Fundamentals of Rocket Science :: physics rocket science

Liftoff Rocket engines are different from car or jet engines in two fudamental ways. 1. Unlike cars, rockets don't need to "push off" of anything to propel themselves forward. 2. Rockets are self-contained. In other words they don't need oxygen from the atmosphere to provide fuel for energy. Rockets operate using the law of conservation of linear momentum. This law states that whenever two or more particles interact, the total momentum of the system remains constant. In this case the shuttle and it's fuel can be considered separate particles. A rocket moves by ejecting its fuel out the nose at extremely high velocities (approx. 6000 mph). The fuel is given momentum as it is being ejected. To insure conservation of linear momentum, the shuttle must be given a compensating momentum in the opposite direction. Rockets move exactly like Dr. Newman would if he were on a sheet of ice with 3 million pounds of baseballs throwing them at a rate of 22,000 lbs/sec. Actually Dr. Newman would move quite a bit faster, because he has MUCH less mass than the space shuttle. To quickly summarize, thrust is equal to the exhaust velocity multiplied by the amount fuel leaving with respect to time. This is illustrated by the equation: Thrust = ve(dM/dt) This tells us the only way to increase the amount of thrust acting on the rocket, is by increasing the velocity of the exhaust, or the amount of fuel, M, leaving per second. * This is why space shuttles don't hurl baseballs out the back of the rockets. It's takes a lot of energy to accelerate a baseball to 6000 mph! Rocket Scientist (they don't call them that for nothing) prefer to use the ideal gas law: An ideal gas is one for which PV/nT is constant at all pressures. * Fuel and an Oxidizing agent, usually liquid oxygen and hydrogen respectively, are forced into the combustion chamber where they are ignited. The temperature increases which forces the pressure in the chamber to increase to insure PV/T remains constant. Volume inside the chamber is constant so: Pi/Ti = Pf/Tf, => Pf = PiTf/Ti Using Bernoulli's equation we can determine the velocity of the gas exiting the Nozzle: Ve = Ac[2(Pc - Pn)/(p(Ac^2-An^2))]^(1/2) where V = velocity, A = cross sectional area, P = pressure, p = density of the fluid, and n,c = defines Nozzle and Combustion Chamber respectively. The final step is to find the rate the mass is being ejected (dM/dt).

Butler Lumber Company Essay

I. Statement of Financial Problem Butler Lumber Company is facing the internal risk of not having enough borrowing power to continue operations as desired. The owner of the company has established a relationship with a new bank to increase their borrowing power, however, based on Butler Lumber Company’s past Operating Statement and Balance Sheet, the company is expecting to continue substantial growth without considering external risks that may affect their business. Currently the company requires debt to maintain daily operations and growth. II. General Framework for Financial Analysis A company should maintain higher liquidity ratios that will sustain operating activities and desired growth, as well as allow the company to pay any short-term debt obligations. One way to maintain higher liquidity ratios is to collect on receivables timely, and use cash obtained to take advantage of discounts offered on inventory purchases. Additionally, a company’s inventory should turn several times per year. As sales are forecasted a company should increase their inventory to accommodate forecasted sales on a monthly basis, but keep as little as possible on hand. Ideally, inventory would turn 10-12 times per year. III. Application of the Financial Framework Butler Lumber Company has experienced significant growth over the last few years. Their pricing has remained competitive compared to similarly available product. The company expects to continue growing at this level and to do so, requires the availability of credit from their bank to maintain current and increased inventory levels and to cover operating expenses. Butler Lumber Company maintains a high level of inventory. Essentially, the company is leveraging their credit and using that to maintain their high inventory levels. As the company grows, their inventory purchases should be  based on their forecasted monthly sales. In 1990 their inventory was turning 4.67 times per year, or every 2.5 months. While continued growth may make this feel necessary, the company has failed to consider external risk factors that could affect their business drastically. While they’re sales are driven by not only new home construction, but home repairs as well, in the event of an economic crisis home repairs would likely decrease. As a result, Butler Lumber Company would have a substantial amount of wasted inventory on hand. Butler Lumber Company’s sales have increased, however so have their receivables. With receivables sitting uncollected for 42 days, the company is unable to use that cash to pay their outstanding payables with discounts or cover their operating costs without incurring debt. Finally, the company’s liquidity ratios support their need for better cash management. Their current ratio suggest the company is solvent and would be able to cover their short-term liabilities if needed. However, the quick ratio for the company is very low year after year. Their cash on hand would not cover their short-term liabilities. IV. Assumptions and Special/Mitigating Circumstances No assumptions were made in this analysis. The company’s financial statements clearly state their condition. Recommendations are based on that information. V. Conclusions and Recommendations Butler Lumber Company should monitor their inventory levels closely and maintain only the inventory required to get them through 1 to 1.5 months of sales. They should also employ an aggressive collections team to assist with collecting within the terms of payment outlined in customer agreements.

