Marketing Strategy of Tanishq analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Tanishq marketing mix, help the brand succeed in the market. Let us start the Tanishq Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Tanishq marketing strategy can be explained as follows:
Tanishq is a premium luxury brand from the house of Tata, which mainly has gold and diamond jewelry products. The main USP of Tanishq products is their trust factor. Tanishq delivers trust through grading by expert graders and Tata Seal of trust, for each of its product. The product covers almost all varieties.
With India providing a diversified market of different regional and religious taste, Tanishq tries to offer something for everything, in its luxury products. The product offering in its marketing mix includes:
Smaller designs: Rings, Pendants, Nose pins, with both the latest designs surrounding trends as well as traditional designs, existing in the timelessness of Indian jewels.
Larger Jewel pieces: Necklaces, Earring, Bangles and bracelets, available in gold, diamond and platinum, beautiful designs, claiming to be the favorite amongst women
Coins, Bricks and bars of golds, as Indians, see the investments in gold not just monetarily beneficial but an auspicious one too.
Low price segment: Tanishq also offers simple designs and low priced jewelry for daily use, as Indian married women prefer to wear certain jewelries o daily basis.
Designs: The product designs of Tanishq are surrounded around the royalty of Indian jewels. Recently a new addition in design was Jewels of Royalty.
Image: company website
Tanishq Price/Pricing Strategy:
Below is the pricing strategy in Tanishq marketing strategy:
Tanishq is a luxury brand, and hence all its products are premiumly priced. The target group is women of age-group 25+, in the upper class and upper middle class section.
Tanishq offers exclusive designs, which are both available in trendy and traditional forms. With this value proposition, Tanishq charges a price higher than the local jewelers, who are its major competitors. The uniqueness of products, the experience of Tanishq stores, and varied availability of choices allow it to follow a price skimming strategy in its marketing mix. High-end, products of highest quality and ethnicity, makes Tanishq a premium brand. The brand enjoys an association with prestige and status in the society, hence it follows premium pricing for its products. Also, the target group are the people who value exceptionality above money and more willing to pay higher price. Tanishq also offers some value products, for targeting a different segment. This line’s product are simpler in designs, although promise the same quality and trust.
Following is the distribution strategy in the Tanishq marketing mix:
Tanishq has a strong presence, not only in India but abroad. When Tanishq started, many other players were already present in the market and so it focused on the international waters of American and European markets. Slowly its popularity allowed it to expand in domestic markets as well. Tanishq jewelries are sold in self-branded stores. Tanishq stores were started at first in Chennai, as Titan was associated with Tamil Industrial Co. The production centres are both in Southern region Hosur, Tamil Nadu and northern region Dehradun and Pantnagar, Uttrakhand. Tanishq outlet expansions are huge, with new outlets coming every year. Tanishq has 170+ showrooms in the populated urban markets. The stores are handled by professional experts, who even provide suggestions. Tanishq’s online website displays the products and mentions the qualities and designs very precisely to ease it for the customers buying online. Various discounts are also available, with larger variety of products, on the website. Tanishq products are exported to US, UK and UAE markets.
Popular not only amongst the residing Indians a but the aboriginals of these countries too.
Tanishq Promotion & Advertising Strategy:
The promotional and advertising strategy in the Tanishq marketing strategy is as follows:
Tanishq captures the attention through beautiful ad campaigns, mostly surrounded around Indian weddings, and beautiful brides. The ads are shown both on Television and online media like Youtube and Facebook. The brand promotes its jewelries though movie and TV channels, associating their collection around these movies. Tanishq has associated itself with Indian movies like Jodha Akbar, Padmavati etc. Tanishq also boasts its online presence, in blogs, tweets and Youtube commercials, to gather the attention of growing tech savvy population. Discounts around the wedding seasons are another promotional strategy to lure the consumers. Tanishq brands its self as a brand of Prestige and Trust. Famous female celebrities have endorsed Tanishq products from time to time. Tanishq uses celebrity brand ambassadors for its diverse product range. Tanishq also has associated with companies in the past, which offered gifts to their employees. Maruti is one such example. Also, the ads try to create a position of Tanishq as the best gifting option for the brides, to offer trust, tradition and beauty. Hence this concludes the Tanishq marketing mix.
Tanishq is a subsidiary of the parent company Titan Co. Ltd. Founded in year 1994. It is originally a Tata Group brand, in collaboration with Tamil Nadu industrial development corporation. Tanishq is a Luxury brand, with main focus around diamond jewelries. The designs have a traditional aesthetic look. Tanishq started competing against the family jeweler’s system, recognizing a need for trusted brand in these huge industry of jewelries, in India. With time, other competitors also emerged. It has 4% market share in gold jewelry market.
The close competitors are D’damas, TBZ, Nakshatra, Kiah, Kalyan. Local jewelers, are another competing segment for products, because of higher trust attached with them, of the local people.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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