Chapter 5: Developing a Global Vision

             In today's society, it is nothing out of the ordinary for a company to have markets in more than one place. Often it can be close by, however, more frequently companies are branching to completely different countries. Marketing that targets markets all over the world is known as global marketing. Having a global vision is imperative for a company's success in global business. This will allow the company to be aware of the specific market, including opportunities, strategies, and threats, of the country or area in which the market is. There are many specific factors involved when taking part in international business.
            Tiffany & Co. is an example of a company that takes part in global marketing. Other than the original and flagship store located on 5th Ave. in New York, Tiffany & Co. 64 stores in the U.S. and over 104 stores worldwide. Other than North America, the company owns store in Asia, including China, Japan, and Korea; Australia; and in Europe including Austria, Belgium, the UK, France, Germany, Ireland, Italy, the Netherlands, Spain, and more. Having so many store locations allows the company to expand its audience of customers, as well as increase sales. However with having so many international markets comes certain responsibilites, which are essential for the company's overall success.
             When a company has a variety of markets all over the world, it needs to be aware of each individual business location. Thsi is because each location will most likely have a different marketing environment. This may include different types of customers, cultures, pricing and distribution qualities, ect. Knowing these factors will allow the company to determine effective marketing, advertising, and promotional strategies for each location. Tiffany & Co. has been able to adapt their sales tactics and stratgies with great success in order to maintain their worldwide sales. One example of a way they have adapted in order to accomodate for differences in business locations is that on the Tiffany & Co. website is a feature in which you may choose from the different countries which the stores are located and gain specific information and see everything in that country's language. This allows international buyers to shop with ease without any types of cultural barriers. Tiffany & Co., along with other companies with global markets must pay very close attention to international details specific to each location in order to succeed in global marketing.

This is the part of the Tiffany & Co. website which allows you to chose between each international location:

http://www.tiffany.com/International.aspx

Chapter 4: The Marketing Environment

         In order to succeed in a business, a company must be aware of its marketing environment. By definition a marketing environment referes to all of the factors outside of marketing that affect a company or business' ability to build and maintain successful relationships with target customers. In an environment, as time goes on, many aspects of the market can change. A company must identify and follow the environment of its market and customers in order to continue to profit. The demography of a certain environment also plays a large role in the company's marketing choices. Tiffany & Co. pays a great deal of attention to its marketing enviornment which could be one of the reasons for the company's success.

         Tiffany & Co.'s key demographic is often wealthy females aging usually from 27-54, often with high interests in fashion and luxury products. However, by incorporating environmental management, many efforts have been made to increase that demographic to draw in new customers. By expanding certain product lines and adding lower priced products, Tiffany & Co. has been able to expand its target market; adding more young adults and even men to their audience. By adjusting parts of its marketing strategies, the company has been able to create more customers.

          A company also needs to be aware of the constant changing of its specific environment. These would include changes in trends and in advertising strategies. For Tiffany & Co., one change the company has gone through in order to adapt to its environment change would be the increase in online shopping available. In the past, limited items were available to be bought online. One of the reasons for this was because Tiffany & Co. often felt the importance of a shopper's personal experience at Tiffany's. However with the changing of the times, the company realized its need for the change and adjusted, adding more items available to be bought throught the website, in order to advance its sales. Also, by producing new lines almost yearly, the company is able to remain on top of the latest fashion and trends.

Another way Tiffany & Co. is trying to stay ontop of the latest sales techniques and promoting can be viewed on this website:

http://www.mobilemarketer.com/cms/news/advertising/4096.html

Tiffany & Co.'s marketing environment plays a very large role in decisions made by the company. All of them for a specific reason but with a main goal of contiuing its overall success.

