Tiffany & Co. - Management Assignment Help

Assignment Task

Dabi Lee 
Tiffany & Co. Topic 4
 Tiffany’s meso environment, which is another word for operating environment or “setting between the macro and micro-opportunities” (Alan, 2011) can be listed as the competitors, media, customers, extent of distribution, new technologies and impacts of government regulations. Since “understanding of a company’s operating environment is the key to formulating an effective strategy, positioning the business for success, and making the most efficient use of the limited resources,” (Module2, 2021, p.7) monitoring meso-environment became one of important strategy for the company’s success.
Media: Media is the best example of the meso environment since this can affects and provides the company with a lot of opportunities but at the same time, can give threats or risks. These days, the customers become smarter and faster; many of customers are already aware of that the organisations are using media platforms as the company’s one of marketing strategies by paying a fee to advertise the company with more good feedbacks or new. So, for this reason the customers are expecting to hear ‘real feedback’ before purchasing any product rather than reading out the comments from the articles or the company’s advertisement. To think with the Tiffany, currently “Tiffany continues to attract customers to their products and motivate sales. On Tiffany’s official website, reviews are not available, but on their Instagram, customers do not shy away from affirming their love or disappointing in their products.” (Natalia, 2019) Also, they are “responding customers who speak other languages, Tiffany’s is able to pinpoint their products and locations to all audiences despite geographical boundaries to propose new sales leads. Despite negative or positive feedback, Tiffany & Co is upholding the standard of their status via social medias through social listening because they are monitoring and reacting to the comments on their posts.” (Natalia, 2019)
 Competitors: There are several competitors of the Tiffany & Co. with the similar price range, product range, and the target market in which they all compete for in terms of attention, time, and money such as the Blue Nile, Pandora, Cartier, Swarovski and so on. They are threatening sales numbers but Tiffany looks forward to continuing to operate the business “in a responsible way by strengthening our environmental, social and governance efforts that will foster long-term benefits,” (Tiffany Sustainability Approach, 2021) for themselves but also including the partners, jewellery industry and the broader society.
 Customers: Profit-orientated companies are focusing on the sales, profits, and the customers’ satisfaction. The high numbers of customers with satisfactions are the one of most important features to take care of since this is directly related to the strength and the reason for the company’s existence.
 Impacts of government regulations: There are so many different types of the government regulation regarding the work environment, finance, security and laws and so on. This normally affects the organisation in a negative way but it also in positive way depends on the company’s circumstance. For Tiffany, to think with the most of common regulations, it will be strongly related for their mining works since they do not own or operate any mines, they worked to improve mining standards around the world for many years as Tiffany (2021) even explained, “we have developed a strong point of view on what it means to mine responsibly. We work with leaders from industry, civil society and government to support the development of mining industry standards that aim to respect the environment and the people who work in and live around mines.” Within the common possible government regulations, the regulations regarding the mining will be very important and effectible to Tiffany.
 New technologies: Nowadays, the sales were mainly focused on the online system because people are expecting to simply view and order products through an online more in convenient way instead of actually visiting stores. Especially during this pandemic and lock downs, somehow it enforced the customers to do more of online orders. However, Tiffany sells expensive golds and Jewelleries and normally their customers are willing to try the product on, to make sure with the design, size and looks before purchasing; so, this was the very hard point for Tiffany during the pandemic. But there were still customers who check their online website, view products then decide to order project through an online. Most of customers prefer to visit the offshore store but Tiffany will be still required to continue with the investment in new technologies and “needs to put more money in technology to integrate the processes across the board. Right now, the investment in technologies is not at part with the vision of the company,” (Fern Fort University, n.d.) but this is directly related to their sales number and target so assume this will be the part for the Tiffany to seriously consider for the development because “the new technology provides an opportunity to TIFFANY & CO. to practices differentiated pricing strategy in the new market. It will enable the firm to maintain its loyal customers with great service and lure new customers through other value-oriented proposition.” (Fern Fort University, n.d.)

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