Branding Strategy Report Example

Business Report

Business report
Introduction
The operational environment of an organization is dependent on the marketing and strategic approaches that the management uses. Thus, as a novel business, it is imperative to incorporate effective branding, marketing, training and promotion to ensure profitability. Hence, this report will examine the marketing approach within the lemonade business as per the case questions.

The branding strategy denotes a clear description of the organizational product within an in-depth mandate. Thus, from the analysis of the lemonade business, a branding strategy is inclusive of the logo, color, slogan and the diverse creative elements that circumvent the organizational product. Hence, the branding strategy for the lemonade business is within an individualized mandate (Iqbal 2011). The business aims towards developing a product that suits the mass market and portrays the organizational image to the prospective customers.

Marketing mix

A marketing mix denotes the combination of the four elements within the marketing function. As such, the four fundamental elements are product, price, place and promotion. Thus, from the analysis of the lemonade business, an effective marketing mix is as follows:

Opportunities for a new location

The new location of operation poses a lucrative environment in regards to the beneficial facets towards enhancement of the profitability levels of the business. Thus, from the evaluation of the new location, the diverse opportunities include:

A wider market to sell the lemonade

Ease of doing or conducting business within the market
Effective and conducive regulations in regards to setting up the lemonade stands
Promotion plans
Product and service promotion plays an integral role within the operational avenue of an organization since it generates awareness within the consumer market. Thus, from the analysis of the lemonade stand and the finances available, a below the line promotional campaign is the most plausible approach. The below the line promotional approaches entail a more close interaction with the prospective customers. Personal selling, sales promotion, and exhibitions are some of the below the line promotional approaches. Thus, using the $ 10000, the promotional plan should denote setting up trade fairs and exhibition coupled with sales promotion within the area of operation. Thus, a plan for the exhibition and sales promotion is as follows:
$3000 will be used to set up tents and hire personnel in promoting the lemonade
$2000 for sourcing the diverse raw materials required
$500 in hiring the space for the setting of the tents
$2000 for the purchase of cakes, muffins and so forth for the sales promotion campaign which will entail free gifts to the prospective customers

Employee training to improve motivation

Within the lemonade business, it is imperative that the sales are within a profitable level. Thus, cultivating an environment in which the employees are extensively motivated towards successful outcomes in the lemonade business (Bovée &Thill, 2001). Hence, towards training employees to ensure that they operate towards meeting the targets set, it is imperative that the business inculcates a motivational theory approach. The most plausible theory to incorporate is the equity theory:

Equity theory

The equity theory denotes a motivational theory that is based on the notion that employee perception of what is fair and just is imperative towards ensuring highly motivated employees. Employees perceiving that the business is unjust and does not treat its employees within an equal mandate, reduced motivation is bound to prevail (Bovée &Thill, 2001). Thus, from an organizational perspective, the varied approaches using the equity theory that an organization can incorporate to ensure highly motivated employees include:

Fairness and parity in its reward structure

Proper treatment of its employees
Inculcation of a welfare program that is based on a proper insurance scheme for all its employees such as health insurance
Through the inculcation of the aforesaid motivational theory, the business can embark on the training approach through the inculcation of the following strategies in training:

Participation in mentorship programs with diverse businesses that sell lemonade

Undertaking an extensive in-house training through setting up courses that the employees should undertake to comprehend the organizational, operational mandate
Conclusion
Effective marketing is critical to the lemonade business. Thus, from the above evaluation, it is imperative that a below the line promotional approach is used. Through the below the line promotion approach, profitability and revenue yield is bound to prevail.

References

Bovée, C. L., & Thill, J. V. (2001). Business in action. Upper Saddle River, NJ: Prentice Hall.
Iqbal, T. (2011). The impact of leadership styles on organizational effectiveness. Munich: GRIN, Verlag.