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Executive Summery

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Executive Summery

Society is a diversified in all aspects. We see this among consumers, marketers,

producers and even among consumer behavior from theoretical aspects.

The study of consumer behavior enables marketer to predict a consumer behavior in

the market; it also produces under standing of the role that consumption has in the

lives of individuals.

Consumer behavior is defined as a behavior that consumers display while searching

for purchase, using, evaluation and disposal of products, services and ideas that they

to satisfy their needs. The study o f consumer behavior is concerned not only with

what consumers buy, but also with what they buy it, when, from where and how they

buy it and how often they buy it. It is concerned with learning the specific meanings

that products hold for consumers. Consumer research takes place at every phase of the

consumption process; before the purchase, during the purchase and after purchases.

Consumer behavior is the study of how people buy, what they buy, when they buy

and why they buy. It attempts to understand the buyer decision processes/buyer

decision making process, both individually and in groups. It studies characteristics of

individual consumers such as demographics, psychographics, and behavioral variables

in an attempt to understand people's wants. It also tries to assess influences on the

consumer from groups such as family, friends, reference groups, and society in

general.

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What we buy, how we buy, where and when we buy, in how much quantity we buy

depends on our perception, self concept, social and cultural background and our age

and family cycle, our attitudes, beliefs, values motivation, personality, social class and

many other factors that are both internal and external to us.

Consumer behavior is interdisciplinary; i.e. it is based on concepts and theories about

people that have been developed by scientist in such diverse disciplines as

psychology, sociology, social psychology, cultural anthropology and economics.

Consumer research is the methodology used to study consumer behavior.

The study of consumer behavior is the study of ho individuals make decision to spend

their available resources on consumption elated items. It includes the study of what,

why, when and form where they buy etc.

Consumer behavior is a relatively new field of study emerged in late 1960s with no

history or body of research of its own unlike branches of economics. Many early

theories concerning consumer behavior were based on economic theory on the notion

that individuals act to maximize their benefits in the purchase of goods and services.

There are number of reasons why the study of consumer behavior developed as a

separate marketing discipline. As sum as the marketing researchers began to study the

buying behavior of customers, they realized that, despite a something me too

approach to fashions, many consumer rebelled at using the identical products

everyone else used. The primary purpose or studying as part of a marketing

curriculum is to understand why and how consumers make their purchase decisions.

These insights enable marketer to design more effective marketing strategies.

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Introduction

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Introduction

Till the early 1990s, the average Indian bought jewellery for investment rather than for

adornment. Jewellery made of 18-karat gold was not favored as it was considered a poor

investment.

Branded jewellery also gained acceptance forcing traditional jewelers to go in for

branding. Given the opportunities the branded jewellery market offered; the number of

gold retailers in the country increased sharply. Branded players such as Tanishq,

Oyzterbay, Kisna and Carbon opened outlets in various parts of the country. Traditional

jewelers also began to bring out lightweight jewellery, and some of them even launched

their in-house brands. However, the share of branded jewellery in the total jewellery

market was still small (about Rs. 10 billion of the Rs. 400 billion per annum jewellery

market in 2002), though growing at a pace of 20 to 30 percent annually. The branded

jewellery segment occupied only a small share of the total jewellery market because of

the mindset of the average Indian buyer who still regarded jewellery as an investment.

Moreover, consumers trusted only their family jewelers when buying jewellery.

Consequently, the branded jewellery players tried to change the mindset of the people

and woo customers with attractive designs at affordable prices.

However branded jewellery players will continue to face lot of competition from local

jewelers. In order to gain market share, they will have to come up with designs that

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customers want and win the trust and confidence of consumers by hallmarking and

demonstrating the purity of the gold used by them.

To compete with traditional players, branded players must also find some way to

differentiate themselves. While the success of a particular brand will depend on

differentiation, affordability and quality will be a key element in sustaining a brand.

In addition, branded players require focused advertising and astute salesmanship to

compete with traditional jewelers. Besides the major brands- Tanishq, Carbon, Oyzterbay,

Kisna and Trendsmith - several regional players have opened branches to leverage the

trust and reputation that they have built up over the years.

