Case Study on Tanishq
INTRODUCTION
Titan Watches Limited was promoted jointly by Questar Investments Limited (a Tata group company) and Tamil Nadu Industrial Development Corporation Limited (TIDCO).
In 1995, Titan changed its name from “Titan Watches ltd” in order to change its image from that of a watch manufacturer to that of a fashion accessories manufacturer.
Titan later ventured into the jewelery businesses.
In 1995, Titan changed its name from 'Titan Watches Ltd. ' to 'Titan Industries Ltd. ' in order to change its image from that of a watch manufacturer to that of a fashion accessories manufacturer.
In 1995, Titan Industries, India 's leading manufacturer of watches, launched the Tanishq range of gold watches and jewelery.
Tanishq, an entirely new concept in the Indian market and had to struggle hard to be accepted by the customers as Indian jewelery manufacturers were largely unrecognized market .Industry watchers were extremely skeptical of Tanishq and doubts were being cast over its prospects.
Tanishq began by offering jewelery in the 18-carat gold range, with designs borrowed heavily from contemporary European brands. The company justified its decision saying that it wanted to be 'different ' from the traditional Indian offerings.
PROBLEMS FACED BY TANISHQ
Western design vs. Indian design: In order to be different, Tanishq introduced westernized designs of jewelery into the Indian market, the same designs that it used to export. The sleek and contemporary designs offered by Tanishq did not go down well with the Indian costumers, who preferred heavy traditional designs.
Perception of jewelery as an asset and not as a fashion accessory: Jewelery in India had predominantly been used as an investment rather than adornment. Hence, a change in the perception of jewelery from an asset to a fashion accessory was extremely difficult to bring about.
Unorganized Indian market:
The Indian market was highly
Titan Watches Limited was promoted jointly by Questar Investments Limited (a Tata group company) and Tamil Nadu Industrial Development Corporation Limited (TIDCO).
In 1995, Titan changed its name from “Titan Watches ltd” in order to change its image from that of a watch manufacturer to that of a fashion accessories manufacturer.
Titan later ventured into the jewelery businesses.
In 1995, Titan changed its name from 'Titan Watches Ltd. ' to 'Titan Industries Ltd. ' in order to change its image from that of a watch manufacturer to that of a fashion accessories manufacturer.
In 1995, Titan Industries, India 's leading manufacturer of watches, launched the Tanishq range of gold watches and jewelery.
Tanishq, an entirely new concept in the Indian market and had to struggle hard to be accepted by the customers as Indian jewelery manufacturers were largely unrecognized market .Industry watchers were extremely skeptical of Tanishq and doubts were being cast over its prospects.
Tanishq began by offering jewelery in the 18-carat gold range, with designs borrowed heavily from contemporary European brands. The company justified its decision saying that it wanted to be 'different ' from the traditional Indian offerings.
PROBLEMS FACED BY TANISHQ
Western design vs. Indian design: In order to be different, Tanishq introduced westernized designs of jewelery into the Indian market, the same designs that it used to export. The sleek and contemporary designs offered by Tanishq did not go down well with the Indian costumers, who preferred heavy traditional designs.
Perception of jewelery as an asset and not as a fashion accessory: Jewelery in India had predominantly been used as an investment rather than adornment. Hence, a change in the perception of jewelery from an asset to a fashion accessory was extremely difficult to bring about.
Unorganized Indian market:
The Indian market was highly