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A MINI PROJECT ON TANISHQ

Executive Summary
An Indian Brand, which can make big in the global market, is Tanishq from Tata Group
of Industries. Tanishq is India's largest, most desirable and fastest growing jewellery brand in
India. Tanishq today is India's most aspiration fine jewellery brand with an exquisite range of
gold jewellery studded with diamonds or colored gems and a wide range of equally spectacular
jewellery in 22Kt pure gold. Exquisite platinum jewellery and designer silverware is also part of
the product range.
Though they faced with many difficulty in the early stages they for about six years they
then came with up with good strategies The Tanishq strategy for the coming couple of years
relies on two things increasing penetration in the domestic markets and going abroad in order
to diversify its revenue portfolio.
To push penetration in other markets, Tanishq will use the 'shop-in-shop' concept that it
already does in 50 stores across different West Asian markets. "This reduces distribution costs.
Also, for the consumer it remains a Tanishq store and helps us get a foot into the market.
Their main core competency is in designing a wide range of products. They were the first to
come up with the idea of karat meter, which proves the quality of the gold, to win the trust of the
customer.

Tanishq: A Sparkling Journey

The Tanishq saga began in the early 1990's, primarily fuelled by the fabled Tata entrepreneurial
spirit and partly forced by circumstance.
The splendid Titan watches success story was already up and running, and happened to need
more foreign exchange to purchase the imported components and machines required to keep up
with the burgeoning watch production. But with India going through a foreign exchange crisis,
there was no help coming in, forcing Titan to search for a business that would earn them the
required foreign currency.
Indian-made jewellery was already a big foreign currency earner and being strongly supported
by the central government, and also happened to be a very good fit with the watch business as
articles of adornment.The best known brand names in both Europe and America had watches and
jewellery together, offering further proof that the two industries are intrinsically linked.
It was a business with a huge wealth potential and it added a very feminine offering to Tata's
long line of products that appealed mostly to the opposite gender. It also called for an
organization that inspired trust and had high order design, manufacturing, marketing and
retailing skills, and Tata fit the bill on all accounts.
Tanishq was coined from a combination of Tata/Tamil Nadu and Nishq (meaning a necklace of
gold coins) and, again, from Tan, meaning body and Ishq, meaning love.
It was launched in 1994 as a range of jewellery and jewellery watches meant for the European &
American markets. But things began to change globally around this time, and the West entered a
protracted period of slow economic growth followed by recession. Supplying jewellery to the
Americans & Europeans suddenly no longer seemed an attractive proposition.
Initially, the criticism for Titan's foray into jewellery was loud and often bitter. Eventually,
however, the critics were silenced. Tanishq, today, is perhaps the only major Tata brand with a
strong appeal for women. Very importantly, Tanishq has brought to the market a whole new
standard of business ethics and product reliability, in the process bringing about a transformation
in the manner in which jewellery is bought and sold in India.

It has created a revolution in the Indian jewellery trade and in jewellery buying behaviour, and
continues to set new parameters of excellence for others to follow.
The Indian market, on the other hand, opened its doors to the world, and was now flooded with
foreign currency. By the time Tanishq established its manufacturing facility and entered the
market, the premises on which the project was based had altered substantially.
Foreign currency was no longer an issue, import licences were easy to obtain and the global
demand-supply equation for jewellery had shifted in favour of buyers. Tanishq, therefore,
switched tracks and shifted its focus to the Indian market and develop a somewhat grandiose
vision of the brand as a composite avatar of Cartier, Tiffany, Esprit, and Ernest Jones all rolled in
one.

The Gems & Jewellery industry


The Gems and Jewellery (G&J) market essentially comprises of sourcing, processing,
manufacturing and selling of precious metals and gcmstoncs, such as, Gold, Platinum, Silver,
Diamond, Ruby, and Sapphire etc. The G&J market is a significant contributor to the Indian
economy, based on the size of the domestic market and through its contribution to the country's
exports. India is the largest consumer of gold (around 20 percent of global consumption) and also
the largest diamond processor (around 90 percent by pieces and 55 percent by value of the
globalmarkct.
India's G&J industry is highly unorganized and fragmented with 96 percent of the total
players being family owned businesses. The gold processing industry has around 15,000 players,
with only 80 having revenues over USD 5 million. India is also home to around 450,000
goldsmiths, 100,000 gold jewelers along with 6,000 diamond processing players and 8,000
diamond jewelers. The value chain of the industry starts from sourcing and mining of the metals
and extends to jewellery retail. While India is not a major miner of previous metals and stones,
the country's inexpensive and well skilled workforce makes it a world leader in processing of
diamonds. The country's jewellery retail sector is also expected to evolve with a shift among
consumers towards branded jewellery, driven by greater

quality consciousness.

There are a few major players in the G&J segment, with Rajcsh Exports being the most
dominant name. Other key players in the field include Gitanjali Gems, Suhashish Diamonds, SuRaj Diamonds, Vaibhav Diamonds and Tanishq. Many of these players arc focused on
developing strong brands, large retail operations, strengthening their core manufacturing
operations and building a strong international presence.
India's large population and rapid economic growth offer significant opportunities for
growth of the industry. The emergence of jewellery retail chains provide customers with
convenience and assurance of quality. The entry of foreign players is also likely to increase
competition and provide consumers with greater choice. Apart from the above, there arc other
factors that contribute to a favorable outlook for the industry.

