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Visual Merchandising

CHAPTER I
VISUAL MERCHANDISING AN OVER VIEW
Visual merchandising is the activity of promoting the sale of goods, especially by their
presentation in retail outlets. This includes combining products, environments, and spaces
into a stimulating and engaging display to encourage the sale of a product or service. It has
become such an important element in retailing that a team effort involving the senior
management, architects, merchandising managers, buyers, the visual merchandising director,
designers, and staff is needed.
Many elements can be used by visual merchandisers in creating displays, including color,
lighting, space, product information, sensory inputs such as smell, touch, and sound as well
as technologies such as digital displays and interactive installations.
Purpose
Retail professionals display to make the shopping experience more comfortable, convenient
and customer friendly by:

Making it easier for the shopper to locate the desired category of products and
merchandise.

Making it easier for the shopper to handpick the products.

Making it possible for the shopper to co-ordinate & accessorize.

Informing about the latest fashion trends by highlighting them at the strategic
locations.

VM helps in:

Educating the customers about the product/service in an effective and creative


manner.

Establishing a creative medium to present merchandise in 3D environment, thereby


enabling long lasting impact and recall value.

Setting the company apart in an exclusive position.


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Establishing linkage between fashions, product design and marketing by keeping the
product in prime focus.

VISUAL MERCHANDISING STRATEGIES FOLLOWED AT BIG BAZAAR

A Planogram allows planning of the arrangement of merchandise on a given fixture


configuration to support sales through proper placement of merchandise by Style, Option,
Size, Price points, etc. It also enables a chain of stores to have the same merchandise
displayed in a coherent and similar manner across the chain.
At big bazaar they used the proper combination of each of these elements to support ease of
applicability to the consumer and also increasing selection & enhancing the merchandise
display in a neat and organized manner.
GIVING MERCHANDISE THE FOCAL POINT
At big bazaar they showcased the major fast moving products within the overall display area
in a way that no prospective consumer will miss a product that they were looking for. And in
the entry stage itself they displayed a proper map of the shop stating the brief description of
products available in each floor along with information for rest room and customer desk
areas. This helps in educating the consumer about the detailed products and saves their time
from unwanted enquiries also helps them to engage more on their shopping activity
USING THE RIGHT CHOICE OF COLORS
Color is one of the most powerful tools in the Visual Merchandising segment. It is a visual
perceptual property. Colors can be associated with emotions, special occasions and gender. It
attracts attention and pulls more customers into the store. At big bazaar they utilized the
major advantage of this factor and used it in the entire store for the arrangement of products.
During my project period I was put up in food bazaar. There I noticed that in all the shelves
they arranged the packs based on color of the packs so that they formed color gradients
giving emphasize to strong color packs and slightly saturating to the lighter shade packs. This
helps in grabbing the attention of the customer and holding it for minimum of 5-10 seconds
and also helps them for effective scanning between the products across the shelves without
straining the eyes much.

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DISPLAYTHEMES TO APPROPRIATELY SUPPORT THE PRODUCT:
I did this project at Big Bazaar during their big day sales or Mahabachat which will happen
every year during republic day and Independence Day. The sale lasts for 5 days. For these 5
days they decorated the store with themed displays of offers available during these
Mahabachat sales throughout the store and windows. It sets the context in an aesthetically
pleasing fashion, presenting them in a way that would convert the window shoppers into
prospects and ultimately buyers of the product.
CLEANLINESS:
Neat and clean arrangement is the foundation of an inviting a successful visual display. A
beautiful display can be ruined by a cracked sign holder or an unclean display environment.
In big bazaar I noticed that they took enormous effort in cleaning the floor and followed an
effective cleaning schedule of showcases and display fixtures.
CONCEPTUALIZATION
In conceptualizing the study, I have attempted to build relationship between key variables i.e.,
visual merchandising (independent variable) and buying behavior (dependent variable).
According to the literature review, I came to know that lighting, design layout, product
display and cleanliness are the main variables of visual merchandizing. It is also necessary to
examine the relationship between two key variables and other variables influenced on
dependent variable. This would enable me to interpret the findings in a more comprehensive
manner. The conceptual model that has been developed indicating their relationship is given
below

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VISUAL MERCHANDIZING AND CONSUMERS BUYING BEHAVIOR.
This study focused on the visual merchandizing and consumer buying decisions. The main
objective of this study was to examine the influence emerged from visual merchandizing and
the usage of new medias into the VM such as postages, signages themed displays for
influencing consumers buying decisions. The finding shows that influence emerged from
visual merchandising on consumers buying decisions is strong. From this it is clearly shown
that highest mean value of visual merchandising is 59.9 from the age group of 30 -40 shows
that people belonging to this group is highly attracted towards VM. It was represented in
strongly influenced score category. However, visual merchandising consists of four variables
such as lighting, design layout, product display and cleanliness, all of those variables, have
considerable influence in selecting specific supermarket outlet. The usage of new mediums in
a unique way has a strong influence in buying decision. The majority of respondents (31 &
30.5) mentioned that posters and product displays majority themed displays in supermarkets
outlets strongly influence on their buying decisions. In the same time, 30% of respondents
have indicated that product display strongly influence on their buying decisions. Moreover,
the frequency of product display is 310. It is more close to the higher level of strongly
influenced score category. The findings show that 30% of respondents have indicated that
posters are strongly influencing their store buying behavior. The smallest value equal to 19
that represents the moderately influenced score category. Most of the customers mentioned
that in-shop promotions are one of the most important factors of attractive in-store
environment of supermarket outlets. According to the findings, 191 respondents have
indicated in-shop promotions will affect in a strong and moderate way respectively on their
buying decisions. Though signage has low impact actually it helps in gaining the passer-by
attraction and from results it is also clearly shows that in-shop promotions and product
displays holds the consumers for a long time results to the buying decision. Therefore, the
quantitative figures show that visual merchandising has significant impact in buying
decisionsIn addition to the in-store variables, most of consumers consider price of goods,
location, and customer service and parking facilities etc. When customers are ranking the
relative importance of factors affecting to the buying decisions, most of customers have given
first and second priority to visual merchandising as it conveys them clearly what the product
is and whom it is meant for also at the same time it also informs the consumers about the
offerings and discounts associated with that product. Second and third largest amount of
customers mentioned price of goods and location of the outlets.
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Indian Retail Sector
Industry overview
The Indian retail sector is at an inflexion point, with changing demographics driving growth
of organized retailing and driving growth in consumption. With changing demographic and
economic profile of the Indian population, we believe that India expected to experience
accelerated consumption over the next few years. Further, we believe that increase in
consumer spending would be driven by nuclearisation of families, increasing population of
working women and new job opportunities in emerging service sectors such as IT enabled
services. With declining interest rates an average Indian is not averse to taking loans.
Not only are the demographic factors becoming more favorable but also the growing media
penetration is leading to a convergence of aspirations of various classes of consumers. We
believe a larger number of households are adding to the consuming class with growth in
income levels. The number of households with income of over Rs. 45,000 per annum is
expected to grow from 58 million in 1999-2000 to 81 million by 2005-06 (source: the
marketing white book 2003-04,brought out by business world).of this,56%(44.8 million
households)is expected to concentrated in urban India. This large base of households with
growing disposable income is expected to drive demand for organized retail.
The changes in demographics are changing consumption pattern in the country. Central
statistical organization (CSO) estimated private final consumption of consumers in India at
about Rs.17,600 billion in FY04.of the total private consumption, retail sector accounted for
approximately 60% at Rs.8570(source: image retail).of this, food and beverages, apparel and
consumer durables are the top three categories of consumer spend and from 87% of the total
retail sales in India.
The Indian retail industry
India has a large number of retail enterprises. With close to 12 million retail outlets in India
has one of the highest retail densities in the world. In terms of the structure, the industry is
fragmented and predominantly consists of independent, owner-managed shops. The retail
business include verity number of traditional retail formats such as kirana stores which
stock basic household necessities (including food products),street markets-regular markets
held at fixed centers retailing food and general merchandise items, street vendors mobile

