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Essay / Research Paper Abstract
After a shaky beginning, the Vermont Teddy Bear company is back on its feet and making strong inroads into its competitors’ businesses. As a result, it has become the industry leader in promoting itself and its products. This is no children’s bear company.
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become the industry leader in promoting itself and its products. According to Hoovers, the companys main competitors are 1-800-FLOWERS and Applause, and surprisingly not Care Bears. The reason for this
is that Vermont Teddy Bear is taking flower business away from the internet flower giants and other internet competitors serving adults that are focused on holidays like Mothers Day and
Valentines Day. This is no childrens bear company. But this wasnt always the story. The story of Vermont Teddy Bear changed after it
almost sunk itself into a deep pit. Its business strategies after its initial success under founder John Sortino all failed. Steve Solomon
reports that in 1992, Vermont Teddy Bear was one of the upstart .com businesses with a lot to offer by making its product available over the internet and by the
end of the year, is was number 80 on the list of Fortune 500 companies in 1993 (Solomon 36). It was
so successful, it decided to go public and made a public stock offering. With its $9 million net sales, it chased "some truly horrendous ideas," the first of which was
building a huge industrial complex for which it was later sued for back rent. It also sponsored a NASCAR racing car without trickling in a cent from the sponsorship. Then
it diversified its product lines into what the new CEO, Elisabeth Robert, referred to as "teddy-bear crap," ala 1980s junk watches and other wearables (Solomon 36). At a cost of
over a million over three years, these dishonorable business strategies resulted in a $21 million drop in sales in 1994 and $17 million drop in 1995 (Solomon 36). Additionally, the
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