About us
Titan Company brought about a paradigm shift in the Indian watch market when it introduced its
futuristic quartz technology, complemented by international styling. Titan Company is the fifth
largest integrated own brand watch manufacturer in the world. In addition to 'Titan' the watch
brand, Titan Company has also built 'Tanishq' the leading jewellery brand over the past few
years. Both these brands are among the most recognised and loved brands in India.
The success story began in 1984 with a joint venture between the Tata Group and the Tamil Nadu
Industrial Development Corporation. Presenting Titan quartz watches that sported an
international look, Titan Company transformed the Indian watch market. After Sonata, a value
brand of functionally styled watches at affordable prices, Titan Company reached out to the
youth segment with Fastrack, its third brand, trendy and chic. The company has sold 150 million
watches world over and manufactures over 15 million watches every year.
With a license for premium fashion watches of global brands, Titan Company repeated its
pioneering act and brought international brands into the Indian market. Tommy Hilfiger, FCUK,
Timberland & Police as well as the Swiss made watch Xylys owe their presence in the Indian
market to Titan Company.
Entering the largely fragmented Indian jewellery market with no known brands in 1995,

Titan Company launched Tanishq, India's most trusted and fastest growing jewellery brand. Gold
Plus, the later addition, focuses on the preferences of semi-urban and rural India. Completing the
jewellery portfolio is Zoya, the latest retail chain in the luxury segment.
Titan Company has also made its foray into eyewear, offering a variety of differentiated products
to the end consumer consisting of frames, lenses, contact lenses and accessories. Frames are
available in both international brands (Levis, Esprit, Hugo Boss etc.) and in-house brands
Titan, Eye+ and Dash which is an offering for children. The company has leveraged its
manufacturing competencies and branched into precision engineering components & subassemblies, machine building & automation solutions, tooling solutions and electronic subassemblies. With over 1100 retail stores across a carpet area of over 1.5 million sq. ft.
Titan Company has Indias largest retail network spanning over 220 towns. The company has
over 400 exclusive World of Titan' showrooms and over 150 Fastrack stores. It also has a large
network of over 740 after-sales-service centres.
Titan Company is also the largest jewellery retailer in India with over 160 Tanishq boutiques and
2 Zoya stores, over 30 Gold Plus stores. It also sports over 300 Titan Eye+ stores. In addition the
company retails personal accessories such as bags, belts, wallets and most recently perfumes
under Skinn Brand.
Backed by over 7,000 employees, two exclusive design studios for watches and jewellery, 12
manufacturing units, and innumerable admirers world over, Titan Company continues to grow
and set new standards for innovation and quality. The organization is all geared to repeat the
Titan and Tanishq success story with each new offering.

Evolution of Tanishq
Titan camc into cxistcncc in July 1984, when the Tata Group joined hands with the Tamil
Nadu Industrial Development Corporation (TIDCO) to make a foray into the watch industry.

Titan started manufacturing jewellery watches and jewellery in 1994. It set up its fully
integrated Rs. 400 million-jewellery plant in Hosur. The plant had the capacity to manufacture
four tonnes of gold in a year. Titan launched these products under the brand name of Tanishq, in
1995. The name Tanishq, a blend of two words, 'tan' (body) and 'ishq' (love), was coined by
Xerxes Dcsai, the Vicc- Chairman and Managing Director of Titan.
To changc its image from a watch manufacturer to a fashion accessories manufacturer,
Titan was renamed Titan Industries Ltd. in 1995. Titan scaled the capacity of its Hosur plant to
4.18 million units in 1996 to meet the domestic and international demand. From the late 1990s,
Titan's commitment to the jewellery business increased.
When Titan launched Tanishq in 1995, the jewellery industry in India valued at Rs 40,000
crorc was mostly unorganized, with around 3.5 lakh players. Before 1992, only the Metal and
Mineral Trading Corporation and the State Bank of India were allowed to import gold. In 1992,
as part of economic liberalization, the government abolished the Gold Control Act of 1962,
allowing free import of gold. In 1993, private companies were allowed to enter the hitherto
restricted gold and diamond mining industry. Foreign investors were allowed to hold up to
50% equity in mining ventures.

