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Marketing plan presentation final
This document provides an organizational overview of Build-A-Bear Workshop including its history, products, locations, marketing strategies, objectives, and target demographics. Build-A-Bear Workshop operates over 400 stores worldwide and offers a variety of stuffed animals, clothing, and accessories. Their marketing focuses on reaching families with children aged 1 to 14 through advertising, promotions, and social media. A new product, Granny Bear, aims to expand their target market to include grandparents and religious organizations.
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Marketing plan presentation final
- 2. ORGANIZATIONAL BACKGROUND 30 DIFFERENTANIMALS THEME ANIMALS SPECIAL OCCASION SILLY ANIMALS VALENTINE’S DAY/WEDDING CLOTHING FOR BEARS FIND-A-BEAR I.D. SERVICE CUSTOMER SERVICE GUARANTEE 90 DAY RETURN OPTION BEAR HOSPITAL FOR REPAIR BUILD-A-PARTY FOR BIRTHDAY, FAMILY REUNION, SCHOOL GROUP AND SCOUT TROOP MEETING SIZE 400 STORES WORLDWIDE LOCATIONS: U.S.A, PUERTO RICO, CANADA, UNITED KINGDOM, AND IRELAND 71 FRANCHISES 1800 EMPLOYEES CORPORATE OFFICE-ST. LOUIS, MISSOURI
- 3. HISTORICAL INFORMATION Maxine Clark-Founder 1997-YearFounded First Animal Toy Priced $10.00-$25.00 Clothing For Animal $3.00-$10.00 $377,000 Sales in 1997
- 4. MESSAGE • ADVERTISING FORTHE NEW PRODUCT “GRANNY BEAR” • INCLUDES REGULAR ADVERTISING WITH AN ADDED FOCUS ON RELIGIOUS CHANNELS ON THE TELEVISION AND RADIO STATIONS AND ON THE NATIONAL GRANDPARENTS DAY IN NOVEMBER. • BUILD-A-BEAR WILL BE REVISITING SOME OF THESE MARKETING OUTLETS TO REACH THE OLDER TARGET MARKET. • A CUSTOMER CAN NOW FOLLOW BUILD-A-BEAR WORKSHOP® ON FACEBOOK, YOUTUBE, AND TWITTER.
- 5. BUDGET •ANNUAL REPORT INCLUDESBUDGETING FOR NEW MARKETING IDEAS •ANNUAL SALES 378 MILLION •COST OF GOODS 198 MILLION •NUMBER OF STORES 324 •RETAIL GROSS STORE 177 MILLION •NORTH AMERICA AVERAGE RETAIL PER STORE 1.1 MILLION •ALL LOCAL STORES NEED MINIMUM TRAINING ON NEW ITEMS AS THE MAIN PRODUCT REMAINS THE SAME
- 6. STAKEHOLDERS CUSTOMERS CUSTOMERS ARE THEMOST IMPORTANT STAKEHOLDERS BECAUSE THEY BRING THE SALES. EMPLOYEES EMPLOYEES ARE A VALUABLE ASSET TO THE COMPANY AND KEY TO PROVIDING CUSTOMERS WITH EXCELLENT CUSTOMER SERVICE EXPERIENCE. INVESTORS INVESTORS ARE IMPORTANT TO A COMPANY BECAUSE THEY HELP FINANCE THE ORGANIZATION
- 7. COMMUNICATION METHODS ADVERTISING DIRECTRESPONSE INTERNET-BASED COMMUNICATION SALES PROMOTION
- 8. COMPETITIVE ANALYSIS Strengths Over 400stores locate across the USA and other countries. Online ordering opportunity. Offer gift cards, clothing accessories, and other items to reduce its dependence on teddy bears alone. Createdmany sub-brands. More than building a bear, the individual, is building memories. Customers loyalty Weaknesses Constant having to create differentideas to keep up with consumers preferences. Prices are more expensive than some of its competitor’s products. Competitive market. Opportunities More stores in malls. Expanding International. Increase online choices. Threats Walmart, Toys R Us, Target, Vermont Teddy Bear Co.
