tanishq jewellers
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tanishqTRANSCRIPT
TABLE OF CONTENTS
Topic Page No
1. Acknowledgements 3
2. Abstract Of The Work 4
3. Introduction 6
4. Jewels Of India 8
5. Innovation Mantra 9
6. Marketing Moves 10
7. Learning The Ropes 11
8. Changing Lifestyle 11
9. A War In The Offing? 12
10. Surging Ahead 13 11. Designs On Women 14
12. Innovative Collections 15
13. Market Mantra 16
14. Consumer Decision Making 18
15. Tanishq In West Bengal 19
16. Data Collection Methods 20
17. Objective 22
18. New Store Opening ( A survey ) 24
19. Analysis 28
20. Limitations To The Study 30
21. Tanishq And The Great Indian Wedding 31
22. Akshay Trithiya Media Tracking Survey 35
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23. Tanishq Anmol Saheli 39
24. Result Of The Tie-Ups (VIP) 40
25. Godrej Lifespace 41
26. LG Electronics 42
27. Simaaya 43
28. Road Shows 44
29. Minutes Of The Calcutta Meeting 45
30. A Research Analysis On Indian Jewellery Market 49
31. Conclusion 53
32. References 56
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INTRODUCTION
The significance of the name TITAN connotes the association of the Tata Group in the
form of Tata Industries and the Tamil Nadu Industrial Development Corporation. It
thus signifies the joint venture between the Tata Group and TIDCO.
The Manufacturers of India's leading watch brand and India's only national jewellery
brand - using design, technology and people for unchallenged market leadership.
Product portfolio includes watches, jewellery, eyewear and precision engineered
products.
Exports watches to about 40 countries around the world with manufacturing
facilities in Hosur, Dehradun, Goa and manufactures precious jewellery under the
Tanishq brand name, making it India's only national jewellery brand.
Tanishq as a Brand:-
Tanishq is India’s largest, most desirable and fastest growing jewellery brand in India.
Tanishq, started in 1995, is the jewellery business group of Titan Industries Ltd -
promoted by the TATA group, India’s most respected and widely diversified business
conglomerate.
This year marks a decade of successful innings for Tanishq. With retail sales of 732 crore
last year and gunning for 1025 crores this year, Tanishq has arrived in the Indian jewellery
market. Tanishq embarked on its voyage 10 years ago when it challenged the established
family jeweler and introduced new rules in precious jewellery; a category as old as
civilization.
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It is a story of a successful Indian enterprise, which has delivered value to its customers
and shareholders in a complex category, marked by its completely localized front end as
well as back end.
VISION
To be the most desirable jewellery brand for Indian women.
MISSION
We will continuously create wealth for all our stakeholders, by transforming the jewellery
business and by being the gold standard in design, shopping experience and ethical
practices.
Titan's business excellence (BE) process is managed as a distinct entity, with a separate
team reporting directly to the company's managing director, to drive initiatives across all
divisions. N. Kailas Nathan, vice president, chief information officer and head of business
excellence and knowledge management, wants the quality initiative to become an
indivisible part of the company's day-to-day activities.
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Jewels of India
In the branded jewellery segment, Tanishq has established its leadership position and
built a persona which is premium, stylish, exquisite and pure
"Diamonds are a girl's best friend!" sang Marilyn Monroe, seductively, in the 1953 hit
movie Gentlemen Prefer Blondes. The conviction has not changed since then. Think
birthdays, anniversaries, special moments and what is it that will bring a sparkle to a
woman's eyes? The flash of diamonds! The glitter of gold! The glorious glint of jewels!
An Indian woman's penchant for jewellery is perhaps greater
than that of women elsewhere. The love affair starts from the
cradle. As a baby, bangles dangle from her wrist and anklets
tinkle as she moves. By the time she is a toddler, she has
added earrings and probably nose rings to her jewellery
casket. And when she gets married, she receives as gifts
streedhan — wealth in the form of jewellery — from her parents. Adorning herself with
jewellery is an everyday affair, not restricted to occasions and festivals.
No wonder jewellery has always been big business in India. In June 1995, when Tanishq
entered the segment, the market was dominated by the neighborhood sonar’s (goldsmiths)
who would craft designs in gold for women. Sometimes the finesse would be missing;
often the gold would not be pure. Tanishq, as the first brand of jewellery in the Indian
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market, changed all that. It promised pure gold and offered elegant designs at transparent
prices.
Since then, Tanishq has built on its first mover advantage and remained the market leader
through the years, despite many new entrants to the business. The company has been
growing at the rate of 40 per cent per year for the past five years and has registered a
turnover of over Rs 750 crore in 2005-06. The target
now is to achieve a turnover of Rs 1,000 crore in the
current fiscal.
Innovation mantra
The most important factors spurring Tanishq's success are innovation — in the business
model, in design and in promotions — and the trust the Tata name evokes.
Tanishq is no longer the only brand wooing the Indian woman; Nakshatra, Sangini, Asmi,
Damas at all are also in the race. The difference is that most of these are predominately
product brands, while Tanishq is a retail brand, giving customers a unique shopping
experience. Govindraj, VP — retail and marketing, explains, "Tanishq is available only at
exclusive outlets and this was the company's first innovation. Today we have 80
showrooms in 60 cities."
This was not the only weapon in Tanishq's arsenal. It won the trust of its customers by
installing karat meters in its outlets to check the purity of gold. Tired of not being sure of
the quality of gold they had bought, women were delighted. The karat meter uses the
principle of spectroscopy to test the purity of gold without damage to the ornament or loss
of any of the gold.
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Tanishq's unique designs are created with the Indian woman in mind. Aware that a woman
plays different roles at work and at home, and dresses differently for every occasion,
Tanishq has created specific collections that have set a new fashion in jewellery. "We are
aligning ourselves by contemporizing traditional jewellery and making it relevant for
them," says Venkataraman.
Marketing moves
Tanishq's marketing and promotional strategies have been equally trendsetting. It uses a
360o approach in creating brand equity and a persona of purity, style and exquisiteness. Be
it the talking billboards in their storefronts enticing customers to walk in, or the crowns it
has been designing for the Ponds-Femina Miss India contest, Tanishq's marketing moves
have panache. Their new campaign 'the emerging Indian woman' gracefully blends the
traditional and the modern.
Another first was the special collection designed for the
movie, Paheli. It was a huge promotional initiative and a
bigger than ever canvas to display and promote its high-end
designs. "It was the ideal vehicle to position Tanishq in the
serious jewellery space as well as bring it closer to the
consumer," says Venkataraman. "Indian fashion actually is
actually led a lot by films. As a medium it influences customers significantly," adds
Govindraj. The movie, a tale of eternal love set in Rajasthan, proved to be perfect for
showcasing the vibrancy and beauty of kundan, meenakari and jadau jewellery.
