Chapter 7- Business Marketing

      While the main purpose of Tiffany & Co. is customer consumption, another aspect of the company is business marketing, or the marketing of goods and services to individuals and organizations for purposes other than personal consumption. Tiffany's uses some business-to-business commerce, mainly ith other retail stores to expand their sales. Their website also allows a lot of other business marketing. A concept known as stickiness is used to measure a website's effectivness by multiplying the frequency of visits by the duration of a visit by the number of pages viewed during each visit. Despite being numerous Tiffany & Co. locations to shop at, the company's website still makes up for a large amount of the profits. Many business like aspects including any major equiptment, accessory equiptment, raw materials, etc. make up the many elements that make the business marketing of Tiffany & Co. a success.


                        

Chapter 8: Segmenting and Targeting Markets

   Market segmentation plays a huge role in marketing. It is by definition, the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. By doing this a company is able to focus more on a distinct group or segment and more effectively meet consumers' specific needs. Tiffany & Co. uses segmentation by focusing on its key demographic, which often contains wealthier females, ages 27-54, who usually have high interest in fashion and luxury items.

  

     With the development of the company, the demographics have greatly expanded. New lines of products and merchandise have been added, designed for new focus segments including men and young adults. Wallets and watches for men have become very popular, along with more young adult appropriate jewelry, both in style and affordability.

                                             

Chapter 11: Developing and Managing Products

One of the most important factors that make up a company is its products. Products are goods or services that are created or manufactured for sale. The products a company sells determines sales and initially the amount of money the company takes in. That is one of the reasons products are such a crucial element in marketing. They can literally make or break a company.

One way a company can keep on top of the selling of its products is to make sure that the customers are never bored with the product or. Companies can accomplish this my using a tactic known as product development. This is when a company either improves on an existing product or creates new products for the market. Tiffany & Co. often comes out with new line of jewelry, holding the consumer's attraction and attention. One of Tiffany's newest additions to the collection is known as the "Tiffany Locks" collection. Tiffany & Co. describes this new collection as "Charming yet dignified. Vintage-inspired yet completely contemporary. And above all, efforlessly chic."

Tiffany & Co. Holiday Campaign 2011

These are two of the photos from the Tiffany & Co. 2011 Holiday Campaign.




For the holidays, Tiffany & Co. has also released a brand new line of holiday charms which can be viewed at this website:
http://www.tiffany.com/Shopping/CategoryBrowse.aspx?cid=288216&mcat=148204&hppromo=THPC71

Chapter 16: Integrated Marketing Communications

                                 

    In many company, a major factor in sales is promotion. By definition, promotion is communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a respose. There are many forms of promotion including advertising, public relations, and personal selling. Tiffany & Co. is said to use only about 6% of revenues on advertising and while this may seem like very little, the rest is certainly made up for in other promotion areas.
    As stated before Tiffany & Co. makes personal selling a main priority in their stores. Sales associates are constantly around to create an atmosphere of comfort and satisfaction for customers. The goal of sales associates is to give their customers the ultimate "Tiffany's Experience." I once observed this exact "experience" taking place while I was visiting Tiffany's store on %th Ave. I witnessed a couple that picking out either engagement or wedding rings together. While at many jewelry stores the sales associate would help the couple with their purchase and send them on their way. However, at Tiffany's, this type of purchase is made into a more grand occasion. The couple was taken into a side room off the sales floor where they were given champagne and congratulated on their engagement. After that the sales associated explained all there was to know about their purchase and helped them find the perfect ring for them.
    Seeing this happen was a nice experience for me and it made me realize the amount of care and effort Tiffany & Co. puts into the satisfaction of their customers.


                                

Chapter 10: Product Concepts

      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.

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.