Marketing Mix Of Tribhovandas Bhimji Zaveri (TBZ) and 7Ps (Updated 2024)

The Marketing mix of TBZ analyses the 7Ps of TBZ, which includes the Product, Price, Place, Promotion, People, Physical Evidence, and Process of TBZ. Tribhovandas Bhimji Zaveri is referred to as TBZ. It is a publicly traded company of Indian origins. TBZ deals in the jewelry business and is associated with the lifestyle and retail industry as it is an in-demand accessory. It was founded in 1864 by its founder, Tribhovandas Bhimji Zaveri. The company faces competition from the following.

• Gitanjali
• PC Jewellers
• D’Damas
• Reliance Jewels
• Tanishq
• De Beers
• Nakshatra
• Nirvana Diamonds
• Joyalukkas

About Tribhovandas Bhimji Zaveri (TBZ)

• Type: Private limited company
• Industry: Jewellery
• Founded: 1864
• Founder: Tribhovandas Bhimji Zaveri
• Headquarters: Mumbai, India
• Area served: India
• Key people: Shrikant Zaveri (Chairman) and Ashish Zaveri (CEO)
• Number of employees: 1,000

TBZ Product Strategy

Unique designs and commitment to superb quality are the main attractions of jewellery from TBZ. It is one of India’s most famous jewellery brands with a diversified product portfolio.

The new Product Mix of TBZ in 2024 is as follows (Source).

1. Established in 1864: TBZ is a prestigious Indian jeweller and jewellery retail chain with a long history, founded in Mumbai’s Zaveri Bazaar.
2. Broad Product Range: Offers a variety of products including gold jewellery and diamond-studded items.
3. Wide Presence: 37 showrooms across 23 cities in eleven states, showcasing a mix of company-owned and franchise outlets.
4. Designer Boutiques: Operates two designer boutiques under the “Krsala” brand, specializing in jadau and diamond-studded jewelry.
5. Men’s Jewellery Segment: Introduced the Gentlemen’s Collection in 2011, featuring gold and diamond pieces for men.
6. Flagship Showroom: The main showroom in Zaveri Bazaar, Mumbai, is one of India’s largest jewellery showrooms, spanning five floors.
7. National Reach: Stores in major cities, including Hyderabad, Kolkata, Surat, and others, catering to a diverse clientele with varying tastes.
8. Manufacturing Unit: Has a dedicated manufacturing unit for diamond-studded jewellery in Kandivli, Mumbai, ensuring high-quality craftsmanship.

TBZ Pricing Strategy

TBZ’s pricing strategy is sophisticated and geared towards maximizing its brand value while catering to a broad consumer base. Drawing from its historical prestige and modern market dynamics, here’s a detailed breakdown:

1. Premium Pricing and Margins: TBZ has successfully leveraged premium pricing strategies, particularly during high-demand periods like festivals, to enhance its profit margins. This approach is supported by its reputation for quality and design, enabling higher margins from premium pricing despite fluctuations in revenue.
2. Targeted Pricing for Broad Customer Base: The company strategically prices its products to appeal to society’s middle and upper-middle-class segments. By offering a wide range of products at various price points, TBZ ensures accessibility and affordability for a diverse customer base, thereby increasing sales and market penetration.
3. Quality and Design Differentiation: TBZ strongly emphasizes unique designs and high-quality materials. This focus on distinctiveness and quality supports its pricing strategy by creating a perceived value that justifies premium pricing. The company’s diverse product portfolio, including gold, diamond-studded, and platinum collections, caters to various tastes and occasions, reinforcing customer loyalty and willingness to pay.
4. Promotional Strategies and Discounts: To further attract and retain customers, TBZ engages in strategic promotional activities, including social media marketing and seasonal discounts. These efforts are designed to create excitement around new collections and incentivize purchases through special offers, effectively driving sales while maintaining a premium brand image.
5. Legacy and Trust: TBZ’s status as one of India’s oldest jewelry companies contributes to its pricing strategy by establishing a brand equity that commands higher prices. The trust and recognition built over the years allow TBZ to maintain a loyal customer base that values the brand’s heritage and quality assurance, further supporting its premium pricing model.
6. Innovative Campaigns and Brand Ambassadors: TBZ’s use of innovative marketing campaigns and the association with high-profile brand ambassadors like Sara Ali Khan help enhance brand visibility and desirability. These marketing initiatives complement its pricing strategy by elevating the brand’s prestige, making consumers more willing to pay a premium for TBZ’s offerings.

TBZ Place Strategy

TBZ is a retail chain that has spread its presence to several cities in India. Its headquarters base is at Zaveri Bazaar in Mumbai. TBZ has a strong and widespread distribution channel that includes thirty retail showrooms spread over eleven states in twenty-one cities like Kolkata, Jamshedpur, Hyderabad, Vijayawada, Rajkot, Udaipur, Vashi, Vasai, Thane, Pune, Nagpur, Mumbai, Aurangabad, Indore, Koch, Vapi, Vadodara, Surat, Ahmedabad, Delhi, Raipur and Bhavnagar.

Here’s the place strategy of TBZ.

