Build a Bear, Build a Memory

Universidad Latinoamericana de Ciencia y Tecnologia San Jose, Costa Rica Facultad de Ciencias Empresariales January, 2010 Bilingual Business Administration Principles of Marketing Cesar Eduardo Gonzalez Company Case Build-A-Bear, Build-A-Memory Examples of needs, wants, and demands that Build-A-Bear customers demonstrate, differentiating each of these concepts. What are the implications of each on Build-A-Bear actions. Needs: Understanding needs as states of felt deprivation, not created by marketers but basic parts of the human makeup, we can say that Build-A-Bear customers demonstrate the individual need of self-expression, authenticity, creativity, empowerment, choice, individuality, freedom. They also demonstrate the underlying need that people have to entertain themselves. Wants: Although Build-A-Bear clients need to find a way to self-express and entertain themselves, they want to â€Å"step into a (†¦ genuine fantasy world organized around a child-friendly assembly line comprised of clearly labeled work stations†, where they can choose unstuffed animals from a bin, stuff them, include voice boxes, stitch them, dress them, name them, and even receive a birth certificate for their creation. This example is aligned with the idea that wants are the form human needs take as shaped by culture and individual personality. Demands: Giving their wants and resources, Build-A-Bear customers demand specific products that add up to the most valuable and satisfaction. Among the most relevant examples we can mention are both new store locations and accessories. â€Å"Mini-scooters, Hello Kitty bears, mascot bears at professional sport venues, and sequined purses† are also specific ideas that were interpreted as customers? demands by the company. Implication of each (needs, wants, and demands) on Build-A- Bear actions Needs, wants and demands have huge implications on Build-A-Bear actions. Not only by walking where customers walk, periodically checking its stores and assessing its customer service, but also by employing a mix of low-tech and high tech communication methods to interact with customers, Build-A-Bear demonstrates it is a truly customer-centric organization. This allows the company to fulfill their customers? needs, wants, and demands through successful market offerings, orchestrating several products and services to create brand experiences for customers. In detail, describe all facets of Build-A-Bear? product. What is being exchanged in a Build-A-Bear transaction? In my opinion, Build-A-Bear? s product has two different facets. There is a main facet formed by the intangible â€Å"experience of participating in the creation of personalized entertainment† and there is also a second facet formed by a tangible bear that â€Å"children clutch as they leave the store†. The main facet begins when children step into a â€Å"cartoon land† and interact with the different stations of the â€Å"child-friendly assembly line†. The second one, in turn, has the distinctive sign of being unlike any they other object Build-A-Bear customers have ever bought or receive, â€Å"they have a product that they have created†. Identifying these two facets helps us determine what is being exchanged in a Build-A-Bear transaction. Base on the idea that an exchange is the act of obtaining a desired object from someone by offering something in return, we can say that Build-A-Bear presents both an experience and a tangible object to fulfill its customers? needs, wants, and demands. In return, the company receives an average of 25$ per built bear. However, it goes beyond simply attracting new customers and creating transactions. It truly builds and maintains desirable exchange relationships with its target audiences, retaining customers while growing their business. Which of the five marketing management concept best describes Build-A-Bear workshops? In my opinion, The Marketing Concept is the one that best describes Build-A-Bear workshops. By looking for innovative ways to interact with customers and using both low-tech and high-tech methods, Build-A-Bear? s demonstrate that knowing its customers? eeds, wants and demands and then delivering the desired satisfaction are key activities within the organization. As stated before, Build-A-Bear is a truly customer-centric organization. Discuss in detail the value that Build-A-Bear creates for its customers. Because customer-perceived value is the customer? s evaluation of the differences between all the benefits and all the costs of a marketing offer relative to those competing off ers, we will use the marketing offer of Vermont Teddy Bear Company to discuss the value that Build-A-Bear creates for its customers. On the one hand, Vermont Teddy Bear Company promotes its product as the only hand-made bear in America that is guaranteed for life. Thus, it is safe to assume that high quality is an important element of their market offer. On the other hand, Build-A-Bear value for customers comes not only from the tangible object, the bear, but also from â€Å"the experience of participating in the creation of personalized entertainment†, which led us to the following conclusion: Although bears are final outcomes for both companies, Build-A-Bear is giving more at a lower price. And that is why an average of 25$ for a customized product and for the experience of participating in the creation of personalized entertainment is perceived as a marketing offer that gives more value to the customer compared with to the 50$ to 100$ that customers of Vermont Teddy Bear Company have to pay for a high quality bear. Is Build-A-Bear likely to be successful in continuing to