Essay Example on Tanishq started in 1995 pioneered the concept of branded Jewellery

Executive Summary Tanishq started in 1995 pioneered the concept of branded jewellery The initial product range was Westernized Tanishq did not do well for the first few years It changed the focus to domestic market with more traditional designs Tanishq educated the consumers on checking for purity of gold and introduced the Karatmeter Purity of Gold trust honesty are strong associations and has earned a high brand equity Tanishq has grown in a large scale since then and as of now has 230 stores in 120 cities of India Tanishq still has room for growth as the jewellery industry is still largely unorganised they can leverage on the brand equity to expand globally Tanishq has a wide range of product and the focus till today is still traditional jewellery Consumers choice has changed over the years and they are trending to more western fusion jewellery its recommended to widen the product portfolio with western and fusion designs High value diamond is another segment where Tanishq has no presence and its recommended to tap the segment Wedding and men s jewellery are 2 segments where Tanishq has very little presence they need to come out with more products to cater these 2 segments Customize jewellery above certain amount can be a way to attract the elite crowd of India 

Tanishq has established the concept of branded jewellery in India Tanishq tried to change the perception of jewellery as piece of adornment and not just investment The concepts were new then and were not easily accepted by customers It suffered losses for the first few years but took corrective actions and made its first profit in 1999 When we started out we didn't think that we could achieve this but now being jewellers to the nation doesn't seem so distant Tanishq COO Vasant Nangia in March 2000 Tanishq ICMR 2010 The Turnaround Story Case Studies and Management Resources http www icmrindia org free 20resources case studies Tanishq 20The 20Turnaround 20Story1 htm accessed on 11th January 2018 Jewellery market in India is dominated by located jewellers and jewellery is custom made from traditional family jewellers Thus Tanishq had to change the perception and preference to buying readymade jewellery Its initial brand positioning as elite modern contemporary and westernized jewellery made from 18K gold did not go well with Indian consumers who preferred traditional antique looking jewellery 

The consumer tastes differed considerably between the diverse Indian states Tanishq re positioned itself changed focus to the domestic market and made different products for each state as per the local preferences Today Tanishq offers a range of a diverse products in 18K 22K gold but the focus is still traditional and localised promoted based on different Indian festivals and occasions Tanishq also does transmigration of design which means designs which are popular in a state are made available in another state along with other designs this increased the exposure and acceptance of Indian consumers to wider design concept which was till then focused to local traditions Tanishq s main competitors were the local retailers and to counter them Tanishq introduced the Karameter which uses X rays to give an accurate reading of the constitution of gold in the ornament within three minutes Imported from Germany at a cost of Rs 1 million each Karatmeters proved to be the biggest USP for Tanishq in the coming years Tanishq s USP since then has been the purity of gold and the fact that it belongs to TATA Group which has a high honesty quotient in consumers mind enforced the honesty factor ICMR 2010 The Turnaround Story Case Studies and Management Resources http www icmrindia org free 20resources casestudies Tanishq 20The 20Turnaround 20Story1 htm accessed on 11th January 2018