Tiffany & Co Marketing Plan

MARKETING PLAN I. Executive summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦3 A. History of Tiffany & Co†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 II. Current marketing situation †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦7 A. Market overview†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 i. Market demographics and needs†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 ii. Market t rends and target market growth†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 10 B. SWOT analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦11 i. Strengths †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 11 ii. Weaknesses†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2 iii. Opportunities†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 iv. Threats†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦13 C. Competitive and industry analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦14 D. Product overview†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17 E. Keys to success and critical issues†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦20. III. Environmental analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦23 A. Macroenvironmental factors †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦23 B. Microenvironmental factors †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 24 C. Competitive strategy †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 24 IV. Marketing Strategy†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦25 A. Mission†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦25 B. Marketing objectives†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦25 C. Financial objectives†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦26 D. Target market†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 27 E. Positioning†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦27 V. Marketing Mix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 28 A. Product †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 28 B. Pricing †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 30 C. Promotion †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1 D. Channel †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦32 E. Service †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦34 VI. Marketing research †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦35 VII. Financials †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦37 A. Sales/revenue forecast†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 37 B. Expense budget†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦39 C. Break-even analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦40 D. Profit and loss analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 41 VIII. References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 42 I. Executive summary A. History of the company The 1830s in New York City were a time of dynamic growth, extravagant tastes and golden opportunity for anyone with a little capital and an abundance of imagination. In 1837, New York became the proving ground for twenty-five-year-old Charles Lewis Tiffany and John B. Young, who opened a â€Å"stationery and fancy goods† store with a $1,000 advance from Tiffany's father. On their way to the new emporium at 259 Broadway, fashionable ladies in silks, satins, and beribboned bonnets faced a gauntlet of narrow streets teeming with horses and carriages and the hurly-burly of city life. At Tiffany & Co. they discovered a newly emerging â€Å"American style† that departed from the European design aesthetic, which was rooted in religious and ceremonial patterns and the Victorian era’s mannered opulence. The young entrepreneurs were inspired by the natural world, which they interpreted in exquisite patterns of simplicity, harmony and clarity. These became the hallmarks of Tiffany design, first in silver hollowware and flatware, and later in jewelry. Tiffany first achieved international recognition at the Paris Exposition Universelle in 1867. The company was awarded the grand prize for silver craftsmanship, the first time that an American design house had been so honored by a foreign jury. Tiffany was the first American company to employ the 925/1000 standard of silver purity. Largely through the efforts of Charles Lewis Tiffany, this ratio was adopted by the United States Congress as the American sterling silver standard. The silver studio of Tiffany & Co. was the first American school of design and, as one observer remarked, â€Å"a teacher of art progress. Apprentices were encouraged to observe and sketch nature, and to explore the vast collections of sketches and artwork assembled by Edward C. Moore, the head of the studio. By 1870 Tiffany & Co. had become America's premier purveyor of jewels and timepieces as well as luxury table, personal, and household accessories. At the turn of the 20th century the company had more than one thousand employees and branches in London, Paris, and Geneva. In 1878 Tiffany acquired on e of the world's largest and finest fancy yellow diamonds from the Kimberley diamond mines in South Africa. Under the guidance of Tiffany's eminent gemologist, Dr. George Frederick Kunz, the diamond was cut from 287. 42 carats to 128. 