One of the most important elements of a business is a company's products. They can determine the success or failure of the company, which is often why product offereings are the key factor in marketing. There are two different categories when classifying products; business products and consumer products. Knowing these two types of products one could easily categorize the products made by Tiffany & Co. as consumer products, or products bought to satisfy an individual's personal wants. Products made by Tiffany's can also be considered as a shopping product, which is defined as a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores. The products that are made by Tiffany & Co. consist high end jewelry and luxury items. With items such as rings, necklaces, and handbags, a consumer would certainly spend time to shop for the product, making it more than a convenience product, but may also accept substitutions, which makes it less than a specialty product.
While Tiffany's full collection of products offered by the company would account for the product mix, there are more specific product lines. Being a company highly involved in fashion, it is no surprise that in order to keep up the constantly changing trends in the fashion world, the company must put out new lines of jewelry and other products quite often. This would account for the Fall and Spring lines that are pushed every year. Each of these lines have unique elements that make that line differ from the next. Often Tiffany's selects a specific designer to host that season's line or a portion of the line.
http://www.tiffany.com/Shopping/CategoryBrowse.aspx?cid=288189&mcat=148206#p+1-n+12-cg+viewPaged-c+288189-s+5-r+-t+-ri+-ni+1-x+-pu+-f+
Here is a link that leads to a portion of the Tiffany & Co. website which shows the collection of featured designer Paloma Picasso. There are many other sections of the website displaying the works of other designer's work from Tiffany & Co. product lines.
Another thing Tiffany offers is a Full Lifetime Warranty. A warranty is a confirmation of the quality or performance of a good or service.
http://www.tiffany.com/Expertise/Diamond/Certification/Promise.aspx
Here is the link of the description of the promises made by Tiffany's within their Warranty.
Monday, October 31, 2011
Monday, October 24, 2011
Chapter 18: Sales promotion and Personal selling
There are two different kinds of sales promotion: consumer sales promotion and trade sales promotion. Consumer sales promotion is sales promotion activites targeting the ultimate customer, and trade sales promotion is sales promotion activities targeting a marketing channel member, such as wholesaler or retailer. Tiffany & Co. more often is involved with the second of the two types of sales promotions. While Tiffany's is involved in sales activities dtargeted to customers, very seldom does the company offer promotions such as coupons, rebates, or premiums. More often, Tiffany & Co. relates to trade sales promotions. They mostly do this in terms of Tiffany & Co. retail. With their many store locations along with Tiffany & Co. outlets, the company is able to promote sales through their stores.
As mentioned before, personal selling is of high importance to Tiffany & Co. They consider building a relationship with their customers as a priority. This would be a example of relationship selling. Each salesperson that works at Tiffany's follows a sales process when selling their products. This process allows the salesperson the maximum possible of making their sale. One part of this process that Tiffany & Co. really takes into consideration is following up. After a purchase is made the company allows customers to come in at any point for any sort of problems, adjustments, or even cleanings. For Tiffany's, it isn't just about making sales to get the money, to them it is really about customer satisfaction.
As mentioned before, personal selling is of high importance to Tiffany & Co. They consider building a relationship with their customers as a priority. This would be a example of relationship selling. Each salesperson that works at Tiffany's follows a sales process when selling their products. This process allows the salesperson the maximum possible of making their sale. One part of this process that Tiffany & Co. really takes into consideration is following up. After a purchase is made the company allows customers to come in at any point for any sort of problems, adjustments, or even cleanings. For Tiffany's, it isn't just about making sales to get the money, to them it is really about customer satisfaction.
Monday, October 17, 2011
Chapter 17: Advertising and Public Relations
Communication plays an enormous role in marketing. By using tactics such as promotion and advertising, companies are able to inform consumers of products in order to create sales. Advertising is a key factor in the success of many companies. Without advertising, it may be difficult for a company to get their name out and draw in consumers. Types of advertising often used are billboards, ads in newspapers or magazines, commericials on the television or radio, etc.Tiffany & Co. often advertises with billboards and posters, as well as a few commericals.
Here is one of Tiffany & Co.'s Billboards
Personal selling is a big deal to Tiffany & Co. Personal selling is a purchase situation involving a personal, pais-for communication between two people in an attempt to influence each other. Sales associates that work at Tiffany & Co. are trained in a way that allows them make maximum sales. Knowing the product they are selling as well as, in a way, being persuasive are factors that can help sell their products.
In my opinion Tiffany's uses institutional advertising. Very seldom do they advertise for a particular item, rather they promote the entire company.
Here is one of Tiffany & Co.'s Billboards
Personal selling is a big deal to Tiffany & Co. Personal selling is a purchase situation involving a personal, pais-for communication between two people in an attempt to influence each other. Sales associates that work at Tiffany & Co. are trained in a way that allows them make maximum sales. Knowing the product they are selling as well as, in a way, being persuasive are factors that can help sell their products.
