Impact Of Market Structures An Insight On Tiffany Co...

The Impact of Market Structures – An insight on Tiffany Co. In 1837, a man named Charles Lewis Tiffany founded the company Tiffany, but it was not until 1853 when the same man decided to rename the company Tiffany Co. and make the switch from being a company that sold stationary objects, to a company that focused on the creation and distribution of luxury jewelry (Agrawal). Since the reconfiguration of the company, and over 150 years later, Tiffany Co. has transformed from a regular retailor like the well-known Macys, JcPenney’s and Kohl’s, which all offer jewelry for sale, to a distinguished brand that is the leader of the specialty jewelry industry (Tiffany). The quest to becoming such an iconic brand, can be linked to the market structure in which Tiffany Co. encompasses and how the company surpassed its competitors, maneuvered through the entry barriers, established market power and differentiated its standardized products to its consumers. However, befor e analyzing the market structure in which they reside one must understand all of the market structures. There are five market structures in economics and they are perfect competition, monopolistic competition, oligopolies, duopolies and monopolies. To determine the market structure of a firm, one must look at the industry and then evaluate the different characteristics - the main characteristics are the number of firms within the industry, the barriers to entry, how much market power the company has and whatShow MoreRelatedTiffany and Co. Birac Analysis3306 Words   |  14 PagesTiffany Co. BIRAC Analysis Tiffany Co. BIRAC Analysis Aneisha Thurman University of Phoenix MBA 570- Sustainable Customer Relationships December 1, 2008 Introduction The BIRAC Analysis on Tiffany’s Co., a premier jeweler and specialty retailer with corporate headquarters in New York, New York will be used to identify potential strategic marketing alternatives. 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