Disaster Recovery Plan



Disaster Recovery Plan

Overview of the Organization

Tiffany & Company is founded as one of the top retailers of the world in terms of the finest jewelry and several other luxurious items. It has created a market place which is based upon its commitment to customer service and higher quality. Its name, reputation, and recognition are the basis of its overall success in the retailing industry. It has two major competitors domestically which are Zale Corp and Whitehall. These are the companies which are only the competitors of Tiffany & Co. in terms of similar level of quality. The threat of such new competitors in the market place is relatively low because of its some absolute barriers of entrance. The nature of the business of Tiffany & Co. is that the suppliers have vital influence over that entire industry.

In terms of the accounting policies of Tiffany, they look rather conventional and the accounting disclosure appears as transparent and rather truthful. Tiffany & Co. has a historical background some constant practices of accounting which is a promising factor that there is presence of effectiveness. In the annual report, Tiffany & Co. discloses a powerful negative influence of the company. This depicts that management is confident enough and the foundation of the company is strong which again proves the lack of requirement of manipulation. By computing some essential financial ratios of the company such as: current ratio, the company was enabled to better handle the overall performance of the Tiffany & Co. in comparison with its competitors of the industry. The inventory turnover is relatively lower and the profit margins are relatively high because of its competition strategy of product differentiation which is solely based on quality. It is usual for the industry as investors consider seeing such a trend in a luxurious market.

The competitors along with the company fill a particular niche market which makes it difficult to be forcibly out of the competition. The industry of jewelry has many barriers of entrance because of that very few can be entered. The gold, silver, and diamond markets are high profiled regulated which make difficult for any company to have any type of supplier advantage. As the industry of jewelry expands globally, the competitors of the company are opening up several retail stores for gaining larger market shares. Tiffany & Co. has been growing in order to increase its market share as well. The company has fifty retail stores on the national level and also several other subsidiaries in Europe, in Japan, and in the Asia.

Tiffany & Co. performs its business operations globally and earns profit margins for its long term reputation of providing quality-oriented products to its customers. In current years, the competition for sales of jewelry has been vicious. The revolution of internet has given an immense rise to the overall impression amongst such particular customer for them diamonds and other important quality items are not different. There are several individuals who have reasonable spending capacities but they ...