Final answer:
Tiffany & Co. employs a Narrow market-high cost strategy as per Porter's three generic strategies, targeting an affluent customer base willing to pay a premium for quality and exclusivity.The correct option is C.
Step-by-step explanation:
When applying Porter's three generic strategies, Tiffany & Co. has a competitive scope and cost strategy that can be classified as C. Narrow market-high cost strategy. Michael Porter's framework dictates that companies typically employ one of three strategies to gain a competitive edge: cost leadership, differentiation, or focus. In the case of Tiffany & Co., a renowned luxury jewelry retailer, their target is a high-end, affluent market segment, which aligns with a focus strategy. Specifically, they concentrate on a narrow market by catering to consumers looking for premium, high-quality products and are willing to pay a premium price, indicating a high cost strategy.