build customers relationships? Why or why not? In my opinion, Build-A-Bear is indeed likely to be successful in continuing to build customers relationships. Why? Because behind the actions the company? is taking to: (i) further expand the Build-A-Bear experience beyond the retail stores using its new website, and (ii) entering into new markets by opening at least 350 stores in the US, 120 stores in Europe, and 300 stores in other parts of the world, are two underlying efforts: build a personal connection with customers, and at the same time understand is clients needs, wants, and demands. Universidad L atinoamericana de Ciencia y Tecnologia San Jose, Costa Rica Facultad de Ciencias Empresariales January, 2010 Bilingual Business Administration Principles of Marketing Cesar Eduardo Gonzalez My needs, wants and demands. As the title suggests, the purpose of this paper is to set forth my needs, wants, and demands. Because a common conceptual framework is very useful in every analysis, the first thing I? m going to do is refer to a brief definition of those terms. I will then explain what my needs are, dividing them into three categories: Physical needs, individual needs, and social needs just to make it easy for my readers. Right after, I will take a look at my wants. And I will finish with my demands. Common conceptual framework: Throughout this paper, I will understand needs as â€Å"states of felt depravation† and stick to the idea that they are not â€Å"created by marketers† but â€Å"a basic part of the human make up†. Wants, in turn, will be treated as â€Å"the form human needs take as they are shaped by culture and individual personality†. They will also be described in terms of objects that will satisfy them, focusing only on those objects I can`t afford. I will do this to distinguish my wants from my demands. This means that I will understand demands as those wants that are actually backed by my purchasing power. My needs: Let? s start with the physical ones. Definitively, food and water are on the top of the list. As every human being, I need food to provide my body with the energy it will use each day. I need also to provide it with water to hydrate it properly. But there is a key point here. I? m just referring to limited portions of food and water or let`s say those that are essential for the human body to work. Thus, a 5. 000-calories-per-day diet seems either as a want or as a demand for average people but not as a need. Maybe not behind but next to food and water I would put air and sunlight. Definitively, those two are also among the essential physical needs every human has; and because I? m not the exception, I thought it was important to include them in my list of needs. I understand, though, that in the world not everyone is satisfying this need at a 100%-rate. Good examples of that can be found just by thinking of really air-polluted cities, such as Mexico DF, or thinking of those countries that receive little or no sunlight during several month every, such as Russia or Canada. But let`s thank we are not in any of those groups and move forward. After food, water, air, and sunlight, I would put cloth and shelter. As I mentioned before, I am just talking about basic stuff. Some examples could be a couple of pants, shirts, and sweaters to protect me from the weather and to cover the cloth section. A small house or flat, in turn, will be sufficient to cover the need of shelter. Thus, design cloth and luxury properties would be definitively in people? s wants or demand section, depending on his or her purchasing power. To finish with my physical-needs section, I would mention not only rest but movement and exercise. As every human being, I need to safe hours every day to sleep and rest. I understand the number of hours needed vary from one person to another, but in my case, 7 to 8 hours work perfectly well. Movement and exercise are important needs too. And although it seems that there are a lot of people out there that are not really aware of that, for me, 4 to 6 hours of exercise per week also work for me. Looking now at my individual needs, I would say that freedom and independence along with creativity and self expression are among the top of this list. As most human beings, I need to feel I can express my ideas and take my own decisions without having someone else telling me what to do or how. Here, I am not talking about homework or other duties at work; I am talking about more deep things, such as having someone telling you what to buy, sell, study, or work, where to live, with whom, or how. Sadly, if we look at political extremists, such as communist, not only in history but around us, we could find good examples of that. I consider that having the possibility of learning new things is also an important need, and as such, I included in my list. Here I am not talking about schools or universities, because, in my opinion, those would be wants or needs depending on everyone`s purchasing power. I am talking about learning in general terms. Last but not least, I would include having fun in my individual-need list. I think this is important in people`s life, and for me is not the exception either. I understand of course that for some people more than for others, this could be tough. But even under the worst circumstances people should try. Now, I will proceed with my social needs. In this category I would include affection, sense of belonging and friendship. For me and for every person I know all of them are very important needs that must be somehow satisfied. I would add to this point that satisfying them is not a matter of quantity of friends or people sharing your thoughts