No less enticing was their "19 = 22" offer in which customers could buy gold jewellery
giving their 19-carat gold which was valued at 22-carat prices. "The exchange offer helped
customers to get rid of the inferior gold and helped Tanishq acquire new customers.
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Learning the ropes
Today, Tanishq enjoys a dominant position in the jewellery industry and its customer
retention is at 85-90 per cent. It wasn't so always. When Tanishq was launched, its
portfolio comprised diamond-studded jewellery in western designs. The company soon
realized that to succeed it required a mix of traditional jewellery and contemporary
designs.
Next, they learned to value regional preferences. Designs were customized depending on
the regions and markets: the seven-diamond floral motif collection was contemporized but
the traditional designs of the mangalsutras remained unchanged. Jewellery showcased in
stores in south India was different from designs available in eastern India. Tanishq was
spreading its glitter, and fast.
Changing lifestyles
Meanwhile, the business environment had also swung in Tanishq's favour. Changing
consumer demographics due to rising incomes, dual incomes and exposure to foreign
designs brought about a change in the way people looked at jewellery. If jewellery was
once bought as an investment or as part of a daughter's dowry, it was no longer the case.
With the rise in number of working women and disposal
incomes, people have begun visiting the jewellery shop more
often. Weddings still remain and will remain the time when
maximum money is spent on jewellery, but now impulse
buying is becoming increasingly common.
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Just 10-15 years back, jewellery was synonymous with gold. Semi-precious stones were
popular but not diamonds. Happily for Tanishq, that has changed. The share of diamond
sales in total jewellery sales is an indicator of the trend. "Tanishq has a share close to 30
per cent compared to the industry's share of 12-14 per cent. It is another indicator of
Tanishq's first mover status," explains Venkataraman.
A war in the offing?
With the growth in the market and the government's decision to allow FDI up to 51 per
cent in single brand retail stores, some of the world's biggest jewellery brands, such as
Tiffany, Cartier and Zales, are setting up shop in India. Is that cause for concern? Tanishq
is not fazed, because "Tanishq understands the Indian woman's psyche," says
Venkataraman. "Indian jewellery is different from western jewellery and it will take a
while for foreign brands to understand and develop the capability." Some of these brands,
Especially Cartier and Tiffany are semi-luxury and luxury brands and operate in a space
different from Tanishq's area of operation.
Striking the right balance between network expansion and consolidation of individual
stores, and backed by its understanding of the Indian woman, Tanishq is confident it will
continue to grow, innovate and do what it does best — make women look and feel special.
Pioneering can be a poisoned chalice. Tanishq — as much a trailblazer in the Indian
jewellery business as its parent, Titan, was in the watch industry — knows this better than
most.
The division was in dire straits in 2000 after posting losses for the third successive year.
That made four years of dripping red in Tanishq’s seven-year life. To make matters worse,
the executive team had resigned, and stakeholders and store franchisees were utterly
disillusioned.
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The going could not have been tougher when Tanishq got going with its efforts to rekindle
and rejuvenate an idea that had promised so much. With a never-say-die spirit for
company, a new and inexperienced team set about turning around the division’s fortunes.
Today, three years later, Tanishq’s turnover has trebled to Rs 389 crore, with profits of Rs
7.82 crore, a whopping 318 per cent rise over 2001-02. The annual growth rate is now
pegged at 40 per cent.
Harish Bhatt, the newly appointed chief operating officer of the division, is justifiably
delighted: "Team Tanishq is very proud of this spectacular achievement," he says. "Our
people have driven this turnaround; they brought resolute belief, immense energy and
abiding focus to everything that we did."
During this landmark year, Tanishq has also generated positive economic value by
delivering a return higher than the company’s weighted average cost of capital. This is an
important milestone in its history.
Surging ahead
This year Tanishq has toppled its parent brand to take the top slot in the internal-revenues
sweepstakes. The division’s contribution to Titan is expected to increase from the current
43 per cent to 55 per cent by 2007.
The excitement and enthusiasm at Tanishq’s headquarters in Bangalore is palpable. With
this dramatic swivel towards success, the division has effectively silenced sceptics who
had predicted it would be impossible for an entity in the jewellery business to make profits
through legitimate means.
Far from resting on its laurels, Tanishq is looking forward to the next milestone. The
challenge now is to, by 2007-08, double turnover to Rs 1200 crore and multiply profits to
Rs 50 crore. A recent review by McKinsey states that Tanishq’s jewellery business is on
firm ground. The reasons: first-mover advantage (the pioneer part has its benefits); a
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scalable national model in organized retailing; and an increasing contribution to Titan’s
revenues.
Designs on women
The Rs 80,000-crore jewellery business in India is fragmented and ruled by traditional
local players. For Tanishq to be able to break the stranglehold, it had to find a way to
connect with the need for finely crafted jewellery at affordable prices. Previously, Tanishq
was positioned as an international jewellery brand for the Indian elite. This meant it
catered to a niche market; the masses were ignored. Moreover, its Italian designs in 18-
carat, mostly studded jewellery did not go down well with the traditional Indian woman,
used as she was to 22-carat jewellery.
Given this reality, design was back in focus at Tanishq — but with a difference.
Abandoning its westernized look from the past, head designer Elizabeth Mathan and her
team chose to work on a fusion of contemporary and traditional Indian motifs. Says
Mathan, "Our primary customer is the young Indian woman, who has a modern,
contemporary outlook towards life but is still firmly rooted in her traditional Indian
values." Tanishq Aria was the first line to be launched with the new concept. It gave a
fresh perspective to the traditional seven stone setting. It was a great success. Then, came
Diva, which combined the brilliance of diamonds with the soft luminosity of pearls.
Another success.
Looking back, Bhaskar Bhat, managing director, Titan says, "Our biggest change was
targeting the mainstream Indian customer. The introduction of 22-carat plain jewellery
was the first step in getting us where we are today." The range was strikingly different
from the standard fare available in the market, yet it was traditional. The ‘lightweight’
collection looked heavy, but felt light, just under 25 gm. This met the working woman’s
growing need for great-looking and beautiful jewellery that was affordable and extremely
comfortable to wear.
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Innovative collections
The production process was made more flexible. New Japanese manufacturing machines
were introduced at Tanishq’s Hosur plant. The emphasis turned to customer demands
across all segments and surveys were conducted to tweak business strategies.
"We have to meet a relevant consumer need," explains Saroja Y. L., the division’s group
manager, "so when we develop strategies for any marketing program our core philosophy
is to link it with a particular consumer need, felt or otherwise, and then bring it to light in
the most evocative way possible." Collection G and Tanishq Solo are examples of this
doctrine.
