Copy of tanishq presentation
- 1. Tanishq • Presented By:- • Ravikant Kadavadkar
- 2. 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
- 3. 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
- 5. SEGMENTATION • Niche Marketing – After its inception in 1995 focus on exports, Tanishq's 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.
- 6. TARGET MARKET Company Class Consumer Profile Product Preference Preference Inherited Branded Designer Tanishq and High Income/Professionals/Business/ Jewellery and Diamond Geetanjali exceptional ability studded jewellery Upper Professionals/Business/career Branded jewellery Tanishq Middle oriented/Executives Local Shops like PP Unbranded jewellery as jewellers Middle White Collar, Educated well as high quality Artificial jewellery Sia Jewellers for Artificial jewellery Lower No company Blue Collar, Skilled Artificial Jewellery Middle preference Lower Semi Skilled No Need -
- 10. MARKETING MIX :PRODUCT • PRODUCT VARIETY:
- 11. 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.
- 12. 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 India's first and largest jewellery retail chain.
- 15. 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.
- 16. 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.
- 17. 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.
- 18. PEOPLE
- 19. PROCESS
- 21. Generic Business Level Strategy
Editor's Notes
- #19: Bangalore, May 29: : Tata Group’s designer jewellery arm - Tanishq - is all set to take the lead ahead of its parent company and watch major Titan Industries Ltd, in moving to a performance-linked salary structure across its 600 people workforce. The programme, which has so far been rolled out among the frontline staff at the company boutiques, is expected to spread across the middle management and the manufacturing facility within this year. Also the company is set to show the door to an experience-linked career growth model to offer a competency-linked career growth path for its good employees. Performance linked wage model has so far been prevalent in the IT sector and has not yet been implemented on a large-scale by manufacturing players. This initiative therefore will make Tanishq one of the few corporates (for whom a bulk of its employees belong to the manufacturing sector) adopt this model. Interestingly, the Tata Group is also currently rolling out a work-level programme, which will see the company now putting in place a standardised structure across all its business to guage competency of individuals and also facilitate more lateral movements within the Group itself. Also Tanishq, which was made a SBU as part of the overall restructuring of Titan has been given the go ahead to take certain important decisions which are crucial for its profitability, independent of Titan or in some cases preceed the parent company. Speaking to The Financial Express, Tanishq COO (jewellery), Mr Jacob Kurian said the emphasis on going forward would be on meritocracy and would not be restricted only to white collar jobs but will include the blue collar workers as well. ‘‘ The SBU structure has also enabled Tanishq to take a step towards doing whatever it needs to keep the business profitable, and given the turnaround story the jewellery business has seen, there is no longer any need to hide behind Titan’s skirt so to speak,’’ Mr Kurian said. The company is also looking at maintaining a lean structure and a process of reassigning/rightsizing the employee base will also be built into the system. Interestingly, this initiative will be one to look out for especially when it is rolled out into the manufacturing set up, an area that is so far not given to performance-linked differentiation. ‘‘Conventionally, factories believe in a sense of anonymity where all workers are treated equally. But we believe in making a beginning by starting to differentiate between the good and the bad and rewarding them suitably.,’’ he added....
- #20: DCCP : One of the company’s most important initiatives was customer service enhancement. Tanishq launched a direct consumer contact program and conducted surveys to monitor store walk-ins and footfalls and percentage of repeat customers. CSMM: A customer satisfaction measurement program was started with the help of Customer Satisfaction Measurement Management (CSMM), an associate of IMRB. CSMM tracked customer satisfaction parameters for Tanishq on a quarterly basis. CRM: CSP: Bangalore, Oct. 9 Jewellery retailer Tanishq hopes to improve the working conditions of jewellery artisans across the country and eventually raise the bar for the trade through karigar parks. Dotting the industrial belt of Hosur in Tamil Nadu are eight such karigar parks operated by the company, which house around 600 artisans — mostly from West Bengal (renowned for karigars ), and some from Kochi and Coimbatore. Working environment The parks, which have been operational since 2003, boast of an improved working environment — well-lit and spacious, where artisans work around work-benches, using modern tools and technology and the required safety equipment — a far cry from the dingy and unsafe workshops they usually operate in using rudimentary tools. Mr L. R. Natarajan, Vice-President, Integrated Supply Chain Management, Titan Industries – Jewellery Division, told mediapersons on a visit to the parks at Hosur, that at an investment of a few lakhs of rupees, artisans could work in a safe and secure environment at the karigar parks without the interference of middle-men. Facilities provided Tanishq provides the tools and raw materials; it also arranges loans for karigars and sometimes even finances them. Other benefits include medical insurance and periodic health check-ups. Usually, the karigars working in small workshops get stressed out by the age of 40 and retire early. Mr Natarajan hopes that the hand-craftsmen working at the karigar parks can carry on with their art till 60 years. The karigar parks in Hosur contribute 35 per cent of the jewellery requirements of Tanishq and GoldPlus (Titan Industries’ mass-market jewellery brand). The artisans here work exclusively for Tanishq. As Tanishq expands in scale and turnover (the Rs 3,000-crore company wants to increase its turnover three times by 2014-15), it hopes to extend the model to other parts of the country.
- #21: The first three Ss (showcasing, surround effect and speaking effectively) make the captivating magic of the brand come alive music that brings alive the moods of the brand Catalogs, “take-one” leaflets, online dialogue counters in the store can further enhance this process of speaking to the customer about key brand benefits Zoya: stores for differential premium segment With the unveiling of this new look store, inspired by India's rich heritage, Tanishq seeks to translate its mission of revitalizing traditional Indian jewellery to suit the preference of the contemporary Indian woman. A unique range of designs in modern as well as traditional forms, and at prices that are affordable, this all new store will delight all senses of the discerning customer and create an altogether different and superior shopping experience," said Bhaskar Bhat, managing director, Titan Industries. They even have gold meters where one can check the purity of gold.