54 carats with 82 facets (most brilliant-cut diamonds have only 58), which gave the stone its legendary fire and brilliance. Designated the Tiffany Diamond, the stone became an exemplar of Tiffany craftsmanship. In 1886 Tiffany introduced the engagement ring as we know it today—the Tiffany ® Setting— an innovation that lifts the diamond above the band with six platinum prongs, allowing a more complete return of light from the stone and maximizing its brilliance. Today the Tiffany Setting continues as one of the most popular engagement ring styles and shining symbol of the jeweler’s diamond authority. During New York’s Gilded Age, Tiffany was prospering as never before. At the same time, the world had embarked on the Age of Expositions, the era of show-stopping extravaganzas that took place in the last decades of the 19th century and into the 20th in Paris, Chicago, Buffalo and St. Louis. At every venue, Tiffany won the highest honors and recognition as the undisputed leader in the world of jewels. The company’s exhibit at the 1889 Paris fair was heralded as â€Å"the most extraordinary collection of jewels ever produced by an American jewelry house. † Tiffany produced an equally praiseworthy collection for the 1900 Paris fair, along with magnificent silver pieces based on Native American pottery and basket designs. The unprecedented commendation and number of awards bestowed on the jeweler led to Tiffany’s appointment as Imperial Jeweler and Royal Jeweler to the crowned heads of Europe, as well as the Ottoman Emperor and the Czar and Czarina of Russia. With the death of Charles Lewis Tiffany in 1902, Louis Comfort Tiffany, the founder’s son, became Tiffany’s first Director of Design. An entire floor of Tiffany & Co. was devoted to merchandise crafted in the Tiffany Studios, Louis Comfort Tiffany’s atelier. His position as America’s leading designer was well established by 1882, when President Chester Arthur invited him to redecorate the White House. By 1900 the younger Tiffany was a world leader in the Art Nouveau and Arts and Crafts movements. The famed artist created a remarkable range of designs, from technically brilliant leaded lass to colorful Tiffany favrile glass, and enameled and painterly jewels based on American plants and flowers. Throughout the jeweler’s history, the most prominent members of American society were frequent Tiffany customers. Vanderbilts, Astors, Whitneys and Havemeyers, as well as J. P. Morgan, F. Scott Fitzgerald and Paul Mellon, commissioned Tiffany to produce gold and silver services. Admirers of Lillian Russell ordered a sterling silver bicycle. President Lincoln purchased a seed pearl necklace for his wife, Mary Todd Lincoln. And a young Franklin Roosevelt purchased a Tiffany engagement ring in 1904. As the twentieth century progressed, Tiffany designs captured the spirit of the times, from the extravagance of the 1920s to the modernism of the 1930s and the aerodynamic age of the 1940s and 1950s. Tiffany china set the stage for White House dinners and Tiffany jewels accented the elegant clothes of the world’s most glamorous women, including Jacqueline Kennedy Onassis, Babe Paley and Diana Vreeland. Very often world-renowned jeweler Jean Schlumberger created their jewelry. Hired in 1956 by then Tiffany chairman Walter Hoving, Schlumberger’s lavish, nature-inspired jewels remain the pride of Tiffany & Co. Throughout Tiffany’s history, the United States and foreign governments have called upon the company to create special commissions. Among them are the Congressional Medal of Honor, the United States’ highest military award; and the 1885 redesign of the Great Seal of the United States, which can be seen on official government documents as well as on the one-dollar bill. Business and professional organizations have also called on Tiffany design expertise through Tiffany Business Sales. The most famous of these commissions is the Vince Lombardi Trophy for the National Football League Super Bowl Championship. Tiffany has had the distinction of creating this original and well-known design since the first Super Bowl in 1967. The legendary style of Tiffany design is perhaps best represented by the annual Blue Book Collection, featuring Tiffany’s and the world’s most spectacular and glamorous jewels. Initially published in 1845, the Tiffany Blue Book was the first such catalogue to be distributed in the U. S. Today’s version showcases the elite of diamonds and colored gemstones in custom-designed settings, crafted with time-honored jewelry techniques and inspired by jewels in the Tiffany & Co. Archives. Over the past two centuries, Tiffany has built an international reputation as a premier jeweler and the ultimate source of gifts for life's most cherished occasions. Whether it's a milestone in the life of a company or a family, or an individual's crowning achievement, Tiffany gifts wrapped in the signature Tiffany Blue Box ® symbolize the rich heritage and unparalleled reputation Tiffany & Co. has enjoyed as one of America's great institutions. II. Current marketing situation A. Market overview i. Market demographics and needs Official estimates put the population of Kazakhstan at 15. million as of 1 July 2008, of which 47% is rural and 53% urban population. The 2008 population estimate is 4. 