Surveys showed work-wear jewellery to be a dilemma for the working woman. Tanishq’s
Collection G 9 to 5 range, with its modern, innovative designs, marked the first-ever
collection custom-made to suit their requirements. Unique finishes and different textures,
as well as a contemporary touch gave a distinctive look to the jewellery crafted in pure 22-
carat gold. Moreover, it also addressed the homemaker’s need for everyday-wear
jewellery. The entry points for the collection was just Rs 595, with more than 90 unique
designs, including earring-pendant sets, neckwear, bangles, bracelets, chains and rings.
The concept took the market by storm.
Likewise, solitaires were a woman’s dream. But solitaires were perceived to be the sole
preserve of the upper middle class, as only diamonds above 40 cents were considered
solitaires. Tanishq debunked the myth and launched an exclusive brand of solitaire
diamonds — ‘Solo’, priced at Rs 7,500 and upwards.
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"Taking a fresh look at our brand exercise meant challenging the existing order in the
marketplace and taking bold, if risky, business decisions. Today we have successfully
democratized luxury and fashion in jewellery and by making the best of designs accessible
to a wide segment of Indian women. In 2002 more than 1 million Indian women shopped
at Tanishq, a fact that’s testimony to the brand’s broad appeal, and an indicator of its
success in enabling consumers to access higher levels of quality," reveals Mr. Harish Bhat.
Market mantra
Customer acquisition meant employing innovative marketing initiatives. Like some
players in the apparel industry, it decided to launch an innovative collection in every
quarter of the year to encourage customers to frequent the stores. The path-breaking
'impure to pure exchange' enabled customers to exchange impure gold for 22-carat gold.
During the offer period, customers could go to the Tanishq showroom and get a free gold
purity check done on a 'Karatmeter' (an internationally acclaimed device for purity
checking). Even if they find their jewellery to be less than 22c (up 19 carat pure), they
could exchange it for Tanishq’s certified jewellery.
Customer Policy Of Tanishq
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The response was tremendous. Most of our strategy has revolved around breaking the
bond of customers with their jeweller — by building on the weakness of the jeweller and
on our strengths, Which explains why Tanishq is now synonymous with trust and purity,
and is perceived as a leader in jewellery design in India?
Over the last three years it has worked overtime to make its boutiques far more productive
and responsive to consumer needs; they were made the centre stage of all marketing
activity. Tanishq is the only national jeweller in India with an unmatched consumer reach
through 62 exclusive boutiques in 47 cities.
In India, gold buying is still to mark special occasions like festivals, anniversaries and
auspicious days like akshaya tritiya. So, whether it was Varalakshmi Puja in Andhra
Pradesh, Durga Puja in Bengal, Onam in Kerala or Karva Chauth in the north, the
company celebrated it with its customers in the right cultural spirit.
Tanishq is today perceived as a design leader in jewellery; as a distinct, fashionable brand
which defines trends in jewellery; as a retail brand which offers an elegant, clearly
differentiated shopping experience which is quite unique in this category. The whole
discussion is figured below:
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Thus in purchasing jewellery by the customers, they are driven by both external and
internal influences. External influences include, Marketing efforts by the company as the
Input, Consumer Decision Making as the Process and the Purchase as the Output.
Here we can take the input to external influences as socio cultural environment also which
include information from family, social groups, informal sources etc. The decision
making, which is the process, is purely psychological as the customer internally analyses
about the product and it’s pricing. If required, they take the help of old customers of
Tanishq to judge their satisfaction level with the product. The output deals in purchase
and post purchase evaluation, where they mentally analyze whether the jewellery set
which they bought, worth their hard earned money? Whether they got the best piece
compared to the other jewellery shops? Etc
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Consumer Decision Making - A Simple Model
Input
Process
Output
Marketing efforts + Sociocultural environment
Consumer decision making
Postdecision behaviour
Purchase Postpurchase evaluation
1. Trial; 2. Repeat purchase
Experience
Psychological field
1.Need recognition2.Pre-search3.Alternatives
Motivation, perception, learnings, attitude
Consumer decision making
Product, promotion, price, place/channels
Family, informal sources, social classes, cultural
External influences
TANISHQ IN WEST BENGAL
Tanishq as a brand is a new entry to Calcutta and especially to West Bengal wedding
market. Customers are generally inclined to the local jewelry stores for their wedding
marketing. They often get cheated in terms of low quality of gold (18 carats) which they
are unaware of. Tanishq wants to launch themselves in this market which is a huge
potential with 100% pure gold (22 carats) and a wide range of wedding collections at an
affordable price. In this respect we are formulating out strategies to tap this market in
terms of tie ups with various wedding accessory shops like saris, beauty salons, marriage
registration bureaus etc and also in terms of road shows in West Bengal where we do not
have stores.
Titan Industries Limited is planning to open up two new stores of Tanishq brand of
jewelleries in New Alipore and Rajarhat. Also the company is planning to target the
wedding market in Calcutta during the upcoming wedding season spanning three months
(April, May, and June).
Tanishq has opened first-of-its-kind concept store at Fort Knox, the exclusive jewellery
mall on Camac Street, Kolkata. This anchor store reflects the new retail identity of
Tanishq the 'Revitaliser of Tradition'. Tanishq has taken this retail initiative from Kolkata
since the city embodies Tanishq's retail idea of combining the grandeur of the past with
the reality of the present without losing its inherent character and appeal. Also it has two
other stores in Gariahat and Kankurgachi.
The introduction of the idea of a concept store is a move to catapult Tanishq's unique
brand identity in the retail space and take jewellery retailing in India to a new level. The
concept stores will take Tanishq closer to making it the complete jewellery brand catering
to varying consumer needs and tastes across all consumer segments and also provide
customers a unique and innovative buying experience.
Study is undertaken for identifying the potential customers who will be interested in
visiting the fourth retail showroom in New Alipore. Primary research has been conducted
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to collect data from the respondents on the basis of questionnaire. Study is conclusive in
nature. Since here the research objectives are clearly specified and information needs are
listed out. This conclusive research provides information that helps the manager to
evaluate and select a course of action. Conclusive research provides the relevant
information to help the manager arrive at a decision. It is characterized by formal research
procedure. The research is statistical in design. Statistical method is the most widely used
method in marketing research. It makes use of techniques that vary from simple means and
percentages to very sophisticated techniques. Statistical tools are used by most marketing
research professionals to understand the dynamics of the market. Data are usually
collected through observation and thorough interviewing.
The statistical method has certain advantages:
Statistical methods can be used for mass data.
Two different researches using the statistical research will arrive at the same result.
Statistical study helps the researchers to make accurate generalizations. If the
sampling is properly done, generalizations will be true.
