Steinway and Sons
Presenters
Team 02
MKTG 445-02
Ashley Sides
Derek Moss
Andrew Wyatt
Lindsey Brooks
Jason Bryant
Lindsey Brooks
Table of Contents
Executive Summary 3
History 4
Industry Trends 5
Industry Competition 6
Target Market 7
Marketing Strategies 8
SWOT Analysis 10
Conclusion 11
Executive Summary
Problem:
As a result of the declination of sales in the piano industry, Steinway and Sons needs to find a way to uphold its historical brand reputation while gaining market share world wide and using innovative technology; particularly in the Asian Market
Background:
In late 1994, Steinway and Sons was yet again a
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While these changes did in fact increase sales volume and profits, it damaged the reputation of Steinway and Sons. Critics and buyers began to challenge the quality of Steinway and Sons’ pianos. Over the next 10 years, Henry Steinway is replaced by several CEO’s, only to worsen the calls from critics challenging the quality of Steinway and Sons’ pianos. In November of 1984, CBS announced the sale of Steinway and Sons for $50 million to John and Robert Birmingham (Gourville). Although the Birmingham brothers had no experience in the musical business, they set out to re-establish Steinway and Sons as the maker of the highest quality pianos in the world. CEO Bruce Stevens set out to assure everyone, customers, employees, and dealers, that the new owners were highly committed to quality. The company now became refocused and returned to what had made them so successful. Aside from the newfound focus on quality, the Birmingham brothers expanded Steinway and Sons’ product line. It now included the Boston Piano line introduced in 1992, the Steinway Limited Edition pianos introduced 1993, and the Crown Jewel Collection of Steinway pianos introduced in 1994. Despite these positive changes by Stevens and his team, the running of Steinway and Sons was once again constrained by limited financial resources. The company was again sold on April 18, 1995 to Dana Messina and Kyle Kirkland for $100 million (Gourville). Messina and Kirkland had already acquired the Selmer
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Yamaha fully satisfies its customers by offering quality products and services that incorporate new traditional technologies as well as refined creativity and artistry .Yamaha delivers proper returns to shareholders by ensuring a solid business performance and achieves lasting development through transparent and sound management .Yamaha strives to be an organization where each person’s individuality and creativity are respected and all can demonstrate their full potential through their work. Yamaha is a good corporate citizen that contributes to the development of society, culture and the economy by observing laws, demonstrating high ethical standards and endeavoring to protect the environment. The Yamaha Groups approach with respect customers, shareholders, the people who work with Yamaha, and society is clearly expressed in the corporate philosophy shard by the entire Yamaha Group. Yamaha provides support to people who want to perform music and people who want to enjoy it by contributing to the popularization and development of music and musical culture Yamaha works to maintain a health global environment by understanding the significance of protecting the natural environment, maintaining biodiversity, and reducing the burden on the environment, as well as promoting the proper use of wood resources, and cooperating with forest protection activates. As a “corporate citizen’’ that is a member society, Yamaha contributes to creating a better society by actively participating