Parent Brand: Tata
Main Product Brand: Tanishq
Sub Product Brand: Mia
Product Target Segment:
The growing, affluent and lifestyle conscious segment of women who use branded jewelry in their daily life.
Why this segment??
* Women are increasingly the decision makers for their purchases of gold jewelry
* Jewelry collection for everyday use, if high on design quotient, light in weight and affordably priced can attract the working women
Driving Reason for new product:
* Purchase power of the middle class was growing.
* The five million working women whose purchasing power was an important part of the India’s growth story.
* Women, engaged in different professions, complete with well-designed accessory ...view middle of the document...
This brand was specially created for the female segment. However later with the adverse developments in the world economy and growing of Indian economy, the focus is changed from exports to Indian market itself majorly.
Tanishq Strategy to Build Market
It was difficult to move people away from home jewelers. Traditionally consumers prefer to go to jewelers who give them confidence and faith that they will get what they pay for especially when people do not have tools or methods to know the purity of the gold ornaments. Tanishq realized this and built strategy to first break the association of consumers with traditional family jeweler by advertising the fakeness and flaws of traditional transactions and then offering the promise to the consumers that it would buy the gold at the same purity level as sold by them by Tanishq and hence no loss to consumers on account of gold purity.
Tanishq also employed mechanized methods to make Jewelry with better finish and durability which is more acceptable in the market.
To generate interest in Indian women to buy branded jewelry for daily use
To change customer perception that the branded jewelry is costly
The increasing trend of using branded products has not been reflected in the same proportion in the jewelry, however it has risen from past.
General Market Segmentation
Based upon commodity space i.e. segmentation by material
Based upon customer occasion of wear
* Special occasions
Based upon style
Based on occasion of wear and purchase