Data Collection Methods:
Primary Collection Method : Primary sources are used for data collection. Primary
data collections are given more importance over secondary data collections because
secondary data collections because secondary data are collected for some purpose other
than helping to solve the current problems whereas primary data are collected exclusively
to help solve the problems at hand. This exclusively proves that the primary data are
focused towards the problem. Hence primary research is conducted and not the secondary
research. Survey research is used for gathering primary data. It is the systematic gathering
of information from respondents for the purpose of understanding and predicting some
aspect of the behavior of the population of interest. The population of interest is the
residents of Behala and New Alipore mainly and also the residents of surrounding areas.
Within the survey method, personal interview technique is used. Respondents are
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personally approached at their residence and interviewed in front of shops like
Raymond’s, Hyundai etc. Information is collected in a face to face situation. Personal
interviews are flexible enough and in-depth information can be obtained from the
respondent. It is been because of the requirement of detailed and vivid information that
personal interview method is chosen. Respondents are approached with a structured
questionnaire and information is collected accordingly.
Sampling constitutes an important step in data collection process. Sampling is the process
of selecting a representative part of the population, studying it and thereby drawing
conclusions about the population from which it has been drawn. Most marketing studies
involve a sample or the subgroup of the population relevant to the problem, rather than a
census of the entire group. This market research project is also no exception to the
sampling rule. My project was centered on the residents of New Alipore and Behala and
the adjacent areas. Of all the residents present in the concerned areas, only sixty of them
were randomly selected. Simple random sampling methods are used to select the sample
units where each member in the population has an equal chance of being selected in the
sample. Probabilistic sampling method is used where the members of the sample are
selected by chance and there is a known chance of each unit being selected. These sixty
sample units constitute representative sample of the entire sample frame. Though the size
is small, it is representative enough to give the required information albeit with some
uncertainty within the given resource constraints, financial and temporal constraint.
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OBJECTIVE
To increase the sales of Tanishq especially in the segment of wedding jewelry and to do a
research on the customer buying behavior. The objective is carried on by the process of
Organizing road shows in the potential areas like Purulia, Chandannagar,Haldia
Marketing tie ups with famous sari shops in Calcutta like Trader’s Assembly,
Benarsi Kuthi, Simaya, Belong where purchasing of wedding saris are common
among the customers.
Opening up of new boutique of Tanishq in the areas of New Alipore, Behala.
Tanishq challenged the age-old jeweller’s word with TATA’s guaranteed purity. It
exploded the market with facts about rampant impurity across India. It introduced
technology-backed challenge in a category completely governed by individual trust.
Tanishq introduced innovations like Karatmeter, the only non destructive means to check
the purity of gold; machine made jewellery, which offers far superior finish and value to
the customer and beautiful handcrafted jewellery which is influenced by various jewellery
traditions of India. It represents the aspiration of emerging Indian woman, who uses
tradition rather than being used by it; who fulfils her responsibilities and lives her dreams;
who celebrates festivals in her house with glamour and panache; who embraces modernity
without breaking away from tradition.
For Tanishq to become the number one choice for the wedding customers, the project
caters to the following objectives;
1. Increase visibility of brand name. To stand for the credibility and total customer
satisfaction.
2. Developing a brand image where our customers are proud to be our clients.
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3. Attain a level of customer satisfaction where our customers become brand
ambassadors.
4. Introduction of a relationship management system with our customer base with
both existing and prospective customers.
5. To reach a point of customer delight we need to provide complimentary services to
our existing customers beyond our contractual scope.
6. Introduction of a call management system where the calls coming from potential
business opportunities can be taken care of by the business executives.
Processes involved can be cold calls (suspects), PR calls (suspects to prospects),
Development calls (relationship building), A/C review call and subsequently
presentation calls, Follow up calls, Order Calls, BR calls.
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New Store Opening In Behala\New Alipore
A SURVEY
A survey is done on the customer buying behaviour to find out whether it will be
appropriate to open the fourth boutique of Tanishq, either in Behala or New Alipore.
Number of person approached - 150
Q1. Which is the most preferred location for you to shop? New Alipore - 34
Gariahat - 40
Behala - 32
Camac Street - 18
Others - 26
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Preferred Location To Shop
New Alipore23%
Behala27%
Gariahat21%
Camac Street12%
Others17%
New Alipore Behala Gariahat Camac Street Others
Q2. How frequently you go for shopping of garments/ jewellery?
Weekly once - 14
Once in a month - 36
Once in 3 months - 47 Once in 6 month - 28
Others - 25
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Frequency Of Shopping
Weekly Once9%
Once in a Month24%
Once In 3 Months31%
Once In 6 Months19%
Others17% Weekly Once
Once in a Month
Once In 3 Months
Once In 6 Months
Others
Q3. Do you go to branded showrooms like?
Adidas - 6
RBK - 12
Sony - 14Yes( 142)
Raymonds - 31
ColourPlus - 14
Titan - 18
P. C. Chandra - 24
Tanishq - 18NO(8)
No Response - 8
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No of people going to branded showrooms
4% 8%
9%
21%
12%16%
12%
13%5%
Adidas RBK Sony
Colorplus Raymonds Titan
PC Chandra Tanishq No Response
Q4. Will a Tanishq show room here ( New Alipore/ Behala) will help you in your jewellery purchase?
Yes - 85
No - 25
No Response - 40
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Tanishq Showroom In Behala/New Alipore
56%
17%
27%
YES
NO
No Response
Q5. Where do you want a Tanishq showroom in this area?
New Alipore - 71 Behala - 42
No response - 37
ANALYSIS
From the above survey we find out that customers expect a Tanishq boutique in New
Alipore which is a conventional shopping hub for the local residents. Also a huge
chunk of customers prefer shopping of garments once in three months. From the
survey, we also find that a huge chunk of customers from Behala and New Alipore
come to the boutique of Camac Street and Gariahat to purchase jewellery, 12% and
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Customer's preferance for Tanishq showroom
New Alipore47%
Behala28%
No Response25%
New Alipore
Behala
No Response
21% respectively. Now if a new store is being opened at New Alipore, these dedicated
customers will stop coming to Gariahat and Camac Street, thus reducing the sale value
of these two boutiques.
After doing the survey, I also found out, a huge number of customers are dedicated
buyers of the local brand named PC Chandra. Without being named, they gave a
feedback that Tanishq jewelleries though are pure but quite costly. On the other hand
PC Chandra is giving the same quality at a much lower price. Their making charge is
as low as Rs 85 per gram as against Tanishq range which costs at RS 95 to 145 Rs per
gram.
These customers can be targeted by opening a new store in New Alipore and also giving
attractive discounts on making charge. An effort should be made through aggressive
marketing with the help of media and other processes such as Telecalling, Leaflets,
Banners, Posters etc. No nook and corner should be left untouched to get into customers
mind and make them feel that if they have to buy jewellery, Tanishq is the only option.
