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:
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.
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