There are six environmental factors that can influence an industry and they are economic, political, social, technological, competitive and geographical. These factors are known as environmental scanning. Many companies, including Tiffany & Co., are influenced by the macro environment which can include a number of factors, as mentioned above. The economy is one of the main factors that influence many companies and also Tiffany. I believe that the general economic and industry conditions and socio-cultural factors are favorable to the business situation of Tiffany & Co. because the position that Tiffany & Co. holds in the industry and the brand it owns will be able to survive the economic crisis and succeed still profiting 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 advertisement made by Tiffany during a difficult economic time, "Dreams can still come true, from l 'ring of his dreams. Less than you imagine, the best there is' (Rosen, p.1). As you read this ad you see how Tiffany and Co. continues to portray the high quality image they are known for, however they change their approach by saying that dreams can still come true, implying that even in these difficult times you can get great quality for your product. one you love. Over the past two years, politics and economics have played a major role in forcing jewelry companies to change to remain competitive. For example, conflict diamonds were a major public concern and were used to finance conflicts in war-torn areas. According to Global Witness, in 2003, an agreement called the Kimberley Process Certification Scheme was made, to remove conflict diamonds from the world diamond on...... middle of paper ......s/kimberley-processWilcox, J ., Damassa, S., & Hyder, Z. (2007, April 14). Strategic report for Tiffany & Company. . Retrieved May 21, 2014, from http://economics-files.pomona.edu/jlikens/SeniorSeminars/harknessconsulting2008/pdfs/Tiffany_and_Co.pdfGlobal Strategy. (n.d.). TIFFANY CO. Retrieved May 21, 2014, from http://brandtiffanyandco.wordpress.com/business-strategy/Cardenal, A. (February 20, 2014). Signet buys Zale: should Tiffany worry? Signet buys Zale: should Tiffany worry? Retrieved May 22, 2014, from http://www.fool.com/investing/general/2014/02/20/signet-buys-zale-does-tiffany-need-to-worry.aspxTiffany & Co. - Tiffany Reports Excellent first quarter results; Sales and earnings better than expected; Raises full-year earnings outlook. (2011, May 26). Retrieved May 21, 2014, from http://investor.tiffany.com/releasedetail.cfm?ReleaseID=581210