Tiffany & Co

1527 WordsMay 24, 20137 Pages
Specific Product: Tiffany Description: Tiffany & Co is the world 's most celebrated jeweler, with an unrivalled reputation for sophisticated luxury. Organization/Company: Tiffany & Co Company 1. What ethical concerns could arise in marketing this product? The factory associated with Tiffany opened in 2007 and Indian and Mauritian artisans came to train the Botswana employees. But the article tells us that the workers went on strike, in protest against the working conditions: they say the plant is "prisonlike", they are threatened by the managers and have no right to variable salaries like other employees. Tiffany is faced with a real ethical dilemma: to avoid "blood diamond" sourcing, the brand has to transfer know-how…show more content…
Also included are establishments retailing these new products in combination with lapidary work and/or repair services. 5. How could external factors (such as social, demographic, economic or technological) impact this product? Social: Tiffany recognized the growing number of consumers demanding luxury at mid-level prices and decided to use this trend to its advantage by appealing to these middle-income Americans. Tiffany did this by adding less expensive items to its collection, including more sterling silver, which appeals to younger women as some items retail for as low as $100. Demographic: Tiffany’s is always on the lookout for new customers. With 71 million Americans born between 1977 and 1994, there is a new generation entering adulthood. This segment spends over $36.3 billion on clothes and jewelry annually, according to Standard & Poor’s. This segment is the largest spending segment, with women from the ages of 34 to 54 coming in second. As reported from the U.S Department of Commerce, U.S personal consumption expenditures have risen from 250 billion to 1 trillion over the last 29 years. Economic: The luxury goods industry quickly rebounded following the United States economic downturn in 2001, partly due to the increasing trend of middle-income American consumers demanding luxury at every level. There will always be a luxury consumer, and they’ll continue to spend whether there are wars

More about Tiffany & Co

Open Document