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Essay / Build-A-Bear Workshop Competitive Position - 2050
I. IntroductionThis article aims to have a quick analysis of Build-A-Bear Workshop's current competitive position in the toy industry and the challenges it faces, and to provide Build-A-Bear Workshop with short and long-term recommendations. long term to continue. its success in the toy industry. This paper mainly applies Porter's five forces analysis, external environment analysis, financial analysis and value chain analysis.II. Case SummaryBuild-A-Bear Workshop was an American toy retailer founded by Maxine Clark in 1996 in St. Louis, Missouri. Build-A-Bear Workshop primarily serves stuffed beards and other stuffed animals, as well as accessories for teddy bears and other stuffed animals. According to Professor Eisner, Korn, Baugher, and graduate student Vojtkova (2011), “Build-A-Bear Workshop was founded 13 years ago on a simple but powerful idea: to create a successful business with heart” (p . C259). To differentiate itself from other toy producers, Build-A-Bear Workshop offered its customers an interactive experience by "allowing customers to make, personalize and adapt the stuffed animals of their choice" (p. C262). As Professor Eisner et al. (2011) conclude that “the company (Build-A-Bear) differentiated itself from the competition through marketing initiatives that facilitated stronger connections with its customers” (p. C262). Additionally, Build-A-Bear Workshop exercised its concentration strategy by narrowing its product lines. The Build-A-Bear Workshop has enjoyed great success over the past few decades. However, the Build-A-Bear Workshop also faced great challenges, especially during the economic recession. Changing markets, fluctuating economies, the development of the Internet, and children's changing preferences were all negatively affecting Build-A-Bear's work...... middle of document...... hope to have a comprehensive analysis of the basic learning needs of customers of all ages. This strategy can be costly because it requires Build-A-Bear Workshop to provide ongoing investment to develop different types of products that can meet customers' diverse learning needs. This strategy could give Build-A-Bear Workshop a competitive advantage for a long time and further expand its global expansion, as the rapidly growing world makes customers of all ages have a great need to learn various skills. However, because customer preferences and demands are variable, it is very difficult for Build-A-Bear Workshop to predict customer learning needs, so Build-A-Bear Workshop's investments may not generate high yields. Works Cited Eisner, AB, Korn. JH, Baugher, D. and Vojtkova, L. (2011). Build a bear workshop. Strategic management (text and cases) 6th. C259-C267