This website uses cookies to ensure you have the best experience. Learn more

The Vermont Teddy Bear Co., Inc.: Challenges Facing A New Ceo (Ifas And Efas Tables Included)

1760 words - 7 pages

IntroductionThe Vermont Teddy Bear Company (VTBC) was founded in 1981 by John Sorinto. Unfortunately, for John, the company became to 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.In the year following the change of CEO, VTBC tried changing its name to 'The Great American Teddy Bear Company". However, this tactic failed when customers grew confused. As a result, the Vermont Teddy Bear Company name was reinstated. Again, trying to reinvent themselves, the company decided to change their current distribution method in 1996. The decision they made was to shift away from the company's signature Bear - Grams, which was very successful, but not creating growth. In its place, they wanted to go into retail stores and expand their catalog (Vincelette, p. 27-3). This, too, proved to be less than a success and eventually Bear-Grams were once again their focal means of distribution and strategic marketing.Finally, in 1997, Chief Executive Officer R. Patrick Burns stepped down and Elisabeth Roberts, Chief Financial Officer, became the new President and CEO. Roberts vision for the future of the company included cutting cost (Vincelette, p. 27-4). Forced to look at their materials from a purely financial view, something had to be done. The answer Roberts sought was "...offshore sourcing of materials, outfits and manufacturing..." (p. 27-4). Thus, Vermont Bear Labels now read, "Made in America, of domestic and foreign materials" (p. 27-6).Elisabeth Roberts also believed that Vermont Teddy Bear was not simply a "stuffed animal" market, or merely a "toy". Rather, she defined the competition as being those businesses that "...sold chocolates, flowers, and greeting cards. They target the last minute shopper who wants almost instant delivery." (p. 27 -4) Knowing that their competition went beyond toys, they were able to market their product in several areas and the success of that is seen in sales.Environmental ScanningThe purpose of environmental scanning is to assess those elements surrounding your company and market. A SWOT analysis identifies strategic factors, which are the company's strengths, weaknesses, opportunities and threats, that will determine its future (Wheelen, p. 9). Specifically, it involves monitoring, evaluating and sharing the "...information from the external and internal environments..." with "...key people within the corporation." (p. 52).Knowing your external environment makes you aware of your company's opportunities and threats. Knowing the internal...

Find Another Essay On The Vermont Teddy Bear Co., Inc.: Challenges Facing a New CEO (IFAS and EFAS tables included)

History of the Vermont Teddy Bear

4618 words - 18 pages United States. He wanted to make one that was made and manufactured here in the states. He did all of the work himself through self-taught lessons, and also began drawing classes to be able to create them himself.In your text read Case 27, "The Vermont Teddy Bear Co., Inc: Challenges Facing a New CEO" (pages 27-1 through 27-22). Using the case, your readings, the Cybrary and the Internet, develop both an EFAS (External Factors Analysis Summary) Table

Vermont Teddy Bear SWOT Analysis

1910 words - 8 pages . Stetzel has quite a few big challenges facing him. He needs to take a look at what IT platforms VTB’s competitors are using and how they are working for his competitors. He needs to document the existing IT architecture, weigh its pros and cons, and weigh the ROI that VTB makes now and will make after restructuring IT and then decide if he needs to redesign the IT architecture. According to the IT Portfolio Management Model (ITPMM) VTB falls

Challenges Facing New Immigrants in America

1477 words - 6 pages of view and how they express things the way they do, you will be able to see that they are more than grateful for the opportunities given to them. Works Cited Bhagwati, Jagdish, and Rivera-Batiz, Francisco. "A Kinder, Gentler Immigration Policy." Foreign Affairs. 11/12 2013: 1-8. Print. Coan, Peter Morton. Ellis Island Interviews. New York: Checkmark Books, 1997. Print. Kosof, Anna. Living In Two Worlds. New York: Twenty-First

A TEDDY BEAR

793 words - 4 pages in front of an interesting teddy bear. It looked oddly old and used, considering it was a toy that was being sold in a toy shop. To her mother surprise, Ellie picked up the bear and hugged him. As her fragile little body touched the body of an old teddy, the toy started saying: “Six, six, six, six, six ...” The girl looked at the teddy with a delightful curiosity, but the mother thought the sound was annoyingly frightening. “Make it stop!” she