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retailers essentially selling perishable food items fruits, vegetables etc and small non
specialized retailers.
Growth in organized retail
In sharp contrast to the global retail sector, retailing in India-though large in terms of size it is
highly fragmented and unorganized. With close to 12 million retail outlets India has the
largest retail density in the world (source: CII Mc Kinsey Report titled Retailing in India the
emerging revolution)
However, most of these retail outlets belong to the unorganized sector. The inability of
unorganized sector to offer a wide range of products along with artificially inflated costs due
to various factors have presented opportunities for growth in the organizes retail sector
migration from ungrouped to organized retail has been visible with economic development in
most economies. The Indian retail industry is evolving in line with changing customer
aspirations across product groups, with modern products of retailing emerging. Organized
retail derives its advantages in generating operational efficiencies while simultaneously
catering to rising consumer aspirations. Size drives economics on procurement and lowers
logistics and marketing costs while delivering better value to customers in terms of lower
price, better quality, greater selection, improved service and in store ambience.

LIST OF RETAILERS IN INDIA


Here is a comprehensive list of retailers in India across various segments.
HYPER MARKETS: Hyper City, Big Bazaar, Spencer, Star India Bazaar, Shop Rite.
DEPARTMENT STORES: Shoppers Stop, Pantaloons, Lifestyle, Globus, Westside and
Central Mall.
CONVENIENCE STORES: Trumart , Nilgiries ,Food World , Subhiksha , Reliance Fresh,
Trinetra , Spencers daily and Spinach.
SPECIALITY STORES: M.A.C, Titan, Tanishq, Bata.
SPECIALTY FORMATS: Concept living room style spa and tangent.

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CONSUMER DURABLE CHAINS: Viveks, Tata Croma and Vijay SalesSWOT

Analysis of Retail Sector:


1Strenghts:

Demographic favour.
increase in number of people in earnercategory.
Urbanization.
Low labor cost of skilled ones
Shopping convenience.
Changing consumer habits and lifestyles.
Plastic card revolution.
Greater availability of quality retail space.

2 Weakness:
Policy related issues:
i. lack of industry status for retail.
ii. numerous licence,permits and registration requirement.
iii.
farmer and retailer unfriendly APMC act.
Limited consumer insight:
i.
lack of detailed region specific customer data.
ii.
less data on spending pattern.
inadequate human resources:
i. lack of trained personnel at all level.
ii. stringent employment and industry laws.
iii.
fragment approach to human resources.
Taxation hurdle:
i. inconsistent octori and entry tax structure.
ii. vat and multiple taxation issues.
iii.
large grey market presence.
Underdeveloped supply chain:
i.
underdeveloped logistics infrastructure.
ii.
absence of national cold chain networks.
iii.
lack of national distribution networks and hubs.
Lack of adequate utilities:
i. lack of basic infrastructure like power, transport
communication
operations

creates

across

the

country.
3.Opportunities:

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difficulty
large

in

sustaining

geographical

spread

and
retail
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Visual Merchandising

Potential for investment.


Locational advantage.
Sectors with high growth potential.
Fastest growing formats.
Rural retail.
Wholesale trading.
Falling real estate cost.
E-retailing.
Retail franchising.

4.Threats :

Political issues.
Social issues.
Inflation.
Nostalgia
Lack of differentiation among the malls that are coming.
Poor inventory turns and stock availability Measures.

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Major players in various formats
HYPER MARKET

Big Bazaar, Spencers, Vishal Retail, Magnet,


Star India Bazaar, Shop Rite.

DEPARTMENT STORES

Shoppers Stop, Pantaloons, Pyramid Mega


Store, Lifestyle, Globus, Westside. Central
Mall

Trumart, Nilgiris, Food World, Subhishka,

CONVENIENCE STORES

Tirtenthra, Spencers Daily. Spinach.

SPECIALITY STORES

M.A.C, Titan, Bata, Tanishq,

SPECIALITY FORMATS

Archies, Depot, Landmark, Crossword, Planet


M

FOOD RETAILERS

McDonalds,

Pizza

Hut,

Pizza

Cornier,

BombayBlues, KFC, Dominos, Smokin Joes

FURNITURE RETAILING

Concept, Living Room, Style Spa, Tangent

CONSUMER DURABLE CHAINS

Viveks, Croma, Vijay Sales, Sumaria, And


SonyMony.

