EXECUTIVE SUMMARY. We would like to bring to light the foeal point of the research in the executive summary aver here. The same is below for your reading pleasure: Research Objective: Through this research, we would like ro discover the following “Top of the Mind? brand recall for Branded Jewellry; “The consumers’ reason to buy from a particulat jeweller over a petiod of The consumers’ understanding about Tanishq based on various parameters, viz. brand affordability, brand awareness, etc; ‘The consumers’ purchasing and gifting habie of jewellery Jewellery ~ For Investment or Adorament, Limitat OF The Research: There were 1 few limitaios that we had 40. experience when we took up this research, viz. deeiding on the population, the different Faces of the weather in Delhi, ete Company Background & Industry Overview: In this segment, we bring forth details about how Tanisha evolved in the due course of ime ever since it was conceptualised in the 1990s. We would also speak about the various sapects of the company as go howe it grew in the heats and minds of the masses in India and how itis tying to build an image of is own offshore as wel In the section on Industry Overview, we would like to throw light upon the Gems & Jowellery Industry on the whileResearch Methodology: Our research methodology includes the following: Sample Design: The respondents would mm: Wy consist af college going and working females so that we get to know about how the brand is perceived in the market Sample Sige: We would conduct this research on population in and around Delhi and NCR. The sample size is atound 30) Researh Inctownets We would take feedback from our respondents by asking them to fill our questionnaites Findings & Conclusions: ‘This segment consists of what was deduced from the research along with the conclusions.RESEARCH OBJECTIVE The key objectives behind the research/ study can be underlined as under: ‘© To find consumers’ Top OF The Mind brand rceall in case of branded jewellery © To study consumers’ frequency and reason to buy from a particular jeweler © Study the consumer's understanding about ‘Tanishq ~ The Jeweller pettaining to: Whether the brand is Expensive or Affordable; How the consumers came to know about the brand, # Which segment of the society does the brand make jewellery for A Suitable Brand Ambassador and a reason for the same, © To find out the consumets’ purchasing and gifting habit In terms of money spent + The people they go along with; + Do they consider buying jewelery asa investment + The type of jewellery they bus © Plain Gold Jewellery + Studded Jewellery Platinum Jewellery © Coins and BarsLIMITATIONS ‘Though we had taken up the research with a great enthusiasm, a few days into the research, we felt that there were certain hindrances that were in the way t0 a successful completion of the study. These are appended below Population: Even though the research objective had been framed, there were questions on my mind regarding selection of population ~ on whom the research could be conducted upon — segment of the population shat would be apt for the study, locations where one could find them, et. were the questions that we had so encounter so that we could frame the right kind of questions Weather: ‘The weather had been very unpredictable in and around Delhi and NCR, thereby affecting our reseateh during those days, In the initial days it was the scorching sun which wat taking up our energy when we waited at places around Delhi to pet the questionnaires filled from the respondents, We had leame a new lesson, its not only water which drenches us, but the Sun also has the musele to dreneh us... not with water though, ‘This showed on the respondents’ personality a8 well, In che beginning, the respondents’ were rehictant to even stop-by and wait to All in the questionnaire, but once we made them comfortable, it was a winswin situation for me. The respondents just came out with their views which helped complete the survey Te was not only the sun that we had to lose my energy to, but the lashing sins also took a breath away, The heavy downpour, in some of the locations in Delhi, drenched me from head to soe and we had nowhere 0 go. We were fortunate to find respondents even at this point in time,x Tanisug ‘Tanisha is ndia’s one ofthe largest, most desirable and fastest growing jewellery brand. A TATA Enterprise and the jewellery division of Titan Industries Limited, it started im 1995 with is fice store opening in Chennai, ‘Though Tanisha’s voyage began in 1995, it was in rough waters until a few years back. [1 was an uphill ask for the brand to gain a firm foothold as its main ‘competitor was not other brands, but all those household jewellers who had been wumerable families from time immemoriol and were as old as the serving th civiligation self, Tanisha was here to change the rule ofthe game oP how people perceived jewellery. It challenged the age-old jewellr’s word-of-mouth with TATA’s guaranteed purty. [t was the first jeweller which exploded the market With facts about extensive impurity in jewellery throughout India. To support this it introduced KARAT METER, the only non-damaging