8% higher than the population reported in the last census from January 1999 (slightly less than 15 million). Kazakhstan underwent significant urbanization during the first 50 years of the Soviet era, as the share of rural population declined from more than 90% in the 1920s to less than 50% si nce the 1970s [pic] Next table summarizes information about Kazakhstani market and gives more detailed understanding of current market situation. Year (January)  Ã‚   |Population (‘000)  Ã‚   | |Opportunities |Threats | |Currently isn’t widely presented |Logistics problems | |Integration in lower priced segments |Threat of fakes | | |Luxury niche is under threat of crisis | | |Low brand awareness | | | | Strengths 1. Customer service. Operating by its mission statement to be the world’s most respected retailer, Tiffany focuses heavily on customer service. New employees complete six to eight weeks of training in knowledge, skills, and product training. They must also pass a written test before they are allowed to meet with customers. Once in the field, sales representatives work for two years to complete a rigorous certification process. According to John Peterson, senior vice president of corporate sales, the process helps the company uphold its unique tradi tion and culture. 2. Unique quality. Tiffany also places extreme value on the quality of its products, paying attention to every detail of the Tiffany experience. Charles Lewis Tiffany began this practice with his original selection of the blue color for Tiffany boxes, shopping bags, and catalogs. Tiffany focused on the final, and often neglected, step in brand positioning: giving customers something symbolizing Tiffany quality, commitment, consistency, respect, and reputation long after they have walked out of the store. According to Denise Meyer, creative director of Frenchman Marketing, an advertising agency that specializes in jewelry marketing, â€Å"Tiffany wants you to forget the product and remember where it came from†. 3. Recognition. As one of the world’s most recognizable brand symbols, Tiffany takes all of its blue box’s components, from the quality of the blue paper to the way the ribbon is tied, very seriously. Because the blue box represents the Tiffany experience, the company even sends their employees to a class to perfect the art of tying the white satin ribbon so the box lays flat. According to James Mansur, principal of Mansur Design, a retail branding consultancy in New York, â€Å"[The blue box] represents refinement, luxury, elegance, good taste, quality, and it confers status on both the person who gives it and the person who receives it†. Weaknesses 1. Brand positioning problem Tiffany & co is positioned as luxury brand, for people with high income. However tiffany introduces middle cost items, which is part of company strategy. But people can’t realize that tiffany’s jewellery becomes more affordable and think that starting price for tiffany rings is 3000$, while really it is only 900$. The same positioning problem can occur in Kazakhstan. In order to prevent this company should inform Kazakhstan populating about their prices by means of advertizing, PR and other activities. Opportunities 1. Currently isn’t widely presented All over the Kazakhstan there is only one Tiffany store, located in Almaty. This store is a franchise. Assortment is not great, and silver products care absolutely not presented. Also very poor assortment of yellow gold. . Integration in lower priced segments Tiffany adopts new strategy, in order to attract new customers. Appearance of 100$ and below items in tiffany products lit will attract new customers, for whom brand name is important. So in strong competition with well-known brands like Bvldary, Cartier and Chopard Tiffany offers luxury goods for affordable prices. Threats 1. Logistics problems Tiffany & Co is American company and jewelers should be transported from US. Almaty franchise transports goods from US. However, because of big distance orders may come not in time, or breakage rate may be high. Also during transportation goods may be stolen. 2. Threat of fakes In Kazakhstan patents and copyrights are almost not important, so in case of good promotion and increased brand awareness faces from China could be easily broad to the market and brand reputation will be damaged 3. Luxury niche is under threat of crisis Nowadays financial crisis is on the peak and people suffer from lack of money , so they will rather prefer to save money than to spend them on luxury goods 4. Low brand awareness Besides Tiffany & Co is extremely popular in the west in Kazakhstan brand awareness is very low, and a lot of funds should be spend for advertizing B. Competitive and industry analysis Competitors: Signet Group (SIG) is the world's largest specialty jewelry retailer in terms of sales, with $3. 3 billion of revenue in 2008; the company is based in the United Kingdom and operates 1,959 stores in the U. K. and the U. S. , including Kay Jewelers and Jared The Galleria of Jewelry chains in the United States. Signet Group exceeds Tiffany's in revenu e and size; however the company currently lacks a presence in Asia. Tiffany, on the other hand, is in a good position to take advantage of new wealth developing in Asia due to the fact it already has stores in that region. †¢ Zale (ZLC) specializes in diamond jewelry and operates mostly mall-based stores as well as mall kiosks only in North America. It lacks an international presence, however makes up for it through volume in North America: The company has 2,135 locations throughout the United States, Canada and Puerto Rico. Both Zale and Tiffany sell low-priced jewelry, but Zale only extends to moderately-priced pieces while Tiffany seeks to maintain a â€Å"high-low† approach by selling $200 pieces next to $50,000 ones. †¢ Blue Nile (NILE) is the largest online-only retailer of certified diamonds and fine jewelry. The company's 