Customers think twice before they go to a Tanishq showroom because of their perception
that the price range is quite high which they cannot afford. This perception needs to be
changed through attractive discounts and value added service which will make them
unique in the jewellery market, thus opening up other avenues to the customers. The way
PC Chandra is making its presence count in West Bengal through marketing and increase
of stores is alarming, and Tanishq needs to find a way to surpass their marketing tactics
fast to capture the Rs 5000 crore jewellery market.
The survey is accepted by the Regional Manager Tanishq, Mr. Dwaipayan Sen and it will
be sent to the corporate office in Bangalore. Mr. Govindraj VP Retails and Marketing will
take a decision, exactly when to open the store, calculating the cost structures. They have a
plan to open the store by the year end as per the latest news.
4/11/2023
LIMITATIONS TO THE STUDY
1. Non response by the residents is cropping up as a serious problem. Most of the
people are refusing to answer the questions and whatever little information they
are imparting are insufficient.
2. Questionnaire seemed to be a long one to be fully filled up by the respondents.
The length of the questionnaire demotivates them and moreover they do not
have time to answer the entire question.
3. Afternoon is also a total wastage as during this time hardly anyone is willing to
attend any survey.
4. Most of the respondents refused to answer the question “Where do you go for
jewellery purchase?” The reason for refusal is mainly because it demanded
detailed information from the respondents which caused them irritation. People
were not willing to write their name and address in the questionnaire.
5. Time is a very big constraint. In four days survey is not complete to give a
clear picture of whether or not opening of a Tanishq boutique will be
profitable.
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Tanishq And The Great Indian Wedding
A RESEARCH
TRADITIONAL management theory owes its origin to the West. Theories like `core
competence' and maxims such as `stick to your knitting' owe their beginnings to the
environment in which they were conceived. They have been conceptualized in mature
economies that struggle with minimal growth. And they have considerable relevance there
too. And yet India (and China too) is different. These economies are booming. To succeed
here, one needs thinking and execution that are significantly different. Insights into the
consumer in nations with over a billion people. While mature economies were losing their
fascination with brands and branding, India in the Nineties was just savoring the pleasures
and reassurances of quality that branding provided. Commodities such as salt, sugar and
rice were being branded and Titan said, "Why not jewellery?" and that led to the launch of
Tanishq. Ten years later, Tanishq is a Rs 725-crore brand, growing cumulatively at over
30 per cent over the last few years. And if that isn't a fairy tale success story, one wonders
what is.
The Tiffany's of the East
Tanishq did not have a great start, though. It was party wear, nightwear, for liberated
women, well-designed certainly, but ahead of its time. The market reaction was lukewarm.
But Tanishq, all said and done, was from the Tata’s.
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The cornerstone of the Tata brand has been, and will always be, trust. In an industry which
had jewelers who were capitalizing on the consumers' gullibility, Titan realized it could
capitalize on its own ethical practices and expose some of its less ethical competition
through its karat meter and its advertising which planted doubts in consumers' minds, with
ads like, "Are you sure your gold is pure?" That definitely created a stir in the market and
more significantly in the consumer's mind. The consumer stopped to think, and more
importantly, buy - Tanishq. Nor was this all. Tanishq quickly used its knowledge of the
Indian consumer and retailing to extend its franchisee network through the length and the
breadth of this country.
The traditional jeweler dominated his neighborhood and hometown. Some jewelers have
moved out of the safety of their own loyal set of local consumers. Tanishq also believes
that retail consumer experience could be the key. Traditional jewelers, even as they
display skepticism about this strategy, are quietly and quickly improving the ambience of
their own stores. Nor has this been all. Tanishq has constantly improved its collection and
jewellery range. Aria, a range inspired by the traditional seven-stone floral motif, Hoopla
(diamond hoops),
Lightweight Colors, Aamra and Aarka have followed each other to increase market share
and lighten the consumers' wallet. And yet, it is important to remember that the jewellery
market in India is Rs 55,000 crore and Tanishq, despite its healthy growth and high
profitability, is a small player. This, of course, is the typical case of the glass being half
empty or half full and how one views it.
Tanishq, one believes, views the situation extremely positively and believes that it is
sitting on a potential gold mine.
The changing consumer
One of the key questions any brand needs to ask is, "Who is our key consumer? To whom
are we talking?" Tanishq has clearly realized that the Indian woman is changing. And
how! She is far better-educated, is working, lives in a nuclear family in a structure that is
far more liberal and leads a high wattage life. She has legitimate space for herself.
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She is no longer satisfied with playing pre-defined rigid roles of sister, mother, wife but is
choosing her own role and playing it the way she wants to. As a consequence she is
retrieving space (that she believes genuinely belongs to her) without conquering it. She is
using tradition rather than being used by it.
Yes, the `I factor' works for the Indian woman and this is what Tanishq attempts to
address in its advertising and its product offerings too. And that's the twist to the
traditional Indian woman. She is traditional alright ... will act out multiple roles that are
required of her - but is an individual in every sense of the word. She will do her own thing
- quietly. And this is the potential bus that the traditional Indian jeweler might miss, used
as he is to people buying jewellery coming to the outlet in a large group - mother-in-law,
father-in-law, daughter-in-law, husband, children in tow - diffusing the power of the
individual. But Tanishq believes in the power of the individual. And probably that is the
way to go.
Back to tradition
Perhaps the most significant shift in Tanishq's marketing strategy has been in its product
line. From what was essentially `western wear’ it moved to `party wears' and then to
`jewellery watches' and now has progressed to more serious, traditional stuff. Because of
the realization that when it comes to jewellery, the Indian woman, despite all her
modernity is pretty traditional. She prefers gold and will buy it, like her mother did before
her. But unlike her mother who might have bought it as an investment, she buys it as an
adornment. She knows the value of festivals such as Dhan Teras and the importance of
weddings in the Indian milieu. She will know that she is going to be watched and
evaluated. She cannot afford to be seen as flippant. This is the subtle change in Tanishq's
product offering. It's a lot more traditional - like the line created for the movie Paheli.
Tanishq also realized that India buys heavily during the wedding season. And its
collections and range are gearing up for this great, big opportunity in the Indian market.
4/11/2023
Twist and turns ahead
Notwithstanding its success, people continue to buy from traditional jewelers. Jewelers
such as GR Thanga Maligai, Krishniah Chetty, Ganjam and Tribhovandas Bhimji Zaveri
have their own set of loyal customers who buy regularly and in large volumes. Their
strength is that they know their consumer intimately, for generations. This, they believe, is
their distinctive difference.