metal testing equipment im which a consumer can have hisiher jewellery tested without harming the Jewellery. Backed by technology, it challenged the jewellers across India, by declaring @ ‘Get Your Gold Tested? Movement across India where it asked ‘consumers to walk into any of the Tanishg Stores across India und got thet GOLD Jewellery tested. The consumers were very reluctant because a8 @ mater ‘of Fact, it was governed completely by individual trust built over time. But they id so and in due course of time, realized what they had been accumulating as investment for their sons” and daughters’ wedding. The brand evidently was able to make its presence felt to the general houschold, where the Lady of the House has more say when it comes to purchasing jewellery be it on the bint ceremony ‘ofa newly born or the wedding ceremony of her grandchildren, She is one person ‘whom no man can pursue to change mind when comes to buying jewellery‘The story of Tanisha is not one full of achievements; it has had its share of ups ‘and dovns. Being from the House of TATA's it had many expectations to be met = of all thse people who work for the organisation, of all those citizens of the ‘eouniry wha have been with them for aver & hundred years and of many more uunramed people who had great expectations even before Tanisha bepan its voyage. And yes, Tanisha has been successful in being up to their expectations by ‘keeping their spirits high and providing them the ‘Wealth’ thatthe stakeholders required, Tanishg has been able to achieve this by consistently providing the citizens the much needed assurance by being “The Gold Standard?” inthe jewellery business. Tanisha hs been suevessfl in delivering value to its customers and sharcholdets in a complex category ~ BRANDED JEWELLERY. To achieve all ‘this, Tanisha has set up production and soureing bates toroughout the country, With thorough research of the jewellery crafts in India, it has been oble fo locate the best places to mect is requirements of the vatiows objects that might required fiom time to time. Tanishy manufactures jewellery in a state-ofthe-ant manufacturing unit, sprcad across 135000 square feet in atca and equipped with the latest technology and machines in jewellery making, in Hosur, One of the World’s most modern factories it is in compliance with all the labour and ‘To meet the demands and requirements of the customers, Tanisha. pioneered fashion & style in tradition bound category through ils innovation driven “collestions’ strategy, which are designed by the Tanishq Design Studio. Tanisha has been able to come out with collections like Aamra, Aarka, Aria, Chettinad, Circa, Collection-G, Colours of Royalty, Creepers, Daytimes, Diva, Hoopla Zoya, ete. to name a few fron time to tine to suit the requirements of its ‘consumer. These collections are designed by Tanishq Design Studio based on! various themes that they have been able to choose from anything to everythingthey see or fc, “Daytimes? is a ringe of diamond studded jewellery that cam he warn day-in and day-out ‘Aanira” came from The King of Fruits, Mango, “Daisy ‘evolved from floral pattems in pastel shades in cams, The inspiration fr “Arks™ ‘came from The Sun God, a celestial body which has been shining in the firmament since long and would remain so, The design team also takes inspiration fom wildlife, monuments (like The Taj Mahal) jewellery uaditions (like that of| ‘Chetinad), and even The Mughal Era, These inspisstons ane erated into modern forms for today’s woman, making her Ta possession. Tanish has also appeared on the Silver Sercen of Indian Cinema by ‘making jewellery forthe film “Pabeli”. And it has also set foot on the beauty pageant stage by designing the crowns for the Miss India pageant, ishq_ jewellery, a tuly prized ‘Tanishg makes these mastepieees, in jewellery, available to its various eonsuinet segment through its various outlets that have been setup at vations Toeations ‘throughout India, Tanisha currently has 94 stores outlets spread. across diferent ‘ties throughout India the latest being that in Jodhpur which opened on the 7* of Sly 2007. And co meet the demands of the offshore o Somers, it has come up with stores in Dubai, Singapore and London, They are also planning 0 eater to the requirements of the consumers a5 far as The United States of America in the ‘coming year. Customers can buy, exchange jewellery and avail special services like those of Savings Scheme at any of the sores across the country. Tanishg is India’s most inspitational fine jewellery brand with an exquisite range of gold Jewellery shadded with diamonds of coloured gems and a wide range of caually spectacular jewellery in 22Kt pure gold. It represents the aspitation of eme Indian woman, who uses tition rather than being used by it; who fulfils her responsibilities and lives her dreams; who celobrates festivals in her house with glamour and panache; who embraces modemity without bresking away from traditionINDUSTRY OVERVIEW Im the late 19906, the Indian jewellery market wimessed a shi in consumer perceptions of jewellery. Instead of being regarded as only an investment option, ized for its aesthetic