Steinway and Sons

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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…show more content…
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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