Chapter 3: Ethics and Social Responsibilty

            Ethics plays a huge role in businesses worldwide. The ability for a compnay or organiztion to maintain morals and be able to make ethical decisions is essential to the company's success. To Tiffany & Co., maintaing proper ethics is very important. The company has a Code of Conduct which provides the directors of the company, the CEO, the CFO, and all other officers of the company with a list of principles which they are expected to follow. Some of the priciples within the Code of Conduct state that all must comply with applicable law, promote honest and ethical conduct, report any code violations and suspected illegal or unethical activities to the company directors, responsibly use and control all company assets, and that they must not use their company position for personal gain or benefit. This code contains many more priciples which are all to be followed for the business's success.

            Corporate social responsibilty, or CSR, is a business's concern for society's welfare. In order to protect our society and preserve it, it is imperativie that companies accept their social responsibility. Tiffany & Co. is an example of a company who accepts social responsibilty and makes a point of paying close attention to it. Within the company, there is a committee known as the Corporate Social Responsibility Comittee. The committee is made up of at least two independent directors and one employee director. According to the company website the purpose of it is to "review and evaluate the management's goals, initiatives and practices for social responsibility and to recommend goals, initiatives and practices for social responsibility to the Board of Directors." The commitee is given many duties and responsibilities. Some of these include identifying issues that may affect the business's operations, brand image, or reputaion of the company and to provide an oversight of the company's social resposibility to customers, the nonprofit sector, industry partners, and shareholders. Tiffany & Co. is aware that with the changing of the times comes changes in responsibilities, and in so doing allows there to be some flexibilty within its terms.

           Tiffany & Co. is a very well known company which prides itself on its prestigiousness. By strictly adhering to its Code of Conduct and its knowledge of its social responsibilty, they are able to maintain its reputation. This allows the company to hold on to its much valued customers and continue to progress.

Chapter 2: Strategic Planning

       For a company to be successful, strategic planning is a must. The definition of strategic planning is "the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities." Being such a large-scale and successful company, Tiffany & Co. must rely greatly on their corporation's strategic plan in order to continue to flourish. Marketing plays a huge role in the success in any company. Tiffany & Co. uses a marketing plan specific to its company so it can set goals in which to make maximum profits. Implementation is used to turn those plans into actions in order to achieve those goals. Product development is used quite frequently at Tiffany & Co., not only to attract customers but also to provide a wide variety of new jewelry and trends to its customers. Tiffany & Co. prides itself on being the highest quality of jewelry available on the market. This would entail that the company not only have a product differentiation competitive advantage, which gives them something that is unique and valuable to buyers, but also having a sustainable competitive advantage, which is an advantage that cannot be copied by competition. Every company's planning and marketing strategies vary depending on things such as audience, products, customers, ect. The manner in which each company executes these plans will be one of the many factors determining their success.

Marketing Chpt. 1-Overview of Marketing

Today, one of the most successful companies in the jewelry industry is Tiffany & Co. Founded in 1837 by Charles Lewis Tiffany and John F. Young, the store originally called Tiffany & Young, was created to sell costume jewelry and stationary. In 1853, Tiffany bought out his partner, deeming his company Tiffany & Co. Throughout the years, the company greatly expanded, adding timepieces, silverware,  perfumes, and many other luxury items to their sales, with its primary customers being wealthy Americans. 

By 1919, the company had made nearly $18 million and, with the death of Charles Lewis Tiffany in 1902, had been taken over by his heirs where the company's shares were sold to Hoving Corporation.  In 1940, the store was moved to its present Fifth Avenue location in Manhattan, New York. The Hoving Corporation expanded Tiffany & Co., adding numerous store locations including Houston and San Francisco. By 1987, with the owner of the company now being William Chaney, the company went public, adding over 30 retail locations worldwide.

Over time, Tiffany &Co. flourished. Its high quality products allow the company to continue to expand and profit. According to the company's website, Tiffany & Co.'s mission is to be the world's most respected jewelry retailer, with one of its mission statements saying, "Tiffany & Co. ensures the highest quality of diamonds, ethical sourcing, lifetime warranty, affordable price options, and that they'll always be there for you." While maintaining a personal connections with its customers, Tiffany & Co. has established itself in the industry as the one of the most prestigious jewelry companies known today.