In my opinion Tiffany's uses institutional advertising. Very seldom do they advertise for a particular item, rather they promote the entire company.
Sunday, October 9, 2011
Chapter 15: Retailing
In today's society, the retailing is one of the largest and most important industries known. By definition retailing is all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use. As it has become more and more known and convenient, retailing has increasingly enhanced daily life for people everywhere. There are many different types of retailing, including different types of stores, outlets, and markets, each contributing many factors in which many have become accustomed to.
Of the many forms of retailing, some of the most common are supermarkets, department stores, and convenience stores. Each of these provide a specific level of service, product assortment, and gross margin. Tiffany & Co. is an example of retailing. Tiffany's started off in 1837 as an independent retailer, owned by Charles Lewis Tiffany. Over the many years, the store has progressively expanded and with its flourishing success grew into a chain store. Chain stores are owned and operated as a group by a single organization, where most of the administrative tasks and business is done at the chain's home office. In Tiffany's case, this would be at the flagship store on 5th Avenue in New York.
With so many technological advancements in today's era, many people look for new and more convenient ways of shopping. Because of this, different types of retailing has been developed including nonstore retailing, direct retailing, automatic vending, and telemarketing. The most well known of these new ways of shopping is online retailing, or e-tailing. Shoppers with personal computers and access to the internet have the ability to view products and make purchases online, with the luxury of staying at home. Tiffany & Co. has also jumped on the internet bandwagon and created a website allowing e-tailing.
In retailing, there is something known as the six P's; product, place, promotion, price, presentation, and personnel. Each of these six contribute to the overall success of a company's sale of goods and services to its consumers. Tiffany & Co. pays very close attention to each of these elements in order to remain successful. Product offering, also known as product assortment and merchandise mix, is the different products offered to the consumer by the retailer. Tiffany & Co. has a large variety of jewelry and luxury items available to consumers. With the seasonal development of various lines by different Tiffany & Co. designers, product assortment is constantly changing. Tiffany & Co. consistently makes sure to maintain its high end products but also its high end service. That includes personnel, with customer service, presentation, with its quality atmosphere, and place, with its placement of store locations. Tiffany & Co. makes keeping customers happy a main priority, along with maintaining its prestigious reputation and in doing so continues to progress as a leading retailer.
Here is a link of Tiffany's online "e-tailing" website. It shows the collection of products available to consumers to purchase online.
http://www.tiffany.com/
Recently I visited the Tiffany & Co. flagship store located on 5th Ave. in Manhattan. Immediately I was greeted by a very nice doorman saying "Welcome to Tiffany's." This is nothing new to me because being one of my favorite stores, I do like to visit there often. However for a first time visitor of Tiffany's, the extremely friendly and welcoming atmosphere may come as surprise, especially in New York. Upon entering the store you'll find numerous glass cases filled with the compnay's well known high end jewelry. Behind the cases are sales associates who are eagerly waiting to assist you. It is rather quiet in Tiffany's and everything is very clean. You almost get the sense that you're in some sort of museum, and with the prices of some of the items in the store you may as well be. The store has six floors altogether. Four of these floors are for jewlery, with one specifically for their trademark engaegement and wedding rings, one floor for gift items, and an entire floor dedicated to customer service. Looking around the store is a great experience even if you aren't making a purchase.
Of the many forms of retailing, some of the most common are supermarkets, department stores, and convenience stores. Each of these provide a specific level of service, product assortment, and gross margin. Tiffany & Co. is an example of retailing. Tiffany's started off in 1837 as an independent retailer, owned by Charles Lewis Tiffany. Over the many years, the store has progressively expanded and with its flourishing success grew into a chain store. Chain stores are owned and operated as a group by a single organization, where most of the administrative tasks and business is done at the chain's home office. In Tiffany's case, this would be at the flagship store on 5th Avenue in New York.
With so many technological advancements in today's era, many people look for new and more convenient ways of shopping. Because of this, different types of retailing has been developed including nonstore retailing, direct retailing, automatic vending, and telemarketing. The most well known of these new ways of shopping is online retailing, or e-tailing. Shoppers with personal computers and access to the internet have the ability to view products and make purchases online, with the luxury of staying at home. Tiffany & Co. has also jumped on the internet bandwagon and created a website allowing e-tailing.
In retailing, there is something known as the six P's; product, place, promotion, price, presentation, and personnel. Each of these six contribute to the overall success of a company's sale of goods and services to its consumers. Tiffany & Co. pays very close attention to each of these elements in order to remain successful. Product offering, also known as product assortment and merchandise mix, is the different products offered to the consumer by the retailer. Tiffany & Co. has a large variety of jewelry and luxury items available to consumers. With the seasonal development of various lines by different Tiffany & Co. designers, product assortment is constantly changing. Tiffany & Co. consistently makes sure to maintain its high end products but also its high end service. That includes personnel, with customer service, presentation, with its quality atmosphere, and place, with its placement of store locations. Tiffany & Co. makes keeping customers happy a main priority, along with maintaining its prestigious reputation and in doing so continues to progress as a leading retailer.
