Market Analysis On Jewellery In India

Market Analysis On Jewellery In India1.0 Introduction trade chat plays a vital manipulation while innovation a refreshful soft touch or reaping in todays cut-throat merchandise. It is a form of persuasion which plays the role to understand the communicators purpose (ethos) and the dialogue process (pathos) thus in having an influencing effect with the customer(logos) This docuwork forcet describes in-depth the process involved to launch a new antitheticaliate of jewelry called Cadbury Gems special(a) in the Indian market as well as the UK market.2.0 Cadbury Gem AnalysisCadbury Gem has product line only in the jewellery in gold, platinum, colored gems and diamond. By 2015, its main focus leave alone be on corporate social responsibility while operating any process. It has plans of launching Teen durationr Collection of white jewellery by 2014. Their main competitors argon Tanishq and Gili.3.0 Market Analysis on Jewellery in IndiaThe Indian jewellery market is large and c onsist of unbrand where branded jewellery accounts only for less than 2% per family and 300,000 consists of unorganized one. The dominant players in the field of jewellery manufacturing be Italy, Hong Kong, China, Thailand, United States. Leading player in the Indian jewellery are Gili part of the Gitanjali Gems Limited and Tansihq, Reliance Jewel, Joyalukkas.4.0 About Cadbury GemsThe Cadbury Gems Limited go out cater the native posterior women and unoriginal object lens men in the age group of 25-40 years in the domestic market and the international market. It go forth provide a differential advantage by providing Personalized redevelopment for loyal customer in terms of design and patterns and keen advice on wedding jewellery in the UK market.5.0 PEST AnalysisPoliticalThe Indian Government has taken up measures to lower import duty of platinum and gems ,colored stones are exempted from tax .There are plans of Indian Government to establish Diamond Bourses.EconomicDue to the global economic recession, Indias gems and jewellery export and import besides got affected it.The dynamic change in the exchange rates of pounds and INR affects the domestic as well as international market .It affected the GDP of Indian economy and thus lessen the consumer usance too affecting the sales.Socio-CulturalThe socio and cultural plays a vast role in the Jewellery market of India as jewellery is considered to be a tradition from heritable time and it is a necessity in many of its cultural single-valued function .TechnologicalIndia has become the leading manufacturer in terms of jewellery because of its locomote technology and according to GPEC there is a rise of 18% to 407.36 lakh carats for cut and polished diamond.6.0 Competitor Analysis6.0.1 About TanishqTanishq is one of the pioneers in branded jewellery and largest jewellery brand in India founded in 1995 AT Hosur, Tamil Nadu. It is a part of Titan effort-group endorsed by the Tata Group. It has 118 stores in 76 study cities of India and has a market share of 50% in branded jewellery.Tanishq product lines consist of the followingTanishq DiamondsTanishq GoldTanishq Platinum6.0.2 SegmentationTanishq has incisioned its consumer based on the 3 types. They are segmented as followsBehavioralTanishq exemplifies behavioral segmentation as it portrays purchase occasion based on fete want diwali, akshaya, tritiya, karva chauth. It in addition segment its jewellery as everyday wear, special occasion wear and wedding wear deal Lightweight Colours an everyday wear, Enamel and DiamondsPsychographic and ProfileIt also shows profile and life flare segmentation as it segments its jewellery called Collection G called nine-to-five jewellery. It also has collection called All Day Diamonds which are affordable and can be worn through and throughout the day 24 *7. It also tries to capture the different designs in new region equal Bengali design in Delhi, Kerala style in Tamil Nadu etc6.0.3 Targetin gDifferentiated Different marketing mix are applied for each segment.Customized Different marketing mix are applied for each customer.Differentiated marketing and customized marketing strategies are employ. Its design was forced for niche market for elite Indians but then concentrated on mass marketing. It bums women who are sophisticated yet grounded and men who are above 25 years.6.0.4 perspectiveUses product repositioning and act as a brand for elite state in India of international brand but then re-positioned in the market as Jewellery for adornment. Tanishq has come up with Aamra mix of western and traditional .It position the brand which provides trust and guaranteed purity.6.0.5 communion StrategiesTanishq Pull StrategyAdvertisingTo create brand equity it uses the approach of 360 degree. They focus on celebrity endorsement as people in India are highly obsessed with the celebrity and create a huge impact and associate with events like marriage , diwali,raksha bandhan.P rint publicizingTanishq target the leading woman magazine like Femina, Filmfare which are very popular in India and other leading newspaper like The Times of India and such advertisement are frequent during occasions and it is quite seasonal.Tanishq Push StrategySales promotion and associating with EventsTanishq has a tie-up with Bollywood movie like Paheli. Promotion like forgive Gold Coin Campaign, then Freeze Your