Introduction
Tiffany and Company opened its door in New York City in the year 1837 in Broadway Street offering merchandise that included stationery and jewelry. It later abandoned the dealing of stationery to concentrate on selling costume jewelry mainly of silverware, perfumes and other luxury items.
The company is a recognized brand in the US market and the world at large where it has continued to conquer more markets. The company is now said to operate in more than five continents with stores all over the world.
This success can be attributed by the company concentration in ensuring better service delivery with a unique design and exclusivity. The company can be associated with introducing the engagement ring as it is usually known today.
The company has had so much growth that every woman wishes to have an accessory made by the company. The products are often regarded as of high quality and customer oriented.
Environment analysis
The environment can be defined as the immediate surrounding of an organization and how the surrounding controls and affects the operation of an organization. The environment can be categorized as internal or external.
The internal environment controls the operation of the firm internally. On the other hand, the external environment are the forces that affect the business of the organization outside the organization building.
Tiffany and Company exist in both the internal and the external environment, and these forces affect the operations of the company either positively or negatively. Thus, for the company to co-exist well and stay on the market it must integrate its operations in a way that will suit both the environment and the company (Mirabella 1997).
Internal environment
The internal environment for the company normally revolves around the mission and objectives set in the company by its management team. The company management is led by the current CEO by the name Mike Kowalski.
The CEO is very dedicated to ensuring the company conquers the market through ensuring that its customers are well satisfied. This is achieved by offering quality products at competitive prices.
The company mission is dedicated to providing customers with fine and high quality jewelry that are original at competitive prices (Pearce & Robinson, 2011).
The company has set very competitive prices for most of its products that include rings necklaces and other assorted jewelry products. The company has invested to protect its brand by ensuring customer loyalty from generation to generation.
The company has been in existence for more than 170 years, and such an experience has provided the company with a competitive advantage. The company has over 160,000 employees all over the world where their employees continue to carry the company heritage and mission.
With such a big number of employees, the management of the company has devised means that help in managing their employees. The management of employees forms part of the objective of the company. Thus, the success of the company depends on the labor force employed to offer services to the company.
Employee appraisal and motivation are critical for the operation of any organization. It motivates employees deliver more and are more involved in running of the organization.
The company has set up a human resource department to manage the company labor force so as to ensure their employees are well recognized and remunerated (Mintzberg, Ghoshal, Lampel, & Quinn, 2003).
External environment
Tiffany and Company exist in an external environment where the forces of the external environment also play a role in affecting the operations of the company. The external environment forces play a huge role that includes how the company competes with its rivals all over the world.
The external environment includes the forces of government control, competitors and society through corporate social responsibility. The government plays a major role in controlling the business of an organization through issuing trade license and permits to a business premise.
The US government has licensed the company as the company is incorporated in the country. The company pays tax to the government enabling the government to collect revenue that is used in development projects across the country.
The company social responsibility structure is based on the importance to sustainability and protection of the environment. The company deals in selling precious metals in the form of jewelry that are mined and thus may pollute the environment.
Therefore, the company ensures its supplies are mined in an environmentally friendly manner. The company suppliers are responsible in ensuring they protect the environment. The company exists in a very competitive environment.
Thus, it has to take into account how to remain competitive by delivering better services and products to have an edge over its competitors (Pearce & Robinson, 2011). Through the company mission and objective, it has been able to ensure that its services are world class and the provision of quality products at competitive prices.
The company also ensures that its suppliers are paid promptly to avoid delays and conflicts that may result from delayed payment between the client and the supplier (Barney, 2007).
Conclusion
Tiffany and Company has been in existence for more than 170 years where it has ensured it remains to be the best company in the world that deals in jewelry through better customer satisfaction, employee recognition and world class management of its operations.
The success story of Tiffany and Company can be attributed to its management team. Over the years, the management has demonstrated how well to manage an organization that has conquered the world of jewelry.
References
Barney, J. B. (2007). Gaining and sustaining competitive advantage. Upper Saddle River, NJ: Pearson Prentice Hall.
Mintzberg, H., Ghoshal, S., Lampel, J., & Quinn, J. B. (2003). The strategy process: Concepts, contexts, cases. Upper Saddle River, NJ: Prentice Hall.
Mirabella, G. (1997). Tiffany & Co. New York: Universe/Vendome.
Pearce, J. A., II, & Robinson, R. B. (2011). Strategic management: Formulation, implementation, and control. Boston, MA: McGraw-Hill/Irwin.