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CHAPTER II
Introduction to BIG BAZAAR
I chose BIG BAZAAR at Pondy bazaar in Chennai to do my project under the topic A
STUDY ON IMPACT OF VISUAL MERCHANDISING, a unit of FUTURE GROUP is
one of the most well-known Retail firms in India. I found Retail business appropriate for the
topic as this is the only business which gives importance for visual merchandising and future
group is one such firm a leading player in the industry and also encourages students like me
to conduct this this kind of studies in their outlets and providing proper support and
assistance
Need and importance of visual merchandising
Visual merchandising today forms a critical element of retailing. Besides the facade and
windows, which are clearly done up with an objective to attract passer-bys and induce walkins, there is also in-store decor that is designed to enhance the customers comfort and
convenience while shopping and overall, offer a superior shopping experience.
Consumer behavior studies have confirmed that the lure of a beautifully done up show
window and a tastefully decorated facade, more often than not, prove irresistible as they walk
in to check out what is on offer. It also ensures exclusivity since no two stores should look
alike. Besides, when the mood and theme of such displays change at regular intervals, it
makes certain that the store remains top of mind. Loyal customers have often been known to
anxiously wait for the next display. Stickiness in retail formats is also ensured by the
imaginative use of colors, lighting, space, furniture and visual elements with regard to instore displays.
Once customers walk in, it is but imperative to ensure that they enjoy their first encounter
with the store. After all, repeat visits will only happen if a customers first visit is a
memorable one. The logical arrangement of counters, with clear passageways allows for easy
access to merchandise.
Rather than getting lost in the big space that most large stores are, the customer feels more in
control. Space is allocated to various product categories taking into account the number of
SKUs stocked and shelves/counter space requirements are worked out accordingly.
Clear passages are provided for products, which require touch and feel. All impulse purchase
driven products are also clearly displayed so that the customers can reach them without any
hindrance. Also, it has been observed that when a person enters a room, the human eye moves
in a Z pattern, i.e. from rear left of the room to right rear, followed by front left of the room to
front right.

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INDIAN RETAIL INDUSTRY AN OVERVIEW
India retail industry is the largest industry in India, with an employment of around 8% and
contributing to over 10% of the country's GDP. Retail industry in India is expected to rise
25% yearly being driven by strong income growth, changing lifestyles, and favorable
demographic patterns.
The BMI India Retail Report for the third-quarter of 2010, forecasts that the total retail sales
will grow from US$ 353 billion in 2010 to US$ 543.2 billion by 2014. With the expanding
middle and upper class consumer base, there will also be opportunities in India's tier II and III
cities. The greater availability of personal credit and a growing vehicle population to improve
mobility also contribute to a trend towards annual retail sales growth of 11.4 per cent. Mass
grocery retail (MGR) sales in India are forecast to undergo enormous growth over the
forecast period. BMI further predicts that sales through MGR outlets will increase by 154 per
cent to reach US$ 15.29 billion by 2014. This is a consequence of India's dramatic, rapid shift
from small independent retailers to large, modern outlets.
BMI forecasts consumer electronic sales at US$ 29.86 billion in 2010, with over the counter
(OTC) pharmaceutical sales at US$ 3.28 billion. The latter is predicted to be the fastest
growing retail sub-sector and BMI forecasts that sales will reach US$ 6.18 billion by 2014,
an increase of 88.5 per cent.
Moreover, for the 4th time in five years, India has been ranked as the most attractive nation
for retail investment among 30 emerging markets by the US-based global management
consulting firm, A T Kearney in its 8th annual Global Retail Development Index (GRDI)
2009. India remains among the leaders in the 2010 GRDI and presents major retail
opportunities. India's retail market is expected to be worth about US$ 410 billion, with 5 per
cent of sales through organized retail, meaning that the opportunity in India remains
immense. Retail should continue to grow rapidlyup to US$ 535 billion in 2013, with 10 per
cent coming from organized retail, reflecting a fast-growing middle class, demanding higher
quality shopping environments and stronger brands, the report added. Bharti Retail
strengthened its position in northern India by opening 59 stores, Bharti Wal-Mart is expected
to open 10 to 15 wholesale locations in the next three years, and Marks & Spencer is
considering plans to open additional outlets in the next few years.
Established retailers are tapping into the growing retail market by introducing innovative
store formats. Spencer's Retail, More (owned by Aditya Birla Group) and Shoppers Stop
(owned by K Raheja Group) already plan to expand.
According to a McKinsey & Company report titled 'The Great Indian Bazaar: Organized
Retail Comes of Age in India', organized retail in India is expected to increase from 5 per cent
of the total market in 2008 to 14 - 18 per cent of the total retail market and reach US$ 450
billion by 2015.
Furthermore, according to a report titled 'India Organized Retail Market 2010', published by
Knight Frank India in May 2010 during 2010-12, around 55 million square feet (sq. ft.) of
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retail space will be ready in Mumbai, national capital region (NCR), Bengaluru, Kolkata,
Chennai, Hyderabad and Pune. Besides, between 2010 and 2012, the organized retail real
estate stock will grow from the existing 41 million sq. ft. to 95 million sq. ft.
India continues to be among the most attractive countries for global retailers. Foreign direct
investment (FDI) inflows between April 2000 and April 2010, in single-brand retail trading,
stood at US$ 194.69 million, according to the Department of Industrial Policy and Promotion
(DIPP).
Leading watchmaker Titan Industries Limited plans to invest about US$ 21.83 million for
opening 50 premiums watch outlets Helios in next five years to attain a sales target of US$
87.31 million. "We are looking to open Helios outlets in Mumbai, Delhi, Hyderabad, Kolkata,
Chennai, Pune, Ahmedabad etc. in next 12 months," said Ajoy Chawla, Vice President
(Retail), Titan.
British high street retailer, Marks and Spencer (M&S) plans to significantly increase its retail
presence in India, targeting 50 stores in the next three years. M&S currently operates 17
stores in India through a joint venture (JV) with Reliance Retail.
Bharti Retail, owner of Easy Day storesupermarkets and hyper martsplans to invest
about US$ 2.5 billion over the next five years to add about 10 million sq. ft. of retail space in
the country by then, according to a company spokesperson.

