Tiffany & Co
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.
MARKET RESEARCH: 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
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.
MARKET RESEARCH: 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