Declaration, faculty approval, acknowledgement, content
Introduction – Company profile, awards, history, background, objectives
Analysis and Interpretation
Name : Tanishq ( India ) Ltd.
Address Tower A, Golden Enclave, Airport Road
Zip/Postal Code 560017
Country India Phone +91-8022866295
Product - Gold Jewellery
- Diamond Jewellery
- Kundan Jewellery
‘Most Admired retailer of the year' awarded by IMAGE RETAIL AWARDS.
Tanishq won GLOBAL AWARDS FOR EXCELLENCE IN QUALITY MANAGEMENT AND LEADERSHIP by World quality Congress
Tanishq is the first indian brand to enter the list of top 30 best retail brands in asia pacific and stands at #13 as per interbrand
The Retail Jeweller India Award 2008 has honoured Tanishq, with awards in four categories – ‘Retail Chain of the Year', ‘360 degrees Marketing Campaign of the Year', ‘TV Campaign of the Year' and ‘Gold Vivaha Jewellery'.
Tanishq has the following quality certifications:
GIA Certified diamond jewellery
IGI Certified diamond jewellery
HRD Certifies diamond jewellery
BIS Hallmarked jewellery
GJF Certification as a trust mark
Tanishq is a prominent jewellery brand of India. It pioneered the concept of branded jewellery and ornaments in India. It is a division of Titan Company Limited, a company promoted by the Tata Group, one of India's largest conglomerates, in collaboration with the Tamil Nadu Industrial Development Corporation (TIDCO). The name was formed by combining the first two letters from “Tata” and "NISHK" (meaning gold coin or necklace in Sanskrit), although the k has been modified into a q.
Tanishq's headquarters is at Bengaluru (Bangalore) in Karnataka
Tanishq started in 1994 and challenged the established family jeweller system prevalent in India. They have set up production and sourcing bases with thorough research of the jewellery crafts of India. Their factory located at Hosur, Tamil Nadu(India) spreads over 135,000 sq ft (12,500 m2). Tanishq was launched as a range of jewellery and jewellery watches meant for the European & American markets, but later on shifted focus on Indian markets to tap the domestic opportunity too.
They spread awareness to the public about alleged impurity in Gold .
They introduced Innovations like
Karat Meter – The only non destructive means to check the purity of Gold
Tanishq has over 160 stores in over 80 cities in India
It runs a popular scheme called Golden Harvest for sales promotion and to help buyers plan for large purchases like during weddings. Recently, in accordance with Companies Act, Tanishq has paused the Golden Harvest activities. Tanishq might revive it with shorter terms (12 months).
Tanishq also introduced professional retailing in the un-organised 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.
The objective of our project is:-
To study the marketing management,strategies and brand loyalty of Tanishq
To do swot analysis
To study the marketing mix – 4 P's of marketing of Tanishq
To study the behavior of the consumer with respect to attributes such as Brand Loyalty and come up with recommendations as to what all needs to be considered keeping the consumer in mind.
To analyze Tanishq's competitor and compare their strategies and come up with recommendations for any problem being faced by it.
The study is an exercise involving estimation of parameters as regard to organizational requirements- Research was designed so as to get the relevant information that can be used for various organizational purposes.
The data collection method used was none other than survey method which is usually incorporated for collection of raw information. The survey method is advantageous because it helps to collect a great deal of information about an individual respondent.
The type of survey undertaken was that of sample type keeping in consideration the time constraint and paraphemalic, besides the viability of census survey. The sample survey thus being taken to the right path to reach the desired destination was carefully planed to convert of the operation by using selected samples.
The tool for obtaining the information was questionnaire. A structured questionnaire was administered. The questionnaire was designed in the view both major and minor objective of study.
With the customer being unknown and given the time and resource constraints random sample was obtained from different people.
Data completion and analysis:
After the data was collected, it was tabulated and findings of the project were presented followed by analysis and interpretation to reach certain conclusions.
4 P's of Marketing
Tanishq today is india's most aspirational fine jewellery brand with an exquisite range of gold jewellery studded with diamonds or colored gems and wide range of equally spectacular jewellery in 22kt pure gold. Exquisite platinum jewellery and designer silverware is also part of the produt range
Tanishq designs & manufactures jewellery that is breath taking, contemporary and yet has a tint of traditions.