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Objective of study

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Objective of study

The objective to study the A comparative study on the consumers preference

towards branded jewellery over non branded jewellery in Sitapur. is to find out

1) The consumers buying preferences

2) The reach of branded jewelers

3) Brand awareness of various brands in the jewelers market

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Significance of the study

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Significance of the study

The gems and jewellery industry occupies an important position in the Indian economy

and is one of the fastest growing industries in the country.

Hence the research conducted would help me

1) Understand the consumers preference while purchasing jewellery

2) How much impact does a brand have on their purchase decision

3) Does price play an important role in guiding their purchase decision

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Justification of the study

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Justification of the study

The previous research done on branded and non branded jewellery markets are

1) Indian Gems and Jewellery Market - Future Prospects to 2011

2) The impact of recession on the jewellery industry

3) The growth of the Branded jewellery market in India

No study has been done to find out the preference of consumers between branded and

non branded jewelers. The study would also help to find out the consumer preference

and their buying behavior towards branded and non branded jewelers, this would

help both the retailers to know what are the consumer preference and what strategies

should they adapt to grab the market.

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Company Profile

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Tanishq

arent Company Tata Group

ategory Jeweler and Diamonds

ector Lifestyle and Retail

agline/ Slogan Pure Jewellery Pure Joy; Pure India Pure Tanishq

USP One of the largest jewelry brands in India

TP

egment Women who love jewelry

arget Group Urban women premium and upper class

ositioning

Tanishq diamonds embark the aspiration of emerging India

women who uses tradition rather than being used by it

WOT Analysis

trength 1. One of the most trusted jewelry brands in India

2. Strong backing of the Titan Industries of the Tata Group

3. Excellent branding and advertising through TVCs and pr

ad campaigns

4. Association with celebrities as brand ambassadors to

reach out to the customers

5. Apart from Indian jewelry in wedding and diamond

collections, also offers simplistic and low-priced jewelry for

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daily wear

6. Has its presence in over 100 Indian cities

Weakness

1. Limited global presence as compared to a few otherinternational brands

2. Tough competition from other jewelry brands means

limited scope of growth

Opportunity

1. Global penetration in other countries

2. Acquisition of smaller businesses to increase brand

position and reach

3. Tie-ups with corporate and business partners

hreats

1. Economic fluctuations mean people decrease their

spending

2. Govt policies, taxes etc also affect the premium jeweller

segment

3. Trends change quickly, hence innovations and R&D are

investments

ompetition

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S.P JEWELLERS

Founded as a single company cutting and polishing Gold ornaments for the jewellery

trade at Sitapur, in 1995, the S.P.Jewellersbecame, many times over, a pioneer among

major Gold ornaments and jewellery houses.

First major Gold ornaments and jewellery house to be launched and run by modern

entrepreneurs rather than dynastic jewellers. An authorised DTC Sightholder and loyal

customer and a modern multinational business run on innovative insights.

At the forefront of the global breakthrough in Gold ornaments jewellery design and

production brought about by Indias ability to cut Gold ornamentss considered

unworkable for jewellery till then. Has the distinction of producing the worlds smallest

heart shaped Gold ornaments (0.03 carat), and developing some 25 patented facet

patterns.

Besides changing the face of manufacture, broke the mould of traditional jewellery

marketing: it abandoned jewellery trade convention by launching multiple brands for

multiple markets and price segments.

Business model now integrates all operations, from rough Gold ornaments sourcing,

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cutting, polishing and distribution, and jewellery manufacture, to jewellery branding and

retail, as well as global lifestyle brands, in India and abroad.

Offers jewellery in diverse styles: traditional, international classic, and casual. For

consumers of all age groups, tastes and budgets. With a growing hamper of brands, some

already global, and each targeted to specific consumer and market segments.

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The emergence of branded gold jewellery

In the late 1990s, the Indian jewellery market witnessed a shift in consumer perceptions

of jewellery. Instead of being regarded as only an investment option, jewellery was being

prized for its aesthetic appeal. In other words, the focus seemed to have shifted from

content to design. Trendy, affordable and lightweight jewellery soon gained familiarity.

Branded jewellery also gained acceptance forcing traditional jewelers to go in for

branding.

