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The Vermont Teddy Bear Co., Inc.: Challenges Facing A New Ceo

1252 words - 5 pages

The Vermont Teddy Bear Co., Inc.: Challenges Facing a New CEOIntroductionVermont Teddy Bear Company was founded in 1981 by John Sorinto selling handsewn bears out of a pushcart in the streets of Burlington, Vermont. Since this time, the company[s focus has been to design, manufacture, and direct market the best teddy bears made in America using quality American materials and labor.Until 1994, Vermont Teddy Bear experienced a great deal of success and profitability. Problems arose in 1995. Since 1995, the company has had two CEOs. It changed its name to The Great American Teddy Bear Company and then changed it back to The Vermont Teddy Bear Company when customers got confused. The Vermont Teddy Bear Company had been known for its Bear-Gram delivery service. In 1996, the company decided to shift emphasis away from Bear-Grams to other distribution channels. By 1998, the company decided to renew its emphasis on Bear-Grams. Vermont Teddy had always been proud of the fact that its teddy bears were made in America with American materials and craftsmanship. In 1998, the company changed this philosophy by exploring the offshore sourcing of materials, outfits, and manufacturing in an effort to lower costs.In October 1997, Elisabeth Robert assumed the title of President and Chief Executive Officer and began to cut costs and position the company for future growth. According to Robert, their competitors were the people who sold chocolates, flowers, and greeting cards. They target the last minute shopper who wants almost instant delivery. Gift purchases accounted for more the 90% of the Company's sales.External Factors·Larger manufacturing facility will enable the company to produce bears in bulk and to enter into larger sales agreements with retail establishments.·Bear Grams was the reason the company became successful.·The company tried to improve the way business was done by relying on retail sales.·Retail stores were needed to be in the consumer minds - this strategy was unsuccessful.·Vermont Teddy Bear Company continued to be consistent in its distribution methods by staying with the delivery service, and retail stores - producing a new way to distribute through the internet.·Walt Disney infringed on Vermont's patents and trademarks with the "Pooh-grams." Vermont Teddy entered into an agreement with Disney to resolve its dispute.·Vermont Teddy had to establish its competitors as those who sold chocolates, flowers and greeting cards as oppose to toy manufactures.·Small Village Teddy Bear Common was a way to reinvent the way bears were sold.·Vermont Teddy Bear Co., produced an old-fashioned, jointed teddy bear available in standard color selections and offering the "made in America" advantage.EFAS TableWeightedExternal FactorsWeightRatingScoreCommentsOpportunitiesBear Grams0.203.50.70made the company a successRetail Stores0.052.00.10change in the way business is doneProduction and...

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