Steinway & Sons - Buying A Legend
-
Upload
sameer-mathur -
Category
Marketing
-
view
30 -
download
0
Transcript of Steinway & Sons - Buying A Legend
![Page 1: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/1.jpg)
: published by :
Harvard Business
School
![Page 2: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/2.jpg)
Analyzed By
PRIYANJIT BISWASJADAVPUR UNIVERSITY
![Page 3: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/3.jpg)
Steinway &
SonsPresent Scenario
April 19, 1995
![Page 4: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/4.jpg)
Steinway &
SonsPresent Scenario
April 19, 1995
Steinway & Sons is sold for $100 million to the
Selmer Company
![Page 5: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/5.jpg)
Steinway &
SonsPresent Scenario
April 19, 1995
Steinway & Sons is sold for $100 million to the
Selmer Company
People familiar with Steinway and the piano industry’s problems, are amazed at
the price of $100 million
![Page 6: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/6.jpg)
Steinway &
SonsPresent Scenario
April 19, 1995
Steinway & Sons is sold for $100 million to the
Selmer Company
People familiar with Steinway and the piano industry’s problems, are amazed at
the price of $100 million
Critics claim that the $100 million price, ‘is an extraordinary number and does not
seem rational’
![Page 7: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/7.jpg)
Steinway &
SonsPresent Scenario
April 19, 1995
Steinway & Sons is sold for $100 million to the
Selmer Company
People familiar with Steinway and the piano industry’s problems, are amazed at
the price of $100 million
Critics claim that the $100 million price, ‘is an extraordinary number and does not
seem rational’
Dana Messina & Kyle Kirkland, current owners of Selmer,
wonder about the prospects of the purchase
![Page 8: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/8.jpg)
Steinway &
SonsImmediate Problems faced
by the Owners
![Page 9: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/9.jpg)
Steinway &
SonsImmediate Problems faced
by the Owners
No extant synergy between Steinway & Sons and the Selmer Company
![Page 10: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/10.jpg)
Steinway &
SonsImmediate Problems faced
by the Owners
No extant synergy between Steinway & Sons and the Selmer Company
Unit sales of Steinway grand pianos had slipped from
3,576 in 1990 to 2,698 in 1994
![Page 11: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/11.jpg)
Steinway &
SonsImmediate Problems faced
by the Owners
No extant synergy between Steinway & Sons and the Selmer Company
Unit sales of Steinway grand pianos had slipped from
3,576 in 1990 to 2,698 in 1994
Yamaha, a Japanese contender, continued to challenge Steinway as the maker of the
finest concert grand pianos
![Page 12: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/12.jpg)
Steinway &
SonsImmediate Problems faced
by the Owners
No extant synergy between Steinway & Sons and the Selmer Company
Unit sales of Steinway grand pianos had slipped from
3,576 in 1990 to 2,698 in 1994
Yamaha, a Japanese contender, continued to challenge Steinway as the maker of the
finest concert grand pianos
Steinway’s recent introduction of a mid-priced line of pianos (Boston Pianos), was
a questionable strategy
![Page 13: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/13.jpg)
Steinway &
SonsFuture Prospects and
Exciting Possibilities
![Page 14: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/14.jpg)
Steinway was a pre-eminent brand name in the music industry and a producer of
the finest quality grand pianos
Steinway &
SonsFuture Prospects and
Exciting Possibilities
![Page 15: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/15.jpg)
Steinway was a pre-eminent brand name in the music industry and a producer of
the finest quality grand pianos
Economic conditions were improving in the U.S. and Europe, Steinway’s two
largest markets
Steinway &
SonsFuture Prospects and
Exciting Possibilities
![Page 16: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/16.jpg)
Steinway was a pre-eminent brand name in the music industry and a producer of
the finest quality grand pianos
Economic conditions were improving in the U.S. and Europe, Steinway’s two
largest markets
Steinway had yet to take full advantage of a promising and growing Asian market
Steinway &
SonsFuture Prospects and
Exciting Possibilities
![Page 17: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/17.jpg)
Steinway was a pre-eminent brand name in the music industry and a producer of
the finest quality grand pianos
Economic conditions were improving in the U.S. and Europe, Steinway’s two
largest markets
Steinway had yet to take full advantage of a promising and growing Asian market
Finally, being one of the greatest names in all of music, Steinway was a name that
would be fun to own
Steinway &
SonsFuture Prospects and
Exciting Possibilities
![Page 18: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/18.jpg)
ObjectiveTo study and analyze the current global piano
industry and eventually undertake necessary measures,
imperative for the sustenance of the brand name, ‘Steinway &
Sons’
![Page 19: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/19.jpg)
Selmer Company Records
![Page 20: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/20.jpg)
Selmer Company Records
![Page 21: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/21.jpg)
Steinway Company Records
![Page 22: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/22.jpg)
SteinwayCompany Records
![Page 23: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/23.jpg)
SteinwayCompany Records
![Page 24: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/24.jpg)
SteinwayCompany Records
![Page 25: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/25.jpg)
SteinwayCompany Records
![Page 26: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/26.jpg)
Steinway Musical
Instruments Inc.
