Monday, April 15, 2013

Chapter 10. Product Concept

Focusing on jewelry pieces mainly, Tiffany & Co. expanded its product mix over the years of presence. Now, its stores offer us not only stunning rings and necklaces, but high-quality leather goods, beautiful silk scarves, writing instruments, watches, china, fragrances and even sunglasses; this way various market audience's needs and wants can be satisfied. Based on customers' intentions, Tiffany's product falls under the consumer product category as it  is purchased exactly for consumers' personal wants' satisfaction. Tiffany's different product lines, which are mentioned above, are categorized by collections ( Tiffany 1837, Atlas, Ziegfeld Collection, Tiffany Enchant, Tiffany metro etc.) and designers ( Elsa Peretti, Paloma Picasso and Jean Schlumberger). 

One of the greatest Tiffany designers is  Elsa Peretti. Elsa Peretti is an italian designer who worked for the company since 1974. Possibly not all of us know who she is, but her simple and sleek designs are admired almost by every female. The designer said, "Style is to be simple." Her simple and elegant shapes are inspired by nature. Apples, beans, bones, shells, hearts, teardrops are the shapes presented in various Tiffany's jewelry forms that are still the company's bestsellers up to these days. Peretti's jewelry sales bring up to 10% to Tiffany's Net Sales. 
When she moved to New York as a model in 1968 she already held a degree in interior design. Starting her career at Tiffany's, she brought a modern, fresh jewelry design in contrast to conservative jewels of that period. Her jewelry pieces are designed not only in gold but also in silver, so they become affordable to those customers who are not among the elite. As she once said in the interview for People magazine, "I design for the working girl... My objective is to design according to one's financial possibilities." Just in 2012, when her contract with Tiffany was about to expire, both sides decided to continue their relationship for the next 20 years.

Thanks to its great designers and craftsmen, who have diligently worked for 175 years, Tiffany & Co. built its brand name and value, which are its greatest assets. Another Tiffany's distinguished trademark is its unique hue called Tiffany Blue or forget-me-not blue that was originally picked for the company's catalog by its founder, Charles Lewis Tiffany. Now, this color is used for shopping bags and advertising, and recognized as a symbol of Tiffany's craftsmanship excellence and exclusivity. At the sight of the famous Tiffany Blue Box every woman holds her breath in excitement. 

Also, it is worth to mention that Tiffany is concentrated on sourcing all its packaging materials from responsible sources. The company's management ensures that its iconic Blue Boxes and blue bags are made with sustainable materials. All Tiffany's packaging is Forest Stewardship Council-certified. The FSC certification reassures that wood and paper products come from renewable and well-handled resources. In 2011, about 90% of the materials used to produce the packaging came from post-consumer recycled sources.

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