LEMONADE STAND

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; then explain why a mission statement is important for any company?

- You are very involved in your community; please outlineyour CSR plan 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.

- 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.