Tanishq - The Turnaround Strategy
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Case Details:
Case Code : MKTG013
Case Length : 6 Pages
Period : 1995 - 2001
Pub Date : 2001
Teaching Note : Available
Organization : Titan Industries India
Industry : Jewellery
Countries : India
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Excerpts
Background Note
Titan Watches Limited was promoted jointly by Questar Investments Limited (a Tata group company) and Tamil Nadu Industrial Development Corporation Limited (TIDCO). The company, incorporated in July 1984 in Chennai, was started in technical collaboration with France Ebauches (a French company), one of the world's largest manufacturers of watch movements...
Setting Things Right
Tanishq found out that it had gone wrong mainly in two areas - the product proposition and retailing. Initially with a focus on the export market, its designs were predominantly Western, and the same line of jewellery was sold in India as well.
However, when it shifted its focus to the domestic market, it was unable to sell these designs.
Therefore the first step was to change the brand positioning from that of an
elitist and Westernized offering to a more mainstream, Indian one.
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The 18-carat jewellery range was expanded to include 22 and 24 carat ornaments as well. Tanishq also made attempts to redefine traditional styles in its designs. Tanishq realized that, given the diverse nature of Indian ethnicity, it would have to cater to tastes of all regions...
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Future Prospects
The Indian branded jewellery market, though nascent, grew at the rate of 20-30% during 1998-2000.
Besides Tanishq, other major players included Intergold, Gili and Carbon. However, in the Rs 400 billion Indian jewellery market, Tanishq's share was not even 1%.
Not willing to accept this as a 'poor show,' Tanishq saw it as a vast opportunity instead. The company planned to attain a 2% market share in the next few years...
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