2008 sales were much smaller than Tiffany's. The fact that the company sells its goods exclusively online makes it available to a wider audience than Tiffany's, whose goods must be purchased through its own stores. Company |Net Sales (mm) | |Increase in store sales |9-10% | |Increase in Direct Marketing Sales |10% | |Expense growth |13% | |Advertising expense |6% | In terms of financial objectives for the full year 2009, Tiffany &Co are now projecting sales growth of approximately 15% which includes comparable store sales increasing 9-10% in the US and in the high single digits internationally on a constant exchange rate basis. For the fourth quarter, that implies a mid single digit comp increase in the US, strong comp growth in the European and Asia/Pacific regions and a modest increase in total Japan sales. Tiffany now half way through the all important November/December holiday selling season, although the vast majority of sales activity is still ahead of company in the next several weeks. C. Target Markets: 1) Women Aged 34- 54 years old 2). Middle-High income, upper class in KZ –$2000 and more 3). Status-oriented- Business women 4). Discerning customers who appreciate the finer things in life and the emotional pleasure of owning the best there is. ). Women, knowing that mostly men will be making the purchases. Rings start at relativ ely affordable level ($1000) and go up to over a million dollars. It is known that about 39% of sales are outside the United States. There are stores in Brazil, Europe, Australia and Asia. Stores are located in larger cities while the catalog and internet cater to non-urban customers. D. Positioning People who pay much attention to the fashion world may know that Tiffany& Co is one of top three jewelry producers in the world. Among those fashionable and exquisite ornaments, tiffany rings are undoubtedly the one that gains more attention than any other ones. When divided by function and occasion, tiffany rings can be divided into three major categories that are tiffany celebration rings, engagement rings and wedding rings. Each kind of them has its own unique and irreplaceable functions. All the tiffany rings are beautifully crafted pieces of remarkable elegance. Tiffany & Co rings are unequaled in quality, with close attention to detail. I. Marketing Mix A. Product. Tiffany and Co. ’s offerings include diamonds, gemstones, necklaces, pendants, rings, bracelets, charms, brooches and earrings. In addition to the classic items, Tiffany and Co. collection reflects unique items like their elegant decorative keys, jeweled boxes, heart-shaped lockets, letters of the alphabet and crosses. Also for men, Tiffany and Co. has a range of rings, watches, necklaces and money clips. Among those fashionable ornaments, tiffany rings are undoubtedly the one that gains more attention than any other ones. When divided by function and occasion, tiffany rings can be divided into three major categories that are tiffany celebration rings, engagement rings and wedding rings. Each kind of them has its own unique and irreplaceable functions. To take celebration rings as an example, there are so many important occasions and moments in one's life to celebrate. To capture and keep down these rare and important moments and occasions is so important for every person. Therefore, Tiffany celebration rings are just specially designed and prepared for you these people to come. [pic] Tiffany engagement rings are perfect for those young lovers who are to be engaged. Also it will make the whole ceremony full of joy and happiness and give off the flavor of luxuriance and magnificence. [pic]Tiffany wedding rings are the necessity for every bride and groom who are dreaming of a grand and luxurious wedding ceremony. Tiffany wedding rings are particularly distinctive, with designs ranging from classic solitaires to elaborate multi-stone arrangements. Each ring is accompanied by detailed certification as proof of its superior quality. It is true that tiffany rings are perfect for every occasion. It is prized for its quality, sophistication, and beauty. The four Cs of diamond quality have the greatest effect on the stone’s price: Carat: The weight of a diamond is measured in carats. The more carats, the heavier the stone, and the more expensive it is. Color . A diamond’s color grade is a key quality evaluation, but often misleading. This is because the ideal engagement diamond is characterized by a lack of color. Diamonds can be laboratory treated to reduce their color. At the Tiffany Gemological Laboratory, the color of each diamond is determined by comparing it to authenticated â€Å"master diamonds. Clarity: A diamond’s clarity rating has a direct effect on a diamond’s beauty and price. The clearer a diamond is, the more expensive it will be. Cut: The cut and shape of the diamond affects its price depending on the difficulty involved. Emerald and princess cuts are among the least expensive because they follow the crystalline shape of the stone, while heart-shaped, pear, and oval cuts are more expensive. Tiffany diamonds are always cut for beauty, not size. Other Factors in Engagement Ring Cost: Metal: Yellow gold is the most common choice for engagement rings, and it is in the mid-range for prices. Silver is less expensive, while high-grade karats of yellow and white gold are pricier. Platinum, titanium and tungsten are generally more expensive. Design: Simple solitaires are often the least expensive design because they lack elaborate side stones