Recommendations for Tiffany & Co.
Company Overview
Tiffany & Co. is a high-class jewelry company that provides costly accessories and other related products in the United States and possesses a great history of a luxury business. Since its formation in 1837 in New York City, Tiffany has made a huge mark in the jewelry industry (Loring 83). Tiffany’s market occurs into wealthy self-buyers and gift-givers depending on the individual purchasing power. Its key target customers are the millennial and young women of upper and middle-upper socioeconomic classes who are fashion adherents (Tiffany & Tiffany & Co 4).
The main focus areas for this paper are branding and segmentation of the firm. Tiffany has a stable …show more content…
needs to raise the brand volume and moves the company’s overall performance forward in inventive promotion by planning and holding some major occasions that signify the luxurious nature of the firm. This strategy may raise the market share of the effluent product since large quantities of returns in the jewelry industry is always generated from the richest demographic, the largest percentage of the global population (Loring 96). The company can put big celebrations that enable target guest to dress in expensive diamond items to build a social class. Such events are great marketing platforms as they offer massive publicity for the brand while achieving market opportunities and reputation that produce the desire to join the class (Tiffany & Tiffany & Co 2). For example, if a group of generation y attends a party and one of them brag about a luxurious jewelry and where it was purchased, there is a high probability of others looking for the same piece. Through referrals by friends, the high-class families can satisfy own …show more content…
Since the product structure for Tiffany & Co. is unique and expensive, branding, positioning, and segmentation are the key sectors that require more attention. Thus, the company addresses the issues cost and financial status to obtain its market shares at the expense of its competitors. By increasing the brand volume; changing product line; forming new ones; and reducing overall revenues, Tiffany & Co. can handle its financial, prices, and competitive issues.
Works Cited:
Bogenrief, Margaret. 2012. Strategy: Here’s What Tiffany & Co. Needs to do to claw its way back to profitability. Business Insider, UK.
Haines, Reyne. Vintage Wristwatches. Cincinnati: F+W Media, 2010. Internet resource
Loring, John. Louis Comfort Tiffany at Tiffany & Co. New York: Abrams, 2002. Print.
Phillips, Clare. Bejewelled by Tiffany: 1837-1987. New Haven, Conn. [u.a.: Yale Univ. Press, 2007. Print.
Tiffany, & C. Tiffany & Co. 1993. Boston, MA: Harvard Business School, 2000.
Company Overview
Tiffany & Co. is a high-class jewelry company that provides costly accessories and other related products in the United States and possesses a great history of a luxury business. Since its formation in 1837 in New York City, Tiffany has made a huge mark in the jewelry industry (Loring 83). Tiffany’s market occurs into wealthy self-buyers and gift-givers depending on the individual purchasing power. Its key target customers are the millennial and young women of upper and middle-upper socioeconomic classes who are fashion adherents (Tiffany & Tiffany & Co 4).
The main focus areas for this paper are branding and segmentation of the firm. Tiffany has a stable …show more content…
needs to raise the brand volume and moves the company’s overall performance forward in inventive promotion by planning and holding some major occasions that signify the luxurious nature of the firm. This strategy may raise the market share of the effluent product since large quantities of returns in the jewelry industry is always generated from the richest demographic, the largest percentage of the global population (Loring 96). The company can put big celebrations that enable target guest to dress in expensive diamond items to build a social class. Such events are great marketing platforms as they offer massive publicity for the brand while achieving market opportunities and reputation that produce the desire to join the class (Tiffany & Tiffany & Co 2). For example, if a group of generation y attends a party and one of them brag about a luxurious jewelry and where it was purchased, there is a high probability of others looking for the same piece. Through referrals by friends, the high-class families can satisfy own …show more content…
Since the product structure for Tiffany & Co. is unique and expensive, branding, positioning, and segmentation are the key sectors that require more attention. Thus, the company addresses the issues cost and financial status to obtain its market shares at the expense of its competitors. By increasing the brand volume; changing product line; forming new ones; and reducing overall revenues, Tiffany & Co. can handle its financial, prices, and competitive issues.
Works Cited:
Bogenrief, Margaret. 2012. Strategy: Here’s What Tiffany & Co. Needs to do to claw its way back to profitability. Business Insider, UK.
Haines, Reyne. Vintage Wristwatches. Cincinnati: F+W Media, 2010. Internet resource
Loring, John. Louis Comfort Tiffany at Tiffany & Co. New York: Abrams, 2002. Print.
Phillips, Clare. Bejewelled by Tiffany: 1837-1987. New Haven, Conn. [u.a.: Yale Univ. Press, 2007. Print.
Tiffany, & C. Tiffany & Co. 1993. Boston, MA: Harvard Business School, 2000.