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Guitar Center Case Study 1

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Guitar Center Case Study 1 Running head: Ben McBride Guitar Center Case Study 1 Guitar Center Case Studies Ben McBride Central Washington University 2 McBride, Ben Com 475: PR and advertising management CWU Spring 2012 Table of Contents Background…………………………………………………………………………………………………………3 SWOT Analysis…………………………………………………………………………………………………….3 Timeline…………………………………………………………………………………………………………..4-5 Case Study 1…………………………………………………………………………………………………….6-7 Case Study 2…………………………………………………………………………………………………….8-9 Case Study 3…………………………………………………………………………………….…………..10-11 Reflection……………………………………………………………………………………………………….…12 Bibliography……………………………………………………………………………………………………..13 3 McBride, Ben Com 475: PR and advertising management CWU Spring 2012 Background and SWOT analysis Guitar Center is one of the largest musical instrument retailers I the world. They are responsible for the sales, distribution, marketing, and developing of instruments and instrument accessories. There are 228 locations throughout the United States. Originally called The Organ Center, Wayne Mitchell founded the store in 1959 in Hollywood. The store was home to electronic organs. It became a major retailer for electric guitars and guitar amplifiers. Owned by Bain Capital, Guitar Center has a 1.78 billion dollar revenue. Guitar Center stores are known for customers being able to go in and play any instrument in the store before making a major purchase on an item. They have everything from guitars, basses, electronic equipment, lighting, and percussion. The company hosts many different types of events and competitions in which many undiscovered musicians get to enter for a chance to win new gear and a name for themselves in the music industry. Strengths Weaknesses Fun atmosphere Poor management Best prices High prices on certain items Constant deals No small town feel (corporate feel) Locations in major shopping centers Not on first name basis More than just a store, but media outlet No band instruments Helps musicians get discovered No rentals Opportunities Threats In store concerts Local music companies More events Music being a dying profession More brands in stores Becoming monopoly Rentals Used products not working correctly Band instruments 4 McBride, Ben Com 475: PR and advertising management CWU Spring 2012 Guitar Center Timeline Peace, Love, and Guitars 1960’s This Ain’t No Disco, 1970’s The Guitar Center story began in 1959 when In 1972, the second Guitar Center opened its doors in Wayne Mitchell purchased a small appliance San Francisco. San Francisco was a city amidst an and home organ store in Hollywood, explosive musical transition, just exiting its heyday as California. By 1961, he'd changed the name of the 60's "flower power" capitol. The old Guitar Center the compa ny to The Organ Center. In 1964, building had a charm and character that attracted Joe Banaran, President of the Thomas Organ musicians from all over San Francisco. In 1973, Guitar Company, approached Wayne in search of an Center San Diego opened its doors. This location outlet to sell a new line of guitars and proved to play a pivotal role in the growth of the amplifiers, called Vox. company, as this store was to become the home of the company's first Central Management Office. Ray Scherr The timing was right, and Wayne saw the started with the company in 1975 behind the accessory chance to seize a new retail op portunity. He counter of Guitar Center, San Francisco. By December was in the midst of relocating his original of 1977, his talents had propelled him to the position of Hollywood Organ Center location to a new the Company's first General Manager. His business site, and he agreed that rather than closing savvy sparked the flame of success; his creative down the old store, he would stock it with Vox marketing and innovative promotions set it ablaze. In guitars and amplifiers. Wayne named the 1977, Larry Thomas began his career with Guitar store The Vox Center. By the late sixties, it had Center. He started in the San Francisco store as well become evident that the future of musical and quickly moved through the ranks. Larry's personal instrument retailing lay in guitars and amps, drive, his organizational skills and a tenacious approach not organs, and The Vox Center was re - to problem solving lead him to play a crucial role in the christened The Guitar Center. development of the company. Marty Albertson started with the company in 1979, and has held various positions of increasing responsibility. A New Wave of Guitar Center’s, 1980’s With the onset of the new decade, Guitar Center was opening a new store with each passing year. 1980 witnessed the opening of the second Chicago store. This North Chicago location had previously been a grocery store, and its conversion to a Guitar Center heralded the onset of a musical instrument "Superstore." With its high ceilings and open floor space, it possessed