appeal. In other words, the focws was jewellery was being shifting fom content to design. Consumers were no more interested in the purity ‘or colour of the gold, but were now focussing on the designs. They wanted the i jewellery to be and affordable. Lightweight jewellery soon gained popularity amongst the caloric conscious consumer: Their petite collarbones wanted somthing very clegant to adorn. This paved the way for branded Jewellery. Now the traditional jewellers hod 10 go if for branding of their jewellery. Foreseeing the opportunitis that remeined and the growth thet they ‘offered, the number of gold reuilers increased sharply during this time. Players such a6 Tanisha, Oyztcrbay, Gili Carbon, et opened outlets in various parts of | the county. Traditional jewellers also began to bring out lightweight jewellery ‘Some of them had to laurel thir in-house brands. However, the share of branded jewellery in the total jewellery market was still small (about Rs. 10 billion of the Rs. 400 billion per annum jewellery market in 2002), though growing at w pace of 20/10 30 percent annually. The branded jewellery segment occupied only 2 small share of the total jewellery market because of the mindset of the average Indian bayer who stil regarded jewellery as an investment. Moreover, consumers trusted ‘only their family jewellers when buying jewellery. Consequently, the branded Jewellery players ied to change the mindset of the people and persuade ceustomers with attractive desigas at affordable prices. Today we can sce a plethors of branded jewellers spread across the country, meeting, the demands of the consumers trom all parts of the country. The consumer has become more sensible and he knows that he isthe KING. Sorry that's supposed to be she knows that she is a QUEEN. Prior tothe liberalization in 1991, only Minerals and Metals Trading Comporation (MMTC) and the State Bank of India (SBI) were allowed to import gold into the‘countzy. In 1993, gold and diamond mining. were opened up for private investors and foreign investors wete allowed to own half the equity in mining ventures. In 1997, overseas banks und bullion suppliers were also given the freedom to import ‘gold into the country. This led fo the entry of international players like DeBeers, Tiftany and Cartier into the Indian market. Jewellery was fabricated in 18,22 and 24 Karat gold, The late 1990s saw a number of branded jewellers emerging and ‘entering the Indian Jewellery Market Titan Industries Limited, 1 household name for watches retailed ynder the brand name “Fanish while Gitanjali Jewels sold |8-karat gold jewellery under the brand nam ili. Gitanjali Jewels also started selling 24-korat gold jewellery in association with a Thai company, Pranda. A. Mumbai-based group, Beautiful, which marketed the Tiffany range of products in India, lounched jis own range of studded 18arat jewellery, Dagina. Cartier ‘entered India in 1997 ina franchise agreement with Ravissant, Other players who centord the Indian branded gold jewellery market daring the 19908 and 2001 include Intergold Gem Lu, Oyzterbay, Carbon, ete In 1994, Gili Jewellery was established as a distinct brand by Gitanjal Jewels. It ‘offered a wide range of 18-karat plain gold and diamond-studded jewellery designed for the contemporary Indian w Indian bought jewellery for investment rather than for is beauly. Jewellery made 2. Until the early 1990s, the average of 1¥-karat gold was not favored ab it was considered a poor investment due 19 less karatage of gold, Trust in the local jeweller was the hallmark of the gold Jewellery trade in India, A jeweller or goldsmith in local arca had a fixed and loyal clintcle. The buyer iad implicit Faith in his jeweller. Additionally, the Lal {oweller catered tothe local taste for traditional jvvllery However, sine the late 1990s, there was a shift in consumet tastes: women were increasingly opting for fashionable und lightveight jewellery inst ‘hunky jewellery. There wax a rise in demand for lightweight jewellery ‘especially fiom consumers in the 16 fo 25 age group, who fegarded jewcllery as fan accessory and not an investment, The new millsanium witnessed definite ‘change in consumer preferences.SAMPLE DESIGN ~The populition consisted of respondents comprising mainly of schoo! and college going females whom we randomly chose from various parts of New Delhi, Not only women, but men also tool pat in the survey whole-heartedly and provided us with valuable feedback when it comes to purchasing gold from any outlet SAMPLE 8171 ted of 30 respondents from ia and Our sample size consi around New Delhi and NCR Region. However it should be noted that a few of the respondents were inhabitants of other parts af the country RESEARCH INSTRUMENT — To enable a smooth exccution of the tescatch, we prepared an interactive questionnaire to collect information from the population. We incorporated questions pertaining to various aspects of jewellery purchase and gifting, We enquired the respondents about heir purchasing habit of the different categories of jevellery, viz, Plain Gold, Studded, Planum Jewellery and Coins & Bars, It would be commendable to mention responses ftom a few of our respondents who are inhabitants of other parts of the countryFINDINGS & CONCLUSIONS From the research that was conducted, we could find out the following. The same is interpreted with the help of pie-charts, bar graphs, in the pages that follow 1 Which brand comes to your mind, when you hear the word JEWELLERY? Most Recalled Brand of 60 50 40 30 20 20 | 1667 30 PERCENTAGE D'Damas Nekshatra Tanishq —Aami BRANDS Of all the respondents that we asked this question ta, 16.67% said that they were reminded about D'Damas. 