Dana MessinaChief Executive
Officer
Post-Acquisition
Kyle KirklandChairman
![Page 27: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/27.jpg)
SteinwayCompany Records
![Page 28: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/28.jpg)
THE
PIANO INDUSTRY
![Page 29: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/29.jpg)
Two types of Pianos :
Vertical
Piano
![Page 30: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/30.jpg)
Two types of Pianos :
GrandPiano
![Page 31: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/31.jpg)
90%
10%
Vertical Piano Market
Home/Private MarketInstitutional Market
Vertical Piano Market, 1994
5,40,000 Vertical Pianos sold worldwide in 1994
![Page 32: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/32.jpg)
80%
20%
Vertical Piano Market
Home/Private MarketInstitutional Market
Grand Piano Market, 1994
60,000 Grand Pianos sold worldwide in 1994
![Page 33: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/33.jpg)
IndustryTrends
![Page 34: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/34.jpg)
Four Major
Trends
![Page 35: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/35.jpg)
Four Major
Trends
Downturn in the Piano industry, with global sales
dropping by 40% since 1980
In the U.S., sales plummeted, from 2,33,000 units in 1980 to less than
1,00,000 units in 1994
Affected by the growing popularity of computers and increasingly sophisticated,
low-priced electronic keyboards
Affected terribly by the global recession of the early 1990s
1
![Page 36: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/36.jpg)
1
![Page 37: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/37.jpg)
Four Major
Trends Consolidation of the Piano manufacturing industries
in the U.S. and Europe
2
In the U.S., where there were several hundred piano makers initially, there were
only 8 Piano makers by 1992
![Page 38: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/38.jpg)
Four Major
Trends
3
Emergence of several strong Asian manufacturers such as
Yamaha, Kawai, Young Chang and Samick
The 4 Asian piano powerhouses combined for
75% of global sales by the 1990s
From a near zero share in 1950, Asian imports achieved a 35% unit share of the
U.S. vertical piano market by 1994
From a near zero share in 1950, Asian imports achieved a 80% unit share of the
U.S. grand piano market by 1994
![Page 39: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/39.jpg)
75%
25%
Global Sales
Asian manu-facturersNon-Asian manu-facturers
35%
65%
Vertical Piano market - U.S.
Asian manufacturersNon-Asian manufacturers
80%
20%
Grand Piano market - U.S.
Asian manufacturersNon-Asian manufacturers
Global Sales
Vertical Piano Market - U.S. Grand Piano Market - U.S.
