The paper "Strong Brand with Relatively Few Retail Stores" is a great example of a Management Case Study. Tiffany is a multinational jeweler that is very successful due to the strategic measures that are put in place in its operations. Most ventures collapse not necessarily due to lack of resources like funds but inefficiency in the overall organizational structure of the business. Many scholars have scrutinized the various strategies that have been implemented in the arrival of the present state and level of the venture. This paper will outline the various issues that have been implemented in consideration of their efficiency in the ultimate contribution to the business.
More precision will be drawn towards the strategic management strategy in the context of market penetration, product development, and market development. In conclusion, the paper will arrive at the best recommendations and discuss their impacts on the business and the level to which they should be absorbed or discarded (Cuneo, 1999). Although Tiffany Company is doing well already the trend must be maintained and continually changed to match with other alterations that have influence in the business either directly or indirectly.
All the discussion will be based on the factors that contribute to the success of a business, the implementation methodology and the extent to which they influence the business trend. The information will be very useful as it will identify the existing gaps concerning marketing and highlight the directions for future research. Moreover, it will be useful to the policy formulators as well as the entire population fragmentally as the respective expectation will be well spelled out in the recommendation. One of the successful models that are presently employed in Tiffany Company includes strategic management that aims at the identification of the trend of the business.
The strength analysis is done at the various locations to determine the capacity of the Company in the realizing of its success. The more the strengths the higher the chances that the company will succeed and therefore there is need to maximize on their extent to get as many benefits as possible. Tiffany Company has a strong direct sales strategy well outlined in four different sectors that involve multiple direct distribution channels.
The many sites of the distribution of their products aid in increasing brand salience by increasing the number of people who consider the products for purchase leading to high revenue in the company (Hessen, 1999). Tiffany Company has many directly operating stores in many strategic places that increase the level of the consumption of the product. Moreover, this would mean that the sales procedure\s are simple and therefore encourage the consumer to engage in the activities of the business. The company is well established globally as in Asia, the United States and Europe thereby increasing the consumer degree of coverage that increases the probability of growth of the business.
The direct marketing strategy is also an asset as this incorporates online activities like shopping and communication services thereby broadening the business scope even further. The company is also well specialized and deals with the selected merchandise that increases the quality of the products due to concentration on an area of specialization increasing innovation and creativity.
Cuneo, A. Z. (1999). Tiffany & Co., a strong brand with relatively few retail stores, this fall starts selling jewelry online. New York. New York Press.
Hessen, W. (1999). “A new Tiffany diamond.” Women’s Wear Daily. Oxford: Oxford Press.
Rosen, S. M., Tunick, B. J. & Samuels, R. (2004). American gem. New York: New York Press.
Zimmerman, A. (2002). E-commerce Selling strategies. Oxford. Oxford Press.