Tiffany & Co. Brand Audit

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  • Tiffany is not strongly perceived as a luxurious brand by customer (Cartier has a stronger associations with prestige/royal
  • Tiffany & co. is popular for celebrity and also sponsor celebrity through some social events.-In William and Kate’s first official arrival in U.S., Tiffany sponsor the Tiffany Blue® flags raised along the road to welcome them.-KeiraKnightley loves Tiffany & Co. Elsa Peretti Round Pendant, she wears it with everything-Tiffany also on Red Carpet
  • Tiffany & co. sponsor the Christmas events in other different countriesIn 2010, Tiffany & Co. sponsors skate at Somerset House in London during 2010 Christmas. Tiffany also light their Christmas tree in Hong Kong.
  • ‘Return to Tiffany’ Collection was introduced in 1997. ‘Please return to Tiffany & Co, New York’ symbol was well known by consumers, and this simply and well-designed bracelet sold fantastically well. However, this short term sales success raised a fundamental threat to Tiffany & Co (Too many numbers of silver customers) Tiffany & Co is loosing its identity as a high-end luxury brand
  • -Focus on the young, such as student and people just start working. -competitors: pandora and swarovski

Transcript

  • 1. Brand Audit ofChan Siumei | Feng Yunru | Zhang Shun Yu Qiantao | Huang Chaohua | Zhao Meng
  • 2. AgendaBrand Overview CBBE Model Issues and problems LimitationsRecommendations & Q&A
  • 3. Tiffany &Co.Brand Overview • By Charles Lewis Tiffany & Teddy Young, • New York, 1837 • 76 best global company • Prominent Tiffany Blue box • Introduced 925 silver standard and metric carat • Initiator of 6-prong diamond
  • 4. Current Campaigns “What Makes True love” Engagement Rings Finder Christmas Collection
  • 5. Current Campaigns “What Makes True love” Engagement Rings Finder Christmas Collection
  • 6. Point Of Difference POP POD  Unique packaging  Luxury Brand  Engagement ring  High Quality  DesignMajor Competitors
  • 7. Brand PositionSelf Position Perceived Position High-end High-end Classic Classic Fashionable Low-end
  • 8. Brand Audit – CBBE Model Resonance Judgments Feelings Performance Imagery Salience
  • 9. Brand Awareness 60% 50%Top of mind awareness 40% 30% 20% 10% 0% Tiffany & Co Cartier Pandora Swarorski
  • 10. Salience Breadth  Strongly linked with wedding and engagement.Male Wedding Female Anniversary Wedding Wedding Wedding 17% 17% Anniversary 20% 21% Friendship present 9% EngagementFriendship present 18% 9% Engagement 19% Relationship Relationship present present Occasional Self reward Occasional 14% 19% present Self reward present 14% 7% 5% 11% Try to broader its Try to increase market brand breadth!
  • 11. Strength of AssociationsBlue box(35%)  Prestige/Royal (30%)Wedding(25%)  Luxury brand (25%)Sliver(20%)  Panther (20%)Luxury brand(10%)  Red(15%)Romance (5%)  Watches (10%)Breakfast at Tiffany (5%) Improve positive associations which Tiffany is lack of now.
  • 12. Performance Most important attributes when choosing jewelries  Design& quality,  Price& reputation  Low ratings on packaging & product category 7 77 6 665 44 33 2210
  • 13. Performance Comparison of attributes  Simplicity of design  Large proportion of counterfeit in market  Affect perceived quality Try to improve market9 9 9 9 supervision! 8 8 88 77 6 6 Tiffany6 5 5 Cartier543 2210
  • 14. Brand Elements-Name Simple & Easy to Remember 3 Good name! Meaningful 2 Classic & Keep it! Friendly 1 Delicate &Fashionable Elegant Feminine & Outstanding Enthusiastic
  • 15. Brand Elements-LogoLuxury and classic Simple 3 Quality & Not meaningful and outstanding 2 Reputation 1 Luxury Classic Image Meaningful Outstanding Should they add some elements in logo to differentiate?
  • 16. Brand Elements- SloganHave you ever heard any Slogans of Tiffany & Co.‟s ?6050 “There is only one True40 Love.”30 Have a consistent20 slogan for the whole10 brand0 Yes No
  • 17. Brand Personality• Sophisticated and upper class• Competent and reliable• Lack of Excitement and sincerity• Not rugged at all Be more fun!
  • 18. Users Profile 25-45 female In a relationship or married Middle-upper class Elegant and charming
  • 19. Brand quality Quality ranking between the two9.0 brands are similar8.07.06.0 Price are more acceptable than5.0 Cartier Brand credibility4.03.02.0  In customer‟s mind, the1.0 perceived reputation and0.0 design of Tiffany are lower than Tiffany & co Cartier Cartier Reinforce Reputation & quality Improve designing
