As a group of 40 students, our seminar had decided to create a lemonade stand to set ourselves apart from our competitors by raising the bar by having a bar-themed lemonade stand. Initially, we intended on purchasing flavoured syrups typically used in cocktails and creating mocktail lemonades. Our full intention was to sell lemonade to which a flavoured shot could be added at an additional cost. We wanted our lemonade to be shaken in a martini shaker by our classily dressed sale operators and then poured for the consumer. In fact, our slogan “shaken, not stirred,” was developed under this idea, and then led to the creation of our lemonade stand’s name, 007 Lemons. However, we soon realized that our plan, while original, did not yield the greatest …show more content…
If we wanted to make a profit, we should be selling something that we know would appeal to the masses. As a result, we simplified our product. We dropped the entire mocktail campaign and switched to simply selling good, old, plain lemonade. We determined that the production costs of canned lemonade was nearly half of what the production costs of our mocktail lemonade were and determined that the break even point to make our money back was significantly lower. While we would have had to sell 75 cups of mocktail lemonade to make our money back, we only needed to sell about 40 cups of canned lemonade to reach our break even point. Taking this smart approach provided us with the opportunity to focus more on marketing. Had we stuck to our initial plan and sold the same amount of lemonade as we had on lemonade day with our final product, we would have obtained our break even point, however, we also would have made a significantly lower profit. This discovery influenced us to entirely switch up our product …show more content…
It is a given that managing a business is a great amount of work, however actually experiencing what it is like to be part of a team attempting to operate such a project demands a whole different other kind of dedication. While previous group projects taught me that having non-contributing members wasn’t the end of the world and in fact provided the opportunity to do the entire workload as you want it done, it isn’t the same case as experienced in Lemonade Day. One entire person cannot invent a product, market it, finance it as well as sell it. That is simply too much to be done by one person and forces team members to trust each other with a variety of tasks to be accomplished. As an individual in the past who willingly took on the entire workload in a group project, this experience was fairly intimidating. However, I learned that while working solo provides individuals with the opportunity to do as much work as they like, working in a group, especially one as large as 40 people, provides individuals with the opportunity to grow. Many of my suggestions and opinions were rejected as we were creating 007 Lemons and this had made me very nervous. However, the final product was beyond our expectations. Personally, I didn’t even believe we would make over $50.00 after we had switched to canned lemonade. Fortunately, working in a group as competent as our seminar, all the
Many narratives are told in different perspectives these days. I believe the book Make Lemonade is told in the first person point of view.
However, despite of the fact that being a communicable in a group is one of the challenge for me, I have enjoyed all of team activities. This is because throughout the Biz cafe simulation, my team and I put our coffee store “JAV-AH” as a leadership team in the market by our best efforts. To increase our productivities, all of us have enjoyed sharing opinions to be aware of business essentials and researching how they are important in the business. Without doubt, I can definitely explain that we have been able to make a decision confidently. Therefore, I will describe that while the Biz café simulation provided me a useful and helpful opportunities to increase knowledge of business essential tools, I have also motivated how group performance is significant to reach business
The purpose of this case study is to explore the implications for expanding the products offered by Mountain Man Brewing Company (MMBC) from one product, Mountain Man Lager, to adding a Light version of the beer. This paper will evaluate the following:
Walking through the door of Mrs. Saxton’s room in the beginning of September is like walking into a sauna on the sun. Waves of unbearable heat roll through the room and despite the efforts by the numerous amounts of fans, nothing can cool the occupants. Children and Mrs. Saxton alike despise the palpable warmth. It was this universal knowledge and shared disgust of the environment that gave us our inspiration for our pop: Chill soda. As we went through early drafts and ideas for our product, we wanted to come up with something that everyone could relate to, and Mrs. Saxton’s hot, sticky classroom seemed like the common ground we were looking for. Our thought was to create a product that would relate to the kids’ struggles and remove these troubles from our consumers. Thus, the idea for Chill was born. The main form of rhetoric we used was ethos- the idea of common ground and relatability with our focus group. Despite the lack
In this project I ran a lemonade stand for 30 days. I had a rough beginning, but as the game went on I began to learn about what the customers wanted. I made a net profit of $83.11 dollars. I figured out that I needed to make sure I didn't buy too much ice, or it would melt and I'd be wasting money on ice. I ended the game with a 100% in satisfaction, and popularity. I figured out the temperature had a correlation with the demand of lemonade. If it was hot, people wanted more ice, and were willing to pay more money for a cup of lemonade. If it was cold, people did not want much ice in their lemonade, and didn't want to pay much for a cup. The customers were more willing to buy a cup of lemonade if it had a good balance
From a very young age, Kroc began to view the world as a place to sell to.”While in grammar school he had opened up his own lemonade stand straight outside his home in what they called the “Chicago suburbs of oak park. He sold his lemonade to numerous people within his neighborhood for which at that time was considered high prices. He figured if he sold one cup for billions of dollars he wouldn’t have to sell anymore lemonade but sadly that wasn’t true. But then he worked in his uncle’s grocery store at a soda fountain.
