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In this assignment I will be preposing a detailed coherent marketing mix for the launch of the new product or service. I will ensure that this is targeted at a defined group of potential customers.
I am going to be using the business of Tiffany&Co, which engages in jewellery merchandise. The company also sells timepieces, leather goods, sterling silverware, china, crystal, stationery, fragrances and accessories. It operates through five business segments: Americas, Asia-pacific,
Japan, Europe and Other segment. The Americas segment includes sale of products in certain markets in the U.S. through business-to-business, Internet, catalog and wholesale operations. The
Asia-Pacific segment includes sale of products in China, Korea, Hong Kong, Taiwan, Australia,
Singapore, Macau and Malaysia through Internet and wholesale operations. The Japan segment includes sale of products in Japan through business-to-business, Internet and wholesale operations.
The Europe segment includes sale of products in the United Kingdom, Germany, Italy, France,
Spain, Switzerland, Austria, Belgium, the Czech Republic, Ireland, and the Netherlands through
Internet and wholesale operations. The Other segment consists primarily of wholesale sales of
Tiffany's merchandise to independent distributors for re-sale in certain emerging markets. The company's business roots back to 1837, when its subsidiary, Tiffany & Company, NY was founded.
Tiffany & Co. was founded in 1984 and is headquartered in New York, NY.
I am looking to come up with a new product for Tiffany&Co which after a lot of thought I know that if it were to be designed it would sell to millions of people. Tiffany&Co currently have a small range of leather goods, but I have thought about it and many millions of people acquire an iPhone in this current era, a product that could be added to the leather good range would be an iPhone case, using the finest leather the logo of Tiffany&Co would be written across the bottom of the case. I would firstly introduce the new product as black leather with silver embossed writing of
Tiffany&Co and as these would become popular new colours could be introduced, such as a case the colour of Tiffany and then white embossed logo. There could be different variations of styles to trephine cases, so every customer could be targeted. But the first product would be targeted demographically at the customers age range being 16-40 and psychographic based on their lifestyle and whether they would want to purchase a designer phone case. The product would be priced at about £80 to £200 depending on the material used. The product would be sold online and in the specialty stores. The product would be communicated through advertising to the target market.
The marketing mix refers to the four P’s of marketing. The product is number one, there is no point in developing a new product or service that no one wants to purchase. A successful company such as Tiffany&Co will find out what customers need or want and then develop the right product - with the right level or quality to meet those needs now and in the future.
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• The perfect product must provide value for the customer. We must give the customers what they want, not what we think they want, dependant on the target market in hand and the variables of those customers that will be targeted.
• Is there a system in place to regularly check what the customers think of the product, the supporting services, etc, what their needs are now and whether they see them changing.
For my product we would look into what is needed for the customers such as phone cases and then develop the product to what they need, so the target market of Tiffany&Co have access to a lot of products but not yet a phone case that they can protect their phone with, by a designer label at the same time, which a lot of Tiffany&Co’s customers like. The product will provide protection for the phone and also