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Case Study Analysis
Tiffany & Co. is a growing entity in the jewelry industry. Created in New York City in 1837 by Charles Lewis Tiffany, Tiffany & Co. is well known for their high quality luxury products, impeccable customer service, and socially responsible mining to acquire their diamonds. Their sophisticated line gives them a distinctive advantage over other brands. In order to maintain their remarkable brand, Tiffany & Co. invests in a professional and knowledgeable staff, and in exclusively “high street” locations that offer attractive displays for their beautiful jewelry. Their success can be largely attributed to their focus-differentiationstrategy approach. Their focusedstrategy aims to fulfill the needs of a niche group of affluent customers who appreciate high quality luxury merchandise.While the differentiationstrategy has set them apart since 1837, Tiffany & Co.’s reputation in the marketplace has made the “blue box”a staple brand, not only in the United States, but Europe and the Asian-pacific as well. Tiffany’s long term strategic objectives include adding exciting new designs to compliment the company’s existing core products, expanding the reach of marketing communications, opening stores in key markets, and enhancing the in-store experience for its customers through dialogue between salesperson and customer.The company plans to introduce entirely new design collections periodically. The company isaiming to expand, refresh, and reinterpret existing collections in the coming years.Analysis of existing mission statement:The unofficial mission statement of Tiffany & Co: “Designing and crafting products of inspiring beauty and legendary style, engaging our customers with warmth and elegance, and
doing so in stores that radiate the energy and excitement of New York City. Our objective remains to deliver the promise of the Blue Box.”I find Tiffany & Co.’s mission statement adequate. The first half of the statement is great, I wouldn’t change it. 1) It covers the company’s reason for being (designing and crafting productsof inspiring beauty and legendary style). 2) It shows the importance the company places on treating the customers with respect (engaging our customers with warmth and elegance), which is imperative to a mission statement. And finally, 3) it promises an experience rather than a product (doing so in stores that radiate the energy and excitement of New York City). However the last part of the statement gets confusing. Their current mission statements fulfills characteristic 1-4 (Broad in scope; does not include monetary amounts, numbers, percentages, ratios, or objectives, Fewer than 150 words in length, Inspiring, and Identifies the utility of a firm’s products ) But, it does not mention anything about being socially or environmentally responsible, which is one of Tiffany’s core strengths. Out of the nine required components the book mentions (customers, products or services, markets, technology, concern for