the ability to support massive merchandising. In 1982, Guitar Center, Sherman Oaks opened on Ventura Boulevard, and thus became the eighth Guitar Center. In 1983, Guitar Center lost its founder Wayne Mitchell, who left a skilled Management Team behind to tackle the challenges that lay ahead. The company's position in the Bay Area was further solidified with the opening of the Oakland, CA location. Just one year later, in 1985, the Guitar Center chain witnessed the Grand Opening of two additional locations- Lawndale and Covina. That year also marked another significant event in the Guitar Center timeline, with the Grand Opening of a new Hollywood store on Sunset Boulevard. The huge 18,000 square foot facility was a testimony to the original flagship, and on November 13, 1985 - amidst gala festivities - was dedicated to Guitar Center founder, Wayne Mitchell. The opening of this Hollywood Music Complex also gave birth to RockWalk. RockWalk is a sidewalk gallery dedicated to honoring those who have made significant contributions to the music industry, by immortalizing their handprints in cement. Today, any customer who enters the Hollywood Store can share in recognizing the accomplishments of such notable artists as Aerosmith, Alice Cooper, Chuck Berry, James Brown, The Doobie Brothers, BB King, Jerry Lee Lewis, Little Richard, Smoky Robinson, Roy Orbison, eddie Van Halen, Stevie Wonder and many more. 5 McBride, Ben Com 475: PR and advertising management CWU Spring 2012 Guitar Center Timeline cont. IPO's PDA's DAT's & RAP , 1990’s You could say that in the 90's Guitar Center underwent monumental changes that impacted both the company and a nation of musicians, and earned G.C. the phrase, "The largest Musical Instrument retailer in the world." By this time, Larry Thomas had assumed the position of Chairman and Co -Chief executive Officer, while in 1996 Marty Albertson became President and Co -Chief executive officer. The company's growth in this time period surpassed any other Musical Instrument retailer in the world, with the opening of nearly 70 stores during the decade. With a clear -cut vision of where they wanted to go, G.C. opened stores in smaller markets, helping cultivate the Musical Instrument Market. Grand openings were taking place at a rate of 1 to 2 stores a month. A Guitar Center grand opening is not your typical store opening. These events draw hundreds of kids and adults, local news media, and sometimes major networks like MTV , VH1 & CNN. 1997 marked the year G.C. went public. Soon after, they purchased the catalog company, Musician's Friend, and have seen solid revenue growth with the acquisition Over 200 Stores...and Growing! 21st Century Guitar Center plunged into the new millennium with the forward-moving momentum of the previous decade and a vision of vast expansion. Guitar Center reached the 100th store mark with the Grand Opening of the Little Rock store on February 21, 2002. In 2005, G.C.'s acquisition of Music & Arts Center brought 62 new stores throughout the US, catering to a completely new instrument market. With clear -cut goals and good old fashioned customer service that ca ters to the musician's every need, Guitar Center still proves more than ever to be a strong link between musicians and the tools of the trade. The future looks bright as Guitar Center continues to open stores across the country. Guitar Center has no inte ntion of slowing down and will be around for generations to come. *Taken from Guitarcenter.com 6 McBride, Ben Com 475: PR and advertising management CWU Spring 2012 Case Study 1 The Guitar Center drum off originally started to find skilled undiscovered drummers in the United States, as well as boost Guitar Center’s audience. Today, the Guitar Center drum off is the nation’s largest drum competition. People from all over have the chance to compete against other great drummers who have not made a name for themselves. People from all different cultures can compete and come to together to show their drumming roots, and Guitar Center is responsible for making it all happen. The competition started twenty years ago, where contestants would send in footage of them playing for a chance to get on the bill for the national competition. Now contestants have to win the store competition, win the district competition, and win the regional competition, just to have a chance to go to the national competition held in Los Angeles, California. From an advertising and public relations standpoint, the objective of this competition was to give Guitar Center a name in the world of drumming. The advertising team wants to show all the sides of Guitar Center, they want to be the place where people go not just for guitars, but for drums as well. One strategy they are using is providing all of the equipment throughout the course of the competition. Since about fifty people enter each of the store competitions, that is fifty extra people for every store trying out and using Guitar Center’s products.
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