or other embellishments. More intricate rings, such as Celtic patterns, bridal sets, or three stone rings are more costly. B. Pricing. Today, tiffany settings are one of the most popular choices for ring settings. Company offers different ring designs, including channel set bands and minimal setting diamond bands that emphasize the stones.. Three stone engagement rings are increasingly popular, and Tiffany engagement rings often use fancy shapes such as ovals, hearts, pears, and tapered baguettes for exquisite arrangements. Rings | Price ranges | |Sterling silver rings | $100 -$1000 | |Gold rings |$250 – over $ 5000 | |Platinum rings |$250 – over $ 5000 | |One carat diamond ring |$95,00-$35,000 | |White gold rings |$500 –over $5000 | Every ring is unique, each with its own precise gemological cha racteristics, pricing will vary. All rings meet Tiffany’s strict quality requirements and Tiffany engagement ring prices are offered: C. [Promotion. Tiffany & Co periodically conducts product promotional events and regularly advertises, primarily in newspapers and magazines.. In Fiscal 2007, 2006 and 2005, company spent approximately $174 million, $162  million and $137  million, respectively, on worldwide advertising, which includes costs for media, production, catalogs, promotional events and other related items. Public Relations (promotional)  activity is a significant aspect of Registrant’s business. Management believes that Tiffany’s image is enhanced by a program of charity sponsorships, grants and merchandise donations. For example, Tiffany & Co. serves as the Awards Sponsor of the inaugural Pasadena Marathon organization presented by Kaiser Permanente. The organization's mission is to promote an enhanced quality of life for those who work, live, or attend school in the Pasadena area. Thus, company offers financial and logistical support to local civic and charitable agencies. In addition ,in support of its mission to preserve the natural heritage that distinguishes great urban centers, The Tiffany & Co. Foundation announced grants on September 25, 2008 to three organizations—Hermann Park Conservancy in Houston, Parkways Foundation in Chicago, and The Vizcayans in Miami—for the restoration of parks and gardens in their individual cities, totaling $2,750,000. These grants expand the Foundation’s urban parks program that originated with support for New York City’s parks Donations are also made to The Tiffany & Co. Foundation, a private foundation organized to support the charitable organizations with efforts concentrated in environmental conservation and support for the decorative arts. Tiffany also engages in a program of retail promotions and media activities to maintain consumer awareness of the Company and its products. Each year, Tiffany publishes its well-known Blue Book which showcases jewelry and other merchandise. Registrant considers these and other promotional efforts important in maintaining Tiffany’s image. D. Channel of distribution. The Company operates in three segments: Americas, Asia-Pacific and Europe. Americas includes sales in TIFFANY & CO. stores in the United States, Canada and Latin/South America. Tiffany distributes a selection of its products in the United States and Canada through its Websites at www. tiffany. com and www. tiffany. ca. Tiffany also distributes catalogs of selected merchandise to its list of customers in the United States and to mailing lists rented from third parties. In addition, Business account holders may make gift purchases through the Company’s website at http://business. tiffany. com . Price allowances are given to eligible business account holders for certain purchases on the Tiffany for Business website. Moreover, products and services are marketed through a sales organization, through advertising in newspapers and business periodicals and through the publication of special catalogs. The retail sales in Asia-Pacific region consists of sales transacted in TIFFANY & CO. locations in Japan, China, Korea, Hong Kong, Taiwan, Australia, Singapore, Macau and Malaysia. The Company does business in Japan through its wholly-owned subsidiary, Tiffany & Co. Japan, Inc. The Company offers a selection of TIFFANY & CO. erchandise for purchase in Japan and Australia through its Websites at www. tiffany. co. jp and www. tiffany. com/au. Selected TIFFANY & CO. merchandise is sold to independent distributors for resale in Asia-Pacific markets, predom inantly in the Middle Eastern region. As for Europe , retail sales consists of sales transacted in TIFFANY & CO. stores in the United Kingdom, Germany, Italy, France, Austria, Switzerland, Belgium, Spain and Ireland. The Company offers a selection of TIFFANY & CO. merchandise for purchase in England, Wales, Northern Ireland and Scotland through its Website at www. tiffany. com/uk International Retail The following tables set locations operated by Tiffany & Co | | | |  | |Europe |  |  |   |  | |   | |Austria: Vienna |  | |Italy: Milan |  |  | |France: Paris, Galeries Lafayette |  |  |Italy: Rome |  | | |France: Paris, Printemps Department Store |  |  |Switzerland: Zurich |  | | |France: Paris, Rue de la Paix |  |  |United Kingdom: London, Harrods |  | | |Germany: Frankfurt   |  |United Kingdom: London, Old Bond Street |  | | |Germany: Hamburg |  |  |United Kingdom: London, Royal Exchange |  | | |Germany: Munich |  |  |United Kingd om: London, Selfridges |  | | |Italy: Bologna |  |  |United Kingdom: London, Sloane Street |  | | |Italy: Florence |  |  | | | | |   | | | | | |  | |Canada and Central/South America |  |  |   |  | |   | |Canada: Toronto |  |  |Mexico: Mexico City, Palacio Store, Perisur |  | |Canada: Vancouver |  |  |Mexico: Mexico City, Palacio Store, Polanco |  | |Brazil: Sao Paulo, Jardins |  |  |Mexico: Monterrey, Palacio Store |  | |Brazil: Sao Paulo, Iguatemi Shopping Center |  |  |Mexico: Puebla, Palacio Store |  | |Mexico: Mexico City, Masaryk |  |  |Mexico: Santa Fe | | Asia-Pacific Excluding Japan |   |  |  | |Australia: Brisbane |  |  | |Australia: Melbourne |  |  | |Australia: Sydney |  |  | |China: Beijing, The Peninsula Palace Hotel |  |  | |China: Beijing, Oriental Plaza   |  | |China: Shanghai, Jiu Guang City Plaza |  |  | |China: Shanghai, Plaza 66 |  |  | |China: Tianjin |  |  | |Hon g Kong: Elements |  |  | |Hong Kong: Hong Kong International Airport |  |  | |Hong Kong: International Finance Center |  |  | |Hong Kong: The Landmark Center |  |  | |Hong Kong: Pacific Place |  |  | |Hong Kong: The Peninsula Hotel |  |  | |Hong Kong: Sogo Department Store |  |  | |Korea: Busan, Lotte Department Store |  |  | |Korea: Seoul, Galleria Luxury Hall East Dept. Store |  |  | |   |  |  | |Korea: Seoul, Hyundai Department Store |  |  | |Korea: Seoul, Hyundai Coex Department Store |  |  | |Korea: Seoul, Lotte Downtown Department Store |  |  | |Korea: Seoul, Lotte World |  |  | |Korea: Seoul, Shinsegae Main |  |  | |Macau: The Venetian Resort |  |  | |Macau: Wynn Resort |  |  | |Malaysia: Kuala Lumpur, KLCC |  |  | |Malaysia: Kuala Lumpur, Pavillion |  |  | |Singapore: Changi Airport |  |  | |Singapore: Ngee Ann City |  |  | |Singapore: Raffles Hotel |  |  | |Taiwan: Kaohsiung, Hanshin Department Store |  |  | |Taiwan: Taichung, Sogo Department Store |  |  | |Taiwan: Taipei, The Regent Hotel |  |  | |Taiwan: Taipei, Sogo Department Store |  |  | |Taiwan: Taipei, Taipei Financial Center | | | E. Service [pic] Customer service is a company's most effective tool, therefore, they strive to keep customers happy. Tiffany representatives are available for telephone and email support twenty-four hours a day. There are numerous informative FAQs and articles on their website. Email customer service. Any customer who has question or assistance can complete the special form. They can find this form in the web site of company. Jewelry care. Professional cleanings are recommended as often as once a year. For this reason company encourage customers to bring their Tiffany & Co. jewelry back to us for professional servicing. Company staff is knowledgeable and experienced in all aspects of jewelry care: cleaning gemstones, restringing pearls and repairing clasps and earring backs. Due to the fact that our items are bought over the Internet, cannot be tried on ahead of time and are bought site unseen, company have developed the following return and exchange policy for customer service purposes. For Returns: All returns must be postmarked within 7 days of delivery and must be in resalable conditions. Buyer is responsible for the shipping charges to return. The $9. 99 shipping fee and a 15% restocking fee will be deducted from the refund amount For Exchanges: Exchanges are only allowed for the items which are defective or damaged upon receipt or the items do not fit and are not subject to a restocking fee. Items must be returned within 15 days of delivery and the customer is responsible for shipping charges to return. All items can only exchange for equal price replacement Tiffany also arranges to have items resized. All purchases through Tiffany& Co. s website include a 30 day, full refund, satisfaction guarantee. II. Marketing Research Going into Kazakhstany market is a market development for company Tiffany, so managers of Tiffany need information in order to introduce products and services that create value in the mind of the customer. But the perception of value is a subjective one, and what customers value this year may be quite different from what they value next year. As such, the attributes that create value cannot simply be deducted from common knowledge. Rather, data must be collected and analyzed. The goal of marketing research is to provide the facts and direction that managers need to make their more important marketing decisions. In order to screen the market, our group made a standard test research, we created the questionnaire, that helps to identify if the population of Kazakhstan is ready to buy Tiffany products, sum of money, that people want to pay and finally the product mix, that will be appropriate in this country. The questionnaire has the following form: ? ! 1. . ( ) 2. ?) 18-24 b) 25-32 ?) 33-39 d) 40-46 e) 46 3. : ?) $1000 b) $1000 $2,500 ?) $2,500 ? 4. ? Tiffany? . , 5. ? 6. ?) $100-$250 b) $250-$500 ?) $1,000-$5,000 d) ? 7. - . , , 8. Tiffany? , , 9. a) ? b) ? c) ? d) ? 10. Tiffany? ?) b) c) ? 11. Tiffany? a) , b) , c) d) , ? , ! Our group made a research, 50 random respondents have answered questionnaire, and after the survey we received following results: 27% of respondents doesn’t know anything about Tiffany 48% are ready to buy Tiffany products, bu t have never done it before 18% know about Tiffany and already have use its production % are not interested in Tiffany products III. Financials A. Sales/revenue forecast(s): By territory: |   |  |Years Ended January  31, |  | |(in thousands) |  | |   | | |Net sales: |  |   | |   |  |   | |   |  |$ | By Products:    |  |   |  | |(in thousands) |  | |   | | |Net sales: |  |   | |   |  |   | |   |  |$ |  | | | | |2| | | | |,| | | | |8| | | | |5| | | | 9| | | | |,| | | | |9| | | | |9| | | | |7| |(in thousands) |  | |   | | |Expenses: |   |   |  |  |  | |   |   | | |(in thousands, except per share amounts) | |   | | |Net sales |   |$ | |   |   |   | |   |   |   | |   |   |   | |   |   |   | |   |   |   |   |   |   |   |   |   |   |   |   |   |   | |Net Income |   |$ |220,022 |   |   |$ |323,478 |   |   |$ |272,897 |   |   |   | | References: 1. Kotler P. (2003) Marketing Management. 