Week 14 - Segmenting and Targeting Markets (chapter 8)

Tiffany is always on the lookout for new customers. With 71 million Americans born between 1977 and 1944, there is a new generation entering adulthood. This segment spends over $36.3 billion on clothes and jewelry annually. This segment is the largest spending segment.
Tiffany generates revenues from many areas around the world. In total, the company operates 151 stores. Tiffany has established themselves as not only the leader in the fine jewelry market, but also as an example of the company that is able to increase the value of their products through effective marketing and attention to details.
From the young to the old, Tiffany & Co. has been able to accomplish what other companies can only wish for. Tiffany has been able to attract not only one target market segment but rather target nearly all market segments. Tiffany has something for everyone. The company offers not only female's jewelry,but male's jewelry as well.

Tiffany's target market can be divided into five common market segments. These five segments are demographic, geographic, psychographic,benefit, and usage-rate segmentation. Tiffany & Co. targets white-collar adult males and females of all nationalities and religions with a flexible income to spend on luxury items. Their products are priced from affordable to aspirational. Many Tiffany products are purchased to symbolize or mark a period in one's adult life such as engagement, wedding, anniversary, birthday, or retirement. Tiffany & Co. is found not only in North America, but in Europe and Asia. The United States presently have 38 stores. Throughout the continents, the Tiffany stores and boutiques are found in upper-class cities. The psychographic segmentation is represented by the customers that can "appreciate and desire" Tiffany products. Tiffany shoppers live the life of glitz and glamour. Even the simple Tiffany Blue Box, which contains the purchase, is a symbol of the classic look. The benefit sought by Tiffany customers is a product that gives the consumer enduring value. A piece with the Tiffany name symbolizes exceptional quality and style that will endure the lifetime. The customers of Tiffany vary in the number and frequency of purchases. Many generations have been loyal to the company since 1837. Since the nature of their products is luxury, purchases are not on a constant basis. However, some customers may return to Tiffany for all their holiday and special occasion purchases.