The Research on the Marketing Strategies of Luxury Brands and its Extension—Taking Tiffany & Co. as an Example
DOI:
https://doi.org/10.54691/bcpbm.v33i.2710Keywords:
luxury; Tiffany & Co.; fashion branding; marketing strategy; brand extension.Abstract
For a luxury fashion brand to build brand identity, the implementation of appropriate marketing strategies is crucial. In recent years, luxury fashion brands are becoming increasingly creative in adapting their marketing strategies to the preferences of consumers and the fashion trend. Brands incorporate their marketing strategies that define their products and marketing activities into integrated business plans for promotion. This paper will examine Tiffany & Co., a world-famous luxury jewelry brand that has been very successful in its marketing strategies, by using the marketing mix model, competitor and consumer analysis. A SWOT analysis is used to examine the brands’ strengths, weaknesses, opportunities, and threats. This paper found that Tiffany & Co. has been very brilliant in its promotion strategies, but there also opportunities for the brand to develop. Therefore, this paper has proposed a recommendation strategy for Tiffany & Co. for its potential opportunities discovered.
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