Introduction
This business plan intends to operate a lemonade stand business in a local neighborhood by the name of ‘Lemon-Aid’. The name ‘Lemon-Aid’ has been chosen with a creatively altered spelling as it is catchy and therefore, will be easy to remember. This will also clearly reflect the product features and also involve a fun factor. The brand will use a slogan, ‘When Life Gives You Lemons, Get Your Lemon-Aid'. The selection of the name ‘Lemon-Aid' is based on its relatedness with the business type. Moreover, using a catchy name will not only attract customers but will also be easy to remember and recall. The name ‘Lemon-Aid’ will also help to create a positive brand image making it easier to be identified among other market substitutes. The name is chosen with the assumption that it will make people get a perception that they will get delicious and wholesome lemonade to drink. The name is also fit for the purpose of branding options as it can generate awareness and attentiveness in the business while making investors and customers anticipate the fact that we serve classy and delicious lemonade at our stand.
Mission Statement
Mission state of ‘Lemon-Aid’ is ‘To offer healthy and refreshing drinking option to its customers within the locality at an affordable rate'. The mission statement plays a vital role for any business as it provides a strategic dimension to the business to strive ahead. Mission statement offers an identification to the business organizations while also helping them to relate their business activities with their targeted market segment and preparing suitable products for them. That is because a business organization looks towards its mission statements when it has to discuss possible business prospects and goals (Courtland & John, 2012).
The CSR Plan of ‘Lemon-Aid’
The CSR plan for ‘Lemon-Aid’ is mentioned below;
Offering a healthy drinking option that not only winches the thirst but it is also a safe, nutritious, and healthy drinking alternative for the nearby community that is good for their health and fitness.
Intending to generate employment within the local community while generating wealth for the government, business partners, and employees.
Contributing to the social and environmental sustainability by printing ‘When finished, please throw me in the bin’ tag on every recyclable plastic cup of lemonade sold.
Providing 1% of the total income to a local orphanage.
Pricing Strategies
‘Lemon-Aid’ will initially use the penetration pricing strategy, which will allow to keep the price lower than other market substitutes and help to attract customers and to persuade them to buy; whereas, the delectable taste and affordable prices would keep the customers engaged and committed to Lemon-Aid. Apparently, the attractive market positioning of healthy and fresh lemonade would be portrayed highly affordable price, and would quickly get a mass appeal in the local community. The healthy and price sensitive drinking option seeking customers is expected to keep customers loyal to the lemonade stand while helping it to develop and maintain a positive brand image (Kotler, 2007, p. 242).
Packaging & Online Retailing
As the notion of global availability attract business organizations, e-commerce, and online retailing options has made it supremely easy to generate profits through online sales (Kotler, 2007).However, when it comes to ‘Lemon-Aid’, it is a fresh lemonade stand that tastes good only when it is freshly served. Therefore, the only option to make ‘Lemon-Aid’ available online is when it crosses the geographical barriers physically too so that it can be prepared and delivered fresh to the local community.
Conclusion
‘Lemon-Aid’ will be operating as a local lemonade stand that will be offering fresh and healthy lemonade at affordable prices to the local community. ‘Lemon-Aid’ aims to generate employment and income option for the local community while also contributing to the environment by using recyclable packaging material and contributing a part of the income to the orphans. The business will operate on the penetration pricing model in order to capture the potential target market that seeks for a healthy, fresh, and affordable drinking options.
References
Courtland L. and John V. (2012). Business in Action. Prentice Hall. Retrieved on January 19, 2017
Kotler, P. (2007). A Framework for Marketing Management. Upper Saddle River, NJ: Prentice Hall. Retrieved on January 19, 2017
