Tiffany and Co Part 2
Tiffany has established themselves as not only the leader in the fine jewelry market, but also as an example of the company that is able to increase the value of their products through effective marketing and attention to details. Tiffany’s attract a specific type of target market, which is people who possess certain characteristics. The most important quality of a successful salesperson is having a great capacity of product knowledge. Customers are looking for a reliable person who is able to answer all of their questions. Salespeople should always be aware of the advantages and disadvantages of competing brands, as well as their own. Tiffany's target market can be divided into five common market segments. These five segments are demographic, geographic, psychographic, benefit, and usage-rate segmentation. Tiffany’s targets white collar adult males and females of all nationalities and religions with a flexible income to spend on luxury items. The social classes between these various groups of women range from middle to upper-middle class to upper-upper class. Women are the primary users of the product, but the company also services other businesses. Their products are priced from affordable to expensive. Many Tiffany products are purchased to symbolize a special moment in an adult life like an engagement, wedding, anniversary, birthday, or retirement. The psychographic segmentation is represented by the customers that can appreciate and desire Tiffany products. Even the simple Tiffany Blue Box, which contains the purchase, is a symbol of the classic look. The benefit sought by Tiffany customers is a product that gives the consumer enduring value. A piece with the Tiffany name symbolizes exceptional quality and style that will endure the lifetime. Coach has many advantages the company has over Tiffany. Just like Tiffany’s, Coach also is known for the high quality product which makes the product basically sell itself. Both companies...
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