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FUTURE GROUP
The field of study was conducted at Big bazaar a unit of Pantaloons Retail (India) Limited.
Pantaloon Retail (India) Limited, is Indias leading retailer that operates multiple retail
formats in both the value and lifestyle segment of the Indian consumer market.
Headquartered in Mumbai (Bombay), the company operates over 12 million square feet of
retail space, has over 1000 stores across 71 cities in India and employs over 30,000 people.
The companys leading formats include Pantaloons, a chain of fashion outlets, Big Bazaar, a
uniquely Indian hypermarket chain, Food Bazaar, a supermarket chain, blends the look, touch
and feel of Indian bazaars with aspects of modern retail like choice, convenience and quality
and Central, a chain of seamless destination malls. Some of its other formats include Brand
Factory, Blue Sky, all, Top 10 and Star and Sitara. The company also operates an online
portal, futurebazaar.com.
A subsidiary company, Home Solutions Retail (India) Limited, operates Home Town, a largeformat home solutions store, Collection i, selling home furniture products and eZone focused
on catering to the consumer electronics segment. Pantaloon Retail was recently awarded the
International Retailer of the Year 2007 by the US-based National Retail Federation (NRF)
and the Emerging Market Retailer of the Year 2007 at the World Retail Congress held in
Barcelona.
Pantaloon Retail is the flagship company of Future Group, a business group catering to the
entire Indian consumption space.

Future Group
Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of Indias
leading business houses with multiple businesses spanning across the consumption space.
While retail forms the core business activity of Future Group, group subsidiaries are present
in consumer finance, capital, insurance, leisure and entertainment, brand development, retail
real estate development, retail media and logistics led by its flagship enterprise, Pantaloon
Retail, the group operates over 12 million square feet of retail space in 71 cities and towns
and 65 rural locations across India.
Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people and is
listed on the Indian stock exchanges. The company follows a multi-format retail strategy that
captures almost the entire consumption basket of Indian customers. In the lifestyle segment,
the group operates Pantaloons, a fashion retail chain and Central, a chain of seamless malls.
In the value segment, its marquee brand, Big Bazaar is a hypermarket format that combines
the look, touch and feel of Indian bazaars with the choice and convenience of modern retail.
In 2008, Big Bazaar opened its 100th store, marking the fastest ever organic expansion of a
hypermarket. The first set of Big Bazaar stores opened in 2001 in Kolkata, Hyderabad and
Bangalore.
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The groups specialty retail formats include, books and music chain, Depot, sportswear
retailer, Planet Sports, electronics retailer, Ezone, home improvement chain, Home Town and
rural retail chain, Aadhar, among others. It also operates popular shopping portal,
futurebazaar.com. Future Capital Holdings, the groups financial arm provides investment
advisory to assets worth over $1 billion that are being invested in consumer brands and
companies, real estate, hotels and logistics. It also operates a consumer finance arm with
branches in 150 locations. Other group companies include, Future General, the groups
insurance venture in partnership with Italys General Group, Future Brands, a brand
development and IPR company, Future Logistics, providing logistics and distribution
solutions to group companies and business partners and Future Media, a retail media
initiative.
The groups presence in Leisure & Entertainment segment is led through, Mumbai-based
listed company Galaxy Entertainment Limited. Galaxy leading leisure chains, Sports Bar and
Bowling Co. and family entertainment centres, F123. Through its partner company, Blue
Foods the group operates around 100 restaurants and food courts through brands like Bombay
Blues, Spaghetti Kitchen, Noodle Bar, The Spoon, Copper Chimney and Gelato.
Future Groups joint venture partners include, US-based stationery products retailer, Staples
and Middle East-based Axiom Communications.
The groups flagship company, Pantaloon Retail was awarded the International Retailer of the
Year 2007, by the US-based National Retail Federation, the largest retail trade association
and the Emerging Market Retailer of the Year 2007 at the World Retail Congress in
Barcelona.
Future Group believes in developing strong insights on Indian consumers and building
businesses based on Indian ideas, as espoused in the groups core value of Indianness. The
groups corporate credo is, Rewrite rules, Retain values.
Vision
Future Group shall deliver Everything, Everywhere, Every time for Every Indian Consumer
in the most profitable manner.
Mission
They share the vision and belief that our customers and stakeholders shall be served only by
creating and executing future scenarios in the consumption space leading to economic
development.
They will be the trendsetters in evolving delivery formats, creating retail realty, making
consumption affordable for all customer segments for classes and for masses.
They shall infuse Indian brands with confidence and renewed ambition.
They shall be efficient, cost- conscious and committed to quality in whatever we do.
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They shall ensure that our positive attitude, sincerity, humility and united determination shall
be the driving force to make us successful.
Core values
Indianness: confidence in ourselves.
Leadership: to be a leader, both in thought and business.
Respect & Humility: to respect every individual and be humble in our conduct.
Introspection: leading to purposeful thinking.
Openness: to be open and receptive to new ideas, knowledge and information.
Valuing and Nurturing Relationships: to build long term relationships.
Simplicity & Positivity: Simplicity and positivity in our thought, business and action.
Adaptability: to be flexible and adaptable, to meet challenges.
Flow: to respect and understand the universal laws of nature.
Major Milestones
2001- Three Big Bazaar stores launched within a span of 22 days in Kolkata, Bangalore and
Hyderabad.
2002- Food Bazaar, the supermarket chain is launched.
2004- Central - Indias first seamless mall is launched in Bangalore.
2005- Group moves beyond retail, acquires stakes in Galaxy Entertainment, Indus League
Clothing and Planet Retail. Sets up Indias first real estate investment fund Kshitij to build a
chain of shopping malls.
2006- Future Capital Holdings, the companys financial is formed to manage over $1.5
billion in real estate, private equity and retail infrastructure funds. Plans forays into retailing
of consumer finance products.
Home Town, a home building and improvement products retail chain is launched along with
consumer durables format, Ezone and furniture chain, Furniture Bazaar. Future Group enters
into joint venture agreements to launch insurance products with Italian insurance major,
General Forms joint ventures with US office stationery retailer, Staples.
2007- Future Group crosses $1 billion turnover mark. Specialized companies in retail media,
logistics, IPR and brand development and retail-led technology services become operational.
2008- Future Capital Holdings becomes the second group company to make a successful
Initial Public Offering in the Indian capital markets. Big Bazaar crosses the 100-store mark,
marking one of the fastest ever expansion of a hypermarket format anywhere in the world.
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Total operational retail space crosses 10 million square feet mark. Future Group acquires
rural retail chain, Aadhar present in 65 rural locations.
BIG BAZAAR
Big bazaar, Pondy Bazaar was the second store to make an impact in the minds of the
customer. It was opened in the month of June, 2008. Situated in the midst of an IT hub, it
welcomes customers with exciting offers and discounts. Pondy bazaar is among the few areas
in Chennai that is full of activities with shopping malls, eat out joints, restaurants etc. This
also brings a lot of competition for the store. Measures are taken to retain the customers by
training the employees to be polite and vigilant.
The various departments in the store are as follows:

