to be part of that sound. Thus, this "wistful desire to return in thought or in fact to a former timein one's life" (Dictionary.com, n.d.) can have a positive effect on one's feelings about Gibson guitars.Whatever your favorite music, a Gibson guitar probably played a part in making it and nostalgiareinforces its importance.QUESTIONS FOR DISCUSSIONThese examples of Gibson's marketing efforts have been significant in establishing a strongpremium brand image for Gibson-branded guitars. But, in the new circumstances, what it will taketo keep Gibson the iconic brand it has become?What are the key factors that Gibson must consider when positioning its Gibson-branded guitars in the aftermath of the bankruptcy filing?Which market segment(s) should Gibson target for Gibson-branded guitars andwhy? What are the key characteristics of the market segment(s) that should beconsideredwhen developing marketing communications strategy and tactics?What message(s) would appeal to each of these segments? Henry Juszkiewicz, David Berryman, and Gary A. Zebrowski, bought the company for $5 million.(Could Ownership of Gibson Change?, 2018) Many credit Juszkiewicz with restoring quality,reinvigorating the product line and giving the company a future after the purchase. (Gnau, 2018)Gibson moved the manufacture of its acoustic guitars to Bozeman, Montana in 1989 (Hunter, 2009)where quality improvements lead to "the virtually universal reaction by players and collectors thatthese new flattops were among the best that Gibson has ever made." (Gerken, 2006)As part of CEO Juszkiewicz's strategy to turn Gibson into an audio-related lifestyle brand, Gibsonbegan to expand beyond the fretted instrument category with the acquisition of SlingerlandDrums (1994) and Baldwin Piano & Organ Company (2001). Purchase of Deutsche Wurlitzer (2005)brought the Wurlitzer Jukebox and Vending Electronics to the company. The 2011 purchase of theStanton Group became the basis of a new division, Gibson Pro Audio, which added professionalgrade audio gear, including headphones, loudspeakers, turntables and other DJ equipment. Onkyo,a Japanese manufacturer of audio equipment and home theater systems, joined Gibson Pro Audio in2012. In 2013, Gibson acquired a majority stake in TEAC Corporation. (Could Ownership of GibsonChange?, 2018)In concert with this expansion, Gibson changed its parent organization name from Gibson GuitarCorp. to Gibson Brands, making Gibson Guitars a division of the company. Shortly thereafterfollowed the 2014 purchase of WOOX Innovations, the consumer electronics audio, video,multimedia and accessories business of Royal Philips-- renamed Gibson Innovations. At the time,Henry Juszkiewicz stated "This agreement is the most significant step yet in Gibson Brands' journeyto become the largest music and sound technology company in the world." (Everard, 2014)Unfortunately, along with the expansion came millions of dollars of debt to acquire the new GlobalInnovations business. It then spectacularly failed to meet performance expectations. This createda ripple effect from which it proved impossible for Gibson Brands to recover. (Brian J. Fox, 2018) In2005, Gibson's sales were $300 million with a margin of 12.9%. Ten years later, Gibson's $2.1 billionannual revenue generated a profit margin of only 4%, and by 2017, annual revenue was $1.7 billion.An estimated $500 million in debt would come due in summer 2018. In spite of numerous efforts torestructure the financial situation and moves to reduce costs, Gibson found itself facing bankruptcy--and filed for Chapter 11 voluntary reorganization on May 1, 2018. (Helmore, 2018)Gibson announced "it will be re-focusing the Company on the manufacturing of world-classmusical instruments and professional audio products and the continued development of theCompany's portfolio of iconic, globally-recognized brands including Gibson and Epiphone, byreorganizing around its core businesses." (Gibson Brands, 2018) According to its bankruptcy filingand independent industry reports, Gibson's guitar business is strong. Gibson has sold over 170,000Gibson Guitars:An Iconic, but Bankrupt Brand, Faces the MusicGibson guitars are truly iconic. From rock and roll star Elvis Presley to blues master B.B. King,from famed musicians to hopeful beginners, every guitar player aspired to own and play a Gibson.Whether electric or acoustic, the sound of a Gibson