Introduction Tanishq is Indias largest, most desirable and fastest growing jewellery brand . Started in 1995, Tanishq is the jewellery business based in Bangalore launched by TITAN. The company wanted to be different by offering 18 carat gold with contemporary European designs. Company made losses in 1995-96 , 1996- 97 ,1997-98. ,1997-98 By 2001,Tanishq was the largest overseas chain in the U.S. With 1200 stores and 10% of its turnover was from
Contd…. Titan Watches Limited was promoted by QIL & TIDCO. The company was India’s leading manufacturer of watches marketed under Titan & Sonata. Later Titan ventured in jewellery business with the name Tanshiq.
Contd…. Tanishq introduced innovations like Karat meter, the only non destructive means to check the purity of gold. Tanishq also introduced professional retailing in the un-organized Indian jewellery bazaar, where women can shop with comfort and peace, without worrying about the purity of the jewellery they are buying, as well as, selecting from the best jewellery collections available in the Indian market. Tanishq has successfully taken on the challenge of transforming this frontier into a reliable consumer space by bringing to it all the virtues and benefits that branding offers.
STRENGT HWell executed marketing plan withunique strategies. Largest overseas chain in U.S. Customer servies enhancement. In-house manufacturing enabledit to charge same price across thecountry. In-house designers.
WEAKNE SS Escalated gold price. Share was not even 1% in Indian jewellery market. Introduced with high standards.
OPPORTUNITI ES Global market . Customized jeweler design. Own retail stores. Indian wedding market . Introduced revolutionary concept of karat meter.
Market Strategies TRANSMIGRATION OF DESIGNS: Tanishq started stocking typicaldesigns from Tamilnadu in Mumbai and those from Bengal in Delhi . yetbeing Indian , these designs provide variety to customers. CONTINOUS CHANGE IN DESIGNS : At least 10% of designs werechanged at quarterly basis and fresh stocks were added to the stock. OWN CHAIN OF RETAIL STORES : At starting phase the companysold it’s product through multibrand stores . But now it has 47 ‘TanishqBoutiques’ in 37 cities –including metros.
Tanishq vs Others
Contd…… INTRODUCTION OF KARAT METER : To check the purity of goldwithout wasting it , they introduced Karat meter .It was imported fromGermany and it uses X-rays to check the purity of gold . It proved to bethe biggest USP for Tanishq . RETURN GUARANTEE & EXCHANGE OFFER: They provided 100%return guarantee on it’s brand of jewellery and also exchanged otherjewellery after deductions depending on purity. STANDARDIZED PRICE : Tanishq decided to have a standard goldprice across all it’s showrooms from March 2000.
Contd…… ENTRY LEVEL PRICE: The entry level price was as low as Rs.600(for a pendant). LINK WITH (LME): Tanishq linked directly with London MetalExchange for daily quotes of gold in the future. LAUNCH OF (CSMM): Tanishq started customer satisfaction measureprogram with the help of CSMM[Customer Satisfaction MeasureManagement],an associate of IMRB. CSMM tracked customersatisfaction parameters from Tanishq on a quarterly basis . This gave thecompany the benefit of benchmarking against international & Localplayers.
Contd…… CORPORATE GOLD GIFT SCHEME: This scheme was launched inDecember 1998 and it proved to be a major success . Tanishq delivered50,000 ‘customized gold coins’ to 0.25 million Maruti car ownersnationwide as a part of the 15th anniversary celebrations of Maruti Udyog. This scheme accounted for about 5% turnover by 2001, and over 30corporate clients like Coca Cola , Whirlpool , The UB Group , The TVSGroup , CEAT & Liberty Shoes. SEASONALPROMOTION: They promoted their products based onIndian festivals.
Future Strategies Consumer – oriented. Highly ethical corporate player. Investment in IT. Online ordering of gold. Global branding strategy. Expected to boost their sales. Planning to surpass its parentcompany’s turnover
Recommendations Building Relationship Expand their markets Launching of low price products Promoting their products for wedding