Determining brand designation, mission statement, corporate responsibility, price
strategy and selling worldwide will avail in the company’s prosperity. Each category is paramount if the business wants to be around in the future. Every business has a potential of great rewards and peril. By working on a business plan, including all of these five factors will lower the jeopardy of failing. These factors will keep a business for a long time even for a small business like a lemonade stand. Summer Breeze Lemonade is an impeccable name for a lemonade stand. It represents what could be a rejuvenating experience for the mind and body by consuming a cold glass on a hot summer day. Selecting a brand name is consequential because it has to catch
A company can choose between Philanthropy CSR and Strategic CSR depends on the company’s inspiration and motivations. Summer Breeze Lemonade company was inspired by the owner’s daughter by her unconditional love towards animals. This company promises to donate funds to elongate the stay of an animal in need of a home. Summer Breeze Lemonade company will donate a small percentage from daily profits earned to a local human society in the San Fernando Valley. This is an example of Philanthropy CSR. This act involves contributions of money, time and goods to estimable charities without the connection of business
These factors include marketing objectives, government regulations, customer perceptions and market demand. Business owners must understand these different techniques to determine the best value for their products. There are nine most recurrent methods that are used today such as Cost Based Pricing, Value Based Pricing, Optimal Pricing, Penetration Pricing, Loss-leading Pricing, Participative Pricing, Auction Pricing, Free and Premium Pricing and Price Adjustment Tactics. Customers must be thought about considerably in deciding the best pricing method. If the product is easily made, the business would not be able to charge at a high rate. If the business owner is disposed to pay the set price, it should not be a problem for the customer to pay that price. A drink from a lemonade stand should be inexpensive to magnetize cash paying customers. Resulting in obtaining a steady and incrementing demand for the item. Value Based Pricing is the best method for this product because it is built from a consumer’s cognizance of the cost to acquire a specific product or
Value based pricing was the pricing strategy we used to determine the current price point. Prior to our concept and design, we looked at the customers’ needs to
Corporate Social Responsibility (CSR) is the way a corporation achieves a balance between its economic, social, and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations. In general, when firms hold this wider encouraging role on the public by being engaged with stakeholders, a variety of profit can be produced for both company and the stakeholders. A key inclination is the combination of Corporate Social Responsibility (CSR) into the organization strategy, culture, mission and communications. By incorporating corporate citizenship into the company it is no longer an additional “nice thing to do” or something made to obey laws or regulations. Instead, corporate responsibility has become something business leaders and workforce want to engage in, frequently because executives who believe in the long-term see business profit. The four types of social responsibilities a...
Corporate Social Responsibility is the obligation from corporations to utilize their resources to aid and benefit the larger society. The four components of CSR are economic, legal, ethical, and philanthropic. Social Responsibility is a fundamental force in the wealth creation process. If correctly demonstrated, CSR should heighten competitiveness and boost the value of wealth creation to society. A company's CSR Initiatives directly represent who the company is and what it believes it. The m...
...a way “ ‘you can do well and do good’ ” (Harbin and Humphrey 3), make money with an intent to do something good with it for yourself and others. The CSR strategy allows companies to brand themselves around an issue people truly care about and are willing to pay the extra money to support a corporation that supports the same message. The environment and sustainable living are important issues for the people of today’s future. Companies have an opportunity to take the stance and popularize the cause, to make it a trend among consumers. For example, Breast Cancer was a cause highly commercialized by several companies through Susan G. Komen and the movement has made great gains since then. Recently a Walgreens built a store powered entirely by renewable resources, like solar power and wind energy. The store is providing many opportunities for the community to go green.
As we learned from Chapter 12, price must be carefully determined and match with firm’s product, distribution, and communication strategies. (Hutt & Speh, 2012, p. 300) Therefore, there should be a strong market perspective in pricing. In order to build an effective pricing policy, marketers should focus on the value a customer places on a product or service. One of the most effective ways to do so is differentiating through value creation.
