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.…show more content… Also, we promise on using only all-natural ingredients to make our lemonade. This means that we will be using things such as naturally-grown fruit, no artificial sweeteners, etc. This would mean that in order for us to sweeten our lemonade, we would only be using natural sweeteners, such as brown sugar. That is my business’ Corporate Social Responsibility plan. 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) The pricing strategy that I chose is marketing objectives. Our company will deliver on this strategy to this stand by competing with our competitor’s stand. Our competitor, Jimmy, manages the Lemonade Stand “Liquid Yellow” charges $1.50 for one cup of lemonade. However, they use artificial ingredients, such as artificial flavoring and coloring, white sugar, etc. My company decided that we want to have a price that is higher than Jim’s price. We decided that we want to charge $2.00 for a cup of lemonade. We decided to charge this price because unlike Jim’s stand, we use all natural ingredients, which cost more than artificial ingredients and are healthier for you than artificial ingredients are. That is my company’s pricing strategy.
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