Tanishq knows its limitations. It is easier to have an overview of broad consumer trends
and capitalize on opportunities that present themselves rather than worry about a small
group of customers, as valuable as they may be, as they are reasonably loyal too. And yet
the pot of gold could be in the young `double income and no kids' Indian family which
doesn't think twice about buying expensive designer jewellery for Rs 20,000. Advertising
and imagery helps, though a contemporary product line doesn't hurt either.
And one suspects that while Tanishq may currently be scoring in the smaller towns where
its competition is not so well entrenched, it must win share and customers from the big
traditional jewelers in Mumbai, Delhi and Chennai. Yes, people will continue to buy
jewellery and with increased affluence - lots of it. Tanishq, a decade after its founding, is
poised to do even better. And the pampered Indian consumer is just waiting, wallet open,
to be served.
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Analysis of Akshay Trithiya Media Tracking Survey
No of customers surveyed - 100
No of customers bought - 25 No of customers booked jewellery – 75
1. Are you aware of the ongoing offer of Tanishq on Akshy Trithiya?
Yes – 85 No - 15
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Awareness of AT offer
85
15
a) Yes b) No
2. Are you planning to come back to buy gold or any other jewellery from Tanishq on Akshay Tritiya as well?
Yes – 75 No – 25
3. If you
would have purchased for Akshay Trithiya once again, what would have been the reason?
a) Its an auspicious occasion - 30b) Tanishq would offer attractive discount - 45
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Reason for coming back to Tanishq
40%
60%
a) Its an auspiciousoccasion
b) Tanishq would offerattractive discount
people coming back for AT in Tanishq
a) Yes, 75
b) No, 25
a) Yes b) No
4. You are making an advance booking for gold or any other jewellery on Akshay Tritiya from Tanishq because?
a) Its an auspicious occasionb) Tanishq would offer attractive discount
5. Have you seen the recent Tanishq TV commercial?
a) Yesb) No
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Advance booking for AT in Tanishq
27%
73%
a) Its an auspicious occasion
b) Tanishq would offerattractive discount
6) Can you recall the communication/ Ad message, If yes kindly mention.
Most of the customers are aware of the Tanishq TV ad which is going on. They were recollecting the purity of Tanishq Jewellery which is so very important for them for the auspicious occasion of Akshay Trithiya. They also recollected the ad of 19k=22k with Akshay Trithiya where Tanishq guarantees them with pure jewellery in place of impure ones. They immediately recollected the sas-bahu character featuring in the Tanishq ad of AT. Also we can see that out of 100 around 38 customers were still unaware of the ad. Some of them dont watch TV regularly is also an imp constraint. Most of the customers from Camac Street and Gariahat boutique know about the advertisement. Out of these 38 customers, most of them were giving the link up of the ad with Golden Harvest and subh vivaah collections. They were shown the ad and they told that it was the first time they were seeing.
7) Any feedback/suggestion to enhance your buying experience with Tanishq during AT….
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Customers knowing about Tanishq TV ad
62
38
a) Yes
b) No
Most of the customers were happy and satisfied with the buying experience with Tanishq. They were happy with the exclusivity which Tanishq is maintaining. Some of the customers expressed their concern regarding the price range of Tanishq and hoped that the company will drop the price range in future. Also two three customers expressed their desire that Tanishq should also have exclusive designs on earring collection.
The Survey is being accepted by Mr. Govindraj, VP Retails and Marketing and they have accepted to increase their reach among the customers by increasing their expenses in advertising.
Implementation of the proposed strategies in current financial year for the
company and to increase the profit.
Organizing road shows in the areas of Purulia, Chandannagar,Haldia
Marketing tie ups with famous sari shops in Calcutta like Trader’s Assembly,
Benarsi Kuthi, Simaya, Belong where purchasing of wedding saris are
common among the customers.
Opening up of new boutique of Tanishq in the areas of New Alipore, Behala
and doing a market survey with the help of questionnaires.
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Tanishq Anmol Saheli
Celebrate the unique mother daughter bond with Tanishq
Tanishq, India’s most innovative jewellery brand, in association with Prabhat Khabar
will be organizing a novel co-authored letter contest for mothers and daughters. Only a
mother shares the most intimate bond with her daughter. This bond is irreplaceable and
precious. In time she becomes her daughter’s best friend, an unconditional friend, who
understands everything without having even to say it. She constantly worries about her
precious daughter’s future and how she will face the challenges life has to offer. This
unspoken bond between the two only grows stronger each day, even when her daughter
gets married and move on to another phase of her life.
Starting from 11.3.07, for a period of three weeks, all mothers and daughters in the city
can write and share these amazing moments in few words with anecdotes, heart warming
experiences and emotion that define this incomparable relationship. A few exceptional
letters will be short listed everyday during the three week period. The most interesting co-
authored letter of the day will be published in the Prabhat Khabar.
The contest will culminate in a celebration for the participating 101 mothers and daughters
on 27th March. One grand winner will be chosen from amongst the short listed entries. The
popular mother and daughter duo by Mrs Kiran Kher, the renowned actor will present the
winning mother daughter duo with precious Tanishq jwellery.
Result Of The Tie-Ups VIP Industries Limited
Contact Person:- Mr Jaydip Gupta
Designation:- Branch Manager
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Points Discussed:- 1) To form a consortium where in the companies participating will target the Calcutta wedding market.
2) To promote this co-branding from Tanishq so that the customers can have a complete wedding shopping experience under one umbrella.
3) Customer exchange program will be practiced.
4) Attractive schemes will be given to the customers to be decided solely by individual companies.
5) Scheme will be continued till Puja if successful.
6) The offers will start from 20th of May approximately
Result Of The Discussion: The meeting was successful as Mr Jaydip Gupta accepted to be the part of the consortium. He was appreciating the fact that Tanishq has taken such an initiative which the wedding customers can utilize during their shopping. He also said that he will talk to Globe Travels, a famous travel agent in Kolkata, to become a part of this consortium.
GODREJ LIFESPACE
Contact Person:- Mr. Ruru Banerjee
Designation:- Branch Manager
Points Discussed:- 1) To bring Godrej Lifespace, a well recognized furniture company into the consortium as lifespace items are common in wedding shopping.
2) Consortium will be formed such that there should be no competitors.
3) Customer Database has to be exchanged among the companies.
4) A mailer regarding this consortium has to be given to the matrimonials section of Ananda Bazar Patrika
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5) What extra benefits Godrej will get by entering into the consortium?
6) What will be the common platform in the Advertisement?
Result Of The Discussion: The discussion with Mr. Ruru Banerjee was not fruitful as they were not interested to come to the consortium. They cited the reason that they were already ready with a scheme of their own which is to be launched shortly. They did not want any more offers to be clubbed with their scheme of their own. They also wanted the customer database of Tanishq which was impossible for the company to part with.
