 of your words minimum. References Your reference page should list full references of any sources used in the business report.Please list them in alphabetical order and follow APA guidelines for formatting.The format for a book with multiple editions (such as your textbook) appears as follows. First author’s last name, First initial. & Second author’s last name, First initial. (publication year). Title of book in italics (edition number). Publishing city, state: Publisher name. Example Williams, R., & Tollet, J. (2008). The non-designer’s web book (3rd ed.). Berkeley, CA: Peachpit. RUNNING HEAD: A DASH OF LEMON A Dash of Lemon yyyy DeVry University BUSN 115 Professor Kyser July 26, 2015 1 RUNNING HEAD: A DASH OF LEMON 1. Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options? I would name my Lemonade Stand "A Dash of Lemon". A brand is the promise a business makes to consumers. It distinguishes you apart from other competition, allowing for a business to create a positive or negative reputation in the consumer world. A brand will help to establish brand equity which is "the value that a company has built up in a brand" (Bovee & Thill, 2012). Brand equity is based off of the power, strength, and appeal it has in the marketplace (Bovee & Thill, 2012). It also assists in the marketing of the product (Bovee & Thill, 2012). If consumers become familiar with your brand (trademark, logo, or symbol that distinguishes your company), they will establish brand loyalty over a period of time. Customers become familiar with your product and recognize the brand. In time, that same customer will keep purchasing your product and then move onto other products of your brand if the first product met all of their satisfaction needs. 2. Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company? We provide all natural lemonade beverages to quench your thirst all year round. Our fresh ingredients are grown locally from Pennsylvania's finest farmers. Each cup of lemonade is made with nature's sweetest lemons, but also brewed by nature's sweetest people. A mission statement states why the company exists, where they plan to go in the future, and what the business stands for (Bovee & Thill, 2012). A mission statement is important for any company because it provides a promise made to consumers about what product you are trying to sell. Consumers will rely on a company's mission statement when choosing 2 RUNNING HEAD: A DASH OF LEMON what products they buy and take home to their families. It allows for an honest business with an open invitation for new consumers to purchase a company's product. A mission statement may be a consumer's deciding factor when purchasing your product versus a competitor's product. 3. You are very involved in your community; please outline your CSR plan (Chapter 4) for your business. My CSR plan will be the strategic CSR approach. I believe businesses are businesses. If I were to choose Philanthropy and donate most of my time and money to the needs of the society, my lemonade would never become widely-known and as successful as I want it to be. Although I believe in a strategic CSR approach, I do not believe that society's needs should be completely ignored. If a business is able to give money to any cause that also benefits the business, then the dollars are well spent. CSR allows for consumer's to form opinions about your business. Consumers will always have an opinion. There will be extremists and pacifists in the topic of CSR, and it is impossible for a company to gain the positive attention of every consumer. Society and business do rely on each other to survive. If an a business takes an action that hurts the business, ultimately, society will also suffer a consequence (Bovee & Thill, 2012). If a business donates money to a cause that is in lines with their business, eventually the benefits of the donations will pay off, and the business can flourish from their and other business' donations (Bovee & Thill, 2012). Not only is philanthropy donating a large amount of money that isn't helping business, it is also spending money in other areas. Employee's are paid for the time spent on the job which is even more money lost and facilities and materials in the company are being used (Bovee & Thill, 2012). 3 RUNNING HEAD: A DASH OF LEMON 4. 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 would choose skim pricing as my pricing method for my lemonade stand. Skim pricing initially sets a high price. I would set my lemonade at a high price and use the profits from the raised prices to benefit other areas of my business. For example, I could use the money saved to build another location, upgrade equipment, upgrade packaging, etc.. I would set the price so I am at least making 35 to 40% profit on each cup, gallon, etc. of lemonade I would sell. In time, consumers will develop an opinion of my product. Consumers will pay for quality. Not only will the quality of my lemonade help reel in sales, but the customer service will also bring in more customers. In time, people will talk with people they know, and the positive reviews about my lemonade stand will be traveling. Eventually, I will drop the price of my lemonade. Once consumers see the prices have dropped, they will buy multiple cups, gallons, etc. thinking the prices are really low even though I am still making a profit from every purchase. 5. 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 3). In time, after enough profit is made off of local business, I would sell my lemonade online globally. The benefits of global sales are astronomical. By selling my product internationally, increase of sales will allow for more products to be created, packaged, and distributed to the States or others countries worldwide. Once a product goes international, the brand of it is well-known, and the brand value increases. 4 RUNNING HEAD: A DASH OF LEMON 5 References Bovee, Courtland L., John Thill. Business in action, 6th edition. Pearson Learning Solutions, 2/2012. VitalBook file.
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Running Head LEMONADE STAND

1

Lemonade Stand, Part I
Name
Course
Institution
Date

LEMONADE STAND

2
Lemonade Stand, Part I
Name of the Lemonade Stand

My stand will be called Life’s Lemons. The name is short meaning that the stand’s clients
will remember it quickly thus enabling them to locate it. Preciseness is important in the naming
of business since it will facilitate easy remembrance as well as more patronage. It is compatible
with the products sold by the stand (Bovee & John, 2012). The name is sensitive since it
incorporates the idea of life meaning that customers will associate health with the products.
Customer confidence is the greatest asset the enterprise can pride itself for. All these elements
make the name the most ideal in any circumstance.
Mission Statement
A mission statement is crucial since it helps a business to identify and prioritize goals and
mobilize resources as well. This will be good since it will ensure that both the current and longterm plans for the firm are well taken care of. It serves to rem...


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