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SWOT ANALYSIS ON Steinway & Sons

SWOT ANALYSIS ON Steinway & Sons

Discuss SWOT ANALYSIS ON Steinway & Sons within the Principles of Management ( P.O.M) forums, part of the PUBLISH / UPLOAD PROJECT OR DOWNLOAD REFERENCE PROJECT category; Steinway & Sons, also known as Steinway, (pronounced /ˈstaɪnweɪ/ ( listen)) is an American and German manufacturer of handmade[4] pianos, ...

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SWOT ANALYSIS ON Steinway & Sons
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Abhijeet S
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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[4] pianos, founded in 1853 in New York City, by German immigrant Heinrich Engelhard Steinweg (later Henry E. Steinway).[5] The company's growth led to the opening of a factory and employee village in what is now Astoria, Queens in New York City,[6] followed by a second factory in Hamburg, Germany, in 1880.[7] 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".[9] 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".[10] Research and inventions by the company have earned it so far around 130 patents, a greater number than any other piano company.


Strengths

* Cost advantage
* Innovation
* Loyal customers
* Market share leadership
* Strong management team
* Strong brand equity
* Supply chain
* Pricing
* Reputation management

Weaknesses

* 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.

Opportunities

* Acquisitions
* Emerging markets and expansion abroad
* Product and services expansion
* Takeovers

Threats

* Competition
* Cheaper technology
* Economic slowdown
* Exchange rate fluctuations
* Lower cost competitors or imports
* Price wars
* Product substitution
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