The five Ps of the lemonade stand: product
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EmailWhen youth run a lemonade stand, they are not only earning cash but also learning and practicing the important concepts of the marketing mix: product, price, promotion, place and people. This article focuses on product.
Summer is a wonderful time for young entrepreneurs to explore the benefits of the lemonade stand and passerbys should always make an effort to stop and purchase something from these streetside vendors. Supporting a youth-run lemonade stand can build the confidence of a child, help them understand the value of money, and learn important lessons about running a small business. Not only are youth earning cash, they are learning and practicing the important principles centered around the five Ps of marketing. This article focuses on the first P: product.
Product
The most important aspect of any lemonade stand is the product. The budding business owner should consider the quality of their product. This is a fantastic opportunity for the young entrepreneur to explore product development. Things to consider include:
- How does it look and taste? Will they make it from a powder, use fresh ingredients or have a special recipe?
- Can another ingredient make it special? There are a multitude of possible ingredients that can be added to enhance plain old lemonade.
- Have they considered temperature? Keeping the lemonade cold can boost sales and bring return customers. Youth may consider floating a large piece of ice in their pitcher or serving it in a cup of ice.
- Can they diversify their product line? Offering multiple options to customers can assist them in understanding the importance of meeting the needs of a broad audience. Some possible preferences may include low calorie, pulp-free, or even a flight of rainbow-colored Iemonade! Many enthusiastic entrepreneurs also sell additional products at their lemonade stand. These could include a tasty treat or even a handmade item.
- Of course, young entrepreneurs should always be cautious of making sure they don’t consume all their product as their sale progresses!
Youth can participate in National Lemonade Day, which was founded by Lisa and Michael Holthouse in 2007 to honor the way lemonade stands serve as a useful tool to teach children about running a business. The tagline says it all: Teaching Kids the Power of Entrepreneurship. Their
2020 youth impact study of National Lemonade Day even highlights some the benefits to youth who operate a lemonade stand.
Michigan State University Extension and Michigan 4-H Youth Development help to prepare young people for successful futures. As a result of career exploration and workforce preparation activities, thousands of Michigan youth are better equipped to make important decisions about their professional future, ready to contribute to the workforce, and able to take fiscal responsibility in their personal lives.
