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Diamond Industry-Tiffany And Co - Business Plan Example

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This work called "Diamond Industry-Tiffany And Co" describes the preferred pricing strategies, distribution strategies, promotion, and product strategies of this company. The author outlines that Tiffany and Co. needs to register improved sales and profitability in the next three to five years. …
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Diamond Industry-Tiffany And Co
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Download file to see previous pages In an effort to achieve this, the marketing department has identified marketing objectives that will see the company register success in the next three to five years. In the recent past, especially in 2012, the company did not meet the estimated percentage of growth and the profit level. This explains why Tiffany needs to adopt strategies that can ensure increased sales and a higher profit margin in the future. This marketing plan presents the preferred pricing strategies, distribution strategies, promotion, and product strategies. These strategies have their basis on the 4 P’s marketing mix. Worth noting is the fact that Tiffany products will remain premium products with high prices in an effort to maintain the Tiffany brand value. Only members will receive discounts in an effort to motivate them to spend more.
Pricing strategies will conform to the company’s target market. In addition, the company will focus on its global expansion ensuring product availability in different places. However, emphasis on online distribution will be of critical importance if the company is to register increases in sales. From the company’s use of Facebook and other social media platforms, there is immense potential in e-commerce for the company. This means that promotion strategies will also shift to forester online distribution and sales. However, the company will also pursue other promotion strategies and increase the percentage of spending on advertising. Finally, a wider product diversity that meets the needs of the customers will be effective in increasing sales. Tiffany will engage in research and development in an effort to launch new products that conform to the needs of the customers. The assessment of these strategies will take place during each fiscal year. The implementation plan will take three to five years. Therefore, an assessment of the company’s performance in each fiscal year will determine its progress.
Notably, Tiffany and Co. is a luxury brand that focuses on jewelry such as engagement rings and diamond products. A close analysis of the company’s growth trends reveals that there is a need for the development of a rigorous marketing plan that can help the company register increased growth in the market. One of the marketing objectives in the company’s marketing plan should be the expansion of distribution channels in selected markets across the globe while maintaining the value of the Tiffany brand. Moreover, there is a need to register increased sales in the current stores.  ...Download file to see next pages Read More
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