Food bazaar department

Cash department

Plastics, Utensils and Crockery

Appliances

Footwear

New Business Developments

Depot

Home Linen

Furniture

Apparels

Visual merchandise

Human Resource

Administration

Ware house / Logistics

Maintenance

Customer Service Department

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Jewels of India

In the branded jewellery segment, Tanishq has established its leadership position and built a
persona which is premium, stylish, exquisite and pure
"Diamonds are a girl's best friend!" sang Marilyn Monroe, seductively, in the 1953 hit movie
Gentlemen Prefer Blondes. The conviction has not changed since then. Think birthdays,
anniversaries, special moments and what is it that will bring a sparkle to a woman's eyes? The
flash of diamonds! The glitter of gold! The glorious glint of jewels!

An Indian woman's penchant for jewellery is perhaps greater than that of


women elsewhere. The love affair starts from the cradle. As a baby, bangles
dangle from her wrist and anklets tinkle as she moves. By the time she is a
toddler, she has added earrings and probably nose rings to her jewellery
casket. And when she gets married, she receives as gifts streedhan wealth
in the form of jewellery from her parents. Adorning herself with jewellery
is an everyday affair, not restricted to occasions and festivals.
No wonder jewellery has always been big business in India. In June 1995, when Tanishq
entered the segment, the market was dominated by the neighborhood sonars (goldsmiths)
who would craft designs in gold for women. Sometimes the finesse would be missing; often
the gold would not be pure. Tanishq, as the first brand of jewellery in the Indian

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market, changed all that. It promised pure gold and offered elegant designs at transparent
prices.
Since then, Tanishq has built on its first mover advantage and remained the market leader
through the years, despite many new entrants to the business. The company has been growing
at the rate of 40 per cent per year for the past five years and has registered a turnover of over
Rs 750 crore in 2005-06. The target now is to achieve a turnover of Rs 1,000
crore in the current fiscal.

Innovation mantra
The most important factors spurring Tanishq's success are innovation in the business
model, in design and in promotions and the trust the Tata name evokes.
Tanishq is no longer the only brand wooing the Indian woman; Nakshatra, Sangini, Asmi,
Damas at all are also in the race. The difference is that most of these are predominately
product brands, while Tanishq is a retail brand, giving customers a unique shopping
experience. Govindraj, VP retail and marketing, explains, "Tanishq is available only at
exclusive outlets and this was the company's first innovation. Today we have 80 showrooms
in 60 cities."
This was not the only weapon in Tanishq's arsenal. It won the trust of its customers by
installing karat meters in its outlets to check the purity of gold. Tired of not being sure of the
quality of gold they had bought, women were delighted. The karat meter uses the principle of
spectroscopy to test the purity of gold without damage to the ornament or loss of any of the
gold.

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Tanishq's unique designs are created with the Indian woman in mind. Aware that a woman
plays different roles at work and at home, and dresses differently for every occasion, Tanishq
has created specific collections that have set a new fashion in jewellery. "We are aligning
ourselves by contemporizing traditional jewellery and making it relevant for them," says
Venkataraman.

Marketing moves
Tanishq's marketing and promotional strategies have been equally trendsetting. It uses a 360 o
approach in creating brand equity and a persona of purity, style and exquisiteness. Be it the
talking billboards in their storefronts enticing customers to walk in, or the crowns it has been
designing for the Ponds-Femina Miss India contest, Tanishq's marketing moves have
panache. Their new campaign 'the emerging Indian woman' gracefully blends the traditional
and the modern.
Another first was the special collection designed for the movie, Paheli. It was
a huge promotional initiative and a bigger than ever canvas to display and
promote its high-end designs. "It was the ideal vehicle to position Tanishq in
the serious jewellery space as well as bring it closer to the consumer," says
Venkataraman. "Indian fashion actually is actually led a lot by films. As a
medium it influences customers significantly," adds Govindraj. The movie, a
tale of eternal love set in Rajasthan, proved to be perfect for showcasing the vibrancy and
beauty of kundan, meenakari and jadau jewellery.
No less enticing was their "19 = 22" offer in which customers could buy gold jewellery
giving their 19-carat gold which was valued at 22-carat prices. "The exchange offer helped
customers to get rid of the inferior gold and helped Tanishq acquire new customers.

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Learning the ropes


Today, Tanishq enjoys a dominant position in the jewellery industry and its customer
retention is at 85-90 per cent. It wasn't so always. When Tanishq was launched, its portfolio
comprised diamond-studded jewellery in western designs. The company soon realized that to
succeed it required a mix of traditional jewellery and contemporary designs.
Next, they learned to value regional preferences. Designs were customized depending on the
regions and markets: the seven-diamond floral motif collection was contemporized but the
traditional designs of the mangalsutras remained unchanged. Jewellery showcased in stores
in south India was different from designs available in eastern India. Tanishq was spreading its
glitter, and fast.

Changing lifestyles
Meanwhile, the business environment had also swung in Tanishq's favour. Changing
consumer demographics due to rising incomes, dual incomes and exposure to foreign designs
brought about a change in the way people looked at jewellery. If jewellery was once bought
as an investment or as part of a daughter's dowry, it was no longer the case.
With the rise in number of working women and disposal incomes, people
have begun visiting the jewellery shop more often. Weddings still remain and
will remain the time when maximum money is spent on jewellery, but now
impulse

buying

is

becoming

increasingly

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Visual Merchandising
Just 10-15 years back, jewellery was synonymous with gold. Semi-precious stones were
popular but not diamonds. Happily for Tanishq, that has changed. The share of diamond sales
in total jewellery sales is an indicator of the trend. "Tanishq has a share close to 30 per cent
compared to the industry's share of 12-14 per cent. It is another indicator of Tanishq's first
mover status," explains Venkataraman.

