Case Study Analysis - Tiffanies Example | Topics and Well Written Essays - 750 words

Analysis - Tiffanies - Case Study Example The sale of â€Å"fine† jewelry accounts for only a small percentage of the overall sales and profitability for the firm; however, it continues to represent a lion’s share of the overall investment, research and development, and product space that such items receive within the Tiffany branded stores. Tiffany’s is seen by consumer markets as representing on extremely expensive pieces of fine jewelry; this somewhat reduces the degree and extent to which it can hope to engage consumers within other markets. Solution a: Activate an aggressive marketing campaign that alerts consumers that Tiffany’s provides for the needs of a diverse group of consumers; not only those that are within the highest socio-economic category. Solution b: Begin slowly phasing less expensive products into the product mix and hope that the consumer base will respond positively by means of gradual osmosis; continuing to utilize the 18 month product cycle previously defined. Solution a: Promote a strategy that engages consumer awareness that Tiffany’s physical location only represents a portion of what the firm has to offer and that online shopping as a manner by which everyone else that does not live in close proximity can enjoy their products. Solution b: Begin to alter the brand marketing approach so that Tiffany’s will not only be marketed within certain select forums. This will encourage a re-integration of understanding in terms of what the firm represents and how. Solution b: Discontinue existing and outdated marketing approaches that have placed a disproportional focus on word of mouth and status advertising; as these are outdated and insufficient to reach emerging markets. Solution a: Whereas almost all other luxury brands have engaged with the Chinese market thoroughly, Tiffany’s only represents 10 stores in this nation of over 1 billion people – indicating a situation in which potential for profitability and market space within China