Tiffany & Co Strategic Audit

Topics: Tiffany & Co., Charles Lewis Tiffany, Louis Comfort Tiffany Pages: 25 (4430 words) Published: December 25, 2010
MSA University


Strategic Audit

Tiffany & co
Reema youssef

Supervisor: Dr. Ghada Aly
Dr. Heba Adel

Current Situational Analysis:

1. History:

Tiffany & Co. has long been renowned for its luxury goods, especially jewelry, and has sought to market itself as an arbiter of taste and style. Tiffany's designs, manufactures, and sells jewelry, watches, and crystal glassware. It also sells other timepieces, sterling silverware, china, stationery, writing instruments, fragrances, leather goods, scarves, and ties. Many of these products are sold under the Tiffany name, at Tiffany stores throughout the world as well as through direct-mail and corporate merchandising. Goods are also sold wholesale to third-party distributors. Jewelry accounted for two-thirds of Tiffany's sales volume in fiscal year 1994. In the year 1837, founder Charles Lewis Tiffany and John F. Young opened Tiffany & Young (now known as Tiffany & Co), with $1,000 borrowed from Tiffany's father. They started at a broadway opposite Manhattan’s City Hall Park. They start selling stationery and a variety of "fancy goods," including costume jewelry. Unlike other stores of the time, Tiffany featured plainly marked prices that were strictly adhered to, sparing the customer the usual practice of haggling with the proprietor. This made Tiffany & Co branding as a prestige product in the market. Tiffany also departed from the norm by insisting on cash payment rather than extending credit or accepting barter. In 1841 Tiffany and Young took on another partner, J. L. Ellis, and the store became Tiffany, Young & Ellis. (Now known as Tiffany & Co) By 1845 the store was successful enough to discontinue paste and begin selling real jewelry, as well as the city's most complete line of stationery. Silverware was added in 1847. In addition to these main items, Tiffany's also start selling watches and clocks, a variety of ornaments and bronzes, perfumes, preparations for the skin and hair, dinner sets, cuspidors, moccasins, belts, and numerous other sundries, including Chinese bric-a-brac and horse and dog whips.   With such a simple concept and attitude in selling silver products, Tiffany & Co made their way to the world and thus creating a prestige brand name of Tiffany & Co today.

2. Vision Statement:

"To be the world’s most respected jewelry ..... a ring on the right hand is a statement of individuality”. If tiffany grows in the global competition over the intermediate & long-term futures it will be the world’s premier luxury brand of fine jewelry.

3. Mission Statement:

Tiffany & co’s mission is to serve the wealthiest segments of all ages & genders to develop the products which are desired by its target market. It also has an effective inventory management allowed it to deliver its products in a timely manner. Tiffany is a fine jewelry retailer who makes a lot of types of wonderful & classy jewelries. Its products include timepieces, stationery, chinaware, crystal, sterling, silverware, fragrances, gifts & accessories. Tiffany has positioned itself in both domestic & international markets. It has stores in Canada, Mexico, Brazil, Italy, china & a lot of others. Tiffany has a high technology called a real-time data which it makes the suppliers & the company has up-to-the-minute data to better serve & meet the demands of the customers. Tiffany serves a lot of countries so it makes a lot of channels to be well distributed. It has a retail store, catalogs & a valuable internet site. Tiffany & Co. philosophy is serving classic jewelry designs and fine tabletop collections. This is the place to celebrate life's most important moments with gifts of extraordinary beauty". Tiffany presences in international markets & in a large number of locations, has build a very strong brand image in the market. Tiffany’s employees are very lucky since they answer the...
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