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INFINITE BY TIFFANY & CO.
Current Situation According to business consulting agency McKinsey & Co., some current trends that the jewelry industry is facing would be increasing demand from middle income consumers, competition from small medium enterprises in national regional areas, and non-jewelry players introducing jewelry collections. This demand is largely attributed to the growth of middle-income consumers in the developing nations, such as China and India, where these emerging classes are establishing a taste for international luxury brands. It is projected that by 2015, these nations will account for the same share (approximately 30 percent) of diamond jewelry sales as the U.S (CIBJO, 2012). Factory Outlet Concept As such, to capture new demand and cement its place in the market amongst many competitors, an outlet concept would greatly benefit Tiffany & Co. In establishing one, it can enable Tiffany & Co. to better compete against national jewelry retailers, and oust competition. This is because the demand for luxury goods will continue to rise amongst middle-income consumers, who wish to own luxury goods as a status symbol or its superior quality. Here, Tiffany & Co.’s edge lies in offering both high-priced jewelry for its main upper-income consumers, and lower priced jewelry lines for middle-income consumers. It also does well in reaching out to more target markets in its marketing and branding strategies, by cultivating brand loyalty in new consumers who may or may not have purchased its products, and continuing to fulfill its promise of quality. The outlet concept will not only support this, but give Tiffany & Co. more appeal with the middle-income in terms of affordability, and result in them capturing a higher percentage of market share. Desired Brand Positioning In examining the brand elements, identity and personality, it can be inferred that Tiffany and Co.’s desired positioning would be sincere and sophisticated. It aims to be perceived as the perfect expression of one’s love, and this is reflected in the company’s iconic blue box and the Tiffany setting. Tiffany and Co. also markets its products by appealing to their consumers’ emotions and forging a timeless, personal connection with them. By using the concept of love, they also appeal to consumers in putting forth the idea that their product is not a want, but a need. It also aims to be upscale, as its visual elements such as the logo, packaging and advertising strikes consumers to perceive it as an elegant, luxurious brand. Finally, with their many product lines and segmentation decisions, Tiffany and Co. also aims to be the go-to brand for consumers whenever they are commemorating a special occasion, not simply a wedding or engagement. |
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