CASE 1 –Build a Bear, Build a memory-
Build a Bear was founded by Maxine Clark in hard times. Where the internet was in its early phases of development, this era was a bad time to come with this type of business idea and as a matter of fact, Maxine Clark was criticized for this business idea. But nearly a decade later this company was considered as one of the hottest five retailers. The company hit number 25 on Business Week´s Hot Growth list of fast expanding small companies and Maxine Clark won Fast Company´s Customer-Centered Leader award.
After being the president of Payless shoe store and resigning in 1996 (Selk, 2015), Maxine Clark´s Build a Bear first store opened in ...view middle of the document...
Clark was characterized for understanding the importance of the contact with the customer and thus this led to the costumers to do something that is in their control and making the line is a process of fun, because waiting enhances the experience. She insistently stayed in contact with her costumers and created the “Virtual Cub Advisory Council”, from which stays in contact with the client and gathers ideas for development.
* Shannon Price John who is the current CEO has previously worked in brands like Mattel, Hasbro, and Stride Ride and has the potential to drive this company. (Kumar, 2013)
* Clark´s friend Kate, who had the simple idea of creating a bear as the person wants.
* One of its main competitors the Vermont Teddy Bear Company, which manufactures the same product but not as the same way as Build a Bear does. The difference is based in customization.
* ICTI (International Council of Toy Industry) which certificates that Build a Bear operates ethically, safely and in a healthful manner “It upholds the principles that no underage, forced, or prison labor should be employed; that no one is denied a job because of gender, ethnic origin, religion, affiliation or association, and that factories comply with laws protecting the environment. Supply agreements with firms manufacturing on behalf of ICTI members must also provide for adherence to these principles.” (Build a Bear)
* The licensing agreements with the NASCAR, NHL, NFL, NBA and NFL.
Even though they have launched their product in several continents and countries they are missing a huge piece of the pie, which is South America. They can have a potential market here and through franchises or investment in new stores Build a Bear may step strong in this region.
First make a marketing research of how potential may the market be in South America, to analyze pricing, culture, costs, target and SWOT. Then decide whether it is reasonable enter this market because customization of these type of product is not usually seen in South America. This incursion in this market may be successful because with this type of product a key driver of customer value is created and selling this unique experience of building an experience and a memory is scarce.
Give examples of needs, wants, and demands that Build-A-Bear customers demonstrate, differentiating each of three concepts. What are the implications of each on Build-A-Bear´s actions?
Basically when a customer buys a bear it can personalize the bear as it wants, with elements that identify the customer and by which they reflect itself (self-expression). Also by purchasing the experience and the bear, it creates or strengthens a bond with the person to whom it shares the experience, usually the parents or a relative. And the privilege of belonging to Build a Bear club.
In detail, describe all facets of Build-A-Bear’s product. What is being exchanged...