History
Steinway & Sons, the company founded in 1853, remains of one of the extravagant, best-known piano manufacturer throughout for more than a century, desires to expand its business that fit the competencies of the company. The company is doing well, but as the local market gets more saturated, they are thinking of broaden their businesses. This big-sized enterprise is acknowledged for its superior sound, and the excellence of its manufacturing and engineering. And following the great fact about Steinway, it was being rewarded Grand Gold Medal of Honor. It merges with the Selmer Company, a manufacturer of brasswind, woodwind, percussion and stringed instruments in 1995.
Current Situation
Today, Steinway has 8 company-owned retail stores and 23 dealers located in big cities such as New York, London, Berlin, and Hamburg. They offer 3 ranges of product, it is in the order from the lowest to highest:
1. Essex piano
2. Boston piano
3. Steinway piano
SWOT Analysis
In order to make a good strategy, we have to know how the company is doing right now, internal and external. Therefore, we need SWOT. There is some reason why we should use SWOT:
1. To draw out strength and weakness. What we're good and bad at currently.
2. To pull out all the opportunities and threats. To anticipate future development that can have an impact on the firm.
3. As a defense stance, for example: you are under attack and you want to fight back, you need SWOT analysis to do that.
Strengths:
? Steinway is a great brand name providing high quality product, having an excellent prestige depicted as an indication of high ...