Tiffany & Company by https://padlet.com/jprestlien/dq9v8efnh145 Marketing analysis of luxury jewellery retailer Tiffany & Company. Headquartered in New York City, Tiffany & Co has become a leader in the luxury goods industry and has established itself as a sign of sophistication and style. With stores operating around the globe, Tiffany & Co has adopted a specialised marketing strategy to adapt to the unique and changing demands of consumers. en-us 2018-10-19 11:10:34 UTC 2024-11-02 11:33:59 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/322702759/7b08c5a94da51a7b22145f832842ad90/Tiffany_Blue_Box.jpg SWOT Analysis jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294755791 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
]]> 2018-10-19 11:12:55 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294755791 PESTEL Analysis jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294758819 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
]]> 2018-10-19 11:27:30 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294758819 Corporate Social Responsibility jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294767928 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.]]> 2018-10-19 11:53:12 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294767928 Global Presence jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294771271 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.]]> 2018-10-19 12:03:54 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294771271 Input on social issues: Tiffany's issues a statement on Paris Climate Agreement jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294778314 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.]]> 2018-10-19 12:23:26 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294778314 jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294781285 2018-10-19 12:30:52 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294781285 jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294781299 2018-10-19 12:30:55 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294781299 jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294781340 2018-10-19 12:31:03 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294781340 jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294781570 2018-10-19 12:31:37 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294781570 jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294784183 2018-10-19 12:37:39 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294784183 Marketing towards a younger, progressive audience: the "Will You" Campaign jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294888771 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.]]> 2018-10-19 15:52:46 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294888771 jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294893602 2018-10-19 16:01:29 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294893602 jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/294893701 2018-10-19 16:01:38 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/294893701 Segmentation, Targeting, and Positioning jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/298873932 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.
]]> 2018-10-31 08:52:30 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/298873932 www.tiffany.co.uk jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/303910111 2018-11-13 17:46:44 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/303910111 Competitor Array jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/303989589 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:
]]> 2018-11-13 19:35:52 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/303989589 Exclusive Experiences at Tiffany jprestlien https://padlet.com/jprestlien/dq9v8efnh145/wish/304196447 Tiffany & Co has exclusive perks for the VIP customers which all part of making each shopping experience special.]]> 2018-11-14 10:15:21 UTC https://padlet.com/jprestlien/dq9v8efnh145/wish/304196447