Lemonade Stand

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Have You ever wondered what goes into a business? What does it take to make a small business run and operate successfully? Businesses have a lot of different functions that are applied to make them work smoothly and efficiently. In this paper, you will read the ways a lemonade stand could be ran and operated to try and make a successful business.
Branding is important to a company. To brand your company well, you must name your company something creative that people will associate with your products. (Bovee, 2012)The name that I have given my lemonade stand is When Life Gives You Lemons. Customers can use this name to recommend my lemonade stand to their friends and other people. This increases your customer base, thus increasing your profit and revenue. Another reason why branding your company is a good idea, is it can help with marketing efforts. The company can build a very excellent reputation and people can associate your brand name with positive things.
Mission statements …show more content…

The way I would price the lemonade at my lemonade stand would be optimal pricing. The reason I would choose this pricing strategy is because it sets a bar for supply and demand using a supply and demand curve. The way I would execute this strategy is allowing the customers to set a demand for my product, so the curve can show me how this aligns with my supply. This curve will allow me to know whether or not to set a high price for my lemonade to be able to make a decent profit. I believe this is the best pricing strategy when it comes to making pricing decisions because it takes most of the guess work out of pricing products or services, and allowing the business to make a profit off of the products or services as well. This will also let me know if I am going to be at a loss on any products, and if I should pull or expand different products as well. (Bovee,

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