LG ELECTRONICS
Contact Person:- Mr. Suvadip Burman Roy
Designation:- Institutional Manager
Points Discussed:- 1) As consumer electronics brand LG has a lot of respect among the customers.
2) The wedding season coincides with the summer season, so customers buy lots of goods like AC, Washing Machines, Refrigerators, a good bargain for the customers.
3) They will give attractive discount rates to the wedding customers.
4) The consortium formed by Tanishq is unique and will definitely help the customers in giving a complete wedding shopping experience.
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5) No competitors will be allowed in this consortium.
6) If successful the scheme can be continued till Puja.
Result Of The Discussion: Mr. Suvadip Burman Roy was very happy to come to this consortium where so many recognized brands are participating. He expressed his desire to participate in future also and gave a Thumbs Up to this venture.
SIMAAYA
Contact Person:- Mr. Mayank Agarwal
Designation:- Owner
Points Discussed:- 1) What benefit Simaaya will get if they come to a consortium?
2) Being an exclusive boutique for wedding sari collection, Simaaya wants to target the Calcutta market competing with the traditional sari shops already existing like Trader’s Assembly, Adi Mohini Mohan Kanjilal.
3) The scheme will have to be only for Calcutta as the don’t have outlets outside Calcutta.
4) Customer Exchange program will have to be practiced.
4/11/2023
Result Of The Discussion: Simaaya agreed to be the part of the consortium as an exclusive boutique for saris. Since they were established in Calcutta just three years back, they were happy to be associated with brands like LG, Tanishq, VIP.
Talks are still on with the representatives of BATA and Raymond’s. Titan and Sonata, already being a member of the TATA group will be also joining the consortium. The proposal is already given to Bata and Raymond’s about the consortium and they will revert back to us shortly once they are finished taking a decision. A deadline of 17th May has been set for the closure of the initial discussion period and from the very next day onwards we will start printing with the coupon book. The following decisions are taken about the coupon book.
1) The total number of coupon books to be issued will be around 1Lakh initially.2) All the participating brands are invited to send their artwork by 18th May.3) All the participating brands are asked to call upon their vendors for the
printing process and submit a quotation.4) The best quotation will be awarded with the printing process of the coupons.5) The amount paid by each brand will be solely based on number of coupon
books they are taking.
6) The printing process will start by 19th of May and they will be available to the stores by 25th of May.
7) If successful the offer will be continued up to Puja.
Road Shows
Till date around four road shows are organized by Tanishq. They are held in Haldia, Purulia and VIP Enclave, opposite Big Bazaar in Baguiati and Manjulika Apartments near Ballygaunge Phari. All the three boutiques in Calcutta have taken part in one or the other road show, thus increasing the sale by a considerable amount. This ultimately increased the brand value of Tanishq among the customers as not only attractive discount was offered but a get-together was also there among the residents of VIP Enclave and Manjulika Apartments. They were very happy with the initiative taken by Tanishq and promised to be a part of Tanishq family henceforth. Thus these road shows are a
4/11/2023
big success. Also Tanishq celebrates the auspicious occasion of Akshay Trithiya, Women’s Day, Mother’s Day where the company binds with its customers emotionally which ultimately helps in the upliftment of the brand value of Tanishq. Customers are more eager to come and shop atleast something in the boutique to celebrate these auspicious occasion.
Further two road shows are in the pipeline, one again in Purulia, One in Rishra.We hope that it will also be a success like the previous shows which accumulated a sales value of over 50 Lakhs. We expect to surpass this figure by the end of these roadshows and our target is over 60 lakhs.
MINUTES OF THE CALCUTTA MEETING HELD ON 20/03/2007 AT ROE(TITAN)
Members Present: Souporna Chowdhury (store manager- Fort Knox)
Sagorika Hazra (store manager- Kankurgachi)
Nilanjana Roy (store manager- Gariahat)
Dwaipayan Sen ( Regional Manager)
Indranil Bhattacharya (HR head)
Kanchan Roy ( IT Head)
Santosh Kumar ( VM Head)
Pramit Basu
Approx Total sales as of Feb end:
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CAL1 - increase by 63%CALK- increase by 38%CALG- increase by 82%Over all Kolkata Growth : 58%
Gramage growth is around 8% for kolkata
PJW’s Growth is around 17.5%.
PLAN FOR AKSHAY TRITHIYA
Offer starts from 6th April----- 10% off on making charge 5% off in advance booking – However exact offer to be communicated by corporate.
Tentative ads to be published in leading daily’s
ABP-- 6th and 13th AprilTT -- 7th and 14th AprilSanmarg--6th and 17th AprilBartaman – 16th AprilStatesman—17th April
Radio Partners ----- BIG 92.7 FM 106.8 Amar FM - we will try to promote it from 6th to 17th Aprill.
Post Cards required for AT.
Cal 1 -- 1000 ( 800 in English and 200 in Bengali)
CalK – 250 in English Cal G –1000 in English
We will also try to print double fold invitation card for Poila Baishak & AT
100-125 in Cal150- 75 in Kankurgachi100 in Gariahat
Paper Inserts for AT-- 10000 in Gariahat 5000 in Camac StreetAll the inserts will have all 03 address of Calcutta, Calk doesn’t require any inserts.
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Permanent Hoardings-- existing in Camac(2), Gariahat(1), City Centre(1)
Proposed in 2-3 months--- Tolly Metro (to cover wedding) Rashbehari 4no Bridge in Park Circus Ultadanga Shyambazar Manicktalla Metropolis Kankurgachi
BANNERS---- -20 for Calk South-(G and Ca) 30 Telecallings will be done from each store during AT .
POILA BOISAKH
Greeter- 1 each for 3 stores for 14th Aprill. Telecalling from store Gift—jewelry box approx 75 Rs. Souparna to close on Poila Baishak Day only
to all purchasers. All the RSO will wear Bengali Traditional dress on that day.
WEDDING
Wedding scheme may be promoted from 21st Aprill to June
Tie ups with sari shops like Trader’s Assembly, Simaya, Benarsi Kuthi, Priyo Gopal Bishoi, Indian silk house. Etc Promit to coordinate with Store Managers & close the same latest by 2nd Aprill.
Tie ups VIP, Aristocrat, American Touristar, Godrej Storewell- Anirban will do. Making charge starts from Rs.80 can be highlighted during this period – a proposal
which was discussed – will consider it for atleast in Press AD. Wedding ads to be planned later. Mailers to Bartaman and ABP to the bride /groom advertisers- mailers to be
drafted by Anirban / Promit. We will give some gifts to the persons coming with those letters.
