Specific Product: Tiffany
Description: Tiffany & Co is the world's most celebrated jeweler, with an unrivalled reputation for sophisticated luxury.
Organization/Company: Tiffany & Co Company
1. What ethical concerns could arise in marketing this product?
The factory associated with Tiffany opened in 2007 and Indian and Mauritian artisans came to train the Botswana employees. But the article tells us that the workers went on strike, in protest against the working conditions: they say the plant is "prisonlike", they are threatened by the managers and have no right to variable salaries like other employees. Tiffany is faced with a real ethical dilemma: to avoid "blood diamond" sourcing, the brand has to transfer know-how to African employees. However, if the contentions regarding working conditions are true, the brand has merely replaced one evil with another.
With increasing global concern over conflict diamonds, it’s hard to see how Tiffany & Co. will be able to maintain its once sterling brand image against such reports. Chief Executive Michael Kowalski stated he’d like his clientele’s focus “to be on the quality of the diamond ring, not how it came to be.” Here is a CEO who does not understand the paradigm shift that we are living today: customers want both excellent diamonds and to know where they come from.
2. Describe a market research plan for your product. What information is needed?
All elements of the market research plan are important to success. If the target market consists of people of various income levels, ethnicities, age groups, home owners or renters, and gender, the research plan should be a cross-section of these. The information may need as follow: To identify potential target market segments
To establish a buyer profile and demographics for products or services To test the feasibility of entering a new market
To determine market influences on timing, pricing, service, etc. To gauge consumer sentiment towards state of the economy and buyer confidence To study usage and attitude of product or service users
To study usage and attitude of competitors' users
To identify and examine perceptions towards brands, companies, images, packaging To capture key concerns and expectations from consumers or users To measure customer satisfaction or to benchmark satisfaction against competitors
3. Conduct a competitive analysis and describe how this product is positioned in relation to the competition?
Customers around the world trust and respect the brand. This customer loyalty is what the company believes is a critical element in the jewelry industry. Tiffany’s believes, however, that its customer base can expand. The company‘s strategy for enhancing potential customers’ awareness is to advertise and expand its public relations programs. This would include activities like educating customers about the brand and its fine products. For example, Tiffany’s has advertised its products via posters on telephone kiosks as well as full-page advertisements in special publications around the world. The company aims to maintain a strong voice to customers so that they can experience the joy of shopping at Tiffany.
4. For the industry of that company, please identify their NAICS code and explain how you would use these classifications. Tiffany is a designer, manufacturer and specialty retailer of jewelry, timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories. As of Jan 31, 2011 the company operated 233 retail stores, with 96 in the Americas, 56 in Japan, 52 in Asia-Pacific and 29 in Europe, as well as direct selling through Internet, catalog and business gift operations. Also investigate companies by their North American Industry Classification System codes, also known as NAICS codes. Tiffany & Co.'s primary NAICS code is: 448310 Jewelry Stores This industries comprises establishments primarily engaged in...
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