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Industry:
Jewellery, specifically engagement ring retailers

Tiffany & Company competitors:

Harry Winston

Graff Diamonds

Bulgari

Customer Profile:

Gift-givers

Desire high quality that is reflected in price, looking for 4 C's: cut, colour, clarity, carat.

Self-buyers

Seeking outstanding customer service, price reflects quality, special perks such as personalisation and 'one of a kind' products

Key Success Factors:

Customer service

Channel of distribution

Corporate Social Responsibility

Brand recognition

Competitor Array Map:

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Political:

Trade regulations and tariffs

Pricing regulations

Product labelling

Input on social and environmental issues

Economic:

Foreign exchange rates

Labour costs in USA and abroad

Maintaining competitive advantage

Skill level of workforce in jewellery industry

Socio-cultural:

Hierarchy of customers

Understanding demographic and appealing to millennials

Cultural values and beliefs in international markets

Social media and online presence

Technological:

Efficiency of production increases with technological innovation

"Engagement Ring Finder" app

Environmental:

Supply chain management

Environmental rules and regulations

Responsible mining

Sustainable packaging

Support of Human Rights Watch, Responsible Mining Assurance, Responsible Jewellery Council, combating climate change

Legal:

Copyright and patents

Abide by employment, health, and safety laws

Anti-trust jeweller industry laws

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After segmenting the market, we can identify two main groups which purchase from Tiffany & Company.

Target market:

-Gift-givers
-Self-buyers

Gift givers:
Often men, aged 20-35, purchasing for a special occasion, one-time buyers, flown the nest, typically purchasing from Tiffany's line of engagement rings.

Self-buyers:
Often women, aged 20-45, purchasing more than once, typically single or flown the nest, living in a big city, high income, luxury goods enthusiast, seeking self-actualisation.

Positioning:

Functional: Focus on Tiffany legacy and iconic brand, quality of products, special occasion use or daily accessorising.

Expressive: Focus on user's interest and needs (engagement or luxury good enthusiast), address achievement and social status from self-actualisation buying, acknowledge brand heritage.

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Strengths:

Strong brand reputation

Global presence

High standard of customer service

Dedication to strong CSR practices

Weaknesses:

Gaps in product range

Investment in technology

Lack of appeal for millennials

Opportunities:

Growth potential in Asia

New customers from online presence

Investment in wearable technology

Threats:

Similar or counterfeit products available at a lower price

Seasonal demand for products

Lack of innovation within product line

New environmental regulations

Rising production costs

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Tiffany & Co. UK | Luxury Jewellery, Gifts & Accessories Since 1837

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Discover fine jewellery creations of timeless beauty and superlative craftsmanship that will be treasured always.

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Input on social issues: Tiffany's issues a statement on Paris Climate Agreement

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Input on social issues: Tiffany's issues a statement on Paris Climate Agreement

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Upon learning about the U.S. potentially withdrawing from the Paris Climate Agreement, Tiffany & Co took to the media to share their view on the matter. This message (pictured below) was posted online on Tiffany & Company's Facebook, Twitter, and Instagram page; and was also printed in black and white and published in the New York Times. This was later revisited in the company's annual Sustainability Report, which reflected on the decision for the U.S. to withdraw from the Paris Climate Agreement. Although Tiffany & Company's legal environmental obligations are much less strict, the jewellery retailer has joined various organisations designed to create a low-carbon future.

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Marketing towards a younger, progressive audience: the "Will You" Campaign

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Marketing towards a younger, progressive audience: the "Will You" Campaign

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A recent ad campaign from Tiffany & Co was praised for its inclusivity and diversity. By representing biracial relationships and showing support for the LGBTQ+ community, Tiffany & Co is making moves to modernise their image while maintaining the tradition that brought their brand success in the first place.

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Tiffany & Co has exclusive perks for the VIP customers which all part of making each shopping experience special.

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Despite being headquartered in New York City, Tiffany & Company has a wide presence across the globe. Over half of the company's sales are made outside of the United States, mainly from Asia and Europe. While sales have not reached desired growth in America, sales are thriving in Asia. This has led Tiffany & Co to diversify their product line to better suit the wants of international buyers.

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For the past eight years, Tiffany & Co has annually released a "Sustainability Report," detailing their commitment to ethical business practices. Highlighting responsbile mining practices, ethical sourcing, combating climate change, and investing in their employees, Tiffany & Company's sustainability report shows their transparency in business practices.