Business Analysis: Fashion Industry: Luxury Fashion Jewelry

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Business Report Part I Fashion Industry: Luxury fashion jewelry Identifying and explaining macro forces and how are they applicable to fashion industry of luxury fashion jewelry "The marketing environment... consists of the actors and forces outside marketing that affect marketing management's ability to develop and maintain successful transactions with its target customers." Kotler et al (1998) It is essential for organization's marketing environment to work effectively with accordance to its regional, national, and international markets. The marketing environment is divided into three categories, the macro marketing environment, the micro marketing environment, the internal marketing environment. Each of these categories are researched and…show more content…
It can influence the trading policies, imports and exports, balance of payment position, exchange rates, environment , gold rate, labor costs, and so on. A few of the factors could be totally out of control of any one like; weather, natural disasters, war, etc. these factors can influence undesired changes in demand, prices of raw materials, availability of raw materials and other related economic activities. Although, there is never an ideal economic situation, organizations still strive to build and work for a better and suitable economic environment (Michael, 2014). Gold rate can effect luxury jewelers. Recently there has been a downfall in gold rates, and is expected to drop in the next 12 months. Firms making jewelry will definitely benefit from this, because this would mean reduced material (gold) cost which is already quite expensive per gram, so probably an increased profit margin. Social and cultural factors: These factors relate to the people who make up the economy and altogether relate to each other, especially those involved in industries like fashion and pop culture, as they are among the most influential fields out…show more content…
(prezi.com, 2015) Marketing mix of Tiffany & Co. (Marketing Plan Outline, 2015) Product: Their high class products range from fine diamond jewelry, engagement rings, timepieces, fragrances, other accessories like sunglasses, key chains, watches. Price: Since Tiffany is a high end luxury brand, the price range is exceptionally high. Their lowest priced product is around $50, compared to the higher priced products for which the prices are only accessible upon request. Tiffany is one brand which would never have promotional reductions or discounted prices. Their prices are fixed. Place: Tiffany is located in metropolitan cities like New York, Paris, Chicago, overall operating in America, Europe, and Asia Pacific regions. (TIFFANY & CO, 2012) They can't be sighted in small cities, only in big cities and posh areas with proximity to other luxuries. Promotion: Tiffany does not do very wide spread advertising. It's known for its exclusivity and does promotions in very high end magazines only e.g. InStyle. Online catalogues are also very exclusive and only available on
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