The Unfortunate Case of the Kidnapped Teddy bear

746 words - 3 pages ?" Lee asked exasperatedly. "Can you ask them if they've seen my bear?" "BEAR?" Lee knew Kayla had a lot up her sleeve, but a bear? Surely- "Don't worry, it's just a teddy bear." She smiled brightly at the memory. Then her expression faded into a sad one. "But he's missing." She started tearing up again, making all three of her brothers freeze. Will and Michael looked expectantly at Lee. For the gods' sake, why did they always do this? It was

Assess the conditions necessary for effective teamworking, and the challenges facing managers wishing to organise work in such a way

2101 words - 8 pages to make effective teamworking. It is rather the combination of all these conditions to create an effective team then result in high performance (Borrelli, Cable & Higgs, 1995; Davis & Scase, 2000).Challenges to managersLeadership in a team may be worth paying much attention because a team involves the variety of roles of team members and dynamic process of managing. Namely, the challenges facing team leaders are team management, the

Business Ethics and the Merck & Co., Inc. Case Study

2754 words - 11 pages use only the materials covered in our classroom text and information gained as a result of classroom lectures. I will not interject my opinions but analyze the case from the perspective of the authors of the theories.The Merck CaseMerck & Co. Inc. is one of the world's largest pharmaceutical companies in the world. Corporate headquarters are here in the United States. In 2001 Merck recognized over 47 billion dollars in revenue.Research

Analysis of Build-A-Bear Workshop, Inc

2839 words - 11 pages ............................................................................................ 14 Bibliography ............................................................................................................................... 15 Introduction: Company’s name: Build-A-Bear Workshop, Inc. Name of CEO: Sharon Price John Ms. Sharon Price John has been the Chief Executive Officer and Chief President Bear of Build-A-Bear Workshop Inc. since June 3, 2013

Issues and Challenges Facing Generation Y

1605 words - 6 pages Issues and Challenges Facing Generation Y Generation Y’s entire foundation seems to be made up of issues and challenges. Each issue is unique and poses a different threat for the generation, some are physical, some are financial and others are environmental threats. Our reliance on mood altering substances and the media are two of the biggest challenges facing Generation Y. However, upon closer examination each individual issue can be linked

The Many Challenges Facing World History Teachers

1150 words - 5 pages tests in my U.S. History assessments and take a more non-traditional approach such as incorporating group discussions, projects, and student presentations. I feel that U.S. History provides many more opportunities for active instruction as a means of assessment instead of unit tests. On the other hand, one of the many challenges facing World History teachers is the development of classroom assessments that are on the right scale. This is because

Environmental Challenges Facing the American Auto Industry

1414 words - 6 pages percent have become the number one volume producer in the world OICA (2014). The United States at 6.9 percent has dropped in position to the second highest volume auto producer in the world. The focus of this paper will be about the environmental challenges facing the American auto industry. In this title the word environment, speaks of the general elements (e.g. political, technological, economic, social, legal and environmental) that affects the

Similar Essays

"The Vermont Teddy Bear Co., Inc.: Challenges Facing A New Ceo". Develop Both An Efas (External Factors Analysis Summary) Table And An Ifas (Internal Factors Analysis Summary Table)

739 words - 3 pages External Factors*Larger manufacturing facility*Bear Grams*Retail stores*Distribution Methods*Disney /Patents, Trademarks, and licenses*Competitors (chocolates, flowers, and greeting cards)*Small Village Teddy Bear Common*Production and Service*Made in AmericaPlanning 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

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

Vermont Teddy Bears Case Study: Efas/Ifas

1122 words - 4 pages competition, production and marketing in mind, VTB will be able to handle and stave off problems that may arise. VTB has found their ground in the marketplace and discovered many arenas in which to promote their wares. By keeping up with the changing environment, VTB will be in business for many years to come.ReferencesColbert, C. (2005). The Vermont Teddy Bear Co., Inc.. Retrieved Apr. 01, 2005, from http://www.hoovers.com/the-vermont-teddy-bear-co

Vermont Teddy Bear Essay

5540 words - 22 pages over these concerns, CEO John Gilbert tapped on his door. 'Do you have a moment, Bob? I learned some interesting things at last week's Toy Fair (American International Toy Fair, held in New York City) that might affect our business - and perhaps your information systems. Vermont Teddy Bear company background 1981: VTB was founded by John Sortino, who sold teddy bears from a pushcart in a Burlington, Vermont open-air mall. The company nearly went