1. National Presence: TBZ has strategically expanded its footprint across India with over 35 showrooms in major cities and towns, ensuring accessibility to a broad customer base. This nationwide presence allows TBZ to capture a significant market share in the Indian jewelry sector.
2. Prime Locations in Key Cities: The showrooms are in prime areas of major cities like Mumbai, Delhi, Kolkata, and Hyderabad, among others, making TBZ’s exquisite collections easily accessible to customers in urban centers.
3. Zaveri Bazaar Flagship Store: TBZ’s flagship store in Mumbai’s iconic Zaveri Bazaar, a primary jewellery market, serves as a central hub for customers seeking high-quality jewellery, reinforcing its market dominance in the traditional heart of India’s gold and diamond trade.
4. Expansion to Designer Boutiques: Besides traditional showrooms, TBZ has ventured into the designer boutique segment with its ‘Krsala’ boutiques, focusing on jade and diamond-studded jewelry, catering to a clientele seeking unique and high-end designs.
5. Online Presence and Accessibility: Recognizing the importance of digital reach, TBZ has established a solid online presence, allowing customers to browse and purchase exquisite jewelry collections from the comfort of their homes, further enhancing customer convenience and broadening its market reach.

TBZ Promotion Strategy

TBZ is a trusted brand with high recall and brand value. It has reached out to its customers via electronic and print media by launching ad campaigns on television, magazines, newspapers, and billboards. It also takes the help of social media platforms like Twitter, YouTube, and Facebook to garner maximum exposure.

As part of its promotional scheme, TBZ has launched the TBZ Gift Card, and the receiver can buy whatever she desires within the amount t limit. The company has received accolades and awards for its works, such as the Award for Outstanding Export Performance in 1978, Best Showroom in 2004 and 2005, DTC Diamond Season, and MACCIA Award in 2013.

Some Recent Video ads and Print ads for TBZ are:

TBZ People Strategy

The “People” aspect of TBZ’s service marketing mix highlights the company’s emphasis on customer service, expertise in the jewellery industry, and the importance of its employees and brand ambassadors in shaping the company and customer experience and brand perception. Here are key points regarding the People component of TBZ:

1. Experienced and Knowledgeable Staff: TBZ invests in hiring skilled professionals knowledgeable about jewellery and customer service. Their staff is trained to offer personalized service, ensuring customers receive expert advice and assistance in selecting the perfect pieces.
2. Customer-Centric Approach: The company prioritizes customer satisfaction by providing attentive and personalized services. This approach is central to TBZ’s philosophy, focusing on building long-term relationships with its clientele.
3. Training and Development: TBZ is committed to its employees’ continuous training and development. This ensures that their team stays updated with the latest trends in jewelry design, customer service best practices, and technological advancements in the retail industry.
4. Brand Ambassadors: TBZ has strategically used brand ambassadors, like Sara Ali Khan, to enhance its brand image and connect with a younger demographic. These ambassadors play a crucial role in marketing campaigns, resonating with customers and adding a layer of credibility and allure to the TBZ brand.
5. Community and Social Responsibility: The people at TBZ are also involved in community service and social responsibility initiatives, reflecting the company’s values and ethics. This enhances the brand’s image and fosters a sense of loyalty and trust among customers.

TBZ Process Strategy

The “Process” element of the service marketing mix for TBZ encapsulates the operational aspects and customer journey management that define the customer’s experience. Here are key points detailing TBZ’s process:

1. Customer Journey Management: TBZ has streamlined its customer journey from awareness to purchase and post-purchase support. This includes clear communication channels, both online and offline, ensuring customers have a seamless experience when exploring, purchasing, or seeking after-sales service for their jewelry.
2. Customization Service: TBZ offers customization services that give customers personalized jewellery pieces. This process involves consultations with designers, selection of materials, and approval of designs, ensuring customer expectations are met with precision.
3. Purchase and Payment Process: The purchase process at TBZ is designed for convenience, offering multiple payment options, including credit/debit cards, online payments, and financing options. This flexibility caters to the diverse financial preferences of their customer base.
4. After-Sales Service: TBZ has a structured after-sales service process, including jewellery cleaning, repairs, and buy-back/exchange policies. This comprehensive approach ensures customer satisfaction and loyalty beyond the initial purchase.
5. Online Shopping and Delivery: With the integration of e-commerce, TBZ has optimized its online shopping process, including a user-friendly website interface, detailed product information, secure payment gateways, and reliable delivery methods to ensure a positive online shopping experience.

TBZ Physical Evidence Strategy

The “Physical Evidence” component of TBZ’s service marketing mix shapes customer perceptions and experiences. It includes all the tangible aspects customers encounter, which can significantly influence their satisfaction and brand loyalty. Here are key points regarding the physical evidence of TBZ:

1. Elegant Showroom Interiors: TBZ’s showrooms are designed to reflect luxury and elegance, with interiors that showcase their jewellery in a sophisticated manner. This includes well-lit displays, plush seating areas, and a layout that enhances the shopping experience, making customers feel comfortable and valued.
2. High-Quality Packaging: TBZ ensures that its products are packaged beautifully, reflecting the premium quality of the jewellery. Packaging often includes durable, attractively designed boxes and bags, which protect the items and symbolize the brand’s attention to detail and quality.
3. Online Platform and Website: The TBZ website and online store serve as digital physical evidence. They are professionally designed, easy to navigate, and provide comprehensive information on products, services, and the brand’s heritage. The quality of the online experience reflects TBZ’s commitment to customer convenience and service excellence.
4. Branding and Promotional Materials: TBZ’s branding is consistent across all promotional materials, including advertisements, brochures, and social media posts. This consistency in visual and message branding reinforces the brand’s identity and values, contributing to a cohesive customer experience.
5. Customer Service and Interaction Points: The professionalism and demeanor of TBZ’s staff, the ease of transaction processes, and the responsiveness of customer service channels are all tangible aspects that customers experience. These interaction points are crucial physical evidence of TBZ’s service quality and customer-centric approach.

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