INTRODUCTION• Tanishq is the country’s only truly national jeweler• Targeted a more Western consumer evoking a “Nice, but not for me” reaction• Opened its first boutique in Chennai in 1995 as a precedence to tap the South market• Boutiques were spacious, intimidating , exclusive with limited inventory on display• In Feb 1996 launched its first 18-carat range of exclusively designed gem-set jewelry
TANISHQ STRATEGIES• Piloted an offering of 22-karat plain gold jewellery with about 400 designs• Multimedia campaigns were launched in press and on TV to focus on traditional designs• Prevailing under-karatage problems industry wide were countered by installing karat-meter• Seven-stone concept helped Tanishq to overcome the perception of it being a Westernized brand
SEGMENTATION• Niche Marketing – After its inception in 1995 focus on exports, Tanishqs designs had been conceptualized for the Western markets and were introduced in India without any alterations. Tanishq positioned itself as an international brand for the Indian elite. The brand was targeted at a niche market (However they later on started targeting the mass marketing since 1997).• Psychographic Segmentation – Life Style: Tanishq has found that 40% of the Indian women are working and they targeted this segment with a specific group of products called collection- G, a 9-to-5 jewellery for the working women.• Geographical Segmentation – Titan realized that, given the diverse nature of Indian ethnicity, it would have to satisfy the tastes of all regions. So, the designs became more ethnic. Titan also decided to transpose designs by stocking Bengali designs in Delhi, Keralite designs in Tamil Nadu and typical designs from Tamil Nadu in Bombay in order to appeal to a variety of people.
TARGET MARKET CompanyClass Consumer Profile Product Preference Preference Inherited Branded Designer Tanishq andHigh Income/Professionals/Business/ Jewellery and Diamond Geetanjali exceptional ability studded jewelleryUpper Professionals/Business/career Branded jewellery TanishqMiddle oriented/Executives Local Shops like PP Unbranded jewellery as jewellersMiddle White Collar, Educated well as high quality Artificial jewellery Sia Jewellers for Artificial jewelleryLower No company Blue Collar, Skilled Artificial JewelleryMiddle preferenceLower Semi Skilled No Need -
MARKETING MIX :PRODUCT• DESIGN: o Tanishq is known for its ability to develop specialized design collections. o Each piece of jewellery is designed by a team of award winning designers o Designed to suit all forms of attire, western and Indian, casual and formal. o Aria, for seven stone diamond jewellery, Hoopla, focused on diamond studded hoops and Collection-G for lower priced gold jewellery.• BRAND NAME o Brand name ensures innovation. o Considered equivalent to purity and tradition.
MARKETING MIX :PLACE• Tanishq opened 30 retail stores during FY08, taking the tally to 130 stores. Currently, the average store-size for Tanishq is 1,000-1,500 sq ft.• The stores operate on the franchise model.• Tanishq retail identity has evolved over the years to offer large format and concept stores that reflect the brand’s philosophy of being “Revitalizer of Tradition”.• It has opened two pilot stores at Chicago and New Jersey with a retail format of 1,800-2,000 sq ft.• The Tanishq retail chain currently includes 112 exclusive boutiques in 75 cities, making it Indias first and largest jewellery retail chain.
MARKETING MIX :PROMOTION• ‘Concept’ stores, the first of which, costing Rs 10 crore, opened in Kolkata. The idea of such a store was to harmonize the tradition of the past with the modernity of the present.• Titan transposed designs by stocking Bengali designs in Delhi, Keralite designs in Tamil Nadu and typical designs from Tamil Nadu in Bombay in order to appeal to a variety of people.• In 1998, it launched the corporate gold gift scheme - When you want to say thank you, say it in gold.• In 1999, Tanishq delivered gold coins worth Rs. 20 crores to Maruti Udyog Ltd., to be given away as gifts to Maruti car owners. By 2001, the scheme accounted for almost 5% of the turnover and over 30 corporate clients like Coca-Cola, the UB Group, Whirlpool, TVS Group, Ceat and Liberty shoes.
MARKETING MIX :PROMOTION• Tanishq has also endeavored to be part of every occasion in an Indian woman’s life through festive promotions, customer contact programmes as well as through Anuttara, Tanishq’s exclusive consumer reward programme etc.
MARKETING MIX :PROMOTION• Launched Jodhaa Akbar collection and managed to get lot of marketing hype. The collection is very pricey and suggested retail price is between Rs 25,000 to Rs 15 Lakhs.• Kept the entry-level price as low as Rs 600 (for a pendant) and offered a range, which far exceeded that offered by any other jeweler.• Initiated a loyalty program called the Golden Harvest Savings Scheme, which offers buyers the benefit of getting more jewellery than what they have paid for. The scheme allows consumers to plan future purchases in advance and pay for them in easy installments.• Exchange offer - change impure gold for pure 22 karat gold - attracted more people to the stores.