11th edition. New Jersey, Pearson education Inc. 2. www. Gazeta. kz, (02. 01. 09),  «  ». [Online]. Available from: http://www. gazeta. kz/art. asp? aid=124611 [Accessed June 21  209] 3. , (03. 02. 09),  «  ». [Online] Available from: http://www. rosbalt. u/2009/02/03/614987. html [Accessed June 21 2009] 4. Tiffany , â€Å"Shareholder information† [Online] Available from: http://investor. tiffany. com/faq. cfm? SH_No_JavaScript=yes [Accessed June 21 2009] 5. www. Murman. ru,(05. 02. 09)  «  » [Online] Available from: http://business. murman. ru/research/33/473/? id=108 [Accessed June 21 2009] 6. Export. by,  «  », [Online] Available from: http://export. by/? act=s_docs=view=1615=by_country=58=archive=64 [Accessed June 21 2009] 7. http://www. tiffanyandcofoundation. org/news/article/08%20Urban%20Parks%20Program. spx – Tiffany & CO foundation 8. http://sec. edgar-online. com/tiffany œco/10-k-annual-report/2006/03/31/Section3. aspx -Annual report of Tiffany & Co 9. http://www. tiffany. com/ – the main website 10. http://online-jewelry-review. toptenreviews. com/tiffany-amp-co-review. html – Online Jewelry Review ———————– [pic] [pic] [pic] [pic] World Wide Scale Increase the number of loyal users Attract new customers Different loyalty programs Make the products more affordable The price range starts from $100 Discounts, Coupons Tiffany’s lamp Charles Lewis Tiffany First Tiffany Store Tiffany Store in Tokio Wedding Rings Bvlgari rings Cartier rings

John Constable and the Romantic Landscape Painters Essay

John Constable and the Romantic Landscape Painters - Essay Example Friedrich is acknowledged as the prototypical German Romantic painter. His most renowned painting was without doubt his Wanderer Above the Sea of Fog magnum opus, which gives a representation of a personality in the forefront looking out over an extensive landscape enclosed by a sea of billows, with a range of mounts on show at the farthest away point from the character (Wilkins, Schultz & Linduff 145). Turner constantly wanted to communicate moods of light as well as colors by softening the structures of natural things, while Constable demonstrated things as they were in reality with his imprecise manner of painting. Some landscape paintings by Turner nearly challenge Constable in their novelty, particularly when the older paintings of Constable are measured up to to Turner’s Venice landscape paintings. In Turner's paintings, one can distinguish the early stages of Early Impressionism. Constable had a grand, cosmic apparition, dissimilar from that of Turner, except no less pa ssionate. Constable and Turner had the capacity to put across their individual feelings for the essential forces of the natural world, for the controlling effervescence of the existing landscape. Friedrich is best acknowledged for his mid-period figurative landscapes that characteristically feature contemplative characters silhouetted against nighttime skies, morning fog, barren foliage or Gothic remains. Friedrich’s primary importance as an artiste was the deliberation of natural history, in addition to his habitually emblematic, and anti-classical effort seeks to put into words a prejudiced, expressive response to nature (Wilkins, Schultz & Linduff 167). Constable attempts to give a comprehensible explanation of landscape; he scrutinizes nature, came up with sketches which were accomplished in studio. On the other hand, Turner shows a complete suspension of things, but he by no means, had that lack of involvement from outwards actuality that is currently called abstract. Co nstable wants to confirm precise ambiance of landscape and attempts to articulate the end product of weather, shifting light, and activities of clouds. Turner sets up precedence on disposition of colors, and solitary elements are revealed only by colors that make the entire painting an atmospheric observable fact by light, as well as color. Friedrich has a general advance to his art of illustrating small personalities in the forefront of a great countryside panorama, which would facilitate the artist to communicate the thought of outlook through the assessment amid the forefront and backdrop elements. He hardly ever portrays individuals in his paintings, except for highlighting nature's enormity. When figures come into view in his paintings, the figures plunk with their backside to the observers, lost in meditation (Wilkins, Schultz & Linduff 198). Constable’s time without end & immensity visualize the authentic fundamental nature of things. Turner in his paintings leaves eve rything in uncertainty apart from the positive subsistence of color. Constable summarizes well-known particulars of the countryside and linked them to thoughts of the natural world with human beings, animal and landscape linked in the original agreement. Turner has much assortment of landscape style amid previous and later works. This is Italian approach with bright colors on one side, and direct thought of the viciousness of the natural w

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