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.