A war in the offing?


With the growth in the market and the government's decision to allow FDI up to 51 per cent
in single brand retail stores, some of the world's biggest jewellery brands, such as Tiffany,
Cartier and Zales, are setting up shop in India. Is that cause for concern? Tanishq is not fazed,
because "Tanishq understands the Indian woman's psyche," says Venkataraman. "Indian
jewellery is different from western jewellery and it will take a while for foreign brands to
understand and develop the capability." Some of these brands,

Especially Cartier and Tiffany are semi-luxury and luxury brands and operate in a space
different from Tanishq's area of operation.
Striking the right balance between network expansion and consolidation of individual stores,
and backed by its understanding of the Indian woman, Tanishq is confident it will continue to
grow, innovate and do what it does best make women look and feel special.
Pioneering can be a poisoned chalice. Tanishq as much a trailblazer in the Indian jewellery
business as its parent, Titan, was in the watch industry knows this better than most.
The division was in dire straits in 2000 after posting losses for the third successive year. That
made four years of dripping red in Tanishqs seven-year life. To make matters worse, the
executive team had resigned, and stakeholders and store franchisees were utterly
disillusioned.

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The going could not have been tougher when Tanishq got going with its efforts to rekindle
and rejuvenate an idea that had promised so much. With a never-say-die spirit for company, a
new and inexperienced team set about turning around the divisions fortunes.
Today, three years later, Tanishqs turnover has trebled to Rs 389 crore, with profits of Rs
7.82 crore, a whopping 318 per cent rise over 2001-02. The annual growth rate is now pegged
at 40 per cent.
Harish Bhatt, the newly appointed chief operating officer of the division, is justifiably
delighted: "Team Tanishq is very proud of this spectacular achievement," he says. "Our
people have driven this turnaround; they brought resolute belief, immense energy and abiding
focus to everything that we did."
During this landmark year, Tanishq has also generated positive economic value by delivering
a return higher than the companys weighted average cost of capital. This is an important
milestone in its history.

Surging ahead
This year Tanishq has toppled its parent brand to take the top slot in the internal-revenues
sweepstakes. The divisions contribution to Titan is expected to increase from the current 43
per cent to 55 per cent by 2007.
The excitement and enthusiasm at Tanishqs headquarters in Bangalore is palpable. With this
dramatic swivel towards success, the division has effectively silenced sceptics who had
predicted it would be impossible for an entity in the jewellery business to make profits
through legitimate means.
Far from resting on its laurels, Tanishq is looking forward to the next milestone. The
challenge now is to, by 2007-08, double turnover to Rs 1200 crore and multiply profits to Rs
50 crore. A recent review by McKinsey states that Tanishqs jewellery business is on firm
ground. The reasons: first-mover advantage (the pioneer part has its benefits); a

scalable national model in organized retailing; and an increasing contribution to Titans


revenues.
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Designs on women
The Rs 80,000-crore jewellery business in India is fragmented and ruled by traditional local
players. For Tanishq to be able to break the stranglehold, it had to find a way to connect with
the need for finely crafted jewellery at affordable prices. Previously, Tanishq was positioned
as an international jewellery brand for the Indian elite. This meant it catered to a niche
market; the masses were ignored. Moreover, its Italian designs in 18-carat, mostly studded
jewellery did not go down well with the traditional Indian woman, used as she was to 22carat jewellery.
Given this reality, design was back in focus at Tanishq but with a difference. Abandoning
its westernized look from the past, head designer Elizabeth Mathan and her team chose to
work on a fusion of contemporary and traditional Indian motifs. Says Mathan, "Our primary
customer is the young Indian woman, who has a modern, contemporary outlook towards life
but is still firmly rooted in her traditional Indian values." Tanishq Aria was the first line to be
launched with the new concept. It gave a fresh perspective to the traditional seven stone
setting. It was a great success. Then, came Diva, which combined the brilliance of diamonds
with the soft luminosity of pearls. Another success.
Looking back, Bhaskar Bhat, managing director, Titan says, "Our biggest change was
targeting the mainstream Indian customer. The introduction of 22-carat plain jewellery was
the first step in getting us where we are today." The range was strikingly different from the
standard fare available in the market, yet it was traditional. The lightweight collection
looked heavy, but felt light, just under 25 gm. This met the working womans growing need
for great-looking and beautiful jewellery that was affordable and extremely comfortable to
wear.

Innovative collections
The production process was made more flexible. New Japanese manufacturing machines
were introduced at Tanishqs Hosur plant. The emphasis turned to customer demands across
all segments and surveys were conducted to tweak business strategies.
"We have to meet a relevant consumer need," explains Saroja Y. L., the divisions group
manager, "so when we develop strategies for any marketing program our core philosophy is
to link it with a particular consumer need, felt or otherwise, and then bring it to light in the
most evocative way possible." Collection G and Tanishq Solo are examples of this doctrine.
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Surveys showed work-wear jewellery to be a dilemma for the working woman. Tanishqs
Collection G 9 to 5 range, with its modern, innovative designs, marked the first-ever
collection custom-made to suit their requirements. Unique finishes and different textures, as
well as a contemporary touch gave a distinctive look to the jewellery crafted in pure 22-carat
gold. Moreover, it also addressed the homemakers need for everyday-wear jewellery. The
entry points for the collection was just Rs 595, with more than 90 unique designs, including
earring-pendant sets, neckwear, bangles, bracelets, chains and rings. The concept took the
market by storm.
Likewise, solitaires were a womans dream. But solitaires were perceived to be the sole
preserve of the upper middle class, as only diamonds above 40 cents were considered
solitaires. Tanishq debunked the myth and launched an exclusive brand of solitaire diamonds
Solo, priced at Rs 7,500 and upwards.

"Taking a fresh look at our brand exercise meant challenging the existing order in the
marketplace and taking bold, if risky, business decisions. Today we have successfully
democratized luxury and fashion in jewellery and by making the best of designs accessible to
a wide segment of Indian women. In 2002 more than 1 million Indian women shopped at
Tanishq, a fact thats testimony to the brands broad appeal, and an indicator of its success in
enabling consumers to access higher levels of quality," reveals Mr. Harish Bhat.

