Submitted By :• Simayan Pati

• Rupam Gohain

• Pulkit Thakral

• Shilpi Kanstiya

• Shruti Agnihotry

• Shikha Sinha

Evolution of TanishqEvolution of Tanishq

• Titan came into existence in July 1984.

• The name Tanishq, a blend of two words, 'tan' (body) and 'ishq' (love), was coined by Xerxes Desai, the Vice-Chairman and Managing Director of Titan.

• It set up its fully integrated Rs. 400 million-jewellery plant in Hosur.

• The plant had the capacity to manufacture four tones of gold in a year.

• Titan launched these products under the brand name of Tanishq, in 1995.

IntroductiIntroductionon

• India's most respected and widely diversified business conglomerate.

• 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.

• Tanishq also introduced professional retailing in the dis-organised Indian jewelry bazaar.

• It has over 91 showrooms in 64 cities.

Product Product LineLine

• Tanishq Diamonds

• Tanishq Gold

• Tanishq Platinum

Pure Rare

Eternal

The Diamond Collection

The Fashion Earring Collection

The Zoya CollectionThe Wedding Collection

The The CollectionsCollections

4 P’s of 4 P’s of MarketingMarketing

• PRODUCTPRODUCT

PRODUCT VARIETY

QUALITY

DESIGN

BRAND NAME

SERVICES

Ansoff’s Ansoff’s ModelModel

• Market Penetration (Present product-present market)

1.Currently Market Share of Tanishq is 2.9%.So Tanishq has a scope for increasing its market share.

2.Provide EMI by tying up with banks.

3.Find new applications to current users: Increasing the versatility of the product in terms of usage. For example, provision for using pendant as ear-rings, finger rings and vice versa.

• Market Development (Present Product- New Market)

Expand geographically: Opening new outlets in new cities and increasing the number of outlets in the existing cities.

 • Diversification (New Product- New market)  Related: Gold and diamond studded buckles in belts and footwear.

Marketing StrategyMarketing Strategy

Critical Success Factors for huge untapped market for branded jewellery in India.

1. Quality

2. Fashionable design

3. Good after-sales service

4. Changing lifestyles demanded lighter and trendier

jewellery.

Problems Faced:Problems Faced:

Well known domestic players included Tribhovandas Bhimji Zaveri, Mehrason's and P. C. Chandra.Gitanjali & Other Foreign Players as competitors.

Tanishq's designs had been conceptualized for the Western markets and were introduced in India without any alterations. Though brand awareness was quite high, it suffered from several negative perceptions.

Many potential customers thought the products were over priced and associated the brand only with the rich.

Initiatives Taken:Initiatives Taken:

Titan decided to change its strategy on two fronts:

Value proposition Retailing

Transpose designs

Corporate gold gift scheme - 'When you want to say thank you, say it in gold'.

Introduction of “Lightweights”

Strategies for Wooing Strategies for Wooing CustomersCustomers

The emphasis was given on design any pattern according to the customer's specifications.

For this, Tanishq set up a seven member in-house design team and also outsourced designs from freelance designers.

Feedbacks were taken on Tanishq's designs and learn about customer preferences.

To stay ahead of competition Tanishq introduced Karatmeters to focus on quality control

Future PlanningFuture Planning

The Tanishq strategy for the coming couple of years relies on two things :

Increasing penetration in the domestic markets

Going abroad in order to diversify its revenue portfolio

Brand Ratings in IndiaBrand Ratings in India

Brands Purchased Last Brands Purchased Last YearYear

Value Added Value Added ServicesServices

• Golden Harvest Saving Scheme

• Exchange Policy in Tanishq

• Gift Vouchers

• Purity Checks

• Anuttara

S.W.O.T AnalysisS.W.O.T Analysis

STRENGTH

Purity (karat meter)

Distribution network and retailing

store

Award winning designs

Diversity in jewellery

gold/diamond/platinum

Competitive prices

OPPORTUNITIES

Global markets

Low cost jewellery

Customized jewellery designs

Concentrate on Gen-X by having

trendy jewellery

Expand retail stores

WEAKNESS

Capture Rs 70,000-crore

Escalated gold costs lower margins

THREATS

Competition

Lack of Skilled workers

Gold not seen as a source of

investment. (Luxury is needed)