Gold Price during the festival of Dhanteras are used.Public RelationRecently they have organized Diamonds of Class which target woman who are bold and the beautiful where Tanishq diamond complementing her lifestyle.Direct marketingInternet Sales and catalogues are used.Offers and DiscountIt offers and discount in festive occasion like Diwali, Mothers Day, Valentine Day, Environment Day and also target specific segment of working woman by coming up with the collection called Tanishq Collection-G .It also organizes go promotion with LOreal and Wills Lifestyle.6.1.1 Ab out GiliGili is a part of the Gitanjali Gems Limited (GGL).Gili is founded in 1994 and it is symbolizes youth, love and emotions has its headquarter is based at Mumbai. It is known for producing a heart-shaped diamond of 0.03 carat and 25 patented patterns. It has 3000 retail outlet in India and contributes a share of 40% in an organized jewellery market. It has a market share of 8.3%.Gili has collection of spirtValentineTraditionalTeensMens CollectionMangalsutra6.2.2 SegmentationGili segment based on the followingBehavioralGili has segmented based on purchase occasion like Valentine, wedding, birthday, anniversary and has Valentine ,Mangalsutra,Traditional collections.Profile and LifestyleGili again has work collection .They have the Men collection and have jewellery based on the income like segmenting the jewellery with hurt.6.2.3 TargetingGili follows the separate and mass marketing. It creates a sense of high- bore studded diamond of contemporary design. They have the collec tion for working woman in particular. They have targeted even the men with Mens collection.They target in the age group of 15-30 years of age.6.2.3 PositioningImage repositioning its brand as a brand which represents trust by adhering to authentic certification, quality and reliable by keeping standard practices .It creates a differential advantage by positioning as a brand that created the first 0.03 karat heart-shaped diamond the smallest in the world.6.2.4Communication StrategiesGili Pull StrategyAdvertisingBipashu Basu is the brand ambassador and endorses the products by associating it with events like Valentine day.PrintAdvertising in leading newspaper like The Telegraph, Times of India and publicizing in leading magazine like Filmfare.Gili Push StrategyEventsIndians are fascinated by the celebrities so they organized star visits and sponsoring films like in Vivaah,Krissh .They also sponsored the Lakme Fashion Week and Femina Miss India Contest.Joint- PromotionIt is done throu gh retailer like Shoppers Stop.Direct-mailers and catalogueThey employ this scheme and received a huge feedback and have increased the sales enormously.7.0 Launch of Cadbury Gem in India7.0.1 Communication ObjectivesTo generate brand awareness of 60% of Cadbury Gem to both men and women who are in the age group of 25-40 by March 2012.To create a brand image that can be trusted and caters Personalized Service in terms of design.To change peoples attitude that jewellery can also be worn by men often.7.0.2 Communication StrategyPull strategy result be used to create awareness.To create brand image of trust which caters Personalized Service profile strategy result be used.Communication appeal ordain be more of emotional like the experience associate with the festive season and events and the benefits and a bit of rational like the price and the quality it will offer. The perceived risk will be financial risk.7.0.3 SegmentationCadbury Gems will segment based onBehavioralIt will be b ased on purchase occasion, purchase behavior, usage segmentation.Purchase occasionAs done by the contemporary, it will make use of occasions like marry Anniversary, Birthdays and great Indian festival like Raksha Bandhan,Holi. It will create collection such as Festive Collection suitable for any festival and All in One Occasions collection.Purchase behaviorIt will target the innovators who are ready to take risk in buying the product as soon as the launch is done.Usage segmentation It will target heavy as well as light user i.e women who are already victimisation and men who just contribute 20% of the jewellery purchase.Belief and ValuesIt will target men and women who believe in alimentation and celebrating life.PsychographicIt will used lifestyle and personality segmentation.LifestyleIt will target women who are sophisticated as well as ordinary women of simple lifestyle. For men, it will target metrosexual men and has collection called Exclusive for Men.PersonalityIt will aim at people who are innovators who accepts the new product soon and who are communicatory where Cadbury Gems portrays who they are. It will have collection called Itz Me.Profile It will use age as criteria to segment.AgeIt will target men and women who are in the age group of 25-40.7.0.4 TargetingIt will use differentiated and customized marketing. It will design its jewellery for men and women in the age group of 25-40 years with specified design of their choice. The customer can come up with its pattern and specification of their choice and it will take minimum lead days of 10 days to deliver to their customer.7.0.5 PositioningPerceptual MapHigh PriceTanishqGitanjali Gems LimitedReliance JewelleryWide Product Range Cadbury Gem Narrow Product RangeJoyallukas humble PriceFig Perpetual MapIt will use tangible repositioning for the mens