FACULTY OF BUSINESS AND MANAGEMENT

SEMESTER OCTOBER 2023 – FEBRUARY 2024

MGT028

INTRODUCTION TO BUSINESS

ASSIGNMENT 1:
BENCHMARKING (TIFFANY & CO AND PANDORA)

NAME : NUR’AIN AZIRA BINTI BAHARIN

STUDENT’S ID NUMBER : 2023894668
GROUP : BA0021J
LECTURER’S NAME : DR. NOR HIDAYATUN BINTI ABDUL
RAZAK
DATE OF SUBMISSION : 15/12/2023

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TABLE OF CONTENT

NO TOPIC PAGES

1. INTRODUCTION 3–4

2. BRANCHMARKING 5–8

3. COMPARISON BETWEEN 9 – 11
FIFTY/FIFTY AND HYDRO FLASK

4. RECOMMENDATION 12

5. CONCLUSION 12

6. REFERENCES 13

7. APPENDICES 13

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1.0 INTRODUCTION
1.1 Pandora Overview
Pandora’s history dates back to 1982 when it was founded in Copenhagen,
Denmark, by Per Enevoldsen and his then-wife Winnie. Originally a small
jewelry shop, it transitioned into designing and manufacturing its own jewelry.
The breakthrough came in 2000 with the introduction of the Pandora charm
bracelet. This customizable bracelet allowed wearers to dd individual charms,
creating a unique and personal piece of jewelry. The concept gained
immense popularity, contributing significantly to Pandora’s success. In 2005,
Pandora launched the “Music Genome Project”, a sophisticated music
analysis system that personalized radio stations based on user preferences.
This venture expanded Pandora’s influence beyond jewelry into the realm of
personalized music streaming. Pandora went public in 2011, marking a
milestone in its growth. The brand continued to diversify its product range,
offering rings, necklaces, and earrings alongside its iconic charm bracelets.
Throughout its history, Pandora has maintained a commitment to high-quality
craftsmanship and design, making it a globally recognized and cherished
jewelry brand.

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1.2 Tiffany & Co Overview
Tiffany & Co. dates back to 1837 when Charles Lewis Tiffany, along with his
friend John B. Young, founded a stationery and luxury goods store in New
York City under the name "Tiffany & Young." The store, located at 259
Broadway, initially focused on selling stationery, costume jewelry and a
variety of small luxury items. However, Charles Tiffany quickly realized the
potential in focusing on fine jewelry and gradually shifted the store's focus
toward fine jewelry and watches. In 1841, the name became "Tiffany, Young
& Ellis" when another partner, J.L. Ellis, joined the business. However, in
1853 Charles Tiffany took full control and renamed the company "Tiffany &
Co.," setting the stage for the iconic brand we know today. One of Charles
Tiffany's most important contributions to the jewelry industry was the
introduction of the Tiffany Blue Box. In 1853, Tiffany & Co. became the first
American company to implement the standard 925/1000 silver purity
standard for its silver, a decision well received by customers who appreciate
the commitment to quality.
In 1886, Charles Tiffany introduced the revolutionary Tiffany Setting
engagement ring. This six-prong setting elevates the diamond above the
band, allowing maximum light to pass through the stone, enhancing its
brilliance and sparkle. The Tiffany setting quickly became a symbol of eternal
love and commitment and revolutionized the way engagement rings were
designed.

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2.0 STRATEGIC BENCHMARKING
2.1 Product Strategy
 PANDORA
Pandora’s marketing strategy is critical to its on going success. Firstly,
Pandora is refocussing its marketing approach with an emphasis on
creating a tailor made personal jewelry experience for each individual
consumer, a direct response to consistent findings across its customer
engagement surveys. What they found, was that a personalized
experience is now a must have to develop brand loyalty. Pandora’s new
strategy intends ‘’to boost its share in the online and offline market for
sustainable leadership in the jewelry industry”. In this regard, Pandora
plans to open 200 concept stores every year and grow its e-commerce
segment to 10-15% of total revenue by 2022. In doing this, Pandora is
clearly moving towards the provision of a worldwide omni-channel service
with a heavy emphasis on digital marketing.

