IOE421 PPP Assignment 1

By kayechankx | Updated: Nov. 19, 2024, 12:51 a.m.

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IOE421 PPP Assignment #1
SALE

Tiffany & Co.

Team #1

Aimeng Yang

Kaye Chan
 1. Machine Theory AT Tiffany & Co. 
Tiffany & Co. was founded in 1837, during a time when Machine Theory influenced many businesses
Machine Theory focuses on efficiency, standardization, and treating workers as parts of a larger system

Labor is percieved as expenable and replaceable
Tiffany has similar elements of this model, early operations were focused on efficient production, high-volume distribution, and profit maximization 
 Did Machine Theory Exist at Tiffany & Co.?
YES...Tiffany and co has some manifestations of the mAchine theory of organization 
Vertically integrated organizations -> controls various stages of its supply chain, from sourcing raw materials to manufacturing and retailing  to maintain quality standards
Organization goals & objectives focus of all efforts -> Management and associates are aligned with Tiffany's mission of delivering high-quality luxury goods, ensuring brand prestige and 
customer satisfaction
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Maximum Task Breakdown, Allowing for Simple, Narrow Jobs ->  Different manufacturing locations across the world allow for Tiffany to work in areas that are known for 
specific crafts

2
 Pivoting Away from Machine Theory and Addressing Ethical Concerns
 
As ethical concerns became more relevant, regarding modern slavery and blood diamonds.

In response, Tiffany & Co. made a commitment to sustainability and transparent sourcing of diamonds to avoid contributing to conflict zones.

They have made modern slavery and human trafficking statement and claim to have zero tolerance towards all types of modern slavery which is at risk of machine theory since labor is perceived as expendable and replaceable due to its low cost and lack of restrictions
Displayed on Tiffany's Website  - Frequently Asked Questions
Should Tiffany & Co. Continue to Pivot?
Yes !

Continued change is crucial as more consumers are demanding ethical practices from luxury brands.

Tiffany’s shift to responsible sourcing helps align the brand with modern values, moving beyond Machine Theory’s profit-focused model

By embracing sustainability and social responsibility, Tiffany can thrive in a market where ethics are as equally important as luxury.

2.  Open Systems Theory at Tiffany & Co.
Tiffany & Co. falls on the open end of the spectrum, adapting to market changes and consumer needs
As an open system, Tiffany actively engages with stakeholders, including customers, suppliers, and the community
The brand is responsive to external trends, such as trending celebrities and influencers, sustainability and fashion trends
This approach allows Tiffany to innovate and maintain relevance in a competitive market.
The Impact of COVID-19 on Open Systems at TIffany & Co.
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COVID-19 pandemic forced Tiffany & Co. to pivot its operations significantly.
With physical store closures, the company enhanced its e-commerce capabilities to connect with customers

Tiffany also adjusted its marketing strategies to align with changing consumer behaviors and preferences.

OPEN SySTEMS THEORY Continuation 
 
Embracing the Open end of the spectrum for the Open Systems Theory is essential for Tiffany’s future and continuous domination of the jewely market

The luxury market continues to evolve, and being responsive to external factors is crucial

By maintaining an open systems approach, Tiffany & Co.  can effectively navigate challenges and capitalize on new opportunities in the future

3. Introduction to Tiffany & Co.’s Paradigm ShifT
a leader in luxury jewelry since 1837, Tiffany faced unprecedented challenges during the COVID-19 pandemic
Store Closed
SALE
Store closures across the globe, including its iconic New York City flagship
Brand's revenue sharply decreased
This marked the beginning of a critical paradigm shift in how Tiffany & Co. operated and connected with its customers
2m/6ft
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COVID-19 drastically changed consumer behavior, especially in the luxury sector.
Passion for luxury jewelry decreased as consumers focused on essentials and financial stability.

Economic uncertainty made customers cautious about spending on high-end, non-essential items like jewelry.

marriage or NOT
The pandemic also led to a decline in marriage rates, directly affecting Tiffany & Co.’s engagement ring sales.
As weddings were postponed or canceled, fewer people sought out engagement rings.
This trend further contributed to the revenue decrease and forced Tiffany & Co. to rethink its product focus.
To adapt, Tiffany & Co. accelerated its digital transformation.
E-commerce became the primary sales channel.
The brand invested in personalized online experiences, providing customers with virtual consultations and exclusive digital content.
This shift allowed Tiffany to maintain engagement with customers despite physical store limitations.
Growth & Mature Phase (Pre-COVID Success):
As the brand grows, its flagship stores, especially in key locations like New York City, drive significant revenue.Tiffany & Co. reaches maturity, maintaining steady revenue with a well-established, high-end clientele.
The Sigmoid curve theory helps explain Tiffany & Co.’s response to these challenges.
Decline Phase (Impact of COVID-19):
The pandemic hits, leading to store closures, including their flagship store in NYC.Consumer interest in luxury items like jewelry decreases, and the postponement of weddings leads to a significant drop in engagement ring sales.Tiffany's reliance on in-store sales is challenged, causing a sharp decline in revenue.
New Start (Digital Transformation):
Tiffany & Co. recognizes the need for innovation and begins a digital transformation to shift focus to e-commerce and personalized online experiences.The company invests in virtual consultations and strengthens its digital presence to engage customers online.
New Direction (Digital Transformation):
This pivot allows Tiffany & Co. to navigate the challenges of the pandemic and prepares the brand for a new phase of growth through its digital channels.
4. Tuckman's Curve
We are currently at "Norming" step. We found out weekly meeting time for PPP and the team becomes cohesive.
But we are still on the way to performing because we are continue to be more CREATIVE!
IOE421 PPP Assignment #1
SALE
Thank You for your listening!

IOE421 PPP Assignment 1

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