Here is a link of Tiffany's online "e-tailing" website. It shows the collection of products available to consumers to purchase online.
http://www.tiffany.com/
Recently I visited the Tiffany & Co. flagship store located on 5th Ave. in Manhattan. Immediately I was greeted by a very nice doorman saying "Welcome to Tiffany's." This is nothing new to me because being one of my favorite stores, I do like to visit there often. However for a first time visitor of Tiffany's, the extremely friendly and welcoming atmosphere may come as surprise, especially in New York. Upon entering the store you'll find numerous glass cases filled with the compnay's well known high end jewelry. Behind the cases are sales associates who are eagerly waiting to assist you. It is rather quiet in Tiffany's and everything is very clean. You almost get the sense that you're in some sort of museum, and with the prices of some of the items in the store you may as well be. The store has six floors altogether. Four of these floors are for jewlery, with one specifically for their trademark engaegement and wedding rings, one floor for gift items, and an entire floor dedicated to customer service. Looking around the store is a great experience even if you aren't making a purchase.
Monday, October 3, 2011
Chapter 6: Consumer Decision Making
One of the most important parts of marketing is having customers buy your product. Not only are there many factors that are involved on the marketer's side, but equally as many on the consumer's side. Despite what many people may think, in the simple process of purchasing a item, large or small, the process involved contains many elements. Whether making a larger purchase such as deciding on what car to buy, or buying something like cereal at the supermarket, both purchases contain many details influenced by the marketer and the consumer.
The consumer decision-making process contains five steps which are used by the customer when purchasing goods. In following these steps the consumer is able to evaluate their purchase and end up with the correct item that they want. Things such as determining if the purchase is a want or a need, internal and external stimuli, and information sources are all factors involved that affect the customers decision on making a purchase. Today few consumers realize that the majority of purchases made throughout the day are greatly affected by all these things because making purchases have become so second nature. For instance, as mentioned before, something as simple as going to the super market to buy cereal would be seem by many to be a very simple task. However, people overlook how much actually goes into that one purchase. Things such as what brand to buy, what size box, price range, etc. are often taken into consideration rather quickly. This is because buying cereal is a type of routine response behavior. However when making a purchase that is on a much larger scale, like buying a car as mentioned earlier, the decision making process becomes much more complex. There may be more at risk with this type of purchase therefore the consumer wants to know he or she is making the right choice.
When it comes to Tiffany & Co. there are a some differences when it comes to the consumer's decision making process. Mostly it will depend on what the consumer is buying from Tiffany's. One of the items sold most by Tiffany & Co. are their engagement and wedding rings. When a consumer goes to Tiffany's to purchase an engagement or wedding ring the decision making process can become rather complex; therefore deeming it either limited or extensive decision making. The many elements and factors as stated before all become part of the consumers decision. Some factors pertaining specifically to Tiffany engagement rings that are considered would include ring type, setting, karat size, price range, and ultimately whether the ring wearer will like it or not. All these types of things are just parts of the elaborate action of the decision making process with ultimate goal of the consumer's satisfaction in his or her decision.
The consumer decision-making process contains five steps which are used by the customer when purchasing goods. In following these steps the consumer is able to evaluate their purchase and end up with the correct item that they want. Things such as determining if the purchase is a want or a need, internal and external stimuli, and information sources are all factors involved that affect the customers decision on making a purchase. Today few consumers realize that the majority of purchases made throughout the day are greatly affected by all these things because making purchases have become so second nature. For instance, as mentioned before, something as simple as going to the super market to buy cereal would be seem by many to be a very simple task. However, people overlook how much actually goes into that one purchase. Things such as what brand to buy, what size box, price range, etc. are often taken into consideration rather quickly. This is because buying cereal is a type of routine response behavior. However when making a purchase that is on a much larger scale, like buying a car as mentioned earlier, the decision making process becomes much more complex. There may be more at risk with this type of purchase therefore the consumer wants to know he or she is making the right choice.
When it comes to Tiffany & Co. there are a some differences when it comes to the consumer's decision making process. Mostly it will depend on what the consumer is buying from Tiffany's. One of the items sold most by Tiffany & Co. are their engagement and wedding rings. When a consumer goes to Tiffany's to purchase an engagement or wedding ring the decision making process can become rather complex; therefore deeming it either limited or extensive decision making. The many elements and factors as stated before all become part of the consumers decision. Some factors pertaining specifically to Tiffany engagement rings that are considered would include ring type, setting, karat size, price range, and ultimately whether the ring wearer will like it or not. All these types of things are just parts of the elaborate action of the decision making process with ultimate goal of the consumer's satisfaction in his or her decision.
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