Assignment 2 hbs
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Disclaimer: This Harvard Business School Case was analysed by Naga Srimouli B ,VCE Hyd as part of internship under Prof .Sameer Mathur of IIM Lucknow
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Assignment 2 hbs
- 1. Buying The Legend Harvard Business School case
- 2. Founded in 1853 by Henry Engelhard Steinway
- 3. “Build the best piano possible and sell it at the lowest price consistent with quality.” - Henry Engelhard Steinway
- 4. What’s Steinway and Sons??
- 5. Manufacturer of world’s best sounding Piano’s Leader in the market for high-quality grand pianos
- 7. In 1995 Apr 18 , Kyle Kirkland and Dane Messina bought the company for $100million
- 8. Was it worth $100million???
- 10. Challenges: • Stabilise the dripping down sales of Grand Piano • Capture the markets • Developing a brand new strategy to reconquer the leadership in the world market
- 11. Types Of Pianos: Steinway Grand Piano Steinway Vertical Piano Boston Piano- designed by steinway
- 12. Customer Analysis Typical Piano 45 years of age income >$100,000 High Music Interest Boston Piano 35-40 years of age Passion to music
- 15. Yamaha : Captured 35% of world Piano market Captured 50% of Japan Piano Market
- 16. The world piano sales have been dropped down by 40% from 1980 to 1994 Number of units sold in United States 1980 1994 0 60000 120000 180000 240000 233000 100000
- 17. Pre-aquistion Sales(1994) Steinway &sons Boston Steinway vertical Steinway Grand
- 18. Sales in 1994 United States Germany Japan England Switzerland Others Sales in different countries (1994)
- 20. Strengths: High Brand Image Rise in economy in Europe and US
- 21. Weakness: Core/Highest margin products are focused on old technology & designs Not keeping pace with competitors such as Gibson USA yamaha etc.. at bringing new technologies to the marketplace.
- 22. Opportunities Acquisitions Emerging markets and expansion abroad viz., asian makes Product and services expansion Takeovers
- 23. Threats: Competition Cheaper technology Economic slowdown Exchange rate fluctuations Lower cost competitors or imports Price wars Product substitution
- 25. Strategy
- 26. Continue production of Boston Launch Limited editions like crown jewel collection Aggressive Marketing Restore the Quality of STEINWAY AND SONS
- 28. Difference between GOOD and GREAT is attention to the detail Realisation :
- 29. Thank You
- 30. Disclaimer: This Harvard Business School Case was analysed by Naga Srimouli B ,VCE Hyd as part of internship under Prof .Sameer Mathur of IIM Lucknow