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SWOT ANALYSIS ON Steinway & Sons
SWOT ANALYSIS ON Steinway & Sons - November 30th, 2010
Steinway & Sons, also known as Steinway, (pronounced /ˈstaɪnweɪ/ ( listen)) is an American and German manufacturer of handmade pianos, founded in 1853 in New York City, by German immigrant Heinrich Engelhard Steinweg (later Henry E. Steinway). The company's growth led to the opening of a factory and employee village in what is now Astoria, Queens in New York City, followed by a second factory in Hamburg, Germany, in 1880. Its early success has been credited both to the quality of its instruments and its effective marketing, including the company's introduction of Steinway Halls (in German: Steinway-Häuser).
Heinrich Engelhard Steinweg's dedication was: "To build the best piano possible". He established at his company three basic principles: "Build to a standard, not a price", "Make no compromise in quality", and "Strive always to improve the instrument". Research and inventions by the company have earned it so far around 130 patents, a greater number than any other piano company.
* Cost advantage
* Loyal customers
* Market share leadership
* Strong management team
* Strong brand equity
* Supply chain
* Reputation management
* Core/Highest margin products are focused on old technology & designs
* Not keeping pace with competitors such as Gibson USA at bringing new technologies to the marketplace.
* Emerging markets and expansion abroad
* Product and services expansion
* Cheaper technology
* Economic slowdown
* Exchange rate fluctuations
* Lower cost competitors or imports
* Price wars
* Product substitution
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