BUSN 115 STUDY Extraordinary Success /busn115study.com BUSN 115 STUDY Extraordinary Success /busn115study | Page 49

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.