Exercise
Environmental Scanning Individual Exercise
The Chief Executive Officer (CEO) of Tiffany & Co recently stepped down amid continued financial struggles and disappointing sales results for the upmarket jewelry retailer. To increase sales, Tiffany & Co has decided to target a new consumer segment, "self-buying women." From the United States to Europe and Asia, growing numbers of financially independent women are deciding that they are not going to wait to receive jewelry from partners and husbands and are increasingly buying their own jewelry. (Hence, the term "self-buying" women).
Women today are more financially independent than ever before, and they also trust their own taste rather than that of their partner or spouse. Rising female jewelry self-purchasing is coinciding with historic numbers of financially independent women who have more disposable cash available than ever before. They are proud of their independence and want firm evidence for their own self-satisfaction.
"Women make better purchases for themselves than men do," said one jewelry designer. "You don't send your boyfriend or husband to buy you a dress because you don't know what he might come back with. The same principle applies to jewelry."
Select a key demographic, social, competitive or economic trend similar to the emergence of "self-buying women" and explain how it will, or should, affect the marketing strategy (i.e. segmentation, targeting and promotion) of a company of your choice. (Don't simply try to apply the concept of self-buying women to another industry or market. It is essential for you to identify a social, technological, demographic or legal trend or development that will impact how companies target their key segments or modify their marketing mix).
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.