Brand equity strategy: creation, management, and critical assessment

Tiffany & Company was founded by Charles Lewis Tiffany in New York City which is a company that is known for it is luxury jewelry collections especially their diamonds, yet this store serves customers from all over the world because it currently has 206 stores on the market internationally (Iaroshuchuk, 2010). The store provides a variety of designs and products for its customers besides diamonds including watches and other beauty accessories, gifts, engagement items, and more for both men and women. Tiffany and Co.'s executives have come together to provide affordable, dependable products that target the working to upper class adults by distributing brands to from the United States, through Europe, to Asia that are decided upon by important decision making that will guarantee momentous value that will be well distinguished and have a constructive organization and relationship to the consumers who do business with our store (Iaroshchuk, 2010). In ensuring that we provide the appropriate and marketable products we focus on three primary ways the inventions and designs of the merchandise we want to nationally distribute by looking at the way our creations will affect us and how they are measured (a) financially, (b) will we provide additional brand extensions, and (c) are we presenting a consumer-based product. Currently, Tiffany & Co. And executives are concerned about the wealth and revenues of our business and the problems and concerns that our company is presently facing, and we have met and discussed what our present problems are, included a detailed analysis and an assessment of what we our issues are.

First and foremost, we want to recognize that despite the fall of the nation for cost-cutting measures, Tiffany & Co. has continued to increase profits and revenues; however, in order to continue successfully we will need to take care of a few issues that are still a threat to our market. Our first priority we defined and want to take action on immediately against is the problem that Tiffany's & Co. faces in Japan with the yen and dollar exchange rate because of our outsized publicity it has influenced the company rigorously and negatively. At this time, Tiffany & Co. has been directly overseeing the business functions in the country that is right now being administered by Mitsukoshi, and there has been major amplifications in the swap rate, and management needs to be informed of this overseas problem to comprehend that such a large variation in the rate at which the United States' dollars and Japanese yen do business is harming our industry and marketing progress. In thoroughly investigating and conversing about this concern, we, the executives of Tiffany & Co., feel that the central aim will be to allow Tiffany's exchange-rate control agenda to properly manage payments that are distributed in yen and to permit them to repurchase inventory, and that we have come up with four ideas to offer as part of our recommendations on how to handle this operation (Docshare.com, n.d.).

The strategies have been defined because we believe will allow us to look at the exchange rate, the control, the financial and consumer impact that will provide Tiffany & Co. with additional ways to expand on goods that are profitable. In the wholesale agreement that our business works out with Mitsukoshi we should agree to offer them a maximum of 27% of the remaining trade sales since they do supply the Japanese establishments with different types of facilities to individualize our products and protect our stores and inventory supply. This allows our stores to vary in the yen and dollar rate of trade/exchange as well as in the future, yet we should also think about simple equivocation substitutions. Tiffany & company -- 1993,"). For the next five years, we must come together and carry out a diagram to pay Mitsukoshi in overall inventory repurchasing to minimize the obstacles in this area, and we must create a present a contract to the Japanese that is already been bargained with predetermined conditions for the extent of the agreement. Next, we feel the exchange program should have a certain lenience toward the requirements of delivering our goods overseas to all countries we have companies in, and this will allow us to compensate resources and goods by eliminating the ability to partake in public meetings to control costs. Having a contract with Japan can permit Tiffany and Co. To support and encourage future marketing alternatives that offer the highest return, and by doing something about these issues now can determine and increase sales and marketing results for additional goods and services to our consumers to stay competitive (Docshare.com, n.d.).

As a result of analyzing the problems at our firm, as part of the overall global administration for the success of our department stores, the committee feels that there should Tiffany & Co. should continue to refuse certain gems and stones that would take away the value of the jewelry that we supply to our consumers. These precious stones include: recently extracted coral, rubies, spinel, and jadeite from Myanmar. After consulting and weighing the options with Michael Kowalski, we feel that priceless reserves are dear but do harm and drain our natural surroundings that causes opinionated and confusion, and that our moral principles are a part of who we are as a jewelry store internationally. This outlook is a consumer-based approach that the chief executive and members feel we should be doing whatever we can to influence consumers. Mr. Kowalski states that today our societies recognize that there are justifiable matters on removing innate possessions which gives Tiffany & Co. The prospects and commitment because the jewelry commerce is not excused and that endorsing such acts is unethical would be lowering the company's standards. By continuing to support and preserve our natural environment the business' endeavors, the Tiffany & Co. Foundation can continue to receive and donate the millions taken in to uphold dependable forms of drawing out and safeguarding stones and gems because sales increased 10% within one year (which was a $304.3 million profit compared to the year before (Newman, 2006).