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Tiffany & Co. Marketing Campaign
- 1. Anthonia Adeyemi-Akande Kyra Liddell Jennifer Murdix Wesley Olivo Dice Reyes Katie Sexton Donsia Wilburn
- 2. Introduction Founded 1837 A jeweler and specialty retailer: -Jewelry -Timepieces -Sterling silverware -China crystal -Stationery -Fragrances -Accessories Headquartered in New York City, New York
- 3. Environmental Scan Economic Impact- Competition-
- 4. Environmental Scan Continued Technology Trends- Political Contributions-
- 5. Environmental Scan Continued Social Culture Trends-
- 6. SWOT Analysis Strengths- • • Founded in 1837, well known Ethical and professional Weaknesses- • Too focused on expanding rather than on the competition with current products • Well-developed website • Exclusive locations: can work for • Technologically up-to-date, apps and against the company for the iPhone • High prices Opportunities- • Sales and new promotions • Rather than expanding locations • New lines for men expand in length, width, and depth • Men‟s growing interest in fashion • New lines for special occasions: through product lines • Expansion of other product lines Religious celebrations, birthdays, • Have sales on product lines while • Advances in technology newborns introducing new ones • Expand into different markets that appeal to more people Threats- • Increase their outreach to customers • Create a customization link on the • Create more convenient locations website to base an order off of a specific • Strong rivalry in the market: Zale‟s, Blue • Highlight that their company is eco- jewelry line and then customize details Nile, Signet friendly and ethical in magazine ads, to it • Product substitution new trend of green living • High-end equals a high price • Consumer spending declining due to the recession • Other competitors allow for customization
- 7. Mission Statement 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.
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- 10. Substitutions Zales: More than 1,870 stores Offers the lowest price possible Elastic customers Blue Nile: An online retailer Ease of contemporary technology Signet Jewelers: Owners of Kay and Jared Located in or near shopping malls for convenience
- 11. Indirect Competition Customers find high quality products under one roof Due to economic health consumers are more likely to want to spend less money
- 12. Target Market Segmented by Income
- 13. Product & Positioning Sold world wide Company is in the maturity stage of the product lifecycle Well established Has been around since 1837
- 14. Price 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
- 15. Distribution 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
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- 17. Distribution Continued 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.
- 18. Promotion Magazine Ads Seventeen Glamour Self Product Placement in Movies Word of Mouth
- 19. Promotion http://youtu.be/BM89EgWx_Gs http://youtu.be/NkZaVS0wrI8 Overall Message:
- 20. Recommendations Product: Customization- Other jewelers such as Jarod offer customization Benefits the customer and the company Expansion- Men‟s accessories Infant memorabilia and accessories
- 21. Recommendations Continued 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
- 22. Recommendations Continued Place: Online- All of Tiffany‟s products are not displayed online therefore making it harder on consumers
- 23. Recommendations Continued Promotion: Sponsor Miss U.S.A. pageants Crowns and jewelry could be made from Tiffany‟s diamonds Sponsor Miss Universe pageants
- 24. Recommendations for Promotion Continued Guerilla Marketing- Tie bows around major cities Create a press release stating “What‟s Tiffany‟s without the blue box?”
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