CSR can encompass a wide variety of tactics, from giving to non-profit a portion of a company's proceeds, to giving away a product or service to a worthy recipient for every sale made. Following are a few of the broad categories of social responsibility that businesses could be practicing:
A corporations CSR should be shaped in order to fit the goals of the corporation, although every corporation’s CSR should differ, since most have different goals and different communities behind them. The CSR should be molded into fitting the corporation’s goals in order to make it easier on the corporation in giving back to the community while achieving its goals. For example, a corporation located in a desert wishes to be more efficient, by reducing water usage it is not only creating lower costs, which result in higher revenue, but also helps the community by not taking up so much water. Taking this into consideration, it is critical that the corporation goals and values are established and clear throughout the corporation, they should be developed by the board or directors and CEO, and the highest managerial level should stress their importance to the rest of the corporation. By making the goals and values at the top branch of the corporate hierarchy, it will be simpler for the corporates community to develop in order to nurture those goals and values. Therefore, a corporation can reach the “shared-value,” a value for both its shareholders and community in a simpler manner that can result benefiting the corporation in the end as well. Throughout the article many examples are given of actual corporations that have benefited and changed their CSR in order to fit their goals, therefore, providing solid proof that these methods work. Nevertheless, as acknowledged by the author’s themselves, most of the corporations taken into consideration where one’s that Harvard CSR students were employed
According to Mike Peng, Corporate Social Responsibility (CSR) is the consideration and response to issues beyond the narrow economic, technical, and legal requirements of the firm to accomplish social benefits along with traditional economic gains the firm seeks. CSR is a way in which a company seeks to achieve a balance between profit, environmental concerns and social imperatives. This is known as the ‘Triple-Botto...
According to Starbucks, CSR can be well-defined as the conduct of a business that’s ethically and socially supportive, law abiding and economically profitable. Therefore, the company believes that to be socially responsible, profitability and obedience to the law are the most important preconditions. In essence, Starbucks strives to give back to its key stakeholders, such as consumers, employees and investors (Ferrell & Fraedrich, 2014).
Consumers have on several occasions questioned the price of products in relation to their value. Quality, use and importance, are influential aspects that determine the way consumers respond to a particular product. On the other hand, manufacturers and retailers are more oriented towards increasing customer satisfaction by producing quality goods at affordable prices. However, affordability is not supposed to affect the company’s expected profits. Companies may therefore fail to meet the consumer expectation on price because of the costs incurred during the production of their products. Since consumers are the most important assets to a company, the price of goods should reflect the value that consumers are willing to pay. It should therefore be the responsibility of every company to ensure that pricing reflects value without compromising on the expected profits.
We will do this by reviewing our cost analysis and deetermining exactly how much it will cost to make one unit of our product. We will then look at the prices of our competitiors good and come up with the price of our product. We want to be charging enough to be making a profit on every unit sold, but also do not want to be too highly priced above the competiton or comsumers will not buy our product. Since our product is quite unique the price can be a little higher than the closest competiton, but not too much higher because ifthe price is too high people will just buy the competitiors product, such as yeti thermoses, and just pour their drinking into them instead of using our convenient insulated cupholder. Price is very important to the companys success.
It is important for any business to behave ethically. Marketers have to be extra careful because they are in a way the face of a company. Acting unethically, affects not only the organization but also the customer, employees and other stakeholders. Marketers should abide by the American Marketing Association’s Code of Ethics which are honesty, responsibility, respect, fairness and citizenship. One example of unethical behavior that is often seen in marketing is misleading consumers by using false advertising or providing inaccurate information.
Due to value-based pricing’s focus on customer research and understanding, the pricing model is a valuable method for understanding and serving your customers better. In order to determine the price, you’ll need to survey customers and improve your understanding of the things they are looking for with the product or service. This enhanced understanding won’t just help you determine the price; it’ll also help you provide better
In order to bake the perfect cake, you need a great recipe, quality ingredients, and the optimal baking conditions, and even then perfection isn’t guaranteed. Live is uncertain and there is always a probability of failure regardless of the method. This definitely holds true for business as well. You can be the most able entrepreneur, with a great idea, and many resources, but your business could still under. However, preparation and a thorough understanding of the situation immensely increases the rate of success. “Strategy a View from the Top” by John A. Pearce Cornelis A. de Kluyver, reveals several techniques and aspects to consider when formulating a business plan.
Water is the most refreshing drink in the world, and probably the cheapest. People drink water because it's easy to achieve and cost barely anything. Lemon is one of the worse kinds of grapefruit people eat or doesn't eat at all. It taste extremely sour and even bitter if you eat the skin. But if you add these two ingredients together, you get one of the most prolific drinks ever. There are hundreds of ways of making lemonade. From whiskey lemonade to chocolate lemonade, there is a very wide range of making lemonade. But the simplest of all these kinds is the water base lemon drink, where water and lemon is the two crucial flavors in the drink. It's refreshing, healthy, and helps reduce Fibromyalgia, a certain disease. It is incredibly easy to make, that even a 5 year old can make. But let it be advised, however, that without the proper tools and directions, the great American beverage is nothing more than acid in water. People sometimes have the tendency of making the simplest mistake, such as adding sugar before water, and so forth. But with a...