Tiffany & Co Marketing Plan

Only available on StudyMode
  • Topic: Tiffany & Co., Louis Comfort Tiffany, Engagement ring
  • Pages : 23 (5305 words )
  • Download(s) : 1094
  • Published : July 29, 2009
Open Document
Text Preview
MARKETING PLAN

I. Executive summary………………………………………………………………………3 A. History of Tiffany & Co……………………………………………………………....3 II. Current marketing situation ………………………………………………………………7 A. Market overview……………………………………………………………………..7 i. Market demographics and needs…………………………………………….6 ii. Market trends and target market growth…………………………………….10 B. SWOT analysis………………………………………………………………………11 i. Strengths …………………………………………………………………….11 ii. Weaknesses……………………………………………………………........12 iii. Opportunities………………………………………………………………...12 iv. Threats………………………………………………………………………13 C. Competitive and industry analysis ……………………………………………….…14 D. Product overview…………………………………………………………………...17 E. Keys to success and critical issues…………………………………………………20. III. Environmental analysis …………………………………………………………………23 A. Macroenvironmental factors …………………………………………………….…23 B. Microenvironmental factors …………………………………………......................24 C. Competitive strategy ……………………………………………………………...…24 IV. Marketing Strategy………………………………………………………………………25 A. Mission………………………………………………………………………………25 B. Marketing objectives……………………………………………………………..…25 C. Financial objectives…………………………………………………………………26 D. Target market……………………………………………………………………….27 E. Positioning………………………………………………………………………...…27 V. Marketing Mix………………………………………………………………………….28 A. Product ………………………………………………………………………………………..28 B. Pricing ……………………………………………………………………………...30 C. Promotion …………………………………………………………………………………….31 D. Channel ……………………………………………………………………………32 E. Service ……………………………………………………………………………34 VI. Marketing research ………………………………………………………………..…35 VII. Financials ……………………………………………………………………………37 A. Sales/revenue forecast…………………………………………………………….37 B. Expense budget……………………………………………………………………39 C. Break-even analysis…………………………………………………………………40 D. Profit and loss analysis…………………………………………………………….41 VIII. References……………………………………………………………………………..42 I. Executive summary

A. History of the company

The 1830s in New York City were a time of dynamic growth, extravagant tastes and golden opportunity for anyone with a little capital and an abundance of imagination. In 1837, New York became the proving ground for twenty-five-year-old Charles Lewis Tiffany and John B. Young, who opened a “stationery and fancy goods” store with a $1,000 advance from Tiffany's father. On their way to the new emporium at 259 Broadway, fashionable ladies in silks, satins, and beribboned bonnets faced a gauntlet of narrow streets teeming with horses and carriages and the hurly-burly of city life. At Tiffany & Co. they discovered a newly emerging “American style” that departed from the European design aesthetic, which was rooted in religious and ceremonial patterns and the Victorian era’s mannered opulence. The young entrepreneurs were inspired by the natural world, which they interpreted in exquisite patterns of simplicity, harmony and clarity. These became the hallmarks of Tiffany design, first in silver hollowware and flatware, and later in jewelry. Tiffany first achieved international recognition at the Paris Exposition Universelle in 1867. The company was awarded the grand prize for silver craftsmanship, the first time that an American design house had been so honored by a foreign jury. Tiffany was the first American company to employ the 925/1000 standard of silver purity. Largely through the efforts of Charles Lewis Tiffany, this ratio was adopted by the United States Congress as the American sterling silver standard.

The silver studio of Tiffany & Co. was the first American school of design and, as one observer remarked, “a teacher of art progress.” Apprentices were encouraged to observe and sketch nature, and to explore the...
tracking img