Harvard Case - Mia by Tanishq: Jewellery to Entice the Working Woman in India
"Mia by Tanishq: Jewellery to Entice the Working Woman in India" Harvard business case study is written by Rajendra Srivastava, Shantanu Dutta, Havovi Joshi. It deals with the challenges in the field of Strategy. The case study is 15 page(s) long and it was first published on : Apr 30, 2015
At Fern Fort University, we recommend that Tanishq adopt a multi-pronged strategy to solidify its position as the leading jewellery brand for the working woman in India. This strategy will leverage digital transformation, product innovation, and strategic partnerships to create a sustainable competitive advantage in the evolving Indian jewellery market.
2. Background
The case study focuses on Tanishq, a leading jewellery brand owned by Titan Company Limited, and its efforts to attract the growing segment of working women in India. Tanishq faces challenges from both established players like Kalyan Jewellers and emerging online retailers like CaratLane. The company seeks to understand the evolving needs and preferences of the modern Indian working woman and develop a strategy to capture a larger share of this lucrative market.
The main protagonists of the case study are:
- Tanishq: The brand seeking to expand its reach and appeal to the working woman demographic.
- Working Women in India: The target market segment with unique needs and aspirations.
- Competitors: Existing players like Kalyan Jewellers and emerging online retailers like CaratLane.
3. Analysis of the Case Study
To analyze the situation, we will utilize several frameworks:
a) Porter's Five Forces:
- Threat of New Entrants: Moderate, due to increasing online platforms and potential for new players.
- Bargaining Power of Buyers: High, as consumers have access to various options and information.
- Bargaining Power of Suppliers: Moderate, as raw materials and manufacturing processes are relatively standardized.
- Threat of Substitute Products: High, as consumers can choose from other luxury goods or invest in alternative assets.
- Competitive Rivalry: High, with established players and emerging online retailers vying for market share.
b) SWOT Analysis:
Strengths:
- Strong brand recognition and reputation.
- Extensive retail network across India.
- Strong manufacturing capabilities and quality control.
- Diversified product portfolio catering to various tastes and budgets.
Weaknesses:
- Traditional marketing approach may not resonate with younger working women.
- Limited online presence and digital marketing efforts.
- Lack of personalized experiences and customer engagement.
Opportunities:
- Growing middle class and increasing disposable income.
- Rising demand for luxury goods and personalized experiences.
- Digitalization and e-commerce offer new avenues for growth.
Threats:
- Increasing competition from online retailers and international brands.
- Economic fluctuations and consumer sentiment impacting discretionary spending.
- Changing consumer preferences and evolving trends in jewellery design.
c) Value Chain Analysis:
Tanishq's value chain can be analyzed to identify areas for improvement:
- Inbound Logistics: Optimize supply chain for faster delivery and reduced costs.
- Operations: Implement lean manufacturing processes and invest in technology for increased efficiency.
- Outbound Logistics: Enhance distribution network for wider reach and faster delivery.
- Marketing and Sales: Leverage digital platforms and personalized marketing strategies.
- Service: Provide exceptional customer service and personalized experiences.
d) Business Model Innovation:
Tanishq needs to embrace business model innovation to cater to the evolving needs of working women. This can involve:
- Direct-to-consumer (D2C) model: Expanding online presence and offering personalized experiences through digital platforms.
- Subscription-based services: Offering curated jewellery subscription boxes with flexible payment options.
- Value-added services: Providing styling consultations, personalized engraving, and after-sales services.
4. Recommendations
To achieve sustainable growth and capture a larger share of the working woman market, Tanishq should implement the following recommendations:
a) Digital Transformation:
- Enhanced Online Presence: Develop a user-friendly e-commerce platform with seamless browsing and purchasing experience.
- Personalized Marketing: Utilize data analytics and AI to understand customer preferences and tailor marketing campaigns.
- Social Media Engagement: Build a strong social media presence and engage with customers through interactive content and influencer collaborations.
