- Steinway & Sons historical background:
Steinway & Sons was founded in new york city in 1853 by Henry Engelhard Steinway, and his sons.The company had long been recognized as the leader in the market for the high-quality pianos, in addition The firm had prospered very fast largely because of its technical excellence.After one year only it won gold medal at Washington for its square pianos.
In 1865 : sales topped $1,000,000.
By 1873 : the new factory was operating, and Steinway-sponsored employee housing, transport, and other facilities were built.
By 1875 : the firm opened a showroom in London.
In 1879 : Henry died leaving the leadership of the firm to his son William, he meanwhile consolidating and expanding operations.
In 1885 : the firm …show more content…
The typical customer is over 45 years old and has a serious interest in music. Steinway’s core customer base consists of professional artists and amateur pianists, as well as institutions such as concert halls, conservatories, colleges, universities, and music schools.
Over 90 percent of the firm’s piano sales in the US are to individuals. In other countries, sales to individuals are a smaller percentage of the total sales.
- Competition:
Although Steinway & Sons face increasing competition from Japanese piano manufacturers like Yamaha and Kawai, as well as U.S competitor, Baldwin, they have remained superior in the production of Grand pianos due to the durability of their product, their innovative cross-stringing technique, the high quality materials used, along with the extremely skilled labor who were employed throughout the production process.
- Market mix:
-Product: Steinway’s main product was the Grand piano which is handcrafted and typically takes around two years to produce. Steinway is a strong and exclusive brand with a brand identity that majorly focuses on concert Grand …show more content…
Steinway pianos were assembled by handcraft methods with limited use of assembly-line techniques which caused the Grand piano to take around two years to manufacture. The piano consists of over 12,000 individual parts and the company had higher costs associated with high quality of raw materials used in the production.
-Place: Steinway’s products are sold to professional and amateur musicians, as well as orchestras and educational institutions, through its worldwide network of dealers.
-Promotion: In the early years, Steinway promoted their brand by building a large factory in New York where two main Railroad cars passed by making thousands of people aware of the Steinway name. They also opened Steinway Hall, which served as New York City’s main concert hall. Steinway promoted its pianos with famous musicians using its “Concert and Artist Program” to attract top artists from around the world. In any given year, over 90% of all classical music concerts featured a piano soloist performing on a Steinway Grand piano.
- SWOT Analysis:
Strengths:
1- Superior Brand among the world.
2- Cost advantage.
3- A loyal group of wealthy
Steinway & Sons was founded in new york city in 1853 by Henry Engelhard Steinway, and his sons.The company had long been recognized as the leader in the market for the high-quality pianos, in addition The firm had prospered very fast largely because of its technical excellence.After one year only it won gold medal at Washington for its square pianos.
In 1865 : sales topped $1,000,000.
By 1873 : the new factory was operating, and Steinway-sponsored employee housing, transport, and other facilities were built.
By 1875 : the firm opened a showroom in London.
In 1879 : Henry died leaving the leadership of the firm to his son William, he meanwhile consolidating and expanding operations.
In 1885 : the firm …show more content…
The typical customer is over 45 years old and has a serious interest in music. Steinway’s core customer base consists of professional artists and amateur pianists, as well as institutions such as concert halls, conservatories, colleges, universities, and music schools.
Over 90 percent of the firm’s piano sales in the US are to individuals. In other countries, sales to individuals are a smaller percentage of the total sales.
- Competition:
Although Steinway & Sons face increasing competition from Japanese piano manufacturers like Yamaha and Kawai, as well as U.S competitor, Baldwin, they have remained superior in the production of Grand pianos due to the durability of their product, their innovative cross-stringing technique, the high quality materials used, along with the extremely skilled labor who were employed throughout the production process.
- Market mix:
-Product: Steinway’s main product was the Grand piano which is handcrafted and typically takes around two years to produce. Steinway is a strong and exclusive brand with a brand identity that majorly focuses on concert Grand …show more content…
Steinway pianos were assembled by handcraft methods with limited use of assembly-line techniques which caused the Grand piano to take around two years to manufacture. The piano consists of over 12,000 individual parts and the company had higher costs associated with high quality of raw materials used in the production.
-Place: Steinway’s products are sold to professional and amateur musicians, as well as orchestras and educational institutions, through its worldwide network of dealers.
-Promotion: In the early years, Steinway promoted their brand by building a large factory in New York where two main Railroad cars passed by making thousands of people aware of the Steinway name. They also opened Steinway Hall, which served as New York City’s main concert hall. Steinway promoted its pianos with famous musicians using its “Concert and Artist Program” to attract top artists from around the world. In any given year, over 90% of all classical music concerts featured a piano soloist performing on a Steinway Grand piano.
- SWOT Analysis:
Strengths:
1- Superior Brand among the world.
2- Cost advantage.
3- A loyal group of wealthy