A Retail Management Perspective

Presented By

Presentation Group C

Man Mohan Anand Saif Siddique Dipika Sarda Denny Singh Kumar Shubham

Introduction

Tanishq is India's largest, most desirable and fastest growing jewelry brand in India. Started in 1995, Tanishq is the jewelry business group of Titan Industries Ltd promoted by the TAT group. With a retail sales of 1200 crores last year and gunning for 2000 crores this year. Tanishq has set up production and sourcing bases with through research of the jewelry crafts of India. Located at Hosur, Tamil Nadu, the 1,35,000 sq. ft. factory is equipped with the latest and most modern machinery and equipment.

Introduction

Tanishq introduced innovations like Karat meter, the only non destructive means to check the purity of gold. Tanishq also introduced professional retailing in the un-organized Indian jewelry bazaar, where women can shop with comfort and peace, without worrying about the purity of the jewelry they are buying, as well as, select from the best jewelry collections available in the Indian market. Tanishq has successfully taken on the challenge of transforming this frontier into a reliable consumer space by bringing to it all the virtues and benefits that branding offers

Segment - Jewellery
Tanishq targets the mid-premium segment in retail of jewellery business. (premium segment by ZOYA, mass segment by GOLDPLUS+) Cater with superior craftsmanship, design expertise, product innovation, and guaranteed quality.

Gold jewellery in 22k pure gold, Also make platinum jewellery, with diamond and other precious stones.
Innovated karat meter, the only nondestructive method to check purity of metal and jewellery. To promote glamour value of metals (gold) besides its status as a secure source of investment.

Tanishq - Format

Tanishq The Speciality Store

Tanishq, the jewellery business of Titan Industries Ltd, is looking at other alternatives to capture the market. Apart from the presence in high streets, the retail chain is embarking on pilot projects, involving presence in shopping malls and shop-in-shops in retail formats. The move comes in the growing popularity of such formats which are attracting footfalls, which Tanishq is looking to grab.

Tanishq Store Layout

Tanishq Store Layout

Tanishq Store Layout

Tanishq Store Layout

Merchandise Assortment
Merchandise Assortment Planning is a key activity at Tanishq which involves Identification of product attributes relevant to the customers choice process This is done by central supply chain team, based on inputs from the store associates Determining an appropriate assortment strategy for each merchandise category This is done by central supply chain team by analysing sales history and inventory data Development of Merchandise Assortment Strategy for each product category based on 2x2 Matrix of percentage contribution of sales vs. sales velocity Based on Assortment strategy SCM team develop a preliminary assortment plan for each store with suggested product and inventory levels

Merchandise Assortment
Best Sellers are put on automated SKU level replenishment Total category inventory & product attribute mix by store is specified for the rest of SKUs

Sales Velocity
High Low

Main focus for store associates Assortment is designed to ensure high degree of variety

Neckwear A

Neckwear B

% of Sale by value
Automated replenishment for entire category Limited role play by store associates No focus on individual SKUs

Rings A

Wedding

Similar guidelines for similar demographic stores SKU is decided by Store Associates Order quantity is set by Store Associates

Resources - Retail Supply Chain Management: Quantitative Models and Empirical Studies By Narendra M. Agrawal, Stephen A. Smith

Pricing Strategy

Tanishq being a brand name of TATA, maintain a standard price for all of their products. But being in a competitive market with lots of local as well as branded competitors, Tanishq offers various attractive price schemes to allure customers. Here are some few pricing strategies which is followed by Tanishq: Flexible Pricing Market Skimming Price Bundling Competition Oriented Pricing Price Lining

Location Strategy
Prime Locations for Merchandise Value of space decreases further away it is from entry level floor
Highly trafficked areas Store entrances /escalators/ main aisles Near checkout counter Highly visible areas End aisle Displays

Value of space decreases further away it is from entry Special Considerations Avoid the butt-brush effect. Make merchandise accessible. Allow a transition zone.

Communication Mix

Personal communication channels Non - Personal communication channels Print Media [ Vogue, Femina, Cosmopolitian ] Business magazines for mens collection Broad Cast Media

Display Media Event and Experiences Online Selling Fashion Shows International Jewellery Fairs

Visual Merchandise
Visual Merchandising and display techniques

Attention-getting devices Colour plates Familiar symbols Making and proscenia

Sale ideas Fashion accessories Graphics and signage

Customer Service
Golden Harvest Saving Scheme Exchange Policy in Tanishq Gift Vouchers Purity Checks Anuttara