Given the opportunities the branded jewellery market offered; the number of gold

retailers in the country increased sharply. Branded players such as Tanishq, Oyzterbay,

Kisna and Carbon opened outlets in various parts of the country. Traditional jewelers also

began to bring out lightweight jewellery, and some of them even launched their in-house

brands.

However, the share of branded jewellery in the total jewellery market was still small

(about Rs. 10 billion of the Rs. 400 billion per annum jewellery market in 2002), though

growing at a pace of 20 to 30 percent annually

The branded jewellery segment occupied only a small share of the total jewellery market

because of the mindset of the average Indian buyer who still regarded jewellery as an

investment. Moreover, consumers trusted only their family jewelers when buying

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jewellery. Consequently, the branded jewellery players tried to change the mindset of the

people and woo customers with attractive designs at affordable prices.

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Gold Jewellery Market in India

Before the liberalization of the Indian economy in 1991, only the Minerals and Metals

Trading Corporation of India (MMTC) and the State Bank of India (SBI) were allowed to

import gold. The abolition of the Gold Control Act in 1992, allowed large export houses

to import gold freely

Exporters in export processing zones were allowed to sell 10 percent of their produce in

the domestic market. In 1993, gold and Gold ornaments mining were opened up for

private investors and foreign investors were allowed to own half the equity in mining

ventures. In 1997, overseas banks and bullion suppliers were also allowed to import gold

into India. These measures led to the entry of foreign players like DeBeers, Tiffany and

Cartiers into the Indian market.

In the 1990s, the number of retail jewellery outlets in India increased greatly due to the

abolition of the Gold Control Act. This led to a highly fragmented and unorganized

jewellery market with an estimated 100,000 workshops supplying over 350,000 retailers,

mostly family-owned, single shop operations. In 2001, India had the highest demand for

gold in the world; 855 tons were consumed a year, 95% of which was used for jewellery.

The bulk of the jewellery purchased in India was designed in the traditional Indian style.

Jewellery was fabricated mainly in 18, 22 and 24-carat gold. As Hallmarking was not

very common in India, under-carat age was prevalent. According to a survey done by the

Bureau of Indian Standards (BIS), most gold jewellery advertised in India as 22-carat was

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of a lesser quality. Over 80% of the jewelers sold gold jewellery ranging from 13.5 carats

to 18 carats as 22-carat gold jewellery.

The late 1990s saw a number of branded jewellery players entering the Indian market.

Titan sold gold jewellery under the brand name Tanishq, while S.P.Jewellers Jewels, a

Sitapur-based jewellery exporter, sold 18-carat gold jewellery under the brand name

Kisna. S.P.Jewellers Jewels also started selling 24-carat gold jewellery in association

with a Thai company, Pranda. Su-Raj (India) Ltd. launched its collection of Gold

ornaments and 22 -carat gold jewellery in 1997.

The Sitapur-based group, Beautiful, which marketed the Tiffany range of products in

India, launched its own range of studded 18-carat jewellery, Dagina. Cartiers entered

India in 1997 in a franchise agreement with Ravissant. Other players who entered the

Indian branded gold jewellery market during the 1990s and 2000-01 included Intergold

Gem Ltd., Oyzterbay, Carbon and Tribhovandas Bhimji Zaveri (TBZ).

Kisna: In 1994, Kisna Jewellery was established as a distinct brand by S.P.Jewellers

Jewels, soon after the abolition of the Gold Control Act by the Indian government. Kisna

offered a wide range of 18-carat plain gold and Gold ornaments-studded jewellery,

designed for the contemporary Indian woman. The designs combined both the Indian and

western styles and motifs. With sales of Rs.0.14 billion for the year 2000-01, Kisna had a

0.03 percent share of the 400 billion jewellery market in India and a 1.4 percent share of

the branded jewellery market.

Tanishq: In 1984, Questar Investments Limited (a Tata group company) and the Tamil

Nadu Industrial Development Corporation Limited (TIDCO) jointly promoted Titan

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Watches Limited (Titan). Initially involved in the watches and clocks business, Titan

later ventured into the jewellery 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 the same year, it also

started its jewellery division under the Tanishq brand.

