Tiffany & Co.

Anthonia Adeyemi-AkandeKyra Liddell

Jennifer MurdixWesley OlivoDice Reyes

Katie SextonDonsia Wilburn

Founded 1837 A jeweler and specialty retailer:

-Jewelry

-Timepieces-Sterling silverware-China crystal-Stationery -Fragrances -Accessories

Headquartered in New York City, New York

Introduction

Economic Impact-

Competition-

Environmental Scan

Technology Trends-

Political Contributions-

Environmental Scan Continued

Social Culture Trends-

Environmental Scan Continued

Strengths-

• Founded in 1837, well known• Ethical and professional• Well-developed website• Technologically up-to-date,

apps for the iPhone

Weaknesses-• Too focused on expanding

rather than on the competition with current products

• Exclusive locations: can work for and against the company

• High prices

Opportunities-• Men’s growing interest in fashion• Expansion of other product lines• Advances in technology

• Sales and new promotions• New lines for men• New lines for special occasions:

Religious celebrations, birthdays, newborns

• Rather than expanding locations expand in length, width, and depth through product lines• Have sales on product lines while introducing new ones• Expand into different markets that appeal to more people

Threats-• Strong rivalry in the market: Zale’s, Blue Nile, Signet• Product substitution• High-end equals a high price• Consumer spending declining due to the recession• Other competitors allow for customization

• Increase their outreach to customers• Create more convenient locations• Highlight that their company is eco-friendly and ethical in magazine ads, new trend of green living

• Create a customization link on the website to base an order off of a specific jewelry line and then customize details to it

SWOT Analysis

Tiffany & Co. Foundation’s Mission- To protect

the beauty of nature and the creativity of human nature.

Tiffany & Co. ‘s Mission- Seeks to enrich the lives of customers by creating enduring objects of extraordinary beauty that will be cherished for generations. 

Mission Statement

Direct Competition

Zales:

More than 1,870 stores Offers the lowest price possible Elastic customersBlue Nile:

An online retailerEase of contemporary technology

Signet Jewelers:Owners of Kay and JaredLocated in or near shopping malls for

convenience

Substitutions

Customers find high quality products under

one roof

Due to economic health consumers are more likely to want to spend less money

Indirect Competition

Target Market

Segmented by Income

Sold world wide Company is in the maturity stage of the

product lifecycle Well established Has been around since 1837

Product & Positioning

Jewelry price ranges from $125 - <$20,000 Firm believer in maintaining their luxury prices Offers no discounts Provides free shipping with any online

purchase Pricing strategy aids Tiffany’s in upholding a

competitive value in the high-end jewelry market

Price

World wide Direct distribution channels Engaged in product design, manufacturing, and

retailing activities Distributes in physical stores, from business-to-

business, as well as online Direct Marketing- U.S. internet, direct mail, and

catalog

Distribution

Exclusive Distribution- A situation in which

only certain dealers are authorized to sell a specific product within a particular territory. The reason why they are an exclusive distribution is because you cannot get Tiffany’s and Co.’s jewelry at any jewelry store or retail store.

Distribution Continued

Magazine Ads

Seventeen Glamour Self

Product Placement in Movies Word of Mouth

Promotion

http://youtu.be/BM89EgWx_Gs http://youtu.be/NkZaVS0wrI8

Promotion

Overall Message:

Product:

Customization- Other jewelers such as Jarod offer customization Benefits the customer and the company

Expansion- Men’s accessories Infant memorabilia and accessories

Recommendations

Price:

Rewards Program 20 points per $50 of merchandise purchased Once customer reaches a minimum of 100

points customer could receive $20 in Tiffany bucks to go towards their next purchase with the company

Recommendations Continued

Place:

Online- All of Tiffany’s products are not displayed online

therefore making it harder on consumers

Recommendations Continued

Promotion:

Sponsor Miss U.S.A. pageants Crowns and jewelry could be made from Tiffany’s diamonds

Sponsor Miss Universe pageants

Recommendations Continued

Guerilla Marketing-

Tie bows around major cities

Create a press release stating “What’s Tiffany’s without the blue box?”

Recommendations for Promotion Continued

Works Cited