Heritage
Flashback
Turning back the hands of time to pre-1980s, Tata Press conceived an idea to conquer the Watch
Industry. Initial negated pioneering efforts aside, perseverance won the day. Titan Watches

sprang into being with the signing of a joint venture of Tata Industries with the Tamil Nadu
Industrial Development Corporation (TIDCO) in June of 1984. From that point on, it has been
full steam ahead.
First Milestone
Titan commenced production end 1986 and hit the market in March 1987 with its brand Titan.
The analogue electronic Quartz range met instant acclaim, appeasing a hungry watch-starved
consumer market. This spurred encouragement and manufacture extended to bracelets, cases,
electronic circuitry and step motors.
Along the way
Spanning 25-years of growth, the Titan Watch Project became Titan Watches, Titan
Industries and ultimately Titan Company Limited. Production kept an impressive pace, topping
the 15 million plus mark per year. Three years down the trail produced a dividend of 15%
today, 2012, sees a declaration of 175%!
Numerous technologies and sources came into play during this period. Progress was swift, steady
and stamped with characteristic Titan Company aplomb. This led to innumerable achievements
and accolades. Audaciously challenging the Swiss, Titan now is the world's largest integrated
own brand manufacturer of watches. A major brand player, Titan stakes claim to 60% of the
organized watch market, with over 150 million pieces sold across 32 countries collectively.
In successive events the 'World of Titan' exclusive showrooms mushroomed nation-wide,
currently totalling 367 plus. The main manufacture facility is situated at Hosur in Tamil Nadu
with assembly units in Dehradun, Pantnagar and Roorkee and an electronic sub assembly plant in
Goa in India.
Titan Company notably left its footprint in Europe in 1993; then came a major one in the Middle
East and the Asia-Pacific regions. Titan now happily ticks its way across over 30 countries
around the globe.

A brief joint venture with the American brand, Timex, between 1992 and 1998, focusing on
market mass, prospered. The brand Timex jumped to 2nd place next to Titan, in popularity. On
dissolution of the partnership, Titan reclaimed market share by launching Sonata, an absolute
winner, followed by an astute array of wrist wear - Titan, Fastrack, and Xylys brands, luxury
watches and designer timescapes - a range of outdoor clocks - defining spectacular landmarks in
several cities. Pacing on, the Swiss and Japanese watch fraternity were justifiably astounded, not
only with the state-of-art Production facility established by Titan, but also with its highly trained,
dedicated, youthful workforce.
Endorsing the Tata spirit, Charles Correa, a world-renowned architect, was commissioned and
fashioned a complete modern township at Mathigiri in Tamil Nadu, India to accommodate over
2000 Titanians, complete with an excellent school that doubles as a learning facility for
neighbouring district schools.
Venturing on...
Diversification accelerates progress. Titans expansion plans in 1993 turned to jewellery, with a
brand launch Tanishq in 1996. Then a spate of new ventures followed suit, Fastrack the youth
watch and accessories line in 2003; Precision Engineering in 2005, Goldplus the standardized
mass marketing of jewellery in 2006 and the Titan Eyewear Division in 2007 - a project of
prescription eyewear, complete with specialized outlets, catering to customers every need.
Catering primarily to a country which views gold as a prime investment, believes that it is
auspicious, and finds it an irresistible adornment, Titan Company literally struck it rich by its
entry into the world of traditional and designer jewellery. The concept of entering the glitter
field, in order to forge a way out of a foreign exchange crunch of the early 1990s, appealed to
Titan Company considerably. And yet again, though early steps were far from expected, the
innovative Titan spirit came to the fore, turning adversaries into achievement, and how!!
Foreign Exchange being no consequence subsequently caused Titan Company to focus
exclusively on the home market. Tanishq offers a stunning world of exquisite, precious designer
ware through over 160 stores in 89 cities across the nation. Goldplus has a proud market share of

around 40% in the semi-urban and rural scenario, whilst still in its infancy.
These two ventures are a pride to India and to Titan Company, for they certainly keep value
conscious customers happy and contented.

Products
Titan Company, best known as India's pioneering manufacturer of quartz watches, has also
etched a niche for itself in some of the most competitive spaces in the fashion industry such as
jewellery and eyewear. Precision engineering is another area of specialization that
Titan Company is proud of.
Watches: Being the world's fifth largest integrated own brand watch manufacturer,
Titan Company has created and sold more than a 150 million pieces the world over.
With a production rate of over 15 million watches per annum and a customer base of over 135
million globally, Titan Company owns manufacturing and assembly operation centres in Hosur
in Tamil Nadu , Dehradun, Roorkee, Pantnagar in Uttaranchal and an Electronic Circuit Boards
(ECB) plant in Goa, all in India.
Capturing the important market segments and the changing fashion trends, Titan Company has
brought forth four core watch brands:
Titan which is designed for the mid-premium segment
Fastrack which is crafted to fit the trendy fashion space with a focus on the youth
Sonata which is created for the mass market and has emerged as Indias largest selling watch
brand
Xylys which is fashioned for the premium market, aiming at the connoisseur and new-age
achiever
The Titan brand architecture comprises several sub-brands, each of which is a market leader in
its own space. Notable among them are: Titan Edge, Titan Raga, Nebula and several other