collection as it will focus on mens section by creating Exclusive for Men Collection. For the womens section it will use product repositioning by intr oducing Itz Me collection, All in One Occasions, Festive Collection.Differential advantage will be achieved by positioning as a trusted brand which provides Personalized Services employing designers who can give feedbacks about the design the customer comes up and suggest expert ideas to the customer effectively and efficiently.7.0.6 MessageThe aim of the campaign is to create brand awareness among the women who are the primary target and also the secondary target men both in the age group of 25-40 years and also to create an impact as a brand that cater the customers necessarily by giving Personalized Service to those customer who are loyal to Cadbury Gems.7.0.7 Launch DateThe advertising campaign will run throughout the year starting from April 2011 till the end of March 2012 giving main focus during the festive season like November, December as these are the season where major festivals occur in India. It is expected to launch its product in April 2012.7.0.8 Budget20 million wi ll be assignd as people are non aware of the products therefore huge amount needs to be invested in campaigning and advertising.8.0 Integrated Communication PlanIntegrated Communication plan plays an important role to pass the same(p) message to the targeted audience in a consistent way so that they are not confuse, mislead if it employs different communication channel without integrating . It will used both above the line and below the line strategy and profile too.8.0.1 Above the lineAdvertising on TVAdvertisement will be direct on popular channel like Sony ,Star Plus, Zee TV,C olors where popular soaps and serial are transmitted.Justification furbish up large audience in a short span of time and helps to increase word of mouth.Short lead timeTarget the women of age 25-40 and put the ads in between popular soap and serials likeUttaran,Jyoti,Balika Vadhu.Frequency of the Ad will be like 7-8 times in the channels mentioned above.Magazines and NewspaperAdvertisement will be place d on leading magazine like Woman Era, Outook, Readers Digest and on leading newspaper like The Hindu,The Economic Times as these are the magazines read by corporate men and women.JustificationThe ad will remain as long as the magazine and newspaper are kept.Target both the men and women through this channel of communicationCredibility of the information is high.Metrosexual men and corporate consumer youth will be targeted easily.FM piano tunerShort Ad with be played in major FM station like Radio City and Radio Mirchi and Meow.JustificationLow cost. discharge reach large consumers faster with short lead time and Ad will be placed more around 9-11 A.M and 5-7 P.M the working hours of most of the companion and timing for college goers too.Medium to high salaried people, youth who are fashion conscious of both the sexes will be reached easier.Billboards15 X20 billboards will be placed especially near the mall, cinema -theatre, plazas and area where colleges and companies are more.Ju stificationComparatively involves lower cost and frequency of exposure is high. learning and persuasion can be done effectively and efficiently leadingto brand awareness.8.0.2 Below the lineDirect MarketingMails will be sent to such customer about the designs and new collection. It will target the loyal and frequent buyer of Cadbury Gemby giving loyalty card and points to those regular buyer. Customer whichexceeds 1000 points will be granted free Personalized Service giving expertexpert advice to the design the customer has come up.JustificationIt will give dear return of investment of if clear database is maintainedabout the customer.After achieving the brand awareness of 60%, direct marketing can be used tocreate profile strategy projecting as a brand of trust and customer oriented.Sponsorship and ExhibitionIt will sponsor and associate with Bollywood Movies to showcase its collection. It will also sponsor the major ramp shows held Lakme Fashion Week and events like Femina Miss India Contest, Zee Cinema Awards and organize exhibition where popular male celebrity tin can Abraham will be the brand ambassadorJustificationHelps in rectifying the customer perception and beliefs.To attract new customer and attain new customer.Chances of face-face meeting with the say-so customer thus enhancingrelationship building.E-mediaIt will make use of the social networking sites like Facebook,Twitter and Orkut which are quite popular to promote their products.JustificationRelatively cost-effective.Information can be spreaded like wildfire thus increasing word of mouth.9.0 Launch of Cadbury Gem in the UK Market9.0.1 Communication ObjectiveTo create an awareness of 5% among the non-resident Indian in the UK market by March 2012.9.0.2 Communication StrategyTo create an awareness of 5% among the non-resident Indian in the UK market by using both push and pull strategy.9.0.3 SegmentationCadbury Gems will segment based on behavioral,psychographic,lifestyle and personality as d one in the domestic market. It will put one over the same strategy.9.0.4 TargetingThe strategy of targeting remains the same as in the domestic market i.e differentiated and customized.9.0.5 PositioningIntangible positioning will be used for the men by introducing Western Mens