2076 said that it was chatra that they visualized, whereas Asmil was te % of the people Tanishq however was the most rcealled brand with 50% of the respondents having chought about it2. Where do you purchase yous jewellery from and why? OF the 13 respondents who putehase from their Family Jeweller, 2 said that they purchase for the variety of designs thar are available, 4% purchase because of the uniqueness of the designs, and 48% go back as the jewellery can be customized according to their atte. 16% choose to 10 back for the Buy Back Policy that is offered wo thom, And the remaining 4¥%6 choose to purchase from the came outlet as they find it alfvrclable Local jewellers were chosen by 4 respondents, 20% people chose them for the uniqueness and 20% for the variety of the designs. ‘The remaining 600% however chose them for the customization facility chasis made available to the customers ‘The 5 customers who actually purchase from Tanishg do so because of the uniqueness of designs and the buy back policy. ‘The respondents were drawn to the brand for the revised evaluation of their smdded jewellery And when it comes to other brands, people chose it far both the buy back policy and the uniqueness of the brand, 3. Is Tanishg Expensive or Affordable?Affordable According to 60% of the respondents, Tanishg isan Expensive brand as the making charges oa the jewellery i very high, whereas the eemaining 40% ‘opined that itis an Affordable brand because the making charges that they atk foris reasonable enough if we take into consideration the purity of gold that they offer, Over here, the respondents don’t forget to mention how the Karat Meter has opened their eyes to the impuse gold that they had been purchasing and accumulating long before Tanishg came into existence and ‘opened their eyes.4. Do you prefer gifting jewellery to any other item? eSomatimes For the 510% of the respondents, gifting jewellery in this age 48 lke giving a person something which he might sor want ar thar point of time, Moreover, they feel its berter that the person herself buys what she wants instead of a ppetson gifting her something “The remaining 50% though were not contradicting the ones who said "NO" 10 sling jewellery, but even they thought that one cant keep on gifting jewellery every now and then looking atthe alarming tate of gold, ‘The main concern for them was the fictuation af che gold rates. According to them if the gol rates hada’t been fluctuating, might be they would switeh over to ALWAYS GIFT JEWE 1 ERY banchwagon,5. Do you purchase jewellery for investment purpose? ree When enquired if they purchase jewellery as a mean for investment, 7% of the respondents said that they always purchased jewellery for investment purposes, However, 63% said thar they consider it an investment only sometimes, There are instances when one purchases jewellery as an adomment too and not as investments, But there were 30% of the respondents who were of the opinion thar they never purchased jewellery as an investment, For them st was just like any other commodity, though its intrinsic value was much more than compared to the other items that they bought6. How often do you purchase a particular type of jewellery? ‘Type - Plain Gold Jewellery 60% 50% 40% 20% 10% 0% g Finger Rings In the above diagram ‘Type - Studded Jewellery 70% 60% 50% 40% 30% 20% 10% 0% Ne. ofRespendents“Type «Platinum Jewellery No. OF Reeponcen WNecklace & Ear Rings UF ingor Rings: Chains & = No, Of Rescondonts x 8 = Frequency Coins & Bars7. How much is your total annual purchase value for yourself? Ammual Purchase Value Less Than Rs. 25000 wBetween Rs. 25000 &Rs. 50000 Between Rs. 50000 &Rs.1Lakn DAbove Rs. 1 Lakh When we enquired our respondents about how much do they annually spend cin jewellery purchase, they were reluctant ro disclose the same. But then they started coming out with the actual figures and before long enough, we had come t know about the money that they spend for purchasing jewellery8, How much do you spend annually on gifting jewellery? Loss Than Rs. 10000 @Botwoon Rs. 10000 & Rs. 25000] Between Rs. 25000 & Rs.50000 TI don't buy gifts When we asked our respondents about how much do they usually spend when it comes to gifling jewellery, we had mixed responses. A majority of 46% said that they spend not more than Rs. 10000, where as 10% of the respondents said that they spent anything between Rs, 10000 and Rs, 25000. i said that they spent between Rs. 25000 and Rs. 50000 on an average every year, These were however 37% of the tespondents who didn’t feel the need to buy gifts and as such they dicn's buy jewellery