I believe we formed as a team rather than a group. Boddy (2011) suggests that the terms ‘team’ and ‘group’ can be used interchangeably, however Schein (1965, via Cantore, 2013) argues that some teams have three characteristics which groups do not possess. These characteristics are interdependence, mutually shared goals and synergy. Our team had the collective goal of delivering the presentation to a high standard and we relied on each other to achieve this goal, however whether or not we possessed synergy is questionable.
Reduced pricing does not always ruin margins – Coming into this simulation I assumed big companies, such as Walmart, were able to offer such low prices only because they sold in such large quantities. However, through the simulation this was not the case. We thought to be successful with our low pricing strategy we would have to maintain the most market share. Although by round 5 we were only the second highest market share in the industry. However, this did not end up equating to the bottom line. Compared to Baldwin, Digby had over $20 million less in sales in round 5, but ended the round with $10 million more in profits. Since we invested so heavily in the core of our business our costs were extremely low allowing us to be the most profitable company in our
In this world, creating a new product, as good as it may be, is not enough. The success of any product, in this day and age, depends grandly on the way it is presented to the market. Marketing is responsible in assuring a successful launch of a product, new or reinvented, and to assure its sustainability in this competitive world. For those reasons, billions of dollars are spent each year on tools and strategies to improve marketing research and predict the success of a product: many marketing firms form focus groups, do trials and conduct many tests just to end up with a fairly high percentage of failures.
In order to evaluate my role within the group, it is important to identify what makes a group. A group must firstly consist of more than three members, “Two members have personal relationships; with three or more there is a change in quality” of the personal relationship. (Bion 1961, p26) The group must have a common purpose or a goal in order to succeed. Having now completed my group work task, I can look back and reflect upon the process that my group went through to get to the presentation end point.
Effective teams are groups of individuals who meet to discuss ideas for achieving a desired outcome by the leader of the group. According to a study of characteristics about how and why effective groups develop, Carl Larson and Frank LaFasto found “a clear and elevated goal” to be the top attribute on the list. (Engleberg and Wynn, 2012. p. 33). Members of the group are more productive when they see their goal as meaningful and lofty. Therefore, when a group of salespeople set a sales plan in action, it may have more importance to the group when it is challenging. Each member of the team has a chance to be part of a cohesive team. “Clear, elevated goals create a sense of excitement and even urgency in groups”
Realizing that a group can become a high performance team is important. Accomplishing this goal is invaluable, advantageous and profitable. Once able to operate from a group to the high performing team is a great step into preparation into the big business world. Leaders and members must also realize not only how to accomplish this but that some problems will and can arise from different demographic characteristics and cultural diversity. That is if one is in such a group, which the probability would be quite high.
For example, when McDonald’s was exploring to add Fish-O-Fillet to the menu, the creator of this menu item wanted to use halibut for fish but to use halibut would mean that Fish-O-Fillet could not be sold for less than 25 cents (Clark, 2007). McDonald’s ended up substituting the fish with cheaper type of fish than halibut and over time, to fit the cost of fish under the price point, McDonald’s would change the type of fish to be the most cost effective.
Teams are important to a company simply because they motivate transformation and expansion. While teams play a key role in the expansion process of a business; the entire process can be delayed, if not disabled altogether due to a lack of participation on individual levels of commitment. Studies show that if a team is constructed and managed effectively they are 30-50% more productive. (Williams, 1995) Whatever the reason behind the formation of a team in a business it is always wise to take the proper approach to overcome any obstacle.
A group can be define as ‘any number of people who (1) interact with one another; (2) are psychologically aware of one another and (3) perceive themselves to be a group’ (Mullins, L, 2007, p.299). Certain task can only be performed by combined effort of a group. Organisation can use groups to carry out projects, which will help to achieve its overall aim. However, for the group to be successful they must understand what is expected of them and have the right skill to complete the task. . (Mullins, L, 2006)