There are six environmental factors that can affect an industry: they are economic, political, social, technological, competitive and geographic. These factors are known as environmental scanning. Many businesses, including Tiffany & Co., are affected by the macro environment which can include a number of factors mentioned above. The economy is one of the biggest factors affecting many businesses, including Tiffany's. I believe that the general economic and industrial conditions and socio-cultural factors are favorable to the business situation of Tiffany & Co. because of the position that Tiffany & Co. occupies in the industry and the brand that it carries, it will be able to survive the economic crisis and still be able to benefit from it. According to a Wall Street Journal article, "The Bare Necessities: Marketing Luxury Goods in a Bad Economy" by Christine Rosen, here is an example of an ad made by Tiffany's during difficult economic times: "Dreams can still come true, give - him the ring. of his dreams, for less than you imagine, the best there is" (Rosen, p.1). As you read this advertisement, you see how Tiffany and Co. always reflects the high quality image for which they are known However, they change their approach by saying that dreams can always come true, implying that even in these difficult times, you can get excellent quality for the product you love. Over the years, politics and economics have played a major role in forcing businesses in the jewelry industry to change in order to remain competitive. For example, blood diamonds were a major public concern and were used to finance conflicts in. war-torn areas According to Global Witness, in 2003 an agreement was reached, called the Kimberley Process Certification Scheme, to remove blood diamonds from the global diamond surface...... middle of paper. ......s/kimberley-process Wilcox, J ., Damassa, S. and Hyder, Z. (April 14, 2007). Strategic report for Tiffany & Company. . Accessed May 21, 2014, from http://nomics-files.pomona.edu/jlikens/SeniorSeminars/harknessconsulting2008/pdfs/Tiffany_and_Co.pdfGlobal Strategy. (nd). TIFFANY CO. Retrieved May 21, 2014, from http://brandtiffanyandco.wordpress.com/business-strategy/Cardenal, A. (February 20, 2014). "Signet buys Zale: Should Tiffany be worried?". "Signet buys Zale: Should Tiffany be worried?". Accessed May 22, 2014, from http://www.fool.com/investing/general/2014/02/20/signet-buys-zale-does-tiffany-need-to-worry.aspxTiffany & Co. - Tiffany Strong Reports first quarter results; Sales and profits better than expected; Increases earnings outlook for the full year. (May 26, 2011). Retrieved May 21, 2014 from http://investor.tiffany.com/releasedetail.cfm?ReleaseID=581210