- Virtual Reality (VR) and Augmented Reality (AR): Offer virtual try-on experiences and personalized jewellery design tools.
b) Product Innovation:
- Modern Designs: Introduce contemporary and minimalist jewellery designs appealing to working women's lifestyle.
- Functional Jewelry: Develop pieces that are both stylish and practical, incorporating elements like travel-friendly designs or interchangeable pieces.
- Sustainable Materials: Utilize ethically sourced and sustainable materials to align with growing consumer awareness.
- Collaborations: Partner with independent designers and artisans to create exclusive collections and offer unique pieces.
c) Strategic Partnerships:
- Online Retailers: Collaborate with leading e-commerce platforms to expand reach and tap into new customer segments.
- Financial Institutions: Offer financing options and partnerships with banks to facilitate purchases.
- Lifestyle Brands: Partner with fashion and wellness brands to create co-branded collections and target a broader audience.
d) Customer Experience:
- Personalized Services: Offer personalized styling consultations, engraving services, and customized gift options.
- Loyalty Programs: Develop a loyalty program with exclusive benefits and rewards for repeat customers.
- Exceptional Customer Service: Provide prompt and efficient customer service through multiple channels.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Mission: Tanishq's core competencies in design, manufacturing, and distribution can be leveraged to create innovative products and reach a wider audience.
- External Customers and Internal Clients: The recommendations cater to the evolving needs of working women while empowering employees to embrace digital transformation.
- Competitors: The recommendations address the competitive landscape by focusing on digital innovation, product differentiation, and strategic partnerships.
- Attractiveness: The recommendations are expected to drive revenue growth, improve customer loyalty, and enhance brand image.
6. Conclusion
By embracing digital transformation, product innovation, and strategic partnerships, Tanishq can solidify its position as the leading jewellery brand for the working woman in India. This strategy will enable the brand to capture a larger market share, enhance customer loyalty, and achieve sustainable growth in the evolving Indian jewellery market.
7. Discussion
Alternatives not selected:
- Focus solely on traditional marketing: This approach would fail to reach younger working women and could lead to market share erosion.
- Aggressive price competition: This strategy could damage brand image and lead to profit margins erosion.
Risks and Key Assumptions:
- Technological advancements: The success of digital initiatives depends on continuous innovation and adaptation to emerging technologies.
- Consumer acceptance: The adoption of new products and services requires effective marketing and customer education.
- Economic fluctuations: Economic downturns could impact discretionary spending on jewellery.
8. Next Steps
- Develop a detailed implementation plan: Define specific actions, timelines, and resource allocation for each recommendation.
- Pilot test new initiatives: Conduct pilot programs for digital platforms, product innovations, and partnerships to gather feedback and refine strategies.
- Monitor progress and adapt: Regularly track key performance indicators and adjust strategies based on market trends and customer feedback.
By implementing these recommendations, Tanishq can successfully navigate the evolving Indian jewellery market and secure its position as the preferred choice for the modern working woman.
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Case Description
In 1995, Titan launched the first branded range of jewellery - 'Tanishq' - in India's highly fragmented and disorganised jewellery market. Tanishq performed exceedingly well, attracting a large customer base that was assured of quality and purity. However, the jewelry business faced challenges on account of customer sentiments being impacted by inflation, uncertain economic conditions and rising gold prices. There was also concern that the young Indian woman was disinterested in jewellery. To address these issues, as well as expand the company's reach and customer base, the Tanishq team identified a hitherto neglected segment - working women. Within 12 months, it conducted activities ranging from customer segment identification and understanding, as well as defining the proper distribution channels, and launched 'Mia' - "the Tanishq for work wear, for the working women". Mia's design and retail strategy continues to evolve three years after its launch. But despite its growth, it is almost impossible to identify the market size of potential Mia customers. Moreover, the needs of these target consumers' are changing rapidly, and so, refreshing the range, while maintaining its affordability, is a challenge. How large would Mia's market be? Can it become a brand in its own right? Could it be the next Tanishq for Titan?
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