Collection. Product positioning will be used for women and it will introduce Elegant Collection and will position as a brand that provides special attention on design and pattern on occasion of the wedding.9.0.6 MessageIts aim is to create awareness in the same sector and also to create a brand image which provides special assistance for wedding jewellery by introducing its Sophisticated Jewellery for Wedding with expert advice on design and patterns.9.0.7 BudgetOnly 10 million will be invested in campaigning and advertising.9.0.8 Above the lineIt will use advertising on TV on the same channels as in domestic market ,advertisement will be displayed on magazine like Marie Claire,Vogue and general exclusively. JustificationNRI in UK invest their time and money on such hi-fi magazine and moreover they find the information credible.9.0.9 Below the lineIt will use public relation like exhibition, sales promotion and e-media.ExhibitionThe exhibition will be especially for the NRI like Sophisticated Jewellery for Wedding with expert advice on design and patterns, Western Mens Collection for men and Elegant Collection for women and letting the celebrity like the former Miss World 1995 Aishwarya Rai Bachchan the brand ambassador of Cadbury Gem in such exhibition as glamour and glitz business impacts NRI in a huge way.JustificationCreates awareness more as compared to other form of media. It gives a direct feedback from potential customer, face to face communication and it is an ideal way to attract new customer when new products are launched.Sales Promotion Offer like free accessories i.e ray-ban sun glasses, branded make-up kit and discount of 20% will be given to customer who buys 420 of jewe llery.JustificationIt will attract the new customer and may boost up the sales when the product is too new in the market.E-media It will make use of the social networking sites like Facebook,Twitter only as Orkut is not in use by the NRI. The reason for using this is that majority of the NRI are information processing system savvy..9.0.10 Cultural Influences for UK launchA niche market will be used to target the non-resident Indian (NRI) and there will not be huge impact of cultural influence but in terms of jewellery design it should be more sophisticated and elegant and a mixture of Indo-Western.9.0.11 Assessing Advertsing durabilityPre-testingFocus group and concept testing can be used before the launch.Post-testingEnquiry test, feedback, surveys can be used to test the recognition and retract test. This will give an idea whether the customer has accepted the product or not, if yes how much, if not where it has to give focus.11.0 ConclusionCadbury Gem jewellery will be launch ed in both the domestic i.e India and international market i.e UK keeping into consideration the various strategy and tactics that needs to be considered while launching in different market. 20million INR will be spent in the domestic market in advertising as it is competing with already established jewellery brand Tanishq and Gili. It will allocate only 10million INR for the international market as the objective is to create awareness of only 5%.ReferencesBhat.H Retailing, Tanishq online in stock(predicate) from26th February,2011Bhat.H (2004)Growing the Branded Jewellery Market An Indian catch online available from 23th February, 2011Business Map of India India Gold Market online available from 12th March,2011Data Monitor Jewellery India online available from 12th March, 2011Choksi.M (2010)Leader Speak online available from 26th February, 2011Commodity Online Gold Industry in India to cross $26 billion by 2012 online available from 12th March, 2011Data Monitor Jewellery India online available from 12th March, 2011Diamond World News Service consumption of Gem and Jewellery Industry Lauded in Indias Prowess online available from 19th February, 2011Drobis.D.R (1998) Integrated Marketing Communications Redefined daybook of Integrated CommunicationGili Beautifully You online available from 1st March, 2011Gitanjali Group(2010) Gitanjali Grouponline available from 1st March ,2011Indian Brand Equity Foundation (2010) Gems and Jewellery online available from 12th March, 2011Jewellery (2010) Jewellerry -India Euromonitor International Country Sector BriefingKannabiran.G, Bhaumik.S (2005) Corporate turnaround through effective supply chain management the case of a leading jewellery manufacturer in India Supply Chain Management An International diary, 10(5)340 348Kanani Industries Limited Kanani Industries Limited 27th Annual Report online available from 19th February, 2011Narayanan.S,Manchanda,Puneet,Chintagunta.P.K (2005) Temporal Differences in the Role of M arketing Communications in New Product Categories Journal of Marketing Research, 42(3)278-290Narayanandas.D (2006) Tanishq Positioning to Capture the Indian Womans Heart online available fromhttp//www.credaincr.org/archive_news_details.php?nid=8531m=12y=2010 19th February,2011NewsJewellers find star-studded show a hit online available from 26th February, 2011PoulHoumanAndersen (2001)Relationship development and marketing communication an integrative model, Journal of Business Industrial Marketing, 16 (3)167 183Rao.A (2011) Tanishq goes retro in new Diamonds of Class still campaign online available from 26th February, 2011Whalen D.J (2010) Ethical Advertising Messages Design Management Journal 2(4)75-80