Tie ups with marriage halls like Millennium and Singhi Palace.- promit & souporna
Road Show: Road shows in Behala by Cal 1 and G
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Road shows in VIP terrace by Cal K on 1st week Aprill Road show in Manjulika on 25th March and 1st April by CalG
IT Requirement mainly AT
Fort Knox: 2 extra printers and 2 extra computers required. 1 set will be for advance booking for Akshay Trithiya
Kankurgachi: Requires a LAN and 3 point billing system – Kanchan to visit the store & confirm
Gariahat: Additional printer required.
MANPOWER
Fort Knox: 2 Greeter +2 commercial for AT
Kankurgachi: 2 RSO’s for 1 month 2 RSO’s permanent + 1 commercial for AT
Gariahat: 2 RSO’s immediately + 1 cashier - permanently 1 RSO’s temporary for Aprill 1 commercial help
SALES target for AT:
Camac Street: 150 lacsKankurgachi: 125 lacsGariahat: 100 lacs
Target : for April: Cal1 – 300 lacs CalK – 250 lacs CalG - 200 lacs
`
60% drop out case for ECS . To be looked after. Building Blocks for Aprill to be worked out by the Store Managers. Lights are poor in Gariahat, jewelry hardly visible. To be sorted by
Santosh. Similar decorations to be maintained by 3 boutiques in all the
occasions. Relationship calling to be commenced by the 3 boutiques.
1. 200 by Souparna2. 150 by Sagarika
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3. 150 by Nilanjana IDEA PLUS by RSO’s to be worked upon.
Result: Akshay Trithiya was a big success to us as Calcutta grew by over 150% as compared to last year. All the employees as well as the RSO’s put a huge effort towards the success of the event and kudos to them for achieving the target.
A Research Analysis On Indian Jewellery Market
Based on last financial year’s performance, key result areas for Tanishq is prepared. It gives a look into the present Indian jewellery market and the place which Tanishq holds in it as a branded jewellery market. An in depth analysis has been made with the help of facts and figures.Tanishq emerges as the best known brand with the highest awareness and recall.
The difference between the leaders and the followers is always greater when the former have a head start. And when the pace and efforts of the leaders intensify, the possibility that they will continue to be at the top is a foregone conclusion. The Survey shows that Tanishq is the best known brand across the three cities of Mumbai, New Delhi and Bangalore, a finding which lends credence to the leadership factors. More than 65 per cent of the target audience had no hesitation in coming up with the name, proving that the extensive branding exercise undertaken by Tanishq (a division of the Tata group company, Titan Industries) has paid off well. Two decades in the business, over 70 retail outlets
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across the country and pioneering efforts to make jewellery buying into an unforgettable shopping experience - all these factors combined to make the brand into a household name.
India's Top Ten Best Known Jewellery Brands( entries per 100)
What Did Women Really Buy?
An interesting question is whether there is a difference in what women consider as India's best brands and what they finally opt for. Quite naturally, price structure and affordability are in conflict with aspirations. However, there has been little or no difference observed in our target group in their choices. This may be because most jewellery brands have a varied price range that caters to women belonging to different segments of society. Even in a high-profile brand at least a few lines are made affordable to most people. Thus, the toppers in the best known category come up trumps even here.
Entries per 100
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When Do Women Buy Jewellery?
If you thought only weddings are big occasions for jewellery purchase, think again. The survey shows that festivals are a big occasion for this event. Of course, women also go on a buying binge when they have any extra cash, such as a bonus, etc. A surprising revelation in the TNS survey is that women also like to buy jewellery the most when they have to attend a wedding! Maybe, young women consider the purchase of jewellery for their wedding is their parents' worry! The other important factor is that (most) Indian women get married only once (!) and hence this expenditure, while remaining high, is curtailed to an once-in-a-life-time experience.
Almost 33 per cent of the women surveyed purchased jewellery once in six months or a year.
Entries per 100
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Design Satisfaction among customers for Tanishq
Indian designers can rest easy. A majority of women are quite pleased with the designs available to them. Only a miniscule number have higher expectations
Price Satisfaction
Brand managers will find this irksome, to be sure. Considering the fact that most Indian
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manufacturers are bending backwards to create a wide price range to cater to all segments, a large number felt that the prices were not justified. There is an indifference among the majority of women on the price front. But the good news is that many of them did seem to be greatly happy with the prices.
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CONCLUSION
One of the key questions any brand needs to ask is, "Who is our key consumer? To whom
are we talking?" Tanishq has clearly realized that the Indian woman is changing. And
how! She is far better-educated, is working, lives in a nuclear family in a structure that is
far more liberal and leads a high wattage life. She has legitimate space for herself.
Perhaps the most significant shift in Tanishq's marketing strategy has been in its product
line. From what was essentially `western wear’ it moved to `party wears' and then to
`jewellery watches' and now has progressed to more serious, traditional stuff. Because of
the realization that when it comes to jewellery, the Indian woman, despite all her
modernity is pretty traditional. She prefers gold and will buy it, like her mother did before
her. But unlike her mother who might have bought it as an investment, she buys it as an
adornment. She knows the value of festivals such as Dhan Teras and the importance of
weddings in the Indian milieu. She will know that she is going to be watched and
evaluated. She cannot afford to be seen as flippant. This is the subtle change in Tanishq's
product offering. It's a lot more traditional - like the line created for the movie Paheli.
Tanishq also realized that India buys heavily during the wedding season. And its
collections and range are gearing up for this great, big opportunity in the Indian market.
Tanishq knows its limitations. It is easier to have an overview of broad consumer trends
and capitalize on opportunities that present themselves rather than worry about a small
group of customers, as valuable as they may be, as they are reasonably loyal too. And yet
the pot of gold could be in the young `double income and no kids' Indian family which
doesn't think twice about buying expensive designer jewellery for Rs 20,000. Advertising
and imagery helps, though a contemporary product line doesn't hurt either.
4/11/2023
And one suspects that while Tanishq may currently be scoring in the smaller towns where
its competition is not so well entrenched, it must win share and customers from the big
traditional jewelers in Mumbai, Delhi and Chennai. Yes, people will continue to buy
jewellery and with increased affluence - lots of it. Tanishq, a decade after its founding, is
poised to do even better. And the pampered Indian consumer is just waiting, wallet open,
to be served.
Titan and Tanishq jewelry was awarded the most admired brand awards for the fourth time in a row in the ‘Jewellery and Timewear’ segments at the 5th Annual Lycra Images Fashion Awards (LIFA).
Titan and Tanishq were also awarded the ‘Retailer of the Year’ awards late last year, a double whammy for star performers in the respective branded segment.
Timex, Movado, Citizen, Asmi, Sangini and Kia were the nominees for the awards in the ‘Timewear’ and ‘Jewellery’ category. Kudos to Tanishq for its innovative marketing approach and the internal bond with the customers.
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RECOMMENDATION
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REFERENCES
Marketing Management by Philip Kotler Marketing Strategies by Al Ries www.tanishq.in
4/11/2023