Case Study Tiffany & Co

Case Study II

Case Study: Tiffany & Co.

UMUC

BMGT 497

04/3/2010

Case Study: Tiffany & Co.

Corporate Social Responsibility is a growing concern and is now emphasized in all parts of the world. A company’s response to social responsibility and ethical ways of doing business can directly impact its profitability and future prospects as customer awareness towards environmental concerns and their rights has increased significantly. Media and NGOs are making their point by promoting and pinpointing such concerns all over. As a result, companies have made CSR a mandatory function within their company (Levine 2008).

Significant Facts

Tiffany & Co. is involved in offering the best diamonds and outstanding customer service. They also offer diamond certificates, full life time warranties, pricing, payment plans, and lifetime cleaning. Tiffany has been in this business since 1837 and has been committed to provide high standard of social and environmental responsibility. Tiffany Co. has been operating in seventeen countries and has a daily average revenue of $5.5 million. The brand value of Tiffany is $3.64 billion, while in 2003 the net sales crossed the $2 billion. Tiffany is known for providing its customers with products whose origin is known, therefore, it has been a member of World Diamond Council and also created a chain of custody for diamonds, gold and silver.

The company is focused on providing customers with social and environmentally friendly products. Tiffany tries to decrease environmental hazards such as cyanide contamination and acid drainage for gold mining. Tiffany does not compromise on its quality, customer services and corporate social responsibility, thus, increasing customer loyalty and gaining customer confidence. In this case, the government has approved the extracting of silver from Rock Creek Mine, which can lead to production of toxic sludge.

Ethical Issue

These...