guitar has been long acclaimed as trulyremarkable. Players wax eloquent about the tone and unique effects they can achieve with a Gibsoninstrument.Superb quality has been echoed in Gibson guitars' economic value. In 2004, Eric Clapton's 1964Gibson ES-335 TDC sold at auction for $847,500 and sales of other Gibson guitars have beenreported as "running well into six figures." (Hanlon, 2015) A Gibson Les Paul model solid-bodyelectric guitar (1959, Kalamazoo) without a celebrity association sold for a record-setting $268,000at a Christie's auction in 2005. (Anonymous, 2006)On May 1, 2018, headlines blared the news that the parent company of legendary Gibson guitarshad declared bankruptcy. The mainstream media such as the Wall Street Journal and the New YorkTimes, niche journalists covering the music business, and guitar geeks alike bemoaned this sad stateof affairs.Gibson HistoryGibson Guitar Corp. was founded in Kalamazoo, Michigan in 1902, based on Orville Gibson'spatent for an unusual mandolin design. (Siminoff Banjo & Mandolin Parts, 2005-2014) Originallynamed Gibson Mandolin-Guitar Manufacturing Co., Limited, it manufactured fine acoustic guitars,mandolins, and, beginning in 1918, banjos. The Mastertone banjo, still in production aftermore than 75 years "is the instrument most highly acclaimed by both bluegrass and Dixielandbanjoists." (Siminoff Banjo & Mandolin Parts, 2005-2014)In 1935, more than 30 years after the company's founding, Gibson began manufacturing electricguitars. Legendary jazz musician Charlie Christian, part of the Benny Goodman Orchestra, embracedthe instrument and a new phase in Gibson's renown began.Ownership of Gibson Guitars has changed several times since its founding. In 1944, Chicago MusicalInstrument Co. (CMI) bought the company. In turn, CMI was acquired in 1969 by EcuadorianCompany Limited, partially owned by the son of the founder of CMI. Under the auspices of therenamed Norlin Corporation, Gibson's manufacturing suffered and instrument quality declined.Gibson was rescued from near-bankruptcy in 1986 when three Harvard Business School classmates,

Question

to be part of that sound. Thus, this &#34;wistful desire to return in thought or in fact to a former timein one's life&#34; (Dictionary.com, n.d.) can have a positive effect on one's feelings about Gibson guitars.Whatever your favorite music, a Gibson guitar probably played a part in making it and nostalgiareinforces its importance.QUESTIONS FOR DISCUSSIONThese examples of Gibson's marketing efforts have been significant in establishing a strongpremium brand image for Gibson-branded guitars. But, in the new circumstances, what it will taketo keep Gibson the iconic brand it has become?What are the key factors that Gibson must consider when positioning its Gibson-branded guitars in the aftermath of the bankruptcy filing?Which market segment(s) should Gibson target for Gibson-branded guitars andwhy? What are the key characteristics of the market segment(s) that should beconsideredwhen developing marketing communications strategy and tactics?What message(s) would appeal to each of these segments? Henry Juszkiewicz, David Berryman, and Gary A. Zebrowski, bought the company for $5 million.(Could Ownership of Gibson Change?, 2018) Many credit Juszkiewicz with restoring quality,reinvigorating the product line and giving the company a future after the purchase. (Gnau, 2018)Gibson moved the manufacture of its acoustic guitars to Bozeman, Montana in 1989 (Hunter, 2009)where quality improvements lead to &#34;the virtually universal reaction by players and collectors thatthese new flattops were among the best that Gibson has ever made.&#34; (Gerken, 2006)As part of CEO Juszkiewicz's strategy to turn Gibson into an audio-related lifestyle brand, Gibsonbegan to expand beyond the fretted instrument category with the acquisition of SlingerlandDrums (1994) and Baldwin Piano & Organ Company (2001). Purchase of Deutsche Wurlitzer (2005)brought the Wurlitzer Jukebox and Vending Electronics to the company. The 2011 purchase of theStanton Group became the basis of a new division, Gibson Pro Audio, which added professionalgrade audio gear, including headphones, loudspeakers, turntables and other DJ equipment. Onkyo,a Japanese manufacturer of audio equipment and home theater systems, joined Gibson Pro Audio in2012. In 2013, Gibson acquired a majority stake in TEAC Corporation. (Could Ownership of GibsonChange?, 2018)In concert with this expansion, Gibson changed its parent organization name from Gibson GuitarCorp. to Gibson Brands, making Gibson Guitars a division of the company. Shortly thereafterfollowed the 2014 purchase of WOOX Innovations, the consumer electronics audio, video,multimedia and accessories business of Royal Philips-- renamed Gibson Innovations. At the time,Henry Juszkiewicz stated &#34;This agreement is the most significant step yet in Gibson Brands' journeyto become the largest music and sound technology company in the world.