for gifting9. Whom do you take along for buying jewellery? DAlone M With Friends O.With Family ‘To this question, 3% of the respondents said thar they prefer going alone to buy jewellery, whereas 23% chose to take friends along when buying jewellery. The largest shate of the pie however was of the impression that you should take your family along when you are purchasing jewellery.10, Which segment of the society does the brand make jewellery for? Wemen Men & Women others When we asked the respondents that according to them which is the segment for which Tanishg makes its jewellery, we were amazed to witness that 40% of the respondents thought that Tanishq makes jewellery for men and women both, 53% of the respondents thought that Tanihg makes jewellery only for women, while there were 7% of the respondents who thought that there was yet another group For which it has been making jewellery ~ along with women, they were said to manufacture jewellery for kids.11. How did you come to know about the brand ~ Tanishg? 0 Friends News Papers CHoardings & Banners 9=OTV We came co know that our respondents came 10 know of Tanishg — The Jeweller mainly from the advertisements in the newspapers, Almost 63% of our respondents said that they eame to know about Tanishg from the newspapers. ‘There were 20% people whe eame to know about Tanisha from theie friends 10% of the respondents came to know about the brand from the hoardings and banners that are setup everywhere, 7% of the respondents eame to know about Tanish from the other media, ic, Television12.Who is the most suitable person to be Brand Ambassador of Tanisha? i Vidya Balan Rani Mukherjee Diya Mirza Wi Preity Zinta @ Others 36% of the respondents are of the opinion that Vidya Balan is the most suitable personality to be The Brand Ambassador of Tanith ~The Jeweller Tnceause they think that like ‘Tanisha’ jewellery; even she is contemporary, clegane and traditional but modern ar the same time. She can easily carry the image of Tanish to a traditional family and at the same time woo the modem st heart with her beauty. Not far behind her is Diya Mirza, at 30% [Respondents chose her because she is indeed an Indian Beauty and a brand like Tanisha requires nothing less than her, At 17% is Rani Mukherjee, and a4 10% itis Preity Zinta, Personalities like Sushmita Sen and Zeenat Aman ave also been chosen by 7% of the respondents 2s Brand Ambassadors. RECOMMENDATIONIf we take a look at the kind of responses that we have obtained fom the masses through our reseatch, we come to know that Tanich is popular with 500% of the respondents, but looking, atthe time Factor whieh has gone into its making, we would like to provide che following recommendations: > Inspite of being in business for so many yeats now, Tanisha hasn't been able to ward off the Family Jewellers out of their way. 43% of the respondents still shop with their Family Jeweller as they give them better variety, possibilty of customization and buy-back option as well. On the contrary, the same set af respondents doesn’t find the designs of the family joweller unique enough. Tanishg can lure these customers +0 its snores a8 these customers want Uniqueness. But the company should also loole at those segments of customers who are of the idea that ‘Vanish lacks vaticty and possibilty of customized jewellery. To grow, the company should make sure thar it stocks she sight quantity of designs s0 as to attract more and more consumers to its stores. ‘There are 60% of the respondenrs who have expressed that Tanisha is an Expensive Brand. The company should take out a range of jewellery catering to the demands and tequi -ments of the segment af people who can't afford expensive jewellery. Though the company has been taking out vatious colleeions of jewellery like Tanishq Daytimes, Tanisha Collection — G, the consumets still think that these are not something which can be worn an a daily basis by a medium wage eamer. > ‘The company should with its Golden Harvest Saving Scheme, bring more and more people under iss roof so that they can continue to provide them business from time to time.‘et ‘The company should take up initiatives and start letting know about how jewellery can be regarded as an investment. For this the company can take the assistance of the newspapers and television as medium so as t0 reach almost 70% oF the population to educate them on the same Newspapers aecouinted for 63% and television for 7% when we asleed the respondents as to how they came to know about Tanisha, “The success of any brand lies aot by value of sale that it makes, but by the number of people who make it happen; Tanisha should not be ‘contemplating about the amount of sale shat it has been making year afice year, but try and figure out a8 to what these people are buying at their stores. During the research, there were many instances where peaple had more faney towards a particular picce of jewellery than others. The organisation should ery to understand the reason behind the sume at their store level, so that ifthe same consumer visits their store the should be enthralled by the range of jewellery she thought she would never buy.