Use lemonade stand to help understand some basic concepts of business
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 outline your 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 roughly 500 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 source in 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.
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.
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