Case 46 Tiffany and Co

Case 46 Tiffany and Co - Jason Wilcox Case#46 Business...

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Jason Wilcox Case #46 Business Policy When a woman receives jewelry as gift from a boyfriend, fiancé, or husband whether the want to admit or not the look to the top of the box in came in to see what store it was bought from. Nothing impresses a woman more than seeing that new piece of jewelry came from Tiffany & Co. Tiffany & Co has been known for years as one of the premier jewelers in the world in essence Tiffany & Co is the equivalent to a BMW or Lexus in the automotive world. Tiffany & Co was started all the way back in 1837 by Charles Lewis Tiffany in New York. Fine jewelry is always timeless and Tiffany & Co makes sure that every piece of jewelry with their stamp is created nearly perfect with only minimal flaws. The price a customer pays for jewelry from Tiffany & Co ensures they are getting a quality piece with extraordinary value from a business with the reputation as one of the world’s finest jewelers. With the recent downward turn in the economy over the past 18 months fine jewelry stores such Tiffany & Co and Zales have seen decrease in sales especially those impulse buys from customers in the higher income brackets. Those people are starting to cut back on the luxury purchases and jewelry is now seeing loss in sales. However with a reputation such as Tiffany’s , loyal customers seem to come back time and time again for jewelry purchases whether it be the matching earnings or a diamond solitaire necklace they know by purchasing a item from Tiffany & Co they are purchasing some of the finest jewelry available. SWOT Analysis:
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Strengths: The most obvious strengths that Tiffany & Co has over their competitors are the long standing reputation of selling high quality jewelry with great value at a fair price. Tiffany & Co has also been around for more than 150 years and that is something customers look at when making a large purchase such as an engagement ring. They want to make sure that a company will be around awhile incase the craftsmanship fails or needs to be touched up. With such a long time in the business customers get the reassurance that Tiffany & Co will be there for them just incase. They also know that a jewelry store does not stay in business for such a long time by selling jewelry not built to last a lifetime. Another strength that Tiffany & Co has over its competitors is the company-operated retail stores. By communicating directly with the customers Tiffany & Co are able to make changes to its line to fit the customer trends in a more timely fashion than that of stores such as Zales. By having company operated stores Tiffany & Co also does not have to pay some of the high prices demanded by department stores allowing them more capital to design innovative jewelry pieces, while there competitors fall behind the race having to pay the cost of being located within a department store. Finally when a customer walks into a Tiffany & Co store then instanty feel like luxurious
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This note was uploaded on 12/18/2010 for the course BME 251124 taught by Professor Morales during the Spring '10 term at SUNY Albany.

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Case 46 Tiffany and Co - Jason Wilcox Case#46 Business...

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