collections like Zoop, Orion, Purple, Obaku, Automatic, Tycoon, Bandhan, Octane and the HTSE
series. The Titan brand portfolio owns over 60% of the domestic market share in the organized
watch market.
Titan Company's pride possession, a world-class design studio for watches and accessories, is the
place where some of the most coveted creations have been conceptualized.
Exclusive World of Titan and Fastrack showrooms and over 11,000 outlets in more than 2,500
cities in India make these much-sought-after watches available to the buyers. The watches are
also offered internationally in over 30 countries, with a special focus on the Middle East and Asia
Pacific regions.
Helios, India's multibrand watch retailer offers an unmatched range of the latest designs across
30 international brands in addition to Titan brands. The after-sales service, a benchmarked
operation with a large network of exclusive service centres spread across the country, is one of
the operation units with one of the fastest turnaround time in the world.
Jewellery: Following the suit of time products, Tanishq has been Indias largest, fastest growing
and most popular jewellery brand.
Tanishq offers a premium range of gold jewellery studded with diamonds and precious, semiprecious stones in various hues in 18 kt and a wide range of plain gold jewellery in 22 kt pure
gold. Platinum jewellery also forms part of the product range. Gold Plus retails plain gold
jewellery offerings with designs specifically created for the semi urban and rural Indian market
and offers unique designs crafted with diamonds, American diamonds and other precious stones.
Zoya offers premium studded jewellery catering to the needs of the elite. The enchanting
jewellery patterns originate in the well-equipped exclusive jewellery design studio of Titan
Company.
Eye wear: Titan Eye+ offers a variety of differentiated products to the end consumer consisting
of frames, lenses, contact lenses and accessories. Frames are available in both international

brands (Levis, Esprit, Hugo Boss etc.) and in-house brands Titan, Eye+ and Dash. Customers
are offered a unique browse-select-buy format where all products are accessible, using world
class equipment for zero-error eye testing by qualified optometrists trained at Sankara Netralaya,
a renowned eye hospital in South India and style consultants to help buyers make the right choice
of frames and lenses.
Precision Engineering: The divisions products span precision engineering components & subassemblies, machine building & automation solutions, tooling solutions and electronic subassemblies. The division is ISO 9001:2000 and ISO 14001:2004 certified. Additionally, the unit
catering to the aerospace segment is AS 9100B certified and the unit catering to automotive
segment is TS 16949 certified. The unit has recently been selected for the National Aerospace
and Defence Contractors Accreditation Programme for its non destructive testing capabilities.

Vision & Mission


Our Vision:
We create elevating experiences for the people we touch and significantly impact the world
we work in
Our Mission:
We will do this through a pioneering spirit and a caring, value-driven culture that fosters
innovation, drives performance and ensures the highest global standards in everything we do.
Our Values and Standards:
Total customer orientation
Customers take precedence over all else, always.
Employee appreciation
We value and respect Titanians and endeavour to fulfil their needs and aspirations.
Performance culture and teamwork
At Titan Company, high performance is a way of life and is nurtured by teamwork.
Creativity and Innovation

Driven by innovation and creativity, we focus on smarter approaches and newer technologies.
Passion for excellence
In all our pursuits, we ceaselessly strive for excellence.
Corporate Citizenship
We ensure that a part of our resources is invested in environment and community betterment.

Competitors
Carbon
In early 1991, the Bangalore based Pcakok Jewellery Pvt. Ltd., (Pcakok) was
incorporated and Mahcsh Rao (Rao) was appointed director. Pcakok realized that the Indian
consumer's relationship with gold jewellery would grow beyond an investment need towards a
lifestyle and personality statement. In 1996, within the Pcakok fold a new brand of 18-carat goldbased jewellery called Carbon was launched. In 2000-'01 Carbon's focus had always been to
move jewellery from the vault to the dressing table and bring the selling of jewellery out of
heavily guarded jewellery stores. This was achieved by persuading a few lifestyle stores to add
branded jewellery to their vast array of products. Besides selling from lifestyle stores, Carbon
also sold its products as gift items over the internet. Like Tanishq, Carbon laid emphasis on
design.
Most of its designs were contributed by students at the National Institute of Fashion
Technology (NIFT) through the diploma programme which the company sponsored. In addition,
Pcakok's team of six designers, (headed by Rajcswari Iyer, an alumnus of a German design
school who had worked in the U.K., Germany and India) turned out around 180 to 200 styles in a
year, with 75 designs per style. At any point in time, there arc around 600 designs of Carbon on
sale. The creation, manufacture and marketing of Carbon was different from the making and
selling of traditional jewellery.
It is made available at 'shop-in-shop' outlets in large lifestyle stores (such as Shoppers
Stop, Ebony, Globus, The Bombay Store, Lifestyle and Taj Khazana) and some premium
boutiques (such as the Helvetica in Chcnnai). Carbon products were priced between Rs. 2,750

