Lemonade Stand Part 2
Taste Buds Lemonade stand is a new venture that seeks to revolutionize this sector of business. The business aims to offer the best quality products made from quality lemon fruits and with executive packaging. The product offered will be beyond customer expectations. In bid to better position the brand and improve market penetration and awareness, several factors need to be considered. The following section gives a brief summary of the branding strategy, promotional plans and how employee motivation will be ensured. Moreover, given the essence of location in ensuring success of the business, some of the considerations that will be taken into account in a new venture are given.
Marketing is critical to business as it helps it to position itself in the market in a way that meets the needs of the customers (Ehmke, Fulton & Lusk, 2005, p.1). The Taste Buds Lemonade Stand will consider the aspect of product, pricing, place and promotion. Concerning the product, Business in Action (2016b, p.11) highlight that it is critical to offer products that are differentiated from those of competitors. Considering this, Taste Buds Lemonade stand will offer a variety of flavors of high quality such as strawberry and pink will be sold. Limeade will also be sold for people who could prefer limes instead of lemons. Various size choices will also be provided. There will be a stand located in a shopping center along a busy street where it would be conspicuous. Moreover, physical delivery will be made to customers who place an order in surrounding areas. In both cases, direct sale will be used due to the low starting supply. According to Ehmke, Fulton and Lusk (2005, p.4), promotion involves selling and advertising in a business. Initially, promotion will be through word of mouth, signpost near the stand and social media. Promotion will also be offered through giving of samples to passersby.
Opportunities for New Locations
Business in Action (2016c, p.4) explains that location selection is critical in promoting competitiveness of business. While choosing a location for expansion of the lemonade stand, various factors will be considered to ensure maximum market share and improve profitability. In expanding my lemonade stand, I will consider aspects of visibility, traffic patterns, and accessibility. These aspects will be critical in improving market share of my lemonade stand. Moreover, proximity to high population concentration will also be critical to ensure high market share and profitability. It would also be essential to consider the aspect of clustering and operating cost that will be encountered in the new business location. Clustering will help to avoid areas of high concentration of businesses offering similar services to prevent high competition. Consideration of the operating cost will help reduce the investment cost.
Belch G. and Belch M. (2003, p.8) explain that promotion is critical to any business as it plays a critical role in product and service marketing. Promotion plays an essential role in improving customer’s top of mind awareness. There exist various ways of promotions. My promotional mix would comprise advertising, improvement of public relations and sales promotion (Business in Action, 2016d, p.5). Advertising would include use of such as business cards and offering T-shirts with the business’ name. In improving the lemonade stand’s publicity, I would prepare for a sports contest while sale promotions would comprise giving of samples to people. The cost for the various promotional approaches is as summarized below.
|Promotion type||Method used||Duration/Time and method of offering promotion||Total Cost|
|Advertising||· Business cards
· Taste Buds Lemonade Stand T-shirts
|· Business cards given to community
· T-shirts given to customers who meet a threshold purchase of $20
|Publicity||· Bouncing castles||· Every Saturday for two months||$3,000|
|Sales Promotion||· Giving of samples
· Buy two get one free
|· 2 months||$3,000|
Table 1: Cost of various promotional strategies
Ukandu and Ukpere (2011, p.11525) explain that employee motivation helps to make the workforce feel valued and cared for by the management. Achieving employee motivation requires formulation of ways to motivating them. Motivation can be achieved either through financial or non-financial methods. Given my lemonade stand business is still new in the market, I would major on non-financial motivation approaches. One of the methods I intend to use to motivate my employees is through job enrichment (Business in Action, 2016, p.17). Job enrichment will involve providing training to the employees and giving them more control of the job and more responsibilities. Moreover, I would use job enlargement and rotation to help reduce boredom among the employees. I would also use recognition such as through the promotion of performing employee. Moreover, use of satisfactory wages depending on employee responsibilities would also help to improve employee motivation.
The above discussion highlights some critical aspects that are essential for ensuring success of the lemonade stand. The branding strategies that have been highlighted will ensure that the stand offers products that are beyond market expectation, an essential factor in increasing sale and improving top of mind awareness in the market. This factor will also be facilitated through effective promotional programs that will also create good public relations. A motivated workforce will help improve efficiency in service delivery to ensure customer satisfaction and improve sales with new venture locations being carefully scrutinized to ensure success. Considering these approaches, Taste buds lemonade stand will ultimately achieve success in the market.
Belch, G. E., & Belch, M. A. (2003). Advertising and promotion: An integrated marketing communications perspective. The McGraw− Hill.
Ehmke, C., Fulton, J., & Lusk, J. (2005). Marketing’s Four P’s: First Steps for New Entrepreneurs. Purdue University, Purdue Extension.
Ukandu, N. E., & Ukpere, W. I. (2011). Strategies to improve the level of employee motivation in the fast food outlets in Cape Town, South Africa.African Journal of Business Management, 5(28), 11521.
Business in Action (2016a). Employee Motivation,1-31. Retrieved March 15, 2016, from https://devry.vitalsource.com/#/books/9781269588669/cfi/4/8!/4/2/2@0:0.
Business in Action (2016b). Product and Pricing,1-37. Retrieved March 15, 2016, from https://devry.vitalsource.com/#/books/9781269588669/cfi/4/8!/4/2/2@0:0.
Business in Action (2016c). Distribution and Marketing,1-29. Retrieved March 15, 2016, from https://devry.vitalsource.com/#/books/9781269588669/cfi/4/8!/4/2/2@0:0.
Business in Action (2016d). Customer Communication,1-33. Retrieved March 15, 2016, from https://devry.vitalsource.com/#/books/9781269588669/cfi/4/8!/4/2/2@0:0.