Tiffany & Co Analysis
Tiffany’s Little Blue Box: Does It Have Any Strategic Significance?
What are the company's vision/mission and objectives?
Vision statement: “Tiffany & Co. collaborates with other forward-looking leaders in the jewelry industry and with nongovernmental organizations in order to positively influence the entire jewelry supply chain”.
Mission Statement: “ to be the world’s most respected jeweler”.
Objectives: To was to remain one of the top higher quality players along with companies like Bulgari and Cartier.
Marketing Strategy
Targets the more affluent population and still maintains their no haggling policy, something which dates back to the original store.
Business Strategy
Strict hiring standards, every employee must compete six to eight weeks of training in knowledge, skills, and product training, as well as pass a written test before they are allowed to meet customers and work on the Tiffany & Co. sales floor.
Foreign Markets
The company has expanded its stores international locations, Europe and the Asia-Pacific.
SWOT Analysis
Strengths
• Strong Direct Selling Strategy
Tiffany has multiple direct distribution options. US retail sales include direct sales through Tiffany stores or through business-to-business direct selling operations. The company sells its products online at tiffany.com and through catalogs. The company offers products through its website.
• Broad offerings
Tiffany’s offers a wide range of products from fine jewelry, timepieces, sterling silverware, china, crystal, stationary, fragrances and accessories, and its broad range of diamond offerings as well as precious and semi precious stones. The company also refreshes its product range at regular intervals. The Blue Books showcases its latest jewelry collections. It is also in the midst of developing a line of jewelry made from titanium.
• Strong Brand name
Tiffany is one of the leading brand names in the fine jewelry market. It is one of the world's
What are the company's vision/mission and objectives?
Vision statement: “Tiffany & Co. collaborates with other forward-looking leaders in the jewelry industry and with nongovernmental organizations in order to positively influence the entire jewelry supply chain”.
Mission Statement: “ to be the world’s most respected jeweler”.
Objectives: To was to remain one of the top higher quality players along with companies like Bulgari and Cartier.
Marketing Strategy
Targets the more affluent population and still maintains their no haggling policy, something which dates back to the original store.
Business Strategy
Strict hiring standards, every employee must compete six to eight weeks of training in knowledge, skills, and product training, as well as pass a written test before they are allowed to meet customers and work on the Tiffany & Co. sales floor.
Foreign Markets
The company has expanded its stores international locations, Europe and the Asia-Pacific.
SWOT Analysis
Strengths
• Strong Direct Selling Strategy
Tiffany has multiple direct distribution options. US retail sales include direct sales through Tiffany stores or through business-to-business direct selling operations. The company sells its products online at tiffany.com and through catalogs. The company offers products through its website.
• Broad offerings
Tiffany’s offers a wide range of products from fine jewelry, timepieces, sterling silverware, china, crystal, stationary, fragrances and accessories, and its broad range of diamond offerings as well as precious and semi precious stones. The company also refreshes its product range at regular intervals. The Blue Books showcases its latest jewelry collections. It is also in the midst of developing a line of jewelry made from titanium.
• Strong Brand name
Tiffany is one of the leading brand names in the fine jewelry market. It is one of the world's