and Rs. 20,000 per piece. While the cost of traditional jewellery was negotiable, the cost of
Carbon items was fixed and nationally uniform.Thc brand is available at 50 outlets in 23 cities.
Gili
Gili launched a collcction of traditional Indian ornaments made of 18-carat gold. In 1999,
the Gili Gold range was introduced. This range included rings, pendants, earrings, necklaces and
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
department stores across the country to increase accessibility among its target segment, the 15 to
30 age group. Gili distributed its jewellery priced between Rs. 500 and Rs. 40,000 through
lifestyle and department stores across the country to increase accessibility among its target
segment, the 15 to 30 age group. The collcction was 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
4 P's of Marketing PRODUCT
PRODUCT VARIETY
Tanishq today is India's most aspirational fine jewellery brand with an exquisite range of
gold jewellery studded with diamonds or colored gems and a wide range of equally spectacular
jewellery in 22Kt pure gold. Exquisite platinum jewellery and designer silverware is also part of
the product range.
Tanishq designs and manufactures jewellery that is breath- taking, contemporary and yet
has a tint of tradition. It produces 22 karat pure gold earrings that come in various shapes, sizes
and designs. Some earrings arc embedded with precious stones or colour gcmstoncs. These
jewellery sets arc overwhelming and could prove to be apt for occasions such as marriage,
festivities etc. Furthermore, they also make bangles, chains, nose pins, pendants, finger rings,
Mangal Sutras etc. They also producc products made from silver such as deity idols etc.
Recently, Tanishq has started producing diamond jewellery that arc affordable and stunning. The
diamond jewellery include collections such as: All Day Diamonds, Aria, Dcwdrops, Tanishq

Solo, Dancing Diamonds etc. These collections come with a certificate of authenticity that states
the karatagc, color and clarity of the diamond.
QUALITY
Consistency 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 prccious/scmi- prccious stones in writing.
They claim and deliver the exact carats and weight that they promise. Impurity in gold and not
delivering what was promised is one of the main problems the consumers face when going for
gold purchase. They eliminated this and have built its brand in trust. Tanishq now stands for
quality and purity. They even have gold meters where one can check the purity of gold. Thus it
has established itself as a highly ethical player in a market that was rated as having the highest
incidence of under karatagc (Bureau of Indian Standards).It maintains its quality standards in all
its products wherever they arc sold. This shows that they have a resolute core purpose. This is
what they will have to maintain even when they global. They have the right range of products for
the different markets across the globe. Only they have to remember their differentiating factor.
The differentiating factor for Tanishq will be the experience and quality they will be giving the
consumers when they come to the store.

DESIGN
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 jeweler to have a full- fledged design studio with one of the largest design
teams in the country. Every product at Tanishq is painstakingly crafted to perfection. Diligent
care and quality processes ensure that the Tanishq finish is unmatched by any other jeweller in
the country.
Tanishq was recently adjudged the Most Admired Jewellery brand (for the third
consecutive time) in India at the Images Fashion awards 2004. It has also been judged as the
Images Retailer of Year in the fashion category. Positioned as 49-to-5 jewellery', the collcction is

stylish and modern and is designed to suit all forms of attire, western and Indian, casual and
formal.
BRAND NAME
"Jewellery is one of the last great commodity frontiers in India; it has remained so
because this market is very fragmented, very unorganized. 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 ". - Harish Bhat, CEO, Tanishq.
Tanishq was established in 1995 and within ten years it has bccomc the largest and most
desirable brand in the jewellery segment in India. They have constantly introduced new offering
to their consumers and have come up with new innovative ideas. The surveys showed that
awareness of the brand was quite high. The company believes that young urban women, with
independent incomes, arc looking at branded national jewellers. The brand believes that
accretion to this segment is clearly in its favour due to the modern contemporary image among
women.
SERVICES
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. The company also 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. All Tanishq outlets gave a 100% return guarantee on its brand of jewellery and
also exchanged other jewellery after deductions depending on purity. 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.
This gave the company the benefit of benchmarking against local and international
players and also aided in improving repeat purchases. As a result, it was able to directly link the
remuneration of franchisees with customer satisfaction.

Since they have many stores across the country they give guarantee on their jewellery and
also offer to repair it free of cost anywhere across the country. They have excellent after sales
service and they have been committed in providing good and honest service.
They welcomes you to exchange your old gold jewellery for new designs. To ensure you
get the right valuation for your old jewellery, use scientific, reliable and transparent processes
including testing it with the Karat meter.

PROMOTION
The Tata Group has promoted Tanishq as a jewellery store brand, which competes with
close to three lakh traditional jewellers who dominate the domestic market. It has launched new
collections 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, Titan made the designs more ethnic to satisfy the tastes of all regions. Titan
transposed designs by stocking Bengali designs in Delhi, Kcralitc designs in Tamil Nadu and
typical designs from Tamil Nadu in Bombay in order to appeal to a variety of people.
'Concept' stores, the first of which, costing Rs 10 crorc, opened in Kolkata . The idea of
such a store was to harmonize the tradition of the past with the modernity of the present.
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 crorcs 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, Ccat and Liberty shoes. In early 2000, it made miniature gold cars for Hyundai Motors to
be given to select dealers.
Anuttara, Tanishq's cxclusivc consumer reward programme etc. Tanishq provides Gift
vouchers in various denominations for gifting your friends and family.
Tanishq, to set off competition, launched Jodhaa Akbar collection and managed to get
lot of marketing hype. The collcction is very pricey and suggested retail price is between Rs
25,000 to Rs 15 Lakhs.