Market mantra
Customer acquisition meant employing innovative marketing initiatives. Like some players in
the apparel industry, it decided to launch an innovative collection in every quarter of the year
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Visual Merchandising
to encourage customers to frequent the stores. The path-breaking 'impure to pure exchange'
enabled customers to exchange impure gold for 22-carat gold.
During the offer period, customers could go to the Tanishq showroom and get a free gold
purity check done on a 'Karatmeter' (an internationally acclaimed device for purity checking).
Even if they find their jewellery to be less than 22c (up 19 carat pure), they could exchange it
for Tanishqs certified jewellery.

Customer Policy Of Tanishq

The response was tremendous. Most of our strategy has revolved around breaking the bond of
customers with their jeweller by building on the weakness of the jeweller and on our
strengths, Which explains why Tanishq is now synonymous with trust and purity, and is
perceived as a leader in jewellery design in India?
Over the last three years it has worked overtime to make its boutiques far more productive
and responsive to consumer needs; they were made the centre stage of all marketing activity.
Tanishq is the only national jeweller in India with an unmatched consumer reach through 62
exclusive boutiques in 47 cities.

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In India, gold buying is still to mark special occasions like festivals, anniversaries and
auspicious days like akshaya tritiya. So, whether it was Varalakshmi Puja in Andhra Pradesh,
Durga Puja in Bengal, Onam in Kerala or Karva Chauth in the north, the company celebrated
it with its customers in the right cultural spirit.
Tanishq is today perceived as a design leader in jewellery; as a distinct, fashionable brand
which defines trends in jewellery; as a retail brand which offers an elegant, clearly
differentiated shopping experience which is quite unique in this category. The whole
discussion is figured below:

Thus in purchasing jewellery by the customers, they are driven by both external and internal
influences. External influences include, Marketing efforts by the company as the Input,
Consumer Decision Making as the Process and the Purchase as the Output.
Here we can take the input to external influences as socio cultural environment also which
include information from family, social groups, informal sources etc. The decision making,
which is the process, is purely psychological as the customer internally analyses about the
product and its pricing. If required, they take the help of old customers of Tanishq to judge
their satisfaction level with the product. The output deals in purchase and post purchase
evaluation, where they mentally analyze whether the jewellery set which they bought, worth
their hard earned money? Whether they got the best piece compared to the other jewellery
shops? Etc

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TANISHQ IN WEST BENGAL


Tanishq as a brand is a new entry to Calcutta and especially to West Bengal
wedding market. Customers are generally inclined to the local jewelry stores for
their wedding marketing. They often get cheated in terms of low quality of gold
(18 carats) which they are unaware of. Tanishq wants to launch themselves in
this market which is a huge potential with 100% pure gold (22 carats) and a wide
range of wedding collections at an affordable price. In this respect we are
formulating out strategies to tap this market in terms of tie ups with various
wedding accessory shops like saris, beauty salons, marriage registration bureaus
etc and also in terms of road shows in West Bengal where we do not have stores.

Titan Industries Limited is planning to open up two new stores of Tanishq brand of
influences
jewelleries in New Alipore External
and Rajarhat.
Also the company is planning to target the wedding

market in Calcutta during the upcoming wedding season spanning three months (April, May,
and June).
Tanishq has opened first-of-its-kind concept store at Fort Knox, the exclusive jewellery mall
on Camac Street, Kolkata. This anchor store reflects the new retail identity of Tanishq the
'Revitaliser of Tradition'. Tanishq has taken this retail initiative from Kolkata since the city

embodies Tanishq's retail idea of combining the grandeur of the past with the reality Family,
of the informal sourc
present without losing its inherent character and appeal. Also it has two other stores in
Gariahat and Kankurgachi.
The introduction of the idea of a concept store is a move to catapult Tanishq's unique brand
identity in the retail space and take jewellery retailing in India to a new level. The concept
stores will take Tanishq closer to making it the complete jewellery brand catering to varying
consumer needs and tastes across all consumer segments and also provide customers a unique
and innovative buying experience.
Study is undertaken for identifying the potential customers who will be interested in visiting
the fourth retail showroom in New Alipore. Primary research has been conducted

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to collect data from the respondents on the basis of questionnaire. Study is conclusive in
nature. Since here the research objectives are clearly specified and information needs are
listed out. This conclusive research provides information that helps the manager to evaluate
and select a course of action. Conclusive research provides the relevant information to help
the manager arrive at a decision. It is characterized by formal research procedure. The
research is statistical in design. Statistical method is the most widely used method in
marketing research. It makes use of techniques that vary from simple means and percentages
to very sophisticated techniques. Statistical tools are used by most marketing research
professionals to understand the dynamics of the market. Data are usually collected through
observation and thorough interviewing.

The statistical method has certain advantages:

Statistical methods can be used for mass data.

Two different researches using the statistical research will arrive at the same result.

Statistical study helps the researchers to make accurate generalizations. If the


sampling is properly done, generalizations will be true.

Data Collection Methods:


Primary Collection Method: Primary sources are used for data collection. Primary data
collections are given more importance over secondary data collections because secondary
data collections because secondary data are collected for some purpose other than helping to
solve the current problems whereas primary data are collected exclusively to help solve the
problems at hand. This exclusively proves that the primary data are focused towards the
problem. Hence primary research is conducted and not the secondary research. Survey
research is used for gathering primary data. It is the systematic gathering of information from
respondents for the purpose of understanding and predicting some aspect of the behavior of
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the population of interest. The population of interest is the residents of Behala and New
Alipore mainly and also the residents of surrounding areas. Within the survey method,
personal interview technique is used. Respondents are

personally approached at their residence and interviewed in front of shops like Raymonds,
Hyundai etc. Information is collected in a face to face situation. Personal interviews are
flexible enough and in-depth information can be obtained from the respondent. It is been
because of the requirement of detailed and vivid information that personal interview method
is chosen. Respondents are approached with a structured questionnaire and information is
collected accordingly.
Sampling constitutes an important step in data collection process. Sampling is the process of
selecting a representative part of the population, studying it and thereby drawing conclusions
about the population from which it has been drawn. Most marketing studies involve a sample
or the subgroup of the population relevant to the problem, rather than a census of the entire
group. This market research project is also no exception to the sampling rule. My project was
centered on the residents of New Alipore and Behala and the adjacent areas. Of all the
residents present in the concerned areas, only sixty of them were randomly selected. Simple
random sampling methods are used to select the sample units where each member in the
population has an equal chance of being selected in the sample. Probabilistic sampling
method is used where the members of the sample are selected by chance and there is a known
chance of each unit being selected. These sixty sample units constitute representative sample
of the entire sample frame. Though the size is small, it is representative enough to give the
required information albeit with some uncertainty within the given resource constraints,
financial and temporal constraint.

