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“Today Shapes Tomorrow

 Published Every Monday    Volume  133 Special Edition August 3, 2009

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Chapter 7 – Set yourself apart – Differentiate! 

“Jack & Jill Lemonade” makes you think hard in week-5.

Last week we discussed details of the fourth week.  We talked about “Jack & Jill Lemonade” competition hurt your sales even with your extra efforts.  Competition from the “Jack & Jill Lemonade” forced you to do some research on the following and this is what you found – 

1) Market (the lemonade drinks market) – You are encouraged that your initial business plan assessment of 70 cups a day is still good one.  Your neighborhood will consume at least this much for the next few months until school starts and summer is over. 

2) Customers (neighborhood) – You did a quick survey by going to random 20 houses and asked them a few questions to understand what their lemonade needs are.  What can you do to improve and serve their needs better?  In addition, you got some good advice from parents.  Here is the feedback –   

  • Branding and advertisement suggestions – Think about how do you differentiate from the competition?  How about “Organic”?  People like that in the brand.

  • Product and Quality improvement suggestions – How about cutting on sugar? What about the “Diet Organic Lemonade”? People are looking to cut on sugar anyways. 

  • Location, location, location – Is there a possibility to open another stand in the area where you get more attention?

  • Price suggestion – Is your price right?  Can you sell it for half your current price?

  • Cost improvement ideas – Think of cutting cost and become more cost competitive.  How can you do it for less?

3)  Competition (“Jack & Jill Lemonade”) – “Jack & Jill Lemonade” is doing well by putting a bright colorful banner with cheering group of kids to attract customers (neighborhood people) to stop by for a lemonade drink. In other words they have a better advertisement plan than yours.

4)  Product and Services (your lemonade) – You considered some of the feedback and changed your business to sell organic lemonade.  You also cut down on sugar (and therefore the cost).  You also have plans to introduce the Diet version in the coming weeks. So your new Lemonade Stand banner looked something like this –

5)  This week you were not able to get all the cost ideas in, however, you have plans to buy good organic sugar at better price in larger quantities from Costco. You were able to convince the local farm which sells organic lemons to sell you at the same price as in Sam’s Club. 

6)  Price (of your lemonade) – You were tempted to drop your price but wisely decided against it for now.You implemented some of the above ideas just in time for the Memorial Day weekend.  Your new business strategy paid off handsomely.  Your game plan worked and you sold more than 80 lemonades in week 5.  Your Organic Lemonade seems to be talk of the town and your success was picked up by the local news paper. This is how your 5th week numbers look –    

Learn more about…

What is Credit History?  Why is it important to have a good credit history? Volume 12.    

What is Economy, Business, Workers, Goods,  Services,  Stock, DOW, S&P500, and NASDAQ in Volume 16. 

Does it pay to study hard? Volume 17.    

What is Currency and Foreign Currency Exchange rate? Volume 14What is stronger or weaker currency? Volume 20. What does the dollar slide mean? Volume 32.

How does money grow in a bank? Volume 21. 

What is Fed Funds rate and Discount rate? Volume 22

What does the interest rate cut mean for you? What is APR? Volume 23. 

How to read stock information? Volume 25. 

What is “Black Monday”…Crash of 87”? Volume 31.

Who are CEO, CFO, Shareholders, and the Board of Directors? What is SOX? Volume 33

What does “$4.95 + Tax” means?  Volume 47.

What is a Recession?  What is a Depression? Volume 48.

What is Mergers & Acquisition (M&A)?  What is a Merger?  Volume 49.

What is ADR?  Volume 62.

What does buying back of shares means?  Volume 63.

Why is consumer confidence so important?  Volume 64.


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