This study investigates the design and analysis of a stepped plate parametric array loudspeaker (SPPAL) as an alternative to conventional array-based parametric loudspeakers. The SPPAL utilizes a single Langevin-type ultrasonic transducer coupled with a flexural stepped plate to generate narrow-beam audible sound via nonlinear acoustic interaction. To evaluate and optimize the performance of the SPPAL, an integrated modeling framework is developed, consisting of an approximate analytical 3D model for transducer dynamics, an equivalence ratio formulation to relate stepped plate and rigid piston behavior, and a spherical wave expansion method for nonlinear sound field simulation. The dual-resonance behavior of the transducer is optimized through multi-objective analysis to enhance low-frequency audio performance. Experimental validation includes frequency response and modal analysis of the transducer, as well as sound field measurements. The analytical methods are further verified through comparison with experimental data. Furthermore, combination resonance--an unintended structural excitation resulting from intermodulation--is identified as an inherent phenomenon in SPPAL operation. The findings offer practical guidance for the development of efficient, compact, and manufacturable parametric array loudspeakers employing plate-based flexural vibration.