Marketing Mix Of Tanishq and 4Ps (Updated 2023)

The Marketing mix of Tanishq analyses the 4Ps of Tanishq, including the Product, Price, Place, and Promotions. Tanishq is a subsidiary brand of its parent company, Titan Industries. It is a Jewellery brand of Indian origin associated with the lifestyle and retail industry as it deals in accessories. Tanishq was founded in 1994 and currently deals in traditional and aesthetic designs. It faces competition from the following brands.

• Kiah
• Adora
• D’damas
• Nirvana Diamonds
• Nakshatra
• TBZ
• De Beers

About Tanishq

• Type: Jewellery brand
• Industry: Retail in Jewellery
• Founded: 1994
• Founder: Titan Company
• Headquarters: Bangalore and Karnataka (India)
• Area served: India
• Key people: Aloke Bajpai – CEO
• Number of employees: Over 10,000

Tanishq Product Strategy

Tanishq has initiated the perception and marketing strategy of branded Jewellery in India. It is one of the most recognized brands with qualitative products and innovative designs that evolved from traditional nose pins to modern pieces.

Tanishq deals in platinum, diamond, and gold Jewellery. It has been a pioneer in spreading awareness amongst jewelry brands and the public about the presence of an impurity in gold ornaments by introducing the Karatmeter for checking gold purity. Tanishq diamonds have been certified by skilled graders, and every Jewellery piece is sold with a TATA seal of trust, quality, and certificate of value, drawing upon the rich heritage of the TATA Group.

Tanishq, renowned for its blend of traditional designs and innovative marketing mix strategies, strategically targets the upper-middle-class section in American and European markets. With a strong focus on wedding seasons, marketing mix of Tanishq’s marketing mix framework revolves around beautiful ad campaigns highlighting its brand essence. Tanishq has solidified its presence, leveraging a franchise model, making it a dominant force in the Jewellery industry since its inception.

The new Product Mix of Tanishq in 2023 is as follows (Source).

1. Gold Jewellery: This is a significant part of Tanishq’s product line, featuring a wide range of gold items such as necklaces, bangles, earrings, rings, and chains. They offer both traditional and contemporary designs, often inspired by various cultures and regions of India.
2. Diamond Jewellery: Tanishq is known for its exquisite diamond collections, including rings, earrings, pendants, necklaces, and bracelets. Their diamond Jewellery is famous for its design, quality, and craftsmanship.
3. Platinum Jewellery: The brand also offers a selection of platinum Jewellery, known for its purity and strength. This includes rings, bands, and other items, often catering to the wedding and engagement market.
4. Gemstone Jewellery: Including various precious and semi-precious stones, Tanishq’s gemstone Jewellery features sapphires, rubies, emeralds, and other rocks, often set in gold or platinum.
5. Bridal Collections: Specializing in bridal Jewellery, Tanishq offers a range of traditional and modern Jewellery sets for brides, including heavy necklaces, bangles, earrings, and other bridal accessories.
6. Solitaires: Tanishq also provides a range of solitaire diamonds, catering to customers looking for engagement rings, solitaire earrings, and pendants.
7. Men’s Jewellery: The brand has expanded its offerings to include Jewellery for men, such as rings, bracelets, cufflinks, and chains, in gold and platinum.
8. Customized Jewellery: Tanishq offers personalized Jewellery services, allowing customers to customize their jewelry in design, metal choice, and gemstone settings.
9. Limited Edition and Themed Collections: Tanishq frequently introduces limited edition collections and Jewellery themed around festivals, seasons, or cultural motifs, reflecting the diverse traditions and aesthetics of India.
10. Gold Coins and Bars: The brand also deals in gold coins and bars, catering to investors and those looking to buy gold as an asset.
11. Children’s Jewellery: A niche segment of their offerings includes Jewellery designed explicitly for children, such as small earrings, bracelets, and pendants.

Tanishq Place Strategy

Tanishq started its operations in Chennai and has spread its presence to most parts of India. In 2012, the company opened its 150th outlet. It has established numerous sourcing and production bases, and its facilities are located at Hosur in Tamil Nadu Pant Nagar and Dehradun in Uttarakhand. At the onset of Tanishq’s marketing and distribution strategy, products were meant for American and European markets, but later, the company shifted its primary focus to the domestic market. Its overseas pilot stores are in New Jersey and Chicago. Its headquarters is in Bengaluru, Karnataka.

By the end of 2015, Tanishq had one hundred and sixty-seven showrooms and nine large-format outlets of 15,000 sq feet each; the rest were retail stores. Its widespread distribution channel includes wholly-owned showrooms and operations via a franchise model with spacious, elegant, and exclusive boutiques in high-profile areas of the southern region. Tanishq has an online portal and website displaying its designs and offering products and related information. One can easily purchase through its website and this platform.