One of the company's most important initiatives was customer service enhancement.
Tanishq launched a direct consumer contact programme and conducted surveys to monitor store
walk-ins and footfalls and percentage of repeat customers. The company also 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 jeweller. 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.
In 1999-2000 the communication and promotion budget was increased from Rs. 65
million to Rs 100 million in 2000-01. A majority of this was spent towards advertising, while a
portion was also earmarked for promotions tailored to match regional preferences. For instance,
in New Delhi, which was Tanishq's single largest market, substantial promotions were carried
out. The Rs 100 million was split into four parts, comprising national-level spends (both
electronic and print media), regional budgets, direct mail and research. For the first time, Tanishq
initiated a long-term media plan, aiming to give the brand a round-thc-ycar presence and enhance
awareness.
A customer survey revealed that despite its high-blitz ad campaign, many didn't know
what Tanishq was about, others found it too expensive and some felt that the product was not for
people like them .So, Kurian and his team then decided to launch the fifth anniversary
celebrations of Tanishq that would offer discounts to customers and induce them to come to the
store. The ploy worked and they had customers waiting for the store to open.
Ad campaigns also started to list out the products that Tanishq had. Bracelets, rings,
chains, pendants were explicitly mentioned in each ad. A range starting at Rs 399 was
launchcd.Thc aim was to bring down the price barrier significantly. Collections for the working
women and a new set of contemporary designs were brought into the stores.

Aria, for seven stone diamond jewellery, Hoopla, focused on diamond studded hoops and
Collcction-G for lower priced gold jewellery with an interesting twist arc just a few lines that
have come out of the Tanishq's stable in the last three years.
One of Tanishq's more innovative ideas is to offer special schemes during various
festivals. Tanishq has also 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 kt gold - attracted more people to the
stores. It is estimated that roughly 2.85 lakh customers bought from - and close to a million
people went through - 53 Tanishq stores across 41 cities. Since the European designs in 18-carat
gold did not find any takers in 1997, Tanishq introduced 22-carat ornaments. After hitting six
countries in the last four years, Tanishq entered the $57-billion US jewellery market with two
exclusive stores, one in Chicago and the other in New Jersey, in the first quarter of 2007-08.

PLACE
Tanishq jewellery is crafted in one of the world's most modem factories. The factory
complies with all labour and environmental standards. Located at Hosur, Tamil Nadu, the
135,000 sq. ft. factory is equipped with the latest and most modern machinery and equipment.
Tanishq rcachcd the ccntury 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 prcscncc in 70 citics across India, unmatched collections and
assured purity, Tanishq has quickly bccomc the first choice of discerning customers.
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 has undertaken several unique retail initiatives keeping in mind the customer demand for
a world class shopping experience. As such Tanishq retail identity has evolved over the years to
offer large format and concept stores that rcflcct the brand's philosophy of being "Revitaliser of
Tradition".

Design and retail innovation have been the hallmark of Tanishq all these years. Tanishq
has constantly formulated an innovative product strategy in this journey in line with the evolving
consumer tastes.
Modern retail values and principles in the selling of branded jewellery in India arc almost
completely the handiwork of Tanishq. The brand has broken fresh ground in retailing by creating
exclusive outlets with hitherto unknown in-storc ambience and hospitality touchstones.
Following more than 40% percent growth in operations last year, Tanishq will invest
extensively during 2008 in marketing and retail initiatives to further develop the market. In
addition, Tanishq will build new logistics centres and upgrade existing ones, laying a solid
foundation to meet future competition.
Besides catering to Indian consumers, Tanishq has successfully entered key export
markets such as the US, the UK, the Middle East, Singapore and Australia. This is testimony to
the brand's ability to craft products that meet the requirements of varied cultures and sensibilities.
Tanishq's retail boutiques arc temples for the brand and arc used as a platform for
celebration, be it the launch of a new collcction, a new marketing promotion or a festival. This
gives Tanishq outlets a unique appeal and consumers an opportunity to heighten their shopping
experience.
Tanishq gave complete freedom to the retail outlets to pick up designs, which they
thought would sell in their stores. Almost all the outlets stocked the 'best selling' range of
designs, which did well across the country.
In fact, industry experts recall a period when plain gold gained space in Tanishq stores at
the cost of studded jewellery. "It was perhaps an offshoot of its expansion into mini-mctros and
other towns where the company thought plain gold will be in more demand. It was not a wcllrcscarchcd move," says an industry expert.
It plans to open two pilot stores at Chicago and New Jersey with a retail format of 1,8002,000 sq ft. Meanwhile, it plans to tap small cities by opening 15 Gold Plus outlets, its jewellery
store brand for semi-urban markets. Launched two years ago, Gold Plus clocked Rs 200 crorc
revenues during FY08. Tanishq has entered the US markets. This is an amazing achievement for
Titan Industries," said V Govindraj, Vice President, Tanishq. "Retail is a capital-intensive
business. In America, having 1,000 stores is not unusual. Even for niche retailing, 200-300 stores