Various products available at tanishq are :
diamond pendant sets
diamond necklace sets
Gold pendant sets
Gold necklace sets
Platinum Love bands
Platinum Necklace set
Silver pooja sets
Silver Dinner sets
Silver Photo Frames
Silver god figures
Along with these gold, silver and platinum jewellery and ornaments there are many different, contemporary and western designer jewellery articles that are sold at a rate higher than the rate of normal jewellery and ornaments
Solitaires are also available at Tanishq stores, which are GIA & IGI Certified, which gives the assurance of quality and originality, as all the solitaires are engraved with given code through the laser cut.
Conaiatency in delivering on their promise – Tanishq promises superior quality jewellery with purity in gold. It is the first and only jeweller that guarantees the purity of its gold jewellery and certifies the quality of the precious/semi-precious stones in writing with a certificate of their own company.
Widely acknowledged as a design leader, Tanishq is known for its ability to develop specialized design collections.
Each piece of jewellery is designed by a team of award winning designers, In Fact, Tanishq is the only jeweller to have a full – fledged design studio with one of the largest design teams in the country .
One of the company's most important initiative was customer service enhancement. Tanishq launched a direct customer contact program and conducted surveys to monitor store walk-ins and footfalls and percentage of repeated customers.
The company also kept entry level price as low as Rs. 600 ( for a pendant ). All tanishq outlets give 100% return guarentee on its brand of jewellery and also exchange other jewellery after deduction depending un purity.
Tanishq also welcomes you to exchange your old gold or jewellery for new designs. To ensure you get the right valuation for your old jewellery use scientific, reliable and transparent processes including testing with karat meter
The tata group has promoted tanishq as a jewellery store brand which competes with close to three lakh traditional jewelers who dominate the domestic market. It has launched new collection at a quicker rate than its competitors and conducted marketing promotions and fashion shows to enhance the shopping experience of consumers. Given the diverse nature of indian ethnicity, Tanishq made he designs more ethnic to satisfy the taste of all the regions.
Concept Stores, The First of which costing Rs. 10 crore, Opened in Kolkata. The idea of such store was to harmonize the traditions of the past with modernity of the present.
In 1998, it launched the corporate gold gift scheme – ‘ when you want to say thank you, say it in gold ‘, Tanishq delivered gold coins worth Rs. 20 crores to Maruti Udyog Ltd. To be given as a gift to maruti car owners.
It attracted many big corporate clients like Coca-cola, the UB group, whirlpool, TVS group stc.
Tanishq also endeavored to be a part of every occasion in an Indian woman's life through festive promotions, Customer contact programmes as well as tanishq's exclusive consumer programme, etc.
Tanishq jewellery is crafted in one of the world's most modern factories and showrooms. The factory complies with all labour and environmental standards. Located at hosur, Tamil Nadu, The 1,35,000 sq. ft. factory is equipped with the latest and most modern machinery and equipment.
Tanishq reached the century mark as it unveiled its 100th store in patna at hathwa market, Having embarked on the retail journey a decade ago. Tanishq today is the largest jewellery retailer in India. With a strong presence in 80 cities across india, unmatched collection and assured purity.
Tanishq has surely become the choice of the discerning customers.
Tanish currently has over 160 stores all of them have an average size of 1000-1500 sq. ft.
The stores operate on franchise model. All the stores are uses as platform to launch new collections in the market and to attract the customer.
Tanishq has very large collection or earrings, pendants, rings in the price range of Rs. 2000 – 5000.
Tnishq range of products started earlier as low as Rs. 600, jewellery range like Ariya, Divya, Leightweight comprises of every day wearable jewellery which has been designed for urban working woman
Pendant sets starts from Rs, 20,000
Rings Start from Rs. 4500
Earrings/Tops Start from Rs. 5000
Necklace sets start from Rs. 65,000
Nosepins Starts from Rs. 3000
All these are the starting price of jewellery available at tanishq stores, but there is also high range jewellery available for people who are willing to invest in jewellery.