  • 20. Leveraging 2nd Association Product PlacementMovies Breakfast at Tiffany‟s Bride WarSeries Gossip Girl Desperate Housewives
  • 21. Leveraging 2nd Association CelebrityTiffany on Red carpet
  • 22. Leveraging 2nd Association SponsorshipsTiffany & Co.sponsors skate atSomerset House inLondon during 2010Christmas Tiffany light their Christmas Tree in Hong Kong
  • 23. Leveraging 2nd Association 40 percent of possibility they would buy Tiffany & Co.35302520151050 least 20% 40% 60% most likely likely
  • 24. Feelings Social approval, romantic Middle warmth & sense of security Low fun and excitement towards Tiffany & Co. Need to enhance2.5 fun/excitement and warmth/sense of security Romantic 2 Social approval Pride Esteem1.5 Sense of 1 Warmth security Excitement0.5 and passion 0-0.5 Fun
  • 25. Resonanceonly 11 respondents have purchasing experienceToo expensive 8% Never 1 2 3+ 7%6% 79%
  • 26. Variation of Purchase And Non-purchaser Purchaser Non-Purchaser Make the store more2.5 welcoming 21.5 10.5 0 Popularity among Stores Welcomeing Reference Group
  • 27. Resonance-Facebook Resonance Majority would like to „like‟ Tiffany‟s Facebook Not sure No Yes
  • 28. Tiffany & Co. & Facebook Over 2 million LIKEs, 3 times over Cartier Over 50 thousand TALKING about the brand, 5 times over Cartier Maintain social media interaction
  • 29. Overall Attitude Average in Neutral Need to be improved Overall attitude towards to Tiffany & Co. Very Very Unfavorable Neutral favorable
  • 30. Limitations• Sample Size 52 in class survey/ 27 Online survey• Constraints of sample‟s age group
  • 31. Recommendations Beware of the importance of cultural elements in products Strengthen awareness of men‟s collection Increase brand breath Market supervision Store more welcoming Consistently use a same slogan particularly for the brand Maintain social media interaction
  • 32. Localisation of Products Tutti Frutti Indian Cartier launches localised accessories into different markets Consider this, tiffany could  Hire local designers  Incorporate cultural elements into products  Panda - China  Eiffel tower - France Dragon China
  • 33. Men‟s Collection Campaign• Find someone to endorse for• Slogan “The Best Tiffany a man can get”
  • 34. Extend Brand Breath “ While a ring on the left hand symbolized love and commitment, a ring on right-hand is a statement of individuality. ” Marilyn Knight Mosaic 2008 analysis: 51.4% of women are opting singles Lifestyle as their preferred lifestyles. Australia is experiencing the rise of the single Person urban dowelling (SPDU).Wear it on your right hand Independent Ring
  • 35. Recommendations Beware of the importance of  Alter customers‟ perceived cultural elements in products association towards Tiffany Strengthen awareness of men‟s & Co. collection  Improve the perceived Increase brand breath reputation and design in Market supervision customers‟ mind Store more welcoming  Products associated with different feelings Consistently use a same slogan particularly for the brand  Be more fun and warm Public relationship management
  • 36. Challenge Faced by Tiffany & CoThe introduction of „Return to Tiffany‟ collectionFrom1997 to 2002, Sales rose by 2/357% are most familiar with silver collectionFundamental threat raised, Tiffany &Co is loosing its identity as a high-endluxury brand
  • 37. Recommendations TIFFANY YOUNG Beware of the importance of  Alter customers‟ perceived cultural elements in products association towards Tiffany Strengthen awareness of men‟s & Co. collection  Improve the perceived Increase brand breath reputation and design in Market supervision customers‟ mind Store more welcoming  Products associated with different feelings Consistently use a same slogan particularly for the brand  Be more fun and warm Public relationship management
  • 38. Brand ProfileTIFFANY YOUNGTarget customers - Less affluent customers <Pics> - Younger generation Competitors
  • 39. Branding Strategy• Silver collections• Sincere, fashionable, youthful• Slogan – A Start of Your Dream Celebrity Endorsement Similar Package <Pics>
  • 40. Pros & ConsFor:• Opportunity to reposition numbers of products and remain the corporate brand image• Develop new target market with a lower riskAgainst:• Uncertainty for being the first• Cost of developing and launching a different set of marketing/branding strategies