Essay Busn115 Week 5 Lemonade Stand Part Ii Informal Business Report
BUSN115 Week 5: Lemonade Stand, Part II Informal Business Report Background In part II of this assignment, we continue to outline various business aspects of our lemonade stand. As you continue to learn new concepts in this course, you have seen how a lemonade stand can help us understand and apply these concepts. In Part II of your lemonade stand we will incorporate concepts from weeks 4, 5, and 6 and apply these to your newly created company. Scenario In week 3, you created a lemonade stand that you opened in your local neighborhood; you created a name, developed a mission statement, outlined a CSR plan, and picked a pricing strategy for this new company. This week you will continue to develop your idea by writing an informal business report that will share your plans with a potential business investor. A report template is available in Doc Sharing to guide you through formatting of this assignment; however, the main prompts you should address in the report include: – Branding strategy. In Part I, you decided part of the brand when you developed your pricing strategy. Continue with the other parts of the marketing mix (Place, Promotion, and Product), and discuss how the lemonade stand should be branded utilizing this marketing mix (Chapter 13). – Opportunities for new locations. Your stand in your neighborhood has been very successful and you are considering expanding operations. In doing so, you will need to outline some criteria for potential new locations (Chapter 15). – Promotion plans. You have a $ 10,000 budget to promote your stand in the local community. Please outline two or three ways you could promote this business (please include costs involved in these promotions) (Chapter 16). – Employee Training. You have hired several people to run your lemonade stand, as you simply are too involved in the strategic aspects of the business. As such, you have seen sales drop. What are some ways you can motivate your employees to improve sales? (Chapter 10) Activity Once you have considered the points above, please provide responses and explanations using the template provided in Doc Sharing (titled Lemonade Stand Informal Business Report). Utilize your textbook and apply the lessons we have learned in previous weeks to develop and support your plans. By offering support and developing your response, you must provide examples, elaboration, or justification, often in the form of information gathered from your textbook. When integrating support from your textbook, be sure to use APA style to provide in-text citations within the paragraph and a full end reference on a separate Reference Page after the Business Plan. Examples of APA formatting are included in the template. You are to write roughly 500 – 750 words in answering all points posted above for your Lemonade Stand.