TIFFANY & CO — MENS Strategic Marketing - BFM 2 - IFA Paris
P. Uehara Rebequi, 2021.
TABLE
Of Contents
Q1………………5
Q2……………7-9
Q3…………11-13
Q4…………15-16
Q5……………..18
Q6……………..20
The three marketing steps to create this brand extension; Market Research - It is extremely important to conduct surveys, analyse the market, the targeted customers and the competitors in order to develop a better extension plan.
(Main) Marketing tools - SWOT, Porter’s 5 forces, PESTLE, TOWS and the 4Ps (Marketing mix).
Ta r g e t i n g , P o s i t i o n i n g a n d Segmentation
Q1
Porter’s Five Forces Threat of new entry - High. Men’s jewelry market has grown signi cantly in the last years. (Men and their jewellery, jewellerynnet.com - 2020)
Threat of substitution - Mid to High. Counterfeits or copies from cheaper brands can be an issue. T&Co has remarkable designs, but it is new in the men’s market and their targeted customer can opt for brands that existed in this segment longer like Cartier, LV and others. Taking this in to consideration, the brand must develop a plan to generate customer loyalty.
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Q2
Porter’s five forces Supplier Power - High. In this market, having the right suppliers is of utmost importance. T&Co could greatly bene t from the better opportunities that a big group, like LVMH, can bring to the table.
Buyer Power - High. The search for men’s jewellery is becoming every year and T&Co has been working hard through advertising in order for their targeted customer to be aware of their product.
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Q2
Porter’s Five Forces
Competitive rivalry - High. The men’s jewellery market is saturated with many big names that has been in the market for longer and many other brands are appearing and becoming known in the last years.
Q2
SWOT Analysis Strengths - Stablished / well known brand.
- Powerful suppliers.
- Products known for quality.
- Strong branding and heritage.
Weaknesses - Considerably new in the men’s jewellery market.
- Frustrating sales results inn the last years despite the growth of the men’s jewellery market.
Q3
SWOT Analysis Opportunities - Growing market.
- Reach the right customers through digital marketing.
- E-commerce boom worldwide due to the pandemic and lockdown laws.
- Arabic luxury market, Arab men tend to use only silver jewellery (which T&Co is most famous for) and they tend to love having expensive watches to show o .
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Q3
SWOT Analysis Threats - Highly saturated market
- Counterfeits and cheaper products
- During the pandemic, people are not really buying what is luxury, but mainly what is necessary in most cases.
Q3
Segmentation Criteria & Target
Demographics - Man
- 35 - 45
- Married or Divorced
- Director/CEO
- Higher education
Geographic - Widely International
- Biggest world capitals
Q4
Segmentation
Criterias & Target Behavioural - Wears jewellery since always
- Has some jewellery inherited from his father and grand father.
- Loves to spend on luxury.
- Loves to spend on himself.
- Likes to feel handsome and takes well care of himself.
Psychographic - His jewellery shows his status from afar.
- Loves quality and modernity and when both is put together is the perfect combination.
Q4
Suggestions Stronger E-commerce Investment Invest harder in the digital advertisement, the e-commerce has experienced a boom in the last year due to the pandemic and lockdown laws and man jewellery sales has also seen a boom. (Sales of men’s jewellery boomed during covid, GQ Magazine UK, 2020)
Develop modern pieces T&Co is known for elegant and timeless pieces of jewellery, however the investment in developing modern pieces will call the attention of younger(at age or at heart) customers.
Q5
Which SBU will T&Co Join at LVMH?
T&Co has to build awareness in the men’s jewellery market and improve their marketing strategy to grow among their strong competitors. Investing in a strong storytelling is also key. We could analyze throughout this presentation that they are following a distinctive storytelling (luxury, gambling games and bars) to attract their targeted customer.
LVMH has a huge range of SBU such as fashion, wines and jewellery. T&Co could move one to more than just jewellery in the near future (as it is already presenting a bit of home decor in their product range)
Q6
THANK YOU