Here’s the place strategy of Tanishq.

1. Extensive Retail Network: Tanishq has established a widespread retail network across India, with a significant presence in metropolitan cities and smaller towns. This extensive footprint ensures accessibility and convenience for a diverse customer base.
2. Strategic Location Selection: The brand strategically locates its stores in high-traffic areas, such as popular shopping malls and main market streets, to attract a higher footfall and ensure visibility among potential customers.
3. Elegant Store Design and Experience: Tanishq stores are designed to offer a luxurious and comfortable shopping experience, with well-trained staff and elegant interiors that reflect the brand’s commitment to quality and service.
4. Online Presence and E-commerce Platform: Besides physical stores, Tanishq has a robust online presence with an e-commerce platform, allowing customers to browse and purchase Jewellery online, catering to the growing trend of digital shopping.
5. Franchise Model for Expansion: Tanishq employs a franchise model to expand its reach, partnering with local entrepreneurs. This approach helps adapt to regional preferences and leverage local market knowledge while maintaining brand standards and quality.

Tanishq Pricing Strategy

Tanishq has a marketing and advertising strategy targets urban women from upper and upper-middle-class sections of society as its primary focus of potential customers. It deals with female consumers who love Jewellery and are willing to pay a high price for beautiful and exclusive pieces.

Tanishq deals in high-end products and has adopted a low-price segment and premium pricing policy over competitors. Its brand name is synonymous with prestige and power; hence, people who can afford it are willing to pay for it. Owning a Tanishq product is a status symbol and a good investment. It is one of the fastest-growing brand names, with nearly 10000 crore rupees in retail sales in the last fiscal year.

Tanishq, a hallmark brand in the Indian Jewellery market, employs sophisticated and multi-faceted pricing, promotion, distribution, marketing, and collection and marketing strategies that cater to a wide range of customer segments while maintaining its premium brand image. Here’s an overview:

1. Value-Based Pricing: Central to Tanishq’s pricing strategy is the concept of value-based pricing. The brand sets prices based on the cost of materials and production and the product’s perceived value in the consumer’s eyes. This includes craftsmanship, design innovation, brand prestige, and shopping experience. Tanishq’s pricing strategy reflects its position as a premium Jewellery brand, leveraging the strong brand image of the TATA Group.
2. Premium Pricing: Tanishq positions itself in the premium segment, reflecting high quality, exclusivity, and a superior customer experience. This premium pricing strategy aligns with the brand’s image as a high-end, luxurious Jewellery provider, attracting affluent and aspirational customer segments.
3. Dynamic and Competitive Pricing: Tanishq adopts a dynamic pricing approach to stay competitive in the diverse Indian market. The brand adjusts prices based on market demand, competition, gold rates, and customer preferences. This flexibility allows Tanishq to remain competitive and appeal to a broad customer base.
4. Segmented Pricing Strategy: Tanishq’s extensive product range allows for segmented pricing, targeting different customer groups with varying price points. From affordable daily wear items to high-end luxury pieces, Tanishq’s pricing varies across its product lines, catering to budget shoppers and luxury buyers.
5. Psychological Pricing: The brand often employs psychological pricing tactics, such as pricing slightly below a round number (e.g., ?9,999 instead of ?10,000) to make the price appear more attractive. This strategy is effective in enhancing the perceived affordability of their products.
6. Seasonal and Promotional Discounts: To stimulate sales during key seasons and festivals, Tanishq introduces promotional offers and discounts. This drives sales and makes the brand accessible to a broader audience, including price-sensitive customers.
7. Customer Loyalty Programs: Tanishq has implemented loyalty programs and customer clubs, offering exclusive discounts, loyalty points, and special offers to repeat customers. This approach encourages repeat purchases and enhances customer retention and brand loyalty.

Tanishq Promotion Strategy

Tanishq has become one of the major brands of its parent company, and this has been possible because of its intensive advertising and marketing strategy and policy. The brand has shot some beautiful ad campaigns that display its products at maximum advantage, and these marketing strategies have given them excellent brand exposure. Ads have been launched via electronic media on television and radio, print and social media, newspapers, magazines, billboards, and social media platforms on Twitter, YouTube, and Facebook.

Tanishq is aware of the impact of star power and has roped in Indian actor Deepika Padukone as its brand ambassador. She will feature in various commercials under the whole marketing mix of Tanishq’s marketing mix strategy to create positive brand awareness. Tanishq showroom appeared in the Hindi movie Race as part of its promotional plan. The company has designed Jewellery for Hindi movies like Paheli and Jodha Akbar. Tanishq, in 1999, delivered 20 crore rupees’ worth of gold coins to Maruti Udyog Limited as gifts to buyers of Maruti cars. It had a positive impact on sales of both companies.

Some Recent Video ads and Print ads for Tanishq are:

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