 TIFFANY & CO
Tiffany & Co.'s product strategy focused on offering high quality and
perfectly designed jewelry, accessories and luxury items. Examples of
their products include engagement rings, wedding bands, jewelry such as
necklaces, bracelets, earrings and luxury watches. Tiffany & Co. places a
strong emphasis on timeless design, using high-quality materials such as
diamonds, precious metals and gemstones. They maintain a balance

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 between simple shapes and contemporary designs, meeting the
preferences of various customers.

2.2 Pricing Strategy

 PANDORA
Pandora is a flexible and unusual gem brand that focuses on privileged
and upper-class women from the urban base. In the middle of late, the
organization has changed its approach and has started focusing on men
as their planned customers as men can do without much buying things for
their women. Pandora has positioned itself as a brand that offers hand-
completed, high caliber and present day adornments at mid-premium
costs. The brand has embraced a top-notch valuing approach for its
quality items. As it is a standout among the most prevalent and settled
brands of late occasions, its valuing approach has been an incredible
achievement. rather than cash.

 TIFFANY & CO
Tiffany & Co. positions itself as a luxury brand, and its pricing strategy
reflects its position. The company sets premium prices for its products to
maintain its image of exclusivity and expensive quality. The use of high-
quality materials, skilled craftsmanship. Tiffany & Co. implement a value-
based pricing approach, where prices are determined by the value of the
product to the customer rather than based solely on production costs.

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2.3 Promotion Strategy
 PANDORA
Pandora is a built-up organization with incredible brand perception. The
organization has received a few limited time exercises to make and keep
up its image mindfulness in the customer advertise. Pandora depends
vigorously on its print media and promotes through design magazines
Promotion battles are demonstrated by means of its arrangement of viral
showcasing on YouTube, Facebook, Twitter and the official site.

 TIFFANY & CO
Tiffany & Co.'s promotional strategy. is about creating emotion,
strengthening brand image and increasing brand visibility. Their
engagement ring campaigns, for example, often showcase heartfelt
proposals and emotional connections, linking Tiffany & Co. with the joy
and significance of life's achievements. Tiffany & Co. also leverages
celebrity endorsements, strategic collaborations and partnerships with
influencers to further strengthen its brand and reach new demographics.
Social media plays an important role in their promotional efforts, allowing
the brand to interact globally.

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2.4 Distribution Strategy
 PANDORA
Pandora is a global organization with its headquarters based in
Copenhagen in Denmark. It has spread its net far and wide with an item
nearness in more than one hundred nations, involving six main countries.
Pandora has an extensive conveyance channel that incorporates in
excess of seven thousand and seven hundred moving focuses and in
excess of two thousand and two hundred idea stores.
At its beginning idea stores were opened yet with progress, the
organization likewise received a diversifying model.

 TIFFANY & CO
Tiffany & Co. strategically locating its stores in prestigious locations and
leading cities around the world. The brand operates flagship stores in
major fashion capitals such as New York, London, Paris and Tokyo. This
flagship store serves as an iconic landmark and demonstrates the brand's
commitment to luxury and exclusivity.

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3.0 COMPARISON BETWEEN PANDORA AND TIFFANY & CO
The comparison between Pandora and Tiffany & Co is that the price range is
different.
Tiffany & Co more to expensive price than Pandora which is very friendly price.
Next, Tiffany & Co more to a minimalist aesthetic look that really show off the
glittering diamonds but Pandora often has more playful design with lots of heart,
star, and infinity motifs.

3.1 Pandora SWOT Analysis

Strengths in the SWOT analysis of Pandora Jewelry. Brand Recognition,
Pandora has strong global brand recognition, known for its customizable and
sentimental jewelry. Next, Innovative Concept, the concept of customizable
charm bracelets is innovative and has resonated well with consumers. Third,
Diverse Product Range, Pandora has diversified its product offerings beyond
charms, including rings,necklaces, and earrings. Lastly, Glbal Presence, the
brand has a widespread international presence with a strong retail and online
network.

Weaknesses in the SWOT analysis of Pandora Jewelry

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 First, Dependence on Charms, overreliance on charm bracelets might pose a
risk if consumer preferences shift away from this particular product category.
Price Perception, some consumers perceive Pandora's products as relatively
expensive, which could impact price-sensitive markets. Competition, the
jewelry market is highly competitive, with other brands offering similar
customizable options and trendy designs.

