Washburn Guitars
Patrick Creagh
Juliana Lacouture
Conor Montijo
Suzanne Fitzpatrick
Recommended Strategy
Join the Save the Music Foundation!
- Increases celebrity association
- Appeals to younger generation
- Socially Responsible Corporation
- "Adopt" schools in Midwest
- Reduce costs
- Easier entry
Key Decision Criteria
www.youtube.com/watch?v=cnQMkrMSakc
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Background
Delta Blues: The Beginning
Innovation and Washburn
Major Players
Washburn's Position
- Subsidiary of U.S. Music Corporation (USM)
- USM is a subsidiary of JAM Industries
- Opened in 1883
- Maxwell St., Chicago
- Hotbed for the Delta Blues
- First to use musicians to endorse the product
- Became one of the largest instrument manufacturers in the United States
- Fender Musical Instruments Corporation
- Gibson Guitar Corporation
- Top US manufacturers
- Account for over half the revenue
- Yamaha Musical Intruments
- Ibanez
- Top foreign manufacturers
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http://www.washburn.com/about/
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The Festival Series
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Washburn Today
Target Market
Market Position
- Signature Series
- Range of Instruments
- Relationship with retailers and artists
- Dedication to quality and innovation for all guitarists
Alternative Solutions
- 18-34 year-old
- Increased about 11% from 2003 to 2005
- Majority male
- Especially among higher price categories (25-34 year-old)
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VH1 Save the Music
Company Issue
Pros
Cons
- "The Foundation’s core mission is to restore instrumental music education programs, ensuring that every child has access to a complete education that includes the benefits of music instruction."
- Become a sponsor: provide both financial help and guitars for the schools
- Supports a good cause as well as inserts the Washburn brand name in schools and households
- Entry into the foundation could be difficult
- Cost of providing both money and guitars
- Ambassadors play a key role and Washburn has few celebrities
A Tradition of Innovation
Cons
Pros
- Game has decreased in popularity
- Little use for older generations
- May give Guitar Hero makers idea to use a more popular guitar brand
- Might give off the notion that Washburn is just a rock guitar company
- Very effective way to reach out to young adults
- Uses one of Washburn's more popular styles of guitar
- Play songs made famous by Washburn artists
Strengths
Weaknesses
- Variety of products
- Quality
- Financial planning
- Lack of advertising
- Issues with setting price
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Opportunities
- Not a strong name in the industry
- How can Washburn become more well known and competitive?
- Need to target new markets
Threats
- Global competition
- Very sensitive to changes in the economy
- Relationship with independent dealers
- Acquisition of Parker Guitars
- Relationship with other US Music Corporation brands
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Channel
Pros
Guitar Show
Cons
Pros
- Interaction with Washburn's lesser known celebrities
- Use of social media increases popularity
- Learn to use Washburn's guitars
- Able to reach out to all different genres of music
Cons
- Have to be able to attract people to the YouTube channel
- Not as personal as actual lessons
- Impossible to cater to every request
- Not an ideal strategy for older players that do not use the Internet often
- Show off Washburn's wide array of guitars
- Also can display Parker guitars
- Would attract those interested in higher-quality and more expensive guitars
- Cater to the death metal group, most popular genre of underground metal, if they choose
- Seen as more of a hobbyist event for collectors
- Washburn does not have the celebrity roster to compete with the guitar shows of other companies
- Would not help with beginning guitar players
(Source: Iowa State University Department of Statistics)