Tiffany & Co Company Essay Example

objectives of this study include determining market influences on timing, pricing, service, etc., gauging consumer sentiment towards the state of the economy and buyer confidence, studying the usage and attitude of product or service users, studying the usage and attitude of competitors' users, identifying and examining perceptions towards brands, companies, images, and packaging, capturing key concerns and expectations from consumers or users, and measuring customer satisfaction or benchmarking satisfaction against competitors.

3. Compare this product to its competitors and explain its positioning.

Customers worldwide have a strong trust and respect for the brand, which is a crucial aspect in the jewelry industry according to Tiffany's. However, the company aims to broaden its customer base by advertising and expanding public relations programs. These initiatives involve educating customers about the brand and its exquisite products. Tiffany's utilizes various methods such as posters on telephone kiosks and full-page advertisements in specialized publications globally to promote their products.

The company's goal is to provide customers with a satisfying shopping experience at Tiffany. The NAICS code for this company, which specializes in various products such as jewelry, timepieces, silverware, china, crystal, stationery, fragrances, and accessories will be determined. These classifications help understand the industry in which Tiffany operates. As of Jan 31st, 2011 there were 233 retail stores operated by the company - 96 in the Americas region, 56 in Japan region ,52 in Asia-Pacific region ,and 29 in Europe region . Additionally,Tiffany also engages in direct selling through Internet,catalog,and business gift operations.

Also, examine companies based on their North American Industry Classification System codes (NAICS codes). Tiffany ; Co.'s main NAICS code is 448310, which represents Jewelry

Stores. This industry includes establishments primarily involved in the retail sale of various items such as new jewelry (excluding costume jewelry), new sterling and plated silverware, and new watches and clocks. Additionally, it includes establishments that combine the retail of these new products with lapidary work and/or repair services.

5. In what ways could external factors, such as social, demographic, economic or technological factors, affect the performance of this product?

Social: Tiffany acknowledged the increasing demand for luxury products at reasonable prices and strategically capitalized on this by targeting middle-income Americans. In order to attract this demographic, Tiffany expanded its collection to include more affordable items, such as sterling silver pieces, which are popular among younger women with prices starting as low as $100.

Demographic: Tiffany constantly seeks to gain new customers, especially considering the emergence of a new generation. With a total of 71 million Americans born between 1977 and 1994, there is a growing cohort of young adults who are potential consumers. This segment alone spends more than $36.

Standard & Poor's states that the apparel and jewelry sector in the United States invests 3 billion dollars every year. The primary spending group is women aged 34 to 54. According to the U.S Department of Commerce, personal consumption expenditures in the country have risen from 250 billion to 1 trillion dollars over the last 29 years. Despite the economic downturn in 2001, there was a rapid recovery in the luxury goods industry because middle-income American consumers had an increased desire for luxury products across different areas of their lives.

Irrespective of wars, diseases, or any other factors, there will always

exist a luxury consumer who continues to spend. The primary consumers of luxury goods are individuals with high incomes, who benefit from tax cuts, equity wealth, and job market conditions. Technologically speaking, Tiffany ; Co. has built its reputation by implementing extensive measures to ensure quality. Every jewelry item sold by Tiffany ; Co. undergoes inspection to guarantee the highest quality standards. In fact, Tiffany ; Co. operates a separate facility solely dedicated to evaluating quality aspects such as color, clarity, and carat weight for each diamond.

Tiffany ; Co. ensures the authenticity of every diamond purchased, which contributes to their esteemed reputation and continued prosperity due to the costly implementation of these quality assurance measures.

Please explain your rationale for classifying this as either a business or consumer product.

Tiffany aims to become the leading global jewelry retailer by prioritizing key principles. These include recognizing that Tiffany represents more than just a brand; it also functions as a physical destination where customers can personally engage with products and receive exceptional service.

Tiffany is a retailer and manufacturing jeweler that places great importance on craftsmanship and design, which sets them apart from their competitors. Their emphasis on product quality, value, and design is represented by their iconic blue box. Tiffany attributes its success to the outstanding products and service it offers.

7. Provide information about whether the product is a standalone item or part of a product line, and describe the width and depth of the product line.

Tiffany ; Co, an American company specializing in jewelry and silverware, is dedicated to preserving the splendor of nature and human

ingenuity. Their extensive selection comprises engagement rings, wedding bands, and special occasion jewelry alongside diamonds, watches, men's accessories, and gifts. Furthermore, Tiffany & Co presents a variety of elegant products including timepieces, silverware, china sets, stationary options as well as other opulent offerings.

8. Does the marketing value the quality or the perception of quality of your product?

Numerous factors can impact product quality, particularly in the fine jewelry sector where there is a growing demand for affordable high-quality items. Tiffany & Co. has capitalized on this trend by offering lower-priced products while maintaining its prestigious brand image. The objective of this strategy is to attract customers with their iconic blue box. Despite a decline in profits in 2001, research indicates that Tiffany is presently experiencing financial success. Furthermore, the company has plans for future expansion both domestically and internationally, aiming to continue contributing to their prosperity.

The company intends to consistently launch new jewelry product lines to capitalize on the rising trend of branding in the market. Nevertheless, Tiffany is aware of the risk involved in diluting its brand image by offering more affordable products. The company aims to assure its affluent customers that lower prices do not imply compromised quality. Tiffany must effectively convey to its target audience that the Tiffany name and iconic blue box will still symbolize luxury goods and outstanding service.

What suggestions do you have for new products that can improve or broaden this product line?

Tiffany & Co. offers a wide range of products, such as fine jewelry, timepieces, sterling silver goods, crystal, china, writing instruments, fragrances, and personal accessories. The company's growth

is fueled by marketing efforts, merchandising strategies, distribution channels, and exceptional customer service. Since 2000,Tiffany ; Co. has been introducing new products like the Lucida diamond engagement ring and various types of band rings worldwide in order to expand and thrive in the market.To further strengthen their position as the leader in traditional engagement ring styles,I believe Tiffany ; Co. would benefit from entering the wedding gift and wedding dress markets.