1. Give examples of needs, wants, and demand that Build-A-Bear customers demonstrate, differentiating each of these three concepts. What are the implications of each on Build-A-Bear’s actions? Needs are defined as a basic part of the human makeup. According to Maslow’s Hierarchy of Needs, the need for toys belong to the third level or the social needs for love and belonging level. The primary target market of Build-A-Bear are children. A toy can provide the friend or social belonging a child needs. Build-A-Bear provides for the natural need of a child of a toy.
Wants is defined as the form taken by human needs as they are shaped by culture and individual personality. As a child grows, his or her need for toys develops into wants or desires. A child needs a toy but may want a doll, a toy car, or a stuffed animal. This certain want may be influenced by the environment or the people in their surroundings. Build-A-Bear offers stuffed animals that are usually desired by younger children, most especially girls. Furthermore, Build-A-Bear have created a “want” for toys that are personalized. Demand is defined as a want backed up by buying power of the customers.
In the case of Build-A-Bear, the buying power or money is provided by the parents of the children. And since they will be paying for the satisfaction of the “wants” of their children, customers or parents would want to get the toys, particularly the stuffed animals, with the best benefits. Build-A-Bear increases their toys’ benefits by promising that they would provide more than just a toy but the joyful experience of creating the toy. By offering more than just a toy, they have created a remarkable edge over other toys that would make their products more appealing to buying customers. 2.
Don't use plagiarized sources. Get Your Custom Essay on
just from $13,9 / page
Detail all facets of Build-A-Bear’s product. What is being exchanged in a Build-A-Bear transaction? A Build-A-Bear Workshop’s primary products are personalized stuffed animals. But they promise to offer more than just a toy since these stuffed animals are created by the customers through different stations positioned in the store. To make the actual stuffed animal, the customers are provided the raw materials and they must then go through the child-friendly stations (Choose Me, Stuff Me, Hear Me, Stitch Me, Fluff Me, Dress Me, and Name Me) in the Build-A-Bear Workshop and do the necessary processes in the stations.
Thus, what is actually exchanged is the toy plus the playful experience of creating the toy. From the perspective of a child or even adults, this will be a very unique experience since most of toys currently available in the market are all factory-produced. This unique experience shall become a creative memory and is also an added feature of the said exchange. 3. Which of the five marketing management concepts best describes Build-A-Bear Workshop? The marketing management concept that is best apt for the Build-A-Bear Workshop is the Marketing Concept.
The marketing concept is defined as the concept that conducts various researches first regarding the needs, wants and demands of the customers before producing the actual product. The marketing concept also introduces the concept of customer-driving market or offering a new product that the customer may want based on their research and market studies. In the case of Build-A-Bear, the company is a pioneer in their kind of business. Maxine Clark, the owner, has determined that customers need products that are customized or personalized and will give them a sense of creativity and uniqueness.
They have created a toy that is more than just a toy. They have integrated a product and service and they are continuously improving their services to offer more to loyal customers. 4. Discuss the value that Build-A-Bear creates for its customers. Customer value is defined as the difference between the values the customer gains from owning and using a product and the costs of obtaining the product. Build-A-Bear not only offers a toy but rather the “experience of participating in the creation of personalized entertainment”.
This experience satisfies the growing demand for products that are inclined towards customization. This is what separates Build-A-Bear Workshop from a regular toy store. This gives them the edge and competitive advantage from all other stuffed animals in the market. 5. Is Build-A-Bear likely to be successful in continuing to build customer relationships? Why or why not? Yes, because as what has been described in the text, the owner of the company is very much customer oriented. As demonstrated by the marketing concept, they look first at what is outside before going in.
In her goal of going to 2 to 3 stores per month, the owner can get a personal first-hand experience of getting to know what the customer wants. She keeps their products updated by continuously asking the customers what they want. If the customers knew that the owner is very much concerned with what they want, this can develop their loyalty to the company. Furthermore, products that continuously answer to customer’s desires can also develop customer loyalty and leads to customers buying more from the company. Moreover, they can also share their experience with the company and encourage potential customers to try their products as well.
Remember. This is just a sample.
You can get your custom paper from our expert writers