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Tanishq And The Great Indian Wedding


A RESEARCH

TRADITIONAL management theory owes its origin to the West. Theories like `core
competence' and maxims such as `stick to your knitting' owe their beginnings to the
environment in which they were conceived. They have been conceptualized in mature
economies that struggle with minimal growth. And they have considerable relevance there
too. And yet India (and China too) is different. These economies are booming. To succeed
here, one needs thinking and execution that are significantly different. Insights into the
consumer in nations with over a billion people. While mature economies were losing their
fascination with brands and branding, India in the Nineties was just savoring the pleasures
and reassurances of quality that branding provided. Commodities such as salt, sugar and rice
were being branded and Titan said, "Why not jewellery?" and that led to the launch of
Tanishq. Ten years later, Tanishq is a Rs 725-crore brand, growing cumulatively at over 30
per cent over the last few years. And if that isn't a fairy tale success story, one wonders what
is.

The Tiffany's of the East


Tanishq did not have a great start, though. It was party wear, nightwear, for liberated women,
well-designed certainly, but ahead of its time. The market reaction was lukewarm. But
Tanishq, all said and done, was from the Tatas.
The cornerstone of the Tata brand has been, and will always be, trust. In an industry which
had jewelers who were capitalizing on the consumers' gullibility, Titan realized it could
capitalize on its own ethical practices and expose some of its less ethical competition through
its karat meter and its advertising which planted doubts in consumers' minds, with ads like,
"Are you sure your gold is pure?" That definitely created a stir in the market and more
significantly in the consumer's mind. The consumer stopped to think, and more importantly,
buy - Tanishq. Nor was this all. Tanishq quickly used its knowledge of the Indian consumer
and retailing to extend its franchisee network through the length and the breadth of this
country.

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The traditional jeweler dominated his neighborhood and hometown. Some jewelers have
moved out of the safety of their own loyal set of local consumers. Tanishq also believes that
retail consumer experience could be the key. Traditional jewelers, even as they display
skepticism about this strategy, are quietly and quickly improving the ambience of their own
stores. Nor has this been all. Tanishq has constantly improved its collection and jewellery
range. Aria, a range inspired by the traditional seven-stone floral motif, Hoopla (diamond
hoops),
Lightweight Colors, Aamra and Aarka have followed each other to increase market share and
lighten the consumers' wallet. And yet, it is important to remember that the jewellery market
in India is Rs 55,000 crore and Tanishq, despite its healthy growth and high profitability, is a
small player. This, of course, is the typical case of the glass being half empty or half full and
how one views it.
Tanishq, one believes, views the situation extremely positively and believes that it is sitting
on a potential gold mine.

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The changing consumer


One of the key questions any brand needs to ask is, "Who is our key consumer? To whom are
we talking?" Tanishq has clearly realized that the Indian woman is changing. And how! She is
far better-educated, is working, lives in a nuclear family in a structure that is far more liberal
and leads a high wattage life. She has legitimate space for herself. She is no longer satisfied
with playing pre-defined rigid roles of sister, mother, wife but is choosing her own role and
playing it the way she wants to. As a consequence she is retrieving space (that she believes
genuinely belongs to her) without conquering it. She is using tradition rather than being used
by it.
Yes, the `I factor' works for the Indian woman and this is what Tanishq attempts to address in
its advertising and its product offerings too. And that's the twist to the traditional Indian
woman. She is traditional alright ... will act out multiple roles that are required of her - but is
an individual in every sense of the word. She will do her own thing - quietly. And this is the
potential bus that the traditional Indian jeweler might miss, used as he is to people buying
jewellery coming to the outlet in a large group - mother-in-law, father-in-law, daughter-inlaw, husband, children in tow - diffusing the power of the individual. But Tanishq believes in
the power of the individual. And probably that is the way to go.

Back to tradition
Perhaps the most significant shift in Tanishq's marketing strategy has been in its product line.
From what was essentially `western wear it moved to `party wears' and then to `jewellery
watches' and now has progressed to more serious, traditional stuff. Because of the realization
that when it comes to jewellery, the Indian woman, despite all her modernity is pretty
traditional. She prefers gold and will buy it, like her mother did before her. But unlike her
mother who might have bought it as an investment, she buys it as an adornment. She knows
the value of festivals such as Dhan Teras and the importance of weddings in the Indian
milieu. She will know that she is going to be watched and evaluated. She cannot afford to be
seen as flippant. This is the subtle change in Tanishq's product offering. It's a lot more
traditional - like the line created for the movie Paheli. Tanishq also realized that India buys
heavily during the wedding season. And its collections and range are gearing up for this great,
big opportunity in the Indian market.

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Twist and turns ahead


Notwithstanding its success, people continue to buy from traditional jewelers. Jewelers such
as GR Thanga Maligai, Krishniah Chetty, Ganjam and Tribhovandas Bhimji Zaveri have their
own set of loyal customers who buy regularly and in large volumes. Their strength is that
they know their consumer intimately, for generations. This, they believe, is their distinctive
difference.
Tanishq knows its limitations. It is easier to have an overview of broad consumer trends and
capitalize on opportunities that present themselves rather than worry about a small group of
customers, as valuable as they may be, as they are reasonably loyal too. And yet the pot of
gold could be in the young `double income and no kids' Indian family which doesn't think
twice about buying expensive designer jewellery for Rs 20,000. Advertising and imagery
helps, though a contemporary product line doesn't hurt either.
And one suspects that while Tanishq may currently be scoring in the smaller towns where its
competition is not so well entrenched, it must win share and customers from the big traditional
jewelers in Mumbai, Delhi and Chennai. Yes, people will continue to buy jewellery and with
increased affluence - lots of it. Tanishq, a decade after its founding, is poised to do even better. And
the pampered Indian consumer

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