Opportunities in the SWOT analysis of Pandora Jewelry

Opportunities refer to those avenues in the environment that surrounds the
business on which it can capitalize to increase its returns. Some of the
opportunities include, changing customer preferences. People are choosing
to spend more and more time on shopping as the disposable income has
increased. The popularity of online shopping store has created a new
channel for retailers. There are also various new categories in jewelry like
antique, gem, handcrafted etc. All these present a host of opportunities to
Pandora.

Threats in the SWOT analysis of Pandora Jewelry

Threats are those factors in the environment which can be detrimental to the
growth of the business. Some of the threats include Competition The main
competitors of Pandora are Chamilia, Chopard, and Mouawad.

3.2 Tiffany & Co SWOT Analysis

STRENGTHS OF TIFFANY AND CO

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Some of the main strengths in the SWOT analysis of Tiffany and Co are as
follows. Brand Prestige, Tiffany & Co. is globally renowned for its luxury and
timeless jewelry, contributing to a strong brand image. Next, Iconic Designs:
the brand's signature designs, such as the Tiffany Setting for engagement
rings, are iconic and have enduring appeal. Heritage and Tradition: With a
history dating back to 1837, Tiffany & Co. has a rich heritage that adds to its
allure. Exclusive Materials, The use of high-quality materials, including
diamonds and precious metals, contributes to the perceived value of Tiffany
products.

WEAKNESSES OF TIFFANY AND CO

Some of the main weaknesses in the SWOT analysis of Tiffany and Co are
as follows. Price Positioning, Tiffany & Co. products are positioned at the
higher end of the market, potentially limiting access to a broader customer
base. Dependence on Jewelry, the brand's primary focus on jewelry could be
a vulnerability if there's a decline in the demand for luxury accessories.
Limited Product Diversity, while renowned for jewelry, the brand has a
relatively limited product range compared to some competitors.

OPPORTUNITIES FOR TIFFANY AND CO

Some of the main available opportunities in the SWOT analysis of Tiffany and
Co. are as follows. Digital Presence, enhancing the brand's online presence
and e-commerce capabilities can tap into the growing trend of online luxury
retail.Expanding Product Lines, introducing new product lines or
collaborations in areas like watches, accessories, or home goods can
diversify the brand's offerings. Global Market Expansion,exploring untapped

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 international markets or increasing presence in emerging economies can
open up new revenue streams.

THREATS OF TIFFANY AND CO

Some of the main potential threats in the SWOT analysis of Tiffany and Co
are as follows. Shortage of diamond, the demand for luxury diamond rings
and gold jewelry is very high. However the natural resources are scarce, and
it becomes highly difficult for the company to keep up with the consumer
market demand. Economic recession, the high unemployment rate and low
purchasing power of people have shifted the attention of people away from
luxury products and accessories. The company’s growth and progress would
be low during the economic recession period. High inventory cost, the
demand for luxury jewelry products and accessories goes up and down
depending on the changing market conditions. It becomes highly expensive
for the company to keep and maintain the inventory of luxury items over time.

3.3 Comparison between Pandora and Tiffany & Co

First, the price difference for each luxury brand is different and will play a big
role in determining which brand fits your budget and is right for you. Tiffany
products are much more expensive than Pandora products. For example, a
Tiffany necklace will sell between RM 47K and RM 200K, while a Pandora
necklace can be found between RM200 and RM350.

4.0 RECOMMENDATION

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 The recommendation that need to be improve is Pandora. It is because Pandora
needs to improve their products by changing their charms into a diamond so that it
will last longer to wear when it exposed to water.

5.0 CONCLUSION

If you want to consider your budget and personal style, you can find a brand that
suits you like Pandora because it is cheaper than Tiffany & Co. If you have less
money to spend and want jewelry made with luxury materials, then Tiffany is the
brand for you. If you have a reasonable budget and are more of a statement piece
who likes to look simple then Pandora is the brand for you.

6.0 REFERENCE

https://en.wikipedia.org/wiki/Tiffany_%26_Co. Accessed 20 Nov 2023

https://www.lvmh.com/houses/watches-jewelry/tiffany-co/ Accessed 23 Nov 2023

https://pandoragroup.com/about Accessed 5 Dec 2023

7.0APPENDICES

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