Build A Bear Workshop
By: Abeir Elbaba, Hosam Ysain, Cameron Boli, Young II Jung, Maryam Abdulghaffar By: Abeir Elbaba, Hosam Ysain, Cameron Boli, Young II Jung, Maryam Abdulghaffar
Table of Contents
Results and Recommendations7-8
Build-A-Bear has done a successful job of customizing teddy bears and many other animals to consumers of all ages. These bears are versatile and can be customized with many accessories which include shoes, clothes, hats, glasses and firmness of the bear. You can add a button with your own voice or any sound once pressed firmly. However, Build-A-Bear is lacking in one area: variety of products. At the moment, the company only offers stuffed animals to customize. Few years ago, Build-A-Bear researched the idea of pillow pets but did not go further into putting them in the production line. Pillow Pal is a pillow that can be customized to the consumer’s preferences. Our overall hypothesis is, since most people when they go to sleep tend to hold on to blankets, another pillow or another person we believe there is a great market opportunity for Build-A-Bear Workshop increase market share with the extension of Pillow Pals to their current product line. Based on the overall successful performance of Build-A-Bear Workshop, the goal is to create product extensions to their current products. To research this idea we generated a survey with questions that would provide us with feedback to test our hypothesis and accomplish our research objectives. We administered the survey with a mix strategy of online surveying and in person surveys. We used a random sample method that was only controlled by age range of participants from 13-35 years of age. The reason behind our chosen sampling method is due to the fact that it was the fastest way to obtain the needed results. Also we chose to restrict the age range because most teens and adults have the ultimate buying power for interpersonal and intrapersonal purchases. Majority of purchases are sold as gifts, reward or for self-purchase. We were able to obtain results back from 100 participants of the survey. After reviewing and analyzing our survey results we found that 87% said yes, I would buy the item and only 13% said no. With currently 65% of people out of 100 surveys said they currently own a Build-A-Bear product, adding Pillow Pals would be a great addition. Not only your traditional stuffed animal sales would increase, but this new product, Pillow Pals, will help increase the company’s sales revenue. The desired price range people would prefer was $15~$25 with 94%, age range of 19-24 with 79%. With the right price, this product extension would be a great addition to your current products. Background
Build –A-Bear workshop has done a successful job of customizing teddy bears and many other animals to consumers of all ages. The process of customizing a bear gives the customer a feeling of uniqueness and individuality when they make the bear or receive the bear as a gift. These bears are versatile and can be customized with many accessories that include shoes, cloths, hats, glasses and firmness of the bear. Also, you can build a bear so that when you press a button or press firmly on the bear, you can hear voices; any voice that you want to insert. With these specifications, Build-A-Bear has been very successful over years because they don’t just offer a product but they offer an experience for the customer. Build-a-Bear is lacking in one area, which is variety of products. At the moment they only offer stuffed animals while other competitors have added other type of products such as the pillow pet. The company had researched the idea in the past but did not add it to their product line. A pillow that you can customize to your likings;...