Like solitaires starting from around Rs. 1,00,000
Gold Bricks ( price varies according to market price of GOLD )
10 gms – 29,980
100 gms – 2,99,800
1000 gms/ 1 kg – 29.98,000
All these pricing helps the different groups of customers to chose from the various options available according to their budget during the given market price of gold.
Tanishq being a brand name of TATA, maintains a standard price for all of its products. But being in a competitive market with lots of local as well as branded competitors, Tanishq offers various attractive price and schemes to allure customers.
Here are some few pricing strategies which is followed by tanishq
Competition Oriented pricing
Prime location for marchandise
Value of space decreases furher away it is from entry level floor
High Trafficked Areas
Store entrances/escalators/main aisles
Near checkout counters
Highly visible areas
Value of space decreases further away it is from entry
Avoid the “butt-brush” effect
Make merchandise accessible
Allow a transition zone
Tanishq has been projected as an impeachable mark of trust by raising the awareness of the people about unethical practices in the jewellery business and then measuring the gold purity By karat meter.
Tanishq also has been positioned as a branded jewellery of Luxury rather than commodity. It moved jewellery beyond investoment to the fashion and adornment sector.
After its Inception in 1995, focus on exports tanishq's designs had been conceptualized for the western market and were introduced in india without any alterations. Tanishq positioned itself as an international brand for the indian elite, The brand was targeted at the niche market ( however later they started targeting mass marketing since 1997 )
Lifestyle : Tanishq has found that 40% of the indian woman are working and they targeted this segment with a specific group of products called collection G, a 9 to 5 jewellery for the working woman
Tanishq realized that given the diverse nature of Indian ethnicity it would have to satisfy the taste of all the regions. So, the designs became more ethnic, Tanishq 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 Variety of People
Purity of the jewellery through karat meter is still sign of total purity. Distribution network and retailing store are in place for the company with 160 stores countrywide. Mind boggling/award winning designs have come for the company. Diversity in jewellery gold/diamond/platinum enhances the product range of the company. Tanishq also has competitive prices for the entire product ranges as compared to the competitor.
Capture Rs. 70,000 crore Indian jewellery market. Tanishq comprises a small share of the overall Rs. 70,000 crore indian jewellery market and hence it needs to increase its market share in this huge industry. Escalated gold costs has caused lower margin is to push sales as much as possible.
Global markets like USA needs to be looked at. Low cost and easy to wear jewellery should be further promoted. Customized Jewellery designs should provided to the customers. Concentrate on Grn-x by having trendy jewellery. Expand retail Stores In India to further increase reach.
Competition from local jewelers all over India. Lack of Skilled Workers in jewellery Industry. Gold is no longer seen as source of Investment . People are more concerned about desins and Luxury.
In early 1991, the Bangalore based peakom jewellery pvt. Ltd. Was incorporated and Mahesh Rao was appointed director. Peakok realized that the indian customer ‘s relationship with gold jewellery would grow beyond an investment need towards a lifestyle and personality statement.
In 1996 within the peakok fold a new brand of 18- carat gold-based jewellery called Carbon was launched. In 2000-01 Carbon's focus had always been to move jewellery from vault to the dressing table and bring selling of jewellery out of heavily guarded jewellery stores. This was achieved by persuading a few lifestyle stores , Carbon also sold its products as gift items over the internet like Tanishq, Carbon laid emphasis on designs..
Most of its designs were contributed by students at the national institute of fashion technology ( NIFT ) through the diploma progranne which the company sponsored. In addition , Peakok's team of six designers ( headed by rajeswari iyer, an alumnus of german design school who had worked in the U.K. , Germany and India ).
It is made available at ‘”shop-in-shop” outlets in large lifestyle stores ( shoppers stop , ebony , lifestyle etc. ) and some premium boutiques ( like Helvetica in Chennai ), the brand is available at 50 outlets in 23 cities.
Gili Launched a collection of traditional Indian ornaments made of 18-carat gold. In 1999, The Gili Gold range was introduced. This range included rings, pendants, tops, necklaces, bangles made of 24 carat gold. All Gili Products came with a guarantee of diamond and gold quality.
