Feb 24 2011
Diamond’s are Forever
Just this morning in class we were talking about brand and brand equity, and I couldn’t think a brand that screams brand equity more than Tiffany and Co. It doesn’t matter what the piece of jewelry actually is, as long as it comes from a little turquoise box it’s special. As I’m writing this right now, my girlfriend has that famous turquoise bag with little black lettering sitting on her desk. Talk about a brand that fully exemplifies everything that was taught this morning. It creates a strong, if not one of the strongest, emotions and reactions.
Tiffany and Co. makes promises and follows through (to the lady’s). As I said early it DOESN’T matter what the product is, as long as it’s Tiffany’s it is all right. Finally, consumers are definitely willing to pay a premium for the brand as long as it’s Tiffany. The brand is so powerful it has a effected products that it doesn’t even have any part in. For example, the limited edition Nike SB Tiffany Dunk, which is the sneaker shown below. This is a collaboration between Nike and a company by the name of Diamond Supply Co., and has absolutely nothing to do with Tiffany. However, it features the same turquoise coloring and the same exclusivity. And for this, consumers are willing to pay upwards of $800(!!!) to get their hands on a pair of these. Talk about brand equity.
