Management – Steinway & Sons HAN Kunqi Luxury brand management‚ food and wine Cl3 1. Historically‚ why has Steinway been successful? Steinway & Sons is one of the leader in the market for high-quality grand pianos. It was established in New York City in 1853 by a German immigrant Henry Engelhard Steinway and prospered with its techincal excellence. Marketing Mix of Steinway & Sons 1. Product Steinway & Sons keeps in working on its high quality. All Steinways are still
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Case: Steinway and Sons Problem Definition: Steinway ands Sons‚ with a 140 year history of making the finest pianos has witnessed management change and generation growth in its time. Many things changed over that period‚ but the image that Steinway was the brand for American and made the finest pianos remained untouched. In the current wave however‚ Yamaha and other piano makers were churning out good pianos off the assembly line and artists found them to be reasonable alternatives to
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as a manufacturer of High Quality Piano’s? Ans 1: Steinway has a reputation for creating high quality products. The company’s products score very high on 5 dimensions of quality‚ Performance‚ Reliability‚ Durability‚ Aesthetics and Perceived quality. The factors behind the high quality products of Steinway are 1) Steinway maintained a good relationship with artists‚ and had a list of approved artists who were eligible for Steinway Concert service under which the company provided pianos
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Steinway & Sons: Combining Craftwork and Teamwork Steinway and Sons remains one of the best-known producers of concert pianos in the world. Throughout its great history the company has shown a distinctive talent at innovation and quality workmanship‚ as evidenced by its 114 patents. In an age of mass production‚ Steinway continues to manufacture a limited number of handmade pianos in a unique testament to individual craftsmanship. However‚ Stein¬way’s dominance in the concert piano market is being
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Steinway’s reputation as a manufacturer of high-quality pianos? What tactical differences do you see between Steinway and Yamaha in their pursuit of high quality? Evaluate each Steinway reputation was a result of the uniqueness and the differentiation in their products. Their long-standing history of perfection in making custom and hand made products‚ differentiate them from their competitors. Steinway strived to meet the specifications for their piano artists and utilized their fame to promote a high
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competitors like Yamaha‚ Kawai. 3 Why does Steinway & Sons feel threatened by the Japanese competitors who are practically in a different market in terms of price‚ reputation‚ and available models? ² Japanese competitors like Yamaha‚ Kawai has sold pianos in the United States since 1960 and remains the preferred brand for top jazz and pop artists. But in the late 1980s‚ Yamaha chose to enter the concert piano market in direct competition with Steinway. Developing grand pianos which are comparable
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The Selmer Company‚ new owners of Steinway & Sons‚ must decide whether or not Steinway should continue to focus on its high-end‚ niche strategy of being the preeminent maker of high quality vertical and grand pianos or do a 360 and take on a bold and aggressive approach. For several years now‚ Steinway’s brand and reputation had suffered due the popularity of electronic keyboards‚ expansion of their dealer network and some modernization methods to the manufacturing of the product. As a result‚ poor
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Revised January 21‚ 1997 Steinway & Sons (A) A Steinway is a Steinway. . . . There is no such thing as a “better” Steinway. Each and every Steinway is the best Steinway. Theodore Steinway The 1990s was a period of change for the music industry. Foreign competition in the mid-price upright piano market was intense. In addition to well-entrenched players from Japan (Yamaha and Kawai)‚ two South Korean firms (Young Chang and Samick)‚ were emerging as competitors. Moreover‚ Yamaha and Young Chang
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ON HAND In 1992‚ Steinway & Sons introduced the Boston Piano. The Birmingham brothers felt branding the product with a name other than Steinway will help retain the high end of the market while providing a lower priced piano for those who were not actually ready to commit to a Steinway. See Exhibit 1 for a brief yet rich history of Steinway & Sons. Steinway & Sons are reluctant however‚ to introduce a new‚ mid-priced piano. The decision at hand is whether or not Steinway should extend its brand
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Case of Steinway & Sons: Buying a Legend In the case of Steinway & Sons‚ two investment bankers‚ Dana Messina and Kyle Kirkland are faced with the question of how to build on the business. Steinway & Sons was established in 1853 in New York City‚ by Henry Engelhard Steinway‚ a German immigrant who became well known for his technical excellence in piano production. It is a 140 year old company‚ and has been recognized as a leader in the market for high quality grand pianos. The primary problem
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