Gili distributed its jewellery priced between Rs. 500 and Rs. 40,000 through lifestyle and departmental stores across the country to increase accessibility among its target segment, the 15 to 30 age group. The collections were promoted at college campuses with banners, pamphlets and a few advertisements targeted at teens. Gili soon realized that just pushing its product was not enough it also had to customize its products for special occasions . following this the launched the diamond hear collection specially designed for valentines day. This collection consisting of tiny, heart shaped diamond jewellery was well received by teens. Special packaging. Catchy advertisements and extensive promotional offers during festive seasons like Christmas and Diwali. It captures tge low price point market of Rs. 2000 to Rs. 10,000 the company is focused on penetrating the premium market of customized jewellery. For this Gitanjali jewels opend a jewellery salon, Gianti to provide customized jewellery to its clients in India
GRAPHICAL DATA INTERPRETATION
Table No.1 % of Age Group
Figure No. 1: % of Age Group
Table No.2. Educational Qualification
Figure No.2. Educational Qualification
3. Marital Status
Table No.3: Marital Status
Figure No.3: Marital Status
4. Do you like to purchase consumer jewellery products?
Table No. 4. Consumers like purchase jewellery products
Figure No. 4. Consumers like purchase jewellery products
5. You prefer to go to Store with
Table No. 5. Prefer to go Store with
Figure No. 5. Prefer to go Store with
6. What influences your buying selections in jewellery product?
Table No.6 : Buying Selection in Jewellery Product
Figure No.6 : Buying Selection in Jewellery Product
7. Where from would you prefer to buy products?
Table No.7 : Locationwise consumer prefer to buy product
Figure No.7 : Locationwise consumer prefer to buy product
8. How often do you ask for assistance from store staff in selecting your purchase?
Table No.8 : Assistant from Store Staffs
Figure No.8 : Assistant from Store Staffs
9. What do you look for in a product during your purchase?
Table No.9 : Better Look for a product during purchase
Figure No.9 : Better Look for a product during purchase
10. When do you prefer to shop Most in Store?
Table No.10 : Prefer Shop Most in Store
Figure No.10 : Prefer Shop Most in Store
11. How frequently you visit the Store?
Table No.11 : Frequently Visit the Store
Figure No.11 : Frequently Visit the Store
12. What is average money you spend on the purchase of jewellery product?
Table No.12 : Spending money on the purchasing of jewellery products
Figure No.12 : Spending money on the purchasing of jewellery products
13. How do you rate the pricing of product at jewellery store?
Table No.13. Rate the Pricing of Product at Jewellery Store
Figure No.13. Rate the Pricing of Product at Jewellery Store
14. What more facility would you like to get jewellery store?
Table No.14. More Facility Like to get Jewellery Store
Figure No.14. More Facility Like to get Jewellery Store
After analysing the marteking strategies of Tanish I conclude that jewellery sector is very wide, and for increasing sale in this sector we need to develop trust amongs people as jewellery is all about trust.
Trust leads to satisfaction amongs the customers , which helps to retain the customers
Tanish ha been succesfully been able to retain its old customers and make new ones by giving them quality jewellery at reasonable prices.
People oftenly go to branded stores like tanishq just because of the assurance of quality which leads to happy customers
In the analysis we also got to know that as Tanishq keeps large variety of jewellery like diamond, Gold, Polki, Platinum jewellery , the customer gets a large collection to choose from. That is why people prefer this brand.
They also provide free check up of purity of old jewellery because of which people believe in them.
They provide BIS hallmark and IGI AND GIA Certified jewellery which is a source of great assurance to all its buyers.
Theirfore all these things that tanishq does leads to increase in sales, Retain old customers and make new ones.
Kothari C.R, Research Methodology, Vishwa Prakashan, New Delhi, Reprinted Edition. 2008.
Kotler Philip, Marketing Management, Prentice Hall of India Pvt. Ltd, New Delhi, 2nd Edn., 2008.
GJF Gems and jewellery federation annual update
MAGAZINES & JOURNALS:
BELCH, GE & BELCH, MA. 2008. “Advertising and Promotion: an Integrated Marketing and Communications Perspective”, 4th Edition Boston. Irwin/McGraw-Hill, Jan 2009, Pg. No. 123-126.
BRADLEY, F.2010. “Marketing management: Providing, Communicating and Delivering Value”, London, Prentice Hall, Mar 2011, Pg. No. 85-86.
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