&#34; (Everard, 2014)Unfortunately, along with the expansion came millions of dollars of debt to acquire the new GlobalInnovations business. It then spectacularly failed to meet performance expectations. This createda ripple effect from which it proved impossible for Gibson Brands to recover. (Brian J. Fox, 2018) In2005, Gibson's sales were $300 million with a margin of 12.9%. Ten years later, Gibson's $2.1 billionannual revenue generated a profit margin of only 4%, and by 2017, annual revenue was $1.7 billion.An estimated $500 million in debt would come due in summer 2018. In spite of numerous efforts torestructure the financial situation and moves to reduce costs, Gibson found itself facing bankruptcy--and filed for Chapter 11 voluntary reorganization on May 1, 2018. (Helmore, 2018)Gibson announced &#34;it will be re-focusing the Company on the manufacturing of world-classmusical instruments and professional audio products and the continued development of theCompany's portfolio of iconic, globally-recognized brands including Gibson and Epiphone, byreorganizing around its core businesses.&#34; (Gibson Brands, 2018) According to its bankruptcy filingand independent industry reports, Gibson's guitar business is strong. Gibson has sold over 170,000Gibson Guitars:An Iconic, but Bankrupt Brand, Faces the MusicGibson guitars are truly iconic. From rock and roll star Elvis Presley to blues master B.B. King,from famed musicians to hopeful beginners, every guitar player aspired to own and play a Gibson.Whether electric or acoustic, the sound of a Gibson guitar has been long acclaimed as trulyremarkable. Players wax eloquent about the tone and unique effects they can achieve with a Gibsoninstrument.Superb quality has been echoed in Gibson guitars' economic value. In 2004, Eric Clapton's 1964Gibson ES-335 TDC sold at auction for $847,500 and sales of other Gibson guitars have beenreported as &#34;running well into six figures.&#34; (Hanlon, 2015) A Gibson Les Paul model solid-bodyelectric guitar (1959, Kalamazoo) without a celebrity association sold for a record-setting $268,000at a Christie's auction in 2005. (Anonymous, 2006)On May 1, 2018, headlines blared the news that the parent company of legendary Gibson guitarshad declared bankruptcy. The mainstream media such as the Wall Street Journal and the New YorkTimes, niche journalists covering the music business, and guitar geeks alike bemoaned this sad stateof affairs.Gibson HistoryGibson Guitar Corp. was founded in Kalamazoo, Michigan in 1902, based on Orville Gibson'spatent for an unusual mandolin design. (Siminoff Banjo & Mandolin Parts, 2005-2014) Originallynamed Gibson Mandolin-Guitar Manufacturing Co., Limited, it manufactured fine acoustic guitars,mandolins, and, beginning in 1918, banjos. The Mastertone banjo, still in production aftermore than 75 years &#34;is the instrument most highly acclaimed by both bluegrass and Dixielandbanjoists.&#34; (Siminoff Banjo & Mandolin Parts, 2005-2014)In 1935, more than 30 years after the company's founding, Gibson began manufacturing electricguitars. Legendary jazz musician Charlie Christian, part of the Benny Goodman Orchestra, embracedthe instrument and a new phase in Gibson's renown began.Ownership of Gibson Guitars has changed several times since its founding. In 1944, Chicago MusicalInstrument Co. (CMI) bought the company. In turn, CMI was acquired in 1969 by EcuadorianCompany Limited, partially owned by the son of the founder of CMI. Under the auspices of therenamed Norlin Corporation, Gibson's manufacturing suffered and instrument quality declined.Gibson was rescued from near-bankruptcy in 1986 when three Harvard Business School classmates,

Accepted Answer

Introduction
Gibson is a part of every musician's heart and it has been a brand for centuries now.…