FOR PHYLLIS YOUNG ONLY
Billgill
ENTR210WEEK2VeraBradleyCase.2.docxVERA BRADLEY CASE 5
Vera Bradley Case
Essay
Name
Institutional Affiliation
Vera Bradley Case
1.
Barb and Pat were clear optimists and that gave them the resilience to put more effort in their work despite the many discouragements. Barb’s father owned a gift candle business and would take her to industry events; her mother owned several cottages in which Barbara embraced a good work ethic from her mother and she specialized in design. Barb’s parents instilled her traits of undeterred optimism and energy which was ingrained in her life.
2.
One of the key resources for the company was the fabric raw material. The founders wanted to prevent themselves from buying the fabric at high retail prices, therefore; they established good relationships with the fabric wholesalers. The initial financial resource was through the initiative that Barb had through communicating with her friends and former colleagues. One of the colleagues gave them a check for $2500 dollars. Secondly, the company saved costs of leasing initially through working in a basement where the founders establish a good working culture that was also labor-intensive. They received support from family members, relatives, and friends which created a good working platform.
3.
Through the Gift Show in Chicago, the company was able to gain an exposure to establish a distribution channel. Through the initiation of relationships and maintaining good relations with repeat customers, the company managed to increase its workflow. The company would approach local gift shops where they would show them their samples. They recruited family members and friends to show their displays as well as induct other people to represent the company and its products in different geographical regions. The compensation strategy utilized in sales was also effective where they would avoid slow payments and over creditworthiness.
4.
In building the brand image of the company, the bags would have different patterns and brand colors such that they would stand out. The aspect is essential for the company which reflected on its distinctiveness even though the labels were not visible. The branding was a new wave for customers and they kept going for more bags even though the strategy implemented bore a lot of risks.
5.
The focus on middle-aged women was an initiative suitable because they were the larger customer segment for the company, however, it did not mean that the founders did not partake a market research for college students who were also impressed when they saw samples of the products.
6.
The main stakeholders and helpers of the company were family members and friends who either donated substantial amounts of funds. The founders created a good relationship with one of the bank manager who believed in the business and hence helped to finance its growth. They also engaged representatives that had a positive response to the business initiative and represented the company in different geographical locations. Others came independently and wanted to purchase products under special features which made them make large orders for the company.
7.
Barbra and Pat’s approach towards networking the businesses at the initial stages is an effective strategy. Normally for starting businesses, marketing costs can be quite costly, but through the establishment of a proper representation that the founders adopted; they were able to easily touch down to the customer base and increase their sales consistently.
8.
The company culture was very significant for the success of the company and drove the business through personal satisfaction. The Vera Bradley hired family members, friends, and relatives which created a passionate environment where people would enjoy spending time with each other. They also enjoyed a spirit of fun and gave back to the community.
References
