Question

Tiffany's markets its exclusive jewelry and gifts to high-income individuals interested in high-quality products and a well-known brand name. It uses the same marketing mix to reach this market. Tiffany's uses a(n) ____ strategy.

Answer 1

Tiffany's uses a niche marketing strategy, product differentiation strategy, and branding strategy to reach its target market.

Step-by-step explanation:

Tiffany's uses a(n) niche marketing strategy to target high-income individuals interested in high-quality products and a well-known brandname. Niche marketing involves targeting a specific segment of the market with unique needs and preferences.

Tiffany's also uses a product differentiation strategy by offering exclusive jewelry and gifts that are not readily available in other stores. This helps them stand out in the market and attract their target customers.

Additionally, Tiffany's uses a branding strategy to cultivate a strong brand image and reputation. Their well-known brand name and association with luxury and quality help attract their target market and differentiate them from competitors.