Week 3: LEMONADE STAND, PART IBackgroundAs you have read about in our lecture, we have used a lemonade stand to help us understand some basic concepts of business. As we pointed out, a lemonade stand has a simple business structure; yet, it can help us understand almost every function of a firm; such as marketing, operations, finance, technology, entrepreneurship and many other aspects. In our two assignments in this course, you will own and operate your very own lemonade stand as you apply the knowledge you have learned from the course.ScenarioYou have decided to open a lemonade stand in your local neighborhood. You have grand plans for this stand and expect to attract many customers. In part I of this assignment, you will develop the basic premise of your new company. Please answer the following questions, utilizing the textbook, to ensure you apply the lesson we have learned in the previous weeks.-Develop a creative name for your Lemonade Stand, and then explain why a name is important when you are considering branding options?-Create a Mission Statement for your Lemonade Stand (Chapter 7); then explain why a mission statement is important for any company?-You are very involved in your community; please outlineyour CSR plan (Chapter 4) for your business. -The textbook lists many different types of pricing strategies, please pick one of these and explain how you will deliver on this strategy with your stand. (Chapter 14) -Even though you only sell to local customers, you understand that you could package your lemonade and sell it online globally. Evaluate whether or not the company should go global by creating an online presence and selling your lemonade online (Chapter 3).ActivityYou are to write aminimum of 800 words in answering all questions posted above for your Lemonade Stand. (Please note: you may list the questions in your paper and answer these in a step by step process, but the word count will only apply to your written words).The paper needs to be written in an APA format and should have at least your textbook listed as a scholarly sourcein your bibliography. Please view the APA tutorial in your syllabus for more on how to format your paper. Your paper should include a cover page and running header as stipulated by APA formatting.Please use the template for homework 3 in doc share.This paper will be evaluated on how you apply the concepts that are detailed in the textbook to a practical idea. In order to receive the highest grade, it is encouraged that you review the textbook and cite specific area of the text in your responses (taking care in citing these properly). Additionally, while this is not an English class, grammar will account for a portion of your paper. Please take care in writing a well develop response.Note: For this paper and other papers that you will write in college, please note that when you reference or cite a text, if you use words that are directly from a source, they must be in quotations and cited. If you are just referencing them and have changed the words, a citation is all that is required. One final point, when writing anything in college, you must adhere to the 80/20 rule: 80% of the papers should be in your own words, while 20% make up any citations you may add. Violation of this rule could result in a zero for the assignment. Grading Rubric Grading Rubric:Category Points Description Criteria/Creativity 30 Demonstrate a strong grasp of the question and be able to demonstrate an understanding of how the course concepts apply to the situation. Understanding 50 Be sure you show mastery of the course content by applying concepts from the lectures and text and showing citations from the text when answering the questions. Execution 20 Write your answers clearly and succinctly using strong organization and proper grammar. Use citations correctly. The paper must exceed 500 words (not including the cover page, citation or any repeating of the questions). Total 100 A quality paper will meet or exceed all of the above requirements.