arc needed. But in India, although there arc several small scale unorganized jewellery markets,
Tanishq is the first and only jewellery brand to have organized mass jewellery retail chains
across the country. As our company expands, more and more people will be able to share our
mindset. Tanishq's retail strength goes beyond its innovative identity and extensive reach.
Tanishq has undertaken several unique retail and marketing initiatives like creating purchase
triggers like Doctors Day / Professional Day etc that were unexplored avenues in the industry.
Following more than 40% percent growth in operations last year, Tanishq will invest extensively
during 2008 in marketing and retail initiatives to further develop the market. In addition, Tanishq
will build new logistics centres and upgrade existing ones, laying a solid foundation to meet
future competition.
Add the world to this. After hitting six countries in the last four years, Tanishq is entering
the $57-billion US jewellery market with two exclusive stores, one in Chicago and the other in
New Jersey, by the first quarter of 2007-08. S. Ravi Kant, COO (international business division),
Titan, says: "We arc not looking at the NRI market only. We want to understand the American
consumer." He claims that Tanishq's market research team is figuring out the market and a
designer who can create new products for it.
Traditional jewellers have been rcbranding themselves and arc expanding in smaller
towns to widen reach. 'The emphasis for Tanishq will be on special collections, diamond
jewellery and bigger stores of about 4,500 sq ft," Vcnkataraman said.
Tanishq's team of in-housc designers camc out with about 3,500 designs based on current
trends and the feedback from stores. At least 10% of these designs were changcd every quarter
and fresh ones were added to the stock.

PRICING
We have very large collections of pendants, earrings and fingerings in this price range Rs
2000-5000. Tanishq range of products start at an accessible low of Rs. 600 and the range - Solo,
Aria, Diva, Hoopla, Lightweights, Bandhan and the most rcccnt, Colours - comprises wearable
everyday jewellery which has been designed for the urban working woman.

The Tanishq Valentine's Day collcction includes pendants, earrings and finger rings
starting from Rs. 2,000 onwards. Daytime's collcction of all day diamonds, which starts at an
affordable Rs. 1,960. The collcction combines traditional motifs in sleek contemporary lines with
slight touches of black rhodium. The 'up to 25 per cent' off offer by Tanishq is a unique
opportunity. This attractive offer has been introduced to benefit the customers and provide them
with the best price and product options. Affordably priced from Rs 2,500/- onwards the Tanishq
range of diamond jewellery is the ideal accessory for the customcrs.This collcction is crafted
using a spccial process called electro-forming. The jewellery is targeted at customers who arc
looking for international designs, wcarability and value for money. The new collcction starts
from a price range of Rs6,000 onwards and available at all Tanishq boutiques across the country.
Tanishq offers gold and gem-set jewellery in over 6000 traditional, western and fusion designs.
The Tanishq retail chain currently includes 112 cxclusivc boutiques in 75 citics, making it India's
first and largest jewellery retail chain.

Ansoff s Model
Market Penetration (Present product-present market)
Currently Market Share of Tanishq is 2.9%.So Tanishq has a scope for increasing its market
share.
Provide EMI by tying up with banks.
Find new applications to current users: Increasing the versatility of the product in terms of usage.
For example, provision for using pendant as car- rings, finger rings and vice versa.
Market Development (Present Product- New Market)
1. Expand geographically: Opening new outlets in new cities and increasing the number of
outlets in the existing cities.
Diversification (New Product- New market)
1. Related: Gold and diamond studded buckles in belts and footwear.
BRAND POSITION
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 caratmctcr.

Tanishq also has been positioned as a branded jewellery of luxury rather than commodity.
It moves jewellery beyond investment to the fashion and adornment sector.
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 arc 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 cthnicity, it would have to satisfy
the tastes of all regions. So, the designs became more cthnic. Titan also decided to transpose
designs by stocking Bengali designs in Delhi, Kcralitc designs in Tamil Nadu and typical designs
from Tamil Nadu in Bombay in order to appeal to a variety of people.

SWOT ANALYSIS
STRENGTH
Purity (karat meter)
Distribution network and
retailing store
Award winning designs
Diversity in jewellery
go ld/di amo nd/pl at i num

OPPORTUNITIES
Global markets
Low cost jewellery
Customized jewellery
designs
Concentrate on Gcn-X by
having trendy jewellery

Competitive prices
WEAKNESS
Capture Rs 70,000-crorc
Escalated gold costs lower margins

Expand retail stores


THREATS
Competition
Lack of Skilled workers
Gold not seen as s source of

STRENGTH
Purity of the jewellery through karat meter is still the sign of total purity. Distribution
network and retailing store arc in place for the company with 130 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. We also have competitive
priccs for the entire product ranges as compared to the competitors.

