Vermont Teddy Bear Case
Although Vermont Teddy Bear is a company with a rich track record in the business of "last-minute gifts", its mission statement lacked its basic goals and philosophies that aim to shape its strategic posture.
Vermont's mission statement clearly speaks to someone who is well acquainted with what the company does and what it sells, which is in my opinion a crucial point that the company missed when they addressed its customers. The following points provide an insight on what went wrong when Vermont decided to formulate its mission statement: * The Basic Product the company sells:
Vermont's mission statement clearly failed to mention the type of product they sell. By defining the product the company simply distinguishes its offered products from competitive products of similar nature provided by other competitors in the market. * The company's targeted customers
In this element, the company mentions who are its customers or potential customers. What will it do to serve them and how will its customers find this company different from the other companies or competitors who provide similar products in the market.
Although Vermont's mission statement might have implied that it is currently targeting American customers through :"The Vermont Teddy Bear brand represents the rich heritage of the "Great American Teddy Bear" begun in 1902.", yet this contradicts with the company's current plan in which it intends to exploit international markets, in other words, the company should revise its statement to include potential customers too. * The Technology applied:
By defining technology, the company tells its current technology that it uses in making its products "i.e. whether state of the art technology or hand-made technology". It also tells about the unique ways in which its products are technologically more advanced or distinguished then their alternates.
Nevertheless, it is worth noting that the word "craftsmanship" found in the company's mission
Vermont's mission statement clearly speaks to someone who is well acquainted with what the company does and what it sells, which is in my opinion a crucial point that the company missed when they addressed its customers. The following points provide an insight on what went wrong when Vermont decided to formulate its mission statement: * The Basic Product the company sells:
Vermont's mission statement clearly failed to mention the type of product they sell. By defining the product the company simply distinguishes its offered products from competitive products of similar nature provided by other competitors in the market. * The company's targeted customers
In this element, the company mentions who are its customers or potential customers. What will it do to serve them and how will its customers find this company different from the other companies or competitors who provide similar products in the market.
Although Vermont's mission statement might have implied that it is currently targeting American customers through :"The Vermont Teddy Bear brand represents the rich heritage of the "Great American Teddy Bear" begun in 1902.", yet this contradicts with the company's current plan in which it intends to exploit international markets, in other words, the company should revise its statement to include potential customers too. * The Technology applied:
By defining technology, the company tells its current technology that it uses in making its products "i.e. whether state of the art technology or hand-made technology". It also tells about the unique ways in which its products are technologically more advanced or distinguished then their alternates.
Nevertheless, it is worth noting that the word "craftsmanship" found in the company's mission