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Tiffany&Co

In: Business and Management

Submitted By Katerinasoukia
Words 1800
Pages 8
One of the world’s largest brands in the market of luxurious jewelry is the successful American brand Tiffany& Co. In the following analysis, the customer-driven marketing strategy including the market segmentation, targeting, differentiation and positioning are the ones I would propose in case I would take on the position of the leading marketing manager in the specific company, mostly focusing on a specific product, the famous diamond rings.

1. Suggest how to segment the market.

The topic of segmenting the market is not an easy task to accomplish and it could be better defined as a compilation of multiple factors. Therefore, Tiffany& Co. should try through multiple variables to see which give the best segmentation opportunities. We are discussing the case of consumer marketing, so the major segmentation variables are geographic, demographic, psychographic and behavioral. The analysis of each category is vast, but it would be more advisable for the specific brand to narrow the analysis into the most concrete level as to reach our goal more accurately, which is no other but the utmost accurate market segmentation. Tiffany& Co. can segment its customer market based on geographic criteria, in other words divided into different geographic units, such as nations, regions, states, counties, cities or even neighborhoods. Being a brand originating by the United States of America, it could be argued that it targets solely the specific geographic market. This is not solely true as nowadays, thanks to the alert presence of internet in all kinds of sales, the specific brand can reach people all around the world. Though, it would be slightly improbable to find a Tiffany store in Utah or Tibet, as the specific brand, although being an international one, has additional criteria on segmenting the market than only geographic ones. The company…...

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