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Case Analysis of Tanishq: Positioning to Capture the Indian Women’s Heart
India is the largest consumer of gold in the world and the fastest growing as well. Though there is no major national player in the gold market and Tanishq is first of its kind, local players are its biggest competitors. Tanishq started with jewelry watches that did not do well in the market mainly due to heavy weight and too high a price. Among branded jewelry Tanishq is the first of its kind with innovation in design and gem studded jewelry. When 18 karat gold did not sell well, they came to offer 22 and 24 Karat gold through exclusive stores. With promotions using karat meter they were able to show the lack in local players and placed themselves as a brand that promised super quality with purity of gold. Various ranges like Diva, Daytime, Aarka, and Color were launched to cater to various segments of customers having various needs. Designing in Femina Miss India, Apsara Film Awards Trophy and film like Paheli gave them good promotion and a market.
Problem Identification:
In spite of varied marketing efforts, there is still a huge market that is catered by the local players
Failure to tap the wedding market
“Not for me” perception
Internal conflicts between Tanishq and Gold Plus.
Case Analysis: SWOT analysis of Tanishq: Strengths:
Capital investment that its able to afford due to backing of Tata Group
Innovation and modern style that is perceived to be different and trend setting
Excellent and outstanding advertising strategy
Quick delivery an flexibility to respond due to use of a smart supply chain
Weaknesses:
“Not for me” and western perception about the brand The most innovative designs using gems and stones are of 18 Karat gold that are perceived by consumers to be below standard quality and Tanishq is still not very successful in changing this mind set of people.
Very high end boutique type retail experience that prevents people from entering
Not enough inventory to show case in comparison to local players
Mark up of 15-25% that is higher than local vendors
Opportunities:
Some kind of repositioning could help it to capture the huge unorganized wedding market that is still untapped by the company With economic liberization, it could look at export market
Threats:
GoldPlus could come up in a big way and cannibalize its market
Local jewelers who could also team up and offer the retail experience in smaller cities
Government regulations could increase the tax making branded gold actually more expensive than local players
SWOT analysis of GoldPlus: Strengths:
Marketing strategy used to position itself as a branded outlet for gold jewelry that fits semi urban and rural area
Compete on price factor and supply chain capabilities
Tata name used as in promotion to build trust
Weaknesses:
Limited outlet
Use of gold only in weddings and fe stivals
Opportunities:
Semi- urban/rural market of over Rs 36000 crores
Traditional plain gold jewelry 80% of overall market
Threats:
Tanishq
Government imposing excise duty
New entrants in form of large local players
Our recommendation:
Tanishq and GoldPlus should complement each other. They must understand their market territories and the fact that their target segments are not the same. On one hand Tanishq provides with designs that are trendy, we sternized and have a “boutique” touch to it. On another hand, GoldPlus targets the semi urban and rural market with simple wedding jewelry. So their promotions should focus on these factors so that their market is distinct and there is no chance of cannibalizing.
Again to prevent the new entrants from becoming large they should use the “TATA” brand name so that a local player is not equivalent to the trust that this name conveys.
And finally they should also look into the international market going global with various entertainment and fashion products to grab the opportunity that awaits there.