WEAKNESSES
Capture Rs 70,000-crorc Indian jewellery market. Tanishq comprises a small share of the
overall Rs 70,000-crorc Indian jewellery market and hcncc it needs to increase its market share
in this huge industry. Escalated gold costs has caused lower margins is to push sales as much as
possible.
OPPORTUNITIES
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 Gcn-X by having trendy jewellery. Expand retail stores in India to further
increase reach.
Threats
Competition from local jewellers all over India. Lack of Skilled workers in jewellery industry.
Gold is no longer seen as source of investment. People arc more concerned about design and
luxury.
THE MAKING OF A GREAT GLOBAL BRAND

Tanishq recognized that the real competition was not from the few other major players
but from the regional players in the highly fragmented industry. In order to compete with the
regional players, Tanishq introduced the concept of "consistency in delivering promise". Also the
new generation which used jewellery everyday preferred 18 carat modem jcwclcry retaining the
cthnicity.
Consistency in delivering on their promise
Tanishq promises superior quality jewellery with purity in gold. They claim and deliver
the exact carats and weight that they promise. Impurity in gold and not delivering what was
promised is one of the main problems the consumers face when going for gold purchase. Tanishq
eliminated this and has built its brand in trust. Tanishq now stands for quality and purity. They
even have gold meters where one cancheck the purity of gold.
It is first and only jeweller who guarantees the purity of its gold jewellery and certifies
the quality of its diamonds and eolored gems in writing. Thus it has established itself as a highly
ethical player in a market that was rated as having the highest incidence of undcrkaratagc
(Bureau of Indian Standards).
Superior products and processes

Widely acknowledged as a design leader, Tanishq is known for its ability to develop
specialized design collections. Tanishq is the only jeweller that houses a full-fledged design
studio with a team of several international award winning Indian designers. Tanishq was recently
adjudged the Most Admired Jewellery brand (for the third consecutive time) in India at the
Images Fashion awards 2004. It has also been judged as the Images Retailer of Year in the
fashion category. Tanishq jewellery is crafted in one of the world's most modem factories. The
factory complies with all labor and environmental standards. Locatcd at Hosur, Tamil Nadu, the
1, 35,000 sq. ft. factory is equipped with the latest and most modern machinery and equipment.
Every product at Tanishq is painstakingly crafted to perfection. Diligent care and quality
processes ensure that the Tanishq finish is unmatched by any other jeweller in the country.
Distinctive positioning and customer experience. Yet another aspect of Tanishq that sets it apart
is a whole new jewellery buying cxpcricncc offered by its exclusive retail showrooms. Tanishq
has not only developed a national retail chain with uniform and transparent practices and policies

but also maintained consistency of retailing standards across all these showrooms on an ongoing
basis. It has a distinctive positioning in India as it is known for its high quality and jewellery
with international standards. Also, since they have many stores across the country they give
guarantee on their jewellery and also offer to repair it free of cost anywhere across the country.
An ability to stay relevant
Tanishq was established in 1995 and within ten years it has become the largest and most
desirable brand in the jewellery segment in India. They have constantly introduced new offering
to their consumers and have come up with new innovative ideas. They have excellent after sales
service and they have been committed in providing good

and

honest service.

A compelling idea
The idea of having branded jewellery was a totally unique idea. Coupled with a promise of purity
and a unique experience was very compelling. It persuaded a lot of people especially the people
in the mctros and semi mctros to leave their traditional jewelers and go for Tanishq.
There was always lack of trust among the consumers for their jewelers. Tanishq removed
that with a promise of purity. Hence what it did in India it can replicate across the globe. Offer a
totally new perspective to Jewellery buying especially when it comes to exquisite oriental
jewellery. Oriental Jewellery across the world is usually found in flea markets or place like China
Town or Indian Markets. Going into the main markets in the Western world will give Tanishq the
edge.
A resolute core purpose and supporting values
Tanishq maintains its quality standards in all its products wherever they arc sold. This
shows that they have a resolute core purpose. This is what they will have to maintain even when
they global. They have the right range of products for the different markets across the globe.
Only they have to remember their differentiating factor. The differentiating factor for Tanishq
will be the experience and quality they will be giving the consumer when s/hc comcs to the store.
A central organizational principle
Tanishq has to translate what its brand signifies to the whole of their organizations. They
have done that exceptionally well in the Indian context. A visit to any

Tanishq outlet shows that. The people behind the counter arc polite and courteous. They
know that they arc there to deliver the promised exceptional services. The people at Tanishq
know what is required of them and hence this will prove bcncficial when Tanishq goes global to
maintain its global standards. Tanishq, as and when it decides to go global will make a great
global brand. As we can sec they have all the characteristics, which all the global brands have, it
can be said that Tanishq has all the potential to become a leading global brand.

RECOMMENDATIONS
The high teeh machineries which the branded companies use arc able to produce 250 kgs of gold
to produce good designers at very less time. Even if goldsmiths work six months for 12 hrs they
arc not able to produce the same design. So the branded companies arc able to offer good
designers at cheap price.
So most of the goldsmiths arc forced to close the shops so its a appropriate time to target the
tyrc-3 citics to increase the market share and to increase the profits to a large extent.
REFERENCES BOOKS
Marketing Management by Philip Kotler, Keller, Koshy and Jha, Pearson Prentice Hall, 13th
edition
WEB
Case Studies and Management Resources - www.icmrindia.ore/
Tanishq official website - www.tanishq.com
Ma nagement students forum - http://www.manaeementparadise.com/
The Hindu Business Line www.thehindubusinessline.com/
Business Standard www.business-standard.com/
E-bav Shoppine website - http://www.ebav.in/
Monevcontrol.com - http://www.monevcontrol.com/