The Vermont Teddy Bear Co., Inc.: Challenges for a New CEO IntroductionThe Vermont Teddy Bear Company (VTBC) was founded in 1981 by John Sorinto. Unfortunately, for John, the company grew too large for him to oversee as he was an entrepreneur. However, in 1995 he gracefully resigned and supported the hiring of a new CEO who would lead the company to its future success (Vincelette, p. 27-3). One thing that has remained is the focus of companies. Vermont Teddy Bear's goal "...has been to directly design, manufacture and market the finest American-made teddy bears using quality American materials and labor." (p. 27-1) In fact, "American made with American materials" is the basis of the company mission. In the year following the CEO change, VTBC attempted to change its name to “The Great American Teddy Bear Company.” However, this tactic backfired when customers began to get confused. As a result, the Vermont Teddy Bear Company name was reinstated. Once again, looking to reinvent itself, the company decided to change its current distribution method in 1996. The decision they made was to fold. from the signing of the Bear - Grams company, which was very successful, but did not create growth. Instead, they wanted to enter retail stores and expand their catalog (Vincelette, p. 27-3). less than a success and eventually Bear-Grams returned to being their primary means of distribution and strategic marketing. Finally, in 1997, CEO R. Patrick Burns resigned and Elisabeth Roberts, chief financial officer, became the new president and CEO. Robert's vision for the company's future included reducing costs (Vincelette, p. 27-4). Forced to consider their materials from a purely financial point of view, something had to be done. The answer Roberts sought was “…offshore sourcing of materials, equipment, and manufacturing…” (p. 27-4). Therefore, Vermont bear labels now read: “Made in America, with domestic and foreign materials” (p. 27-6). Elisabeth Roberts also believed that the Vermont Teddy Bear was not simply a "stuffed animal" market, or simply a "toy". ". Rather, he defined the competition as those businesses that "...sell chocolates, flowers and greeting cards. They target the last minute shopper who wants almost instant delivery." (p. 27 -4) Knowing that the competition went beyond toys, they were able to market their product in several areas and the success of this it is visible in sales.Environmental scanningThe purpose of environmental scanning is to evaluate the elements surrounding your company and market.

Topic > The Vermont Teddy Bear Co., Inc.: Challenges for a New CEO IntroductionThe Vermont Teddy Bear Company (VTBC) was founded in 1981 by John Sorinto. Unfortunately, for John, the company grew too large for him to oversee as he was an entrepreneur. However, in 1995 he gracefully resigned and supported the hiring of a new CEO who would lead the company to its future success (Vincelette, p. 27-3). One thing that has remained is the focus of companies. Vermont Teddy Bear's goal "...has been to directly design, manufacture and market the finest American-made teddy bears using quality American materials and labor." (p. 27-1) In fact, "American made with American materials" is the basis of the company mission. In the year following the CEO change, VTBC attempted to change its name to “The Great American Teddy Bear Company.” However, this tactic backfired when customers began to get confused. As a result, the Vermont Teddy Bear Company name was reinstated. Once again, looking to reinvent itself, the company decided to change its current distribution method in 1996. The decision they made was to fold. from the signing of the Bear - Grams company, which was very successful, but did not create growth. Instead, they wanted to enter retail stores and expand their catalog (Vincelette, p. 27-3). less than a success and eventually Bear-Grams returned to being their primary means of distribution and strategic marketing. Finally, in 1997, CEO R. Patrick Burns resigned and Elisabeth Roberts, chief financial officer, became the new president and CEO. Robert's vision for the company's future included reducing costs (Vincelette, p. 27-4). Forced to consider their materials from a purely financial point of view, something had to be done. The answer Roberts sought was “…offshore sourcing of materials, equipment, and manufacturing…” (p. 27-4). Therefore, Vermont bear labels now read: “Made in America, with domestic and foreign materials” (p. 27-6). Elisabeth Roberts also believed that the Vermont Teddy Bear was not simply a "stuffed animal" market, or simply a "toy". ". Rather, he defined the competition as those businesses that "...sell chocolates, flowers and greeting cards. They target the last minute shopper who wants almost instant delivery." (p. 27 -4) Knowing that the competition went beyond toys, they were able to market their product in several areas and the success of this it is visible in sales.Environmental scanningThe purpose of environmental scanning is to evaluate the elements surrounding your company and market.