and ideas but a matter of quality and how strong are the bounds that you can create with others. Right after I would add respect. For me, this element plays a key role; and just as others, I need to be treated with respect. Acceptance, communication and understanding are also social need. My wants As everybody else, I have different wants. What interested me the most about them is that, apparently, they have no limits; or at least, that seems to be the consensus among most of the economist, especially when they give a look at the principles of the economic problem. Starting with food, and thinking about it not only in terms of tangible products but also in terms of services that would satisfy my wants, I would say that (at least for weekdays) a varied, healthy, home-style menu of food delivered right to my office would be great would probably satisfy my wants. For weekends in turn, I would say that Gourmet restaurants would also be on the list. In terms of cloth and shelter, my wants are also relatively big and considered as a group, they are also unaffordable, at least at this point. I can start by mentioning some tailored suits, long-sleeve shirts and a couple of pair of Italian shoes that match them would also be included. I would also add several ties, made of silk could be included to finish with the formal outfit. Then, for a more casual look, I would by tens of Hollyster & Co. hirts. The reason why I want them is because they have a special fabric that makes it VERY easy to iron them, which safe me a lot of time. Some expensive, and durable black, beige, blue, and brown cotton pants, and jeans could be also on the list. This way I would leave Zara? s cloth behind, which is nice made to last just for a few months. Moving to the sport section, I would include special tennis for runners and several sport outfits. At this point Addidas or new balance will be on the top of the list. Why? Again, is a matter of the perceived quality of fabrics, those brands (and of course others) have invested huge amounts of money to create high-tech cloth that regulate your internal temperature while you are performing any physical activity. Taking about shelter-related wants, I would put a 3 bedroom flat with a nice view, pool, and a tennis court. I can be here in Costa Rica or anywhere else, for example, at Vancouver, Toronto, London, Amsterdam, Rotterdam, etc. At the end it will depend on where job opportunities are. But now, a flat with this description will fit perfectly well with my wants because I would have a room for me and my girlfriend, a room to use as a private office/library, and finally a guest room for family living overseas. Talking about the possibility of learning new things, I want to start a master program in a European university, especially if it is located in the UK or in the Netherlands. Why? Because I really like those countries and their universities are ranked among the top of the list. I would also add many books to my wants list, and here I? talking about really expensive ones. And finally looking forward to satisfy my both social needs of communication and individual needs of creativity, I would definitively add a Mac book air to my list of wants. The reason I choose this product is because it will give me not only the built-in camera and microphone that I use to call them through the internet (because today almost every computer include this feature) but because it wi ll give me the mobility and flexibility I need due to its light weight. Carrying my laptop at the airports won’t be a nightmare. And finally I will be more efficient at one of my hobbies, which is creating graphic material using Macromedia `s programs, because I will not have to wait for my slow PC. My demands: Sticking here to the idea that demands are the type of needs backed to my purchasing power, I have to admit that my list of demands has been self-limited almost to the basics. This means I have voluntarily decreased my level of consumption because I am a point where the act savings became a necessary step to achieve some of the goals I have set. For example, I would definitively include access to sport facilities to train between 3 to 4 times per week (or even more in those weird cases that I have the time and the will) to my list of demands. A gym membership, for example, could work perfectly well. Products and services that give me more useful time and increase my efficiency are also on my demand list. Here I`m talking about a Smartphone and the Voice & Data packages that are offered by the phone company, which gives me exactly what I? looking for: High-speed internet access, interconnected email accounts, access to overseas radio stations, maps, calendar, address book, alarms, cameras, videos, the etc. Even though it is absolutely not among my favorite demands, gas is also on this list. I understand that public transport represent an alternative. But sadly it is slow and time-consuming, so to my regret public transportation services do not work for me. I also demand ingredients to prepare easy-to-cook, home-style food. Let`s say, fruits, frozen vegetables, chicken breasts, meat, milk, cereal, bread, cheese, juice, etc. Thinking about my individual need of learning new things, I demand related products and services that help me to satisfy it. Among the products, books usually play a central role. When it comes about services, in turn, high-speed internet access and being enrolled in university studies are crucial for me. To finish with my demand list, I would include my apartment, which is rented, and all the related public services. Water, light, land phone, is what I? m talking about here.