The Tiffany & Company is introducing a new product line by the name of Tiffany's Essentials. The line will offer authentic luxury designer handbags along the lines of Gucci, Chloe, Dior, Fendi, Prada and many more. As concept of luxury changes, marketers of high-end products are wrestling with the challenges of maintaining exclusivity while obtaining higher sales. Having a well-known name as Tiffany and Company we have no limitations to create luxury pieces for the luxury lifestyles. The following paper will emphasize our product, our target market and our marketing objectives as to how we will market our handbag using a vital marketing mix. It will also provide our major competition in both the diamond industry as well as the luxury handbag industry. The problems and opportunities involved in creating Tiffany's Essentials will also be acknowledged.
II. Situation Analysis
A. Background Research
Tiffany & Co. was first established on September 18th, 1837. The company was originally opened at 259 Broadway in New York City as Tiffany & Young (named after Charles Lewis Tiffany and John B. Young) and was known for selling stationary and fancy goods. Their total sales for the grand opening were $4.98, a considerable amount of money for this particular time period. The distinctive shade of blue that everyone tends to associate Tiffany's with was also established in 1837. "The color was adopted for use on Tiffany & Co. boxes, catalogues, shopping bags, brochures, as well as in advertising and other promotional materials," (Tiffany & Co.). In 1845 the first Tiffany's catalog was established. This is a tradition that Tiffany's continues to use today as a well of advertising. In 1853 Charles Tiffany takes control of the business and changes the name of the company to strictly Tiffany & Company. Tiffany & Co., became known for it's unique silver and also supplied the Union Army with many of the supplies during the Civil War, including: swords,... [continues]
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