- 9. OBJECTIVES • ADDING ANEW BEAR CALLED “GRANNY BEAR” TO THE BUILD-A-BEAR PRODUCT LINE. • CONTINUED MARKETING ORIGINAL STUFFED ANIMALS WITH ITS FOCUS ON THE COMPANY REVENUE FROM OLD AND NEW CUSTOMERS WITH THE IMPROVED AND REVISED MARKETING STRATEGIES. • BUILD-A-BEAR WILL OFFER TRAINING TO EMPLOYEES TO HELP WITH TRANSITIONING INTO NEW MARKETS WITH BOTH A DIFFERENT DESIGNED FRANCHISING MODEL AND EXPANDING INTERNATIONALLY. • THE COMPANY WILL FOCUS ON BY IMPROVING AND EXTENDING THEIR EFFORTS TO DEVELOP HIGHER IMPACT PRODUCT THAT APPEALS TO TEENAGERS AND YOUNGER ADULTS. • ENHANCING THE BRAND APPEAL WITH OLDER CHILDREN AND GROWING STORE SALES USING SOCIAL MEDIA TO HELP BRING AWARENESS TO THE BUILD-A-BEAR WEBSITE, BUILDABEARVILLE.COM WEBSITE. • INCREASING STORE SALES BY HIGHLIGHT THE BENEFIT AND INCENTIVE FOR BECOMING A LOYALTY CLUB MEMBER THAT WILL ALSO OFFER DISCOUNTS AND COUPONS FOR THE VALUABLE CUSTOMER.
- 10. TARGET ◄DEMOGRAPHICS 80% OF THETARGET MARKET IS BETWEEN THE AGES OF 1 AND 14 YEARS OLD. THE OTHER 20% IS MADE OF ORGANIZATIONS, SUCH AS SCOUT GROUPS OR CHURCH GROUPS, GRAND PARENTS, AUNTS, UNCLES. ◄PSYCHOGRAPHICS INFORMATION FOR PSYCHOGRAPHICS IS BASED ON VALUES, OPINIONS, PERSONALITIES, AND LIFESTYLE AROUND THE PRODUCT OR ORGANIZATION. ◄BEHAVIORS THE NEW “GRANNY BEAR” BY INTRODUCING AN OLDER GENERATION AND CHURCH ORGANIZATIONS TO THE BUILD-A-BEAR EXPERIENCE WILL ALSO OPEN THE IDEA TO MORE CHURCH ORGANIZATIONS SETTING UP EVENTS THROUGH THEIR LOCAL STORE. ◄GEOGRAPHIC CONSIDERATIONS BUILD-A-BEAR WORKSHOP® IS PRIMARILY IN THE NORTH AMERICA CONTINENT. AS OF DECEMBER 30, 2006, BUILD-A-BEAR WORKSHOP® OPERATED 271 COMPANY-OWNED RETAIL STORES IN THE UNITED STATES, CANADA, THE UNITED KINGDOM, AND IRELAND. OF THOSE STORES, 232 ARE BUILD-A-BEAR WORKSHOP® STORES LOCATED IN THE UNITED STATES AND CANADA AND 38 ARE LOCATED IN THE UNITED KINGDOM AND IRELAND” (HOTSTOCKED, 2016).
- 11. REFERENCES: http://blog.hubspot.com/marketing/content-marketing-plan http://www.businessinsider.com/advertising Build-A-Bear Workshop®. (2016).Financial Reports. 2014 Annual Report. Retrieved from: http://phx.corporate-ir.net/phoenix.zhtml?c=182478&p=irol-reportsannual http://marketingland.com/library/mobile-marketing-news http://www.marketingteacher.com/sales-promotion/ http://www.socialmediaexaminer.com/podcasting-with-michael-wolf/ http://successwise.com/what-is-direct-response-marketing http://www.webopedia.com/DidYouKnow/Internet/internet_communications.asp http://www.wordstream.com/social-media-marketing
Editor's Notes
- #5 The Build-A-Bear Workshop® advertises in Magazines such as LIFE and Ladies Home Journal. The company uses Coupons to increase sales. According to an article in the New York Times (Olson, 2012), “The retailer is introducing its new technology-enhanced stores with radio and digital ads, print ads in local newspapers and television commercials. It will broaden its branding efforts to five additional markets where new stores will open starting in October” (Olson, 2012). Build-A-Bear Workshop spent nearly $7.8 million on advertising last year, and $2.7 million in the first six months of 2012, according to Kantar Media, a WPP unit.
- #8 Build-A-Bear Workshop will use advertising as a form of marketing communication to promote their service and many different products offered. Build-A-Bear Workshop will get an immediate response from potential customers and require them to take some action such as signing up to an email list. The Internet has become the way many people communicate and business is quickly learning just how important the Internet has become. - Build-A-Bear Workshop will discuss incorporation of various promotions to increase sales. - Public relations has become of importance in marketing to consider a crucial component in assisting companies to reach their marketing objectives. Social media marketing is the trendy way to reach customers in today’s society to market product by sharing videos, and images for of customers. - Mobile Marketing is using a mobile device such as a cell phone. - Mobile Marketing is using a mobile device such as a cell phone. Podcast is a multi-tasking platform which individuals spend at least 15 minutes of their time listen to the different point of views on their podcast. The conversations are deeper and personal.