Tuesday, January 21, 2020
The Vermont Teddy Bear Company :: Business Marketing
The Vermont Teddy Bear Company Introduction The Vermont Teddy Bear Company (VTBC) was founded in 1981 by John Sorinto. Unfortunately, for John, the company became too big for him to oversee since he was an entrepreneur. However, he gracefully stepped down in 1995 and supported the hiring of a new CEO that would lead the company into its future success (Vincelette, p. 27-3). One thing that has remained is the companies focus. The Vermont Teddy Bear's "...focus has been to design, manufacture, and direct market the best teddy bears made in America using quality American materials and labor." (p. 27-1) In fact, "American made with American materials" is the basis of the company's mission statement. Planning for the future of Vermont Teddy Bear Co. Inc it is important that we consider conditions/trends in the internal environment of the company that may impact the future success of the company. These factors (conditions/trends) involve financial resources, human resources, the quality of products and services provided the efficiency of internal processes, student and stakeholder satisfaction, and the company culture. Specification of these factors will allow us to: 1) identify their potential impact on the market; 2) assess the probability that they will continue; 3) categorize them as strengths or challenges; 4) rank them in terms of how well the company is doing in each category. The internal strengths and weakness analysis examines the recent performance of the Vermont Teddy Bear Co. Inc in terms of marketing, finance, operations and logistics, research and development, human resource management and information systems. The purpose of this analysis is to provide the data for the gap analysis -- the current performance of Vermont Teddy Bear Co. Inc and the desired (vision) performance required to successfully increase market share and customer satisfaction. Since strengths and weaknesses involve the study of the internal structure, or come from within the organization. This process is extremely important because Vermont Teddy Bear Co. Inc may want to develop new goals that should allow them to maximize its position relative to each functional area. 1 Opportunities Ã Ã Ã Larger manufacturing facility Ã Ã Retail stores Ã Ã Ã Made in America Ã Ã Ã Production and Service, Customer perspective Threats Ã Ã Ã Ã Competitors (chocolates, flowers, and greeting cards) Ã Ã Ã Ã Disney /Patents, Trademarks, and licenses Ã Ã Ã Ã Bear Grams Ã Ã Ã Ã Ã 2 .20 .07 .18 .15. .20 .10 .10 Ã Ã Ã Ã Ã 3 4.6 4.2 5.0 4.2 3.6 2.8 2.5 Ã Ã Ã Ã Ã 4 0.92 0.29 0.90 0.63 0.72 0.28 0.25Ã Ã Ã Ã Ã The small village, the Teddy Bear Common More retail stores are willing sell Attracts more Americans. The company provided unique and original customized products to everyone, from ages 1-100. advantage of national and international distribution opportunities The customers became confused and allowed Disney to enter the personalized teddy bear gift market.