Brand Competitors and Promotional Strategies: Tiffany & Co and Cartier

Marketing – Brand Competitors and Promotional Strategies
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Understanding the relationship between external circumstances and the internal dynamics of a company is essential for anyone. It allows him to appreciate better how the environment influences a product and adjust his strategies for its success. In this article, the author would like to discuss product differentiation, responses to change, and pricing strategies, among others. These issues are some of the most important ones to address for any organization to cope with the increasing change and competitiveness of the market. Overall, the author believes that it becomes easier to adapt and improve towards success by having in-depth knowledge about these circumstances affecting real-life organizations.
Real-Life Examples
One of the products that have been closely affected by changes in the environment and the market is jewelry products. Compared to other industries, jewelry pieces are considered "specialty products" because they have no other substitutes or alternatives in the market. However, even though this kind of product is unique, the market's change in demand and competitiveness influences them to reposition themselves, similar to Tiffany & Co. and Cartier's.
Tiffany & Co. and Cartier are some of the world's largest and most famous jewelry brands. On the one hand, since jewelry purchases (especially for high-end products) are driven mainly by emotion or necessity (i.e., wedding proposal), the value of jewelry is highly influenced by the brand names that sell them. There is little research on such purchases because diamonds and other precious metals usually look the same. In turn, people who purchase these jewelry also base their decision on these brand names, especially those who can purchase them themselves.
On the other hand, however, jewelry from both of these companies may differ in how their products are presented. For example, Tiffany's products are relatively minimalistic, sterling silver, while Cartier's pioneer platinum, gold, diamond embellishments. Both of their items are unquestionably luxurious and of high quality and price point.
However, because of the increasing competitiveness of the market, these products have to further differentiate themselves based on their branding strategy. Today, rather than merely relying on...