Among the branded jewellery players in the Indian market, Tanishq is considered to be a

trendsetter. When it was launched in 1995, Tanishq began with 18-carat jewellery.

Realizing that such jewellery did not sell well in the domestic market, the 18-carat

jewellery range was expanded to include 22 and 24-carat ornaments as well. When

Tanishq was launched, it sold most of its products through multibrand stores. In 1998,

Tanishq decided to set up its own chain of retail showrooms to create a distinctive brand

image.

By 2002, Tanishq retailed its jewellery through 53 exclusive stores across 41 cities. To

meet increasing demand, Tanishq planned to open 70 stores by the end of 2003 and offer

a range of 'wearable' products with prices starting at Rs. 400. With sales of Rs. 2.66

billion in 2000-01, Tanishq had a 0.66 percent share of the total jewellery market and a

27 percent share of the branded jewellery market.

Carbon: In early 1991, the Bangalore based Peakok Jewellery Pvt. Ltd., (Peakok) was

incorporated and Mahesh Rao (Rao) was appointed director. Peakok realized that the

Indian consumer's relationship with gold jewellery would grow beyond an investment

need towards a lifestyle and personality statement. In 1996, within the Peakok fold a new

brand of 18-carat gold-based jewellery called Carbon was launched.

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In 2000-01, with sales of Rs. 0.14 billion, carbon had a 0.03 percent share of the

jewellery market and a 1.4 percent share of the branded jewellery market. The company

expected Carbon sales to touch Rs. 1.5 billion by 2005-06 and exports to start by 2008.

The brand was available at 40 outlets in 16 cities in 2002 and would be made available in

23 cities by 2005.

Oyzterbay: Oyzterbay was founded by Vasant Nangia and his team in July 2000. It began

operations in March 2001. By November 2002, the company had 41 outlets across the

country. Oyzterbay seeks to build a national brand in the jewellery industry in India and

aspires to be the largest branded jewellery company in the country with a chain of 100

stores and several hundred-distribution points by 2004. With sales of Rs. 0.17 billion in

2000-01, Oyzterbay had a 0.04 percent share of the Rs.400 billion jewellery market and a

1.7 percent share of the branded jewellery market

Trendsmith: Sitapur-based Tribhovandas Bhimji Zaveri (TBZ), which had been in the

jewellery business since 1864, saw tremendous scope in the branded segment and opened

its new concept store 'Trendsmith' in Sitapur in December 2001. Encouraged by the

response towards its first store, the Zaveris planned to take Trendsmith (India) Pvt. Ltd.

all over the nation by opening as many as 50 stores by 2006. Trendsmith offered eight

lines of exclusive designer jewellery from well-known export jewellery manufacturers

and designers from Sitapur and Delhi.

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BRANDED GOLD JEWELLERY MARKET (MAJOR PLAYERS)

Brand Market share (2001-11) in %)

Tanishq 27.0

Oyzterbay 1.7

Kisna 1.4

Carbon 1.4

Source: ICFAI Centre for Management Research.

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Gold Jewellery Becomes Fashion Accessory

Till the early 1990s, the average Indian bought jewellery for investment rather than for

adornment. Jewellery made of 18-karat gold was not favored as it was considered a poor

investment. Confidence in the local jeweler was the hallmark of the gold jewellery trade

in India. A jeweler or goldsmith in a local area had a fixed and loyal clientele. The buyer

had implicit faith in his jeweler. Additionally, the local jeweler catered to the local taste

for traditional jewellery.

However, since the late 1990s, there was a shift in consumer tastes: women were

increasingly opting for fashionable and lightweight jewellery instead of traditional

chunky jewellery. There was a rise in demand for lightweight jewellery, especially from

consumers in the 16 to 25 age group, who regarded jewellery as an accessory and not an

investment. The new millennium witnessed a definite change in consumer preferences.

According to Samrat Zaveri, CEO of Trendsmith, "Research shows that the Indian

jewellery sector is in the transition phase with consumers' desire for possession of

jewellery for its aesthetic appeal and not as a form of investment."

In October 2002, Trendsmith conducted a survey to understand the shifting needs,

motivations and aspirations of consumers in the jewellery market, and to identify new

trends and opportunities. The research study arrived at the following conclusions:

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The Indian market