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Tiffany & Co.

Tiffany & Co. By: Jessica Silva, Nicole Koorndyk, Spencer Cooper, & Teresa Ruvalcaba. Background Information:. Founded in New York City in 1853 by Charles Lewis Tiffany & John F. Young.

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Tiffany & Co.

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  1. Tiffany & Co. By: Jessica Silva, Nicole Koorndyk, Spencer Cooper, & Teresa Ruvalcaba

  2. Background Information: • Founded in New York City in 1853 by Charles Lewis Tiffany & John F. Young. • Sought to become the leading competitor in the jewelry market by creating a brand that offers value, quality, superior design, & exclusivity • Target those in the middle to high income bracket • Strong brand name & customer loyalty through the infamous Tiffany Blue Box

  3. Products: We will focus on Tiffany & Co.’s .925 Sterling Silver products • .925 describes the purity of the silver • Bracelets • Necklaces • Earrings • Rings

  4. Price Per Unit:

  5. Bracelets: Worth Price

  6. Necklaces: WorthPrice

  7. Earrings: WorthPrice

  8. Rings: WorthPrice

  9. Price Elasticity: Price Elasticity of Demand (PED) measures how much a quantity is demanded for a product when the price changes for the product. PED = Percent change in demand for the product Percent change in price of the product

  10. Price Elasticity Cont.: • Tiffany & Co. .925 Sterling Silver Jewelry IS Elastic • If price goes up, quantity demanded will go down • There are many substitutes for Sterling Silver Jewelry from other brands and the jewelry is considered to be an expensive luxury good, not a necessity. • The jewelry has a long life span, meaning it is not often a regular purchase

  11. Price Elasticity Cont.: • Tiffany & Co. prices are high which causes customers to be more aware and responsive to price changes Example: If we increase the price of the I Love You band from $150 to $160 Percentage change in demand of the Product = -9.24% Percentage change in Price of the Product = 5% PED = % change in demand of the Product → -9.24% % change in Price of the Product → 5% PED = - 1.85%

  12. Demand: • A consumer’s desire and willingness to pay a price for a specific good or service • Some factors that affect demand: • Price- amount of money given as payment for something • Competitors- a company in a the same industry that offers a similar product or service

  13. Demand Curve: Price D1 D2 Quantity

  14. Reasons of Purchase:

  15. What We’ve Learned...

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