![Page 40: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/40.jpg)
Four Major
Trends Emergence of new and potentially large markets
with promising prospects
4
Countries like Japan, South Korea and China now represented huge opportunities
for the piano makers
![Page 41: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/41.jpg)
4
![Page 42: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/42.jpg)
Major Competitors
![Page 43: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/43.jpg)
Major
CompetitorsHigh Volume Producers of both,
Vertical and Grand Pianos
Low Volume Producers of primarilyhigh-end Grand Pianos
Types
![Page 44: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/44.jpg)
Major
CompetitorsHigh Volume
Producers Yamaha
Kawai
Baldwin1
![Page 45: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/45.jpg)
Major
CompetitorsLow Volume
Producers Bosendorfer
Fazioli
2
![Page 46: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/46.jpg)
PriceCompariso
n
![Page 47: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/47.jpg)
The Used Piano
Market
![Page 48: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/48.jpg)
Used Piano
Market
With many brands of pianos lasting over 40 years,
over 40 million pianos existed around the world
![Page 49: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/49.jpg)
Used Piano
Market
With many brands of pianos lasting over 40 years,
over 40 million pianos existed around the world
For every new piano sold in the U.S., 10 used pianos also changed hands
![Page 50: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/50.jpg)
Used Piano
Market
With many brands of pianos lasting over 40 years,
over 40 million pianos existed around the world
For every new piano sold in the U.S., 10 used pianos also changed hands
In 1994, domestic dealers of new pianos, sold about
25,000 used pianos that they had obtained as trade-ins
![Page 51: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/51.jpg)
Used Piano
Market
With many brands of pianos lasting over 40 years,
over 40 million pianos existed around the world
For every new piano sold in the U.S., 10 used pianos also changed hands
In 1994, domestic dealers of new pianos, sold about
25,000 used pianos that they had obtained as trade-ins
Another 50,000 used pianos were sold by second-hand dealers, in 1994
![Page 52: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/52.jpg)
A used Steinway
posed a serious
threat to the sale
of a new Steinway
![Page 53: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/53.jpg)
Steinway & Sons Timeline
A history of more than 140 years- Build the best piano possible and sell it at the lowest price possible
consistent with quality -
![Page 54: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/54.jpg)
Steinway & Sons Timeline
A history of more than 140 years- Build the best piano possible and sell it at the lowest price possible
consistent with quality -
1853
Established in New York City by Henry Engelhard
Steinway
![Page 55: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/55.jpg)
Steinway & Sons Timeline
A history of more than 140 years- Build the best piano possible and sell it at the lowest price possible
consistent with quality -
1853
Established in New York City by Henry Engelhard
Steinway
1853-1972
Globalexpansion
Owned by theSteinway Family
![Page 56: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/56.jpg)
Steinway & Sons Timeline
A history of more than 140 years- Build the best piano possible and sell it at the lowest price possible
consistent with quality -
1853
Established in New York City by Henry Engelhard
Steinway
1853-1972
Globalexpansion
1972-1985
Production increased
Quality questioned
Owned by theSteinway Family
Sold to CBS
![Page 57: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/57.jpg)
Steinway & Sons Timeline
A history of more than 140 years- Build the best piano possible and sell it at the lowest price possible
consistent with quality -
1853
Established in New York City by Henry Engelhard
Steinway
1853-1972
Globalexpansion
1972-1985
Production increased
Quality questioned
1985-1995
Sold to the Birmingham
Brothers
Owned by theSteinway Family
Sold to CBS
Dealer network rebuilt
Product line increased
![Page 58: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/58.jpg)
Steinway & Sons Timeline
A history of more than 140 years- Build the best piano possible and sell it at the lowest price possible
consistent with quality -
1853
Established in New York City by Henry Engelhard
Steinway
1853-1972
Globalexpansion
1972-1985
Production increased
Quality questioned
1985-1995
Sold to the Birmingham
Brothers
Owned by theSteinway Family
Sold to CBS
Dealer network rebuilt
Product line increased
1995
Sold to Selmer
![Page 59: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/59.jpg)
ConcernWhat should the new owners,
Dana Messina & Kyle Kirkland do with Steinway next?
![Page 60: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/60.jpg)
Boston Pianosintroduced in 1992
New Market Segment
Gain in Market Share
Increase in Profits
Can affect Steinway’s
‘top-of-the-line’ brand image
![Page 61: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/61.jpg)
Boston Pianosintroduced in 1992
New Market Segment
Gain in Market Share
Increase in Profits
Can affect Steinway’s
‘top-of-the-line’ brand imageWhat To
Do ?
![Page 62: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/62.jpg)
Boston Pianosintroduced in 1992
New Market Segment
Gain in Market Share
Increase in Profits
Can affect Steinway’s
‘top-of-the-line’ brand imageWhat To
Do ?Expand and maintain the
Boston piano line
![Page 63: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/63.jpg)
Boston Pianosintroduced in 1992
New Market Segment
Gain in Market Share
Increase in Profits
Can affect Steinway’s
‘top-of-the-line’ brand imageWhat To
Do ?Expand and maintain the
Boston piano lineGain Market shares in the
mid-priced piano market
![Page 64: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/64.jpg)
Boston Pianosintroduced in 1992
New Market Segment
Gain in Market Share
Increase in Profits
Can affect Steinway’s
‘top-of-the-line’ brand imageWhat To
Do ?Expand and maintain the
Boston piano lineGain Market shares in the
mid-priced piano market
Increase Sales by competing with
the Asian powerhouses
![Page 65: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/65.jpg)
Limited Editions
![Page 66: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/66.jpg)
Limited Editions
What To Do ?
![Page 67: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/67.jpg)
Limited Editions
What To Do ?
Introduce Limited Edition
Pianos every couple of
years
![Page 68: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/68.jpg)
Limited Editions
What To Do ?
Introduce Limited Edition
Pianos every couple of
years Increase sales and maintain a
prestigiousbrand image
![Page 69: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/69.jpg)
Limited Editions
What To Do ?
Introduce Limited Edition
Pianos every couple of
years Increase sales and maintain a
prestigiousbrand image
Ensure a steady and exclusive
demand
![Page 70: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/70.jpg)
High Quality
![Page 71: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/71.jpg)
High Quality
What To Do ?
![Page 72: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/72.jpg)
High Quality
Deliver High-Quality Products
What To Do ?
![Page 73: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/73.jpg)
High Quality
Invest in R&D Reduce manufacturing
costsIncrease production
Deliver High-Quality Products
What To Do ?
![Page 74: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/74.jpg)
Celebrity Endorsements
![Page 75: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/75.jpg)
Celebrity Endorsements
Build a global reputation throughcelebrity
endorsements
![Page 76: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/76.jpg)
Celebrity Endorsements
Build a global reputation throughcelebrity
endorsements
Focus on an exclusive
‘Concert & Artist Program’
![Page 77: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/77.jpg)
Celebrity Endorsements
Build a global reputation throughcelebrity
endorsements
Focus on an exclusive
‘Concert & Artist Program’
Maintain a positive
relationship with the celebrities
![Page 78: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/78.jpg)
Dealer Network
![Page 79: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/79.jpg)
Dealer Network
What To Do ?
![Page 80: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/80.jpg)
Dealer Network
What To Do ?Maintain a high-quality and
focussed dealer network
![Page 81: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/81.jpg)
Dealer Network
What To Do ?Maintain a high-quality and
focussed dealer network
Develop ‘Partnership Programs’
and extend support to the dealers
![Page 82: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/82.jpg)
Used Piano Market
![Page 83: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/83.jpg)
Used Piano Market
Introduce Exchange Offers in order to replace the used pianos
![Page 84: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/84.jpg)
Used Piano Market
Introduce Exchange Offers in order to replace the used pianos
Produce high-quality contemporary designs so that replacement becomes a necessity
![Page 85: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/85.jpg)
Used Piano Market
Introduce Exchange Offers in order to replace the used pianos
Produce high-quality contemporary designs so that replacement becomes a necessity
Used piano trade-ins can be rebuilt into modern designs at lower costs
![Page 86: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/86.jpg)
THANK YOU
![Page 87: Steinway & Sons - Buying A Legend](https://reader038.fdocuments.us/reader038/viewer/2022102622/55ce9d10bb61ebaf288b4571/html5/thumbnails/87.jpg)
Created By
Priyanjit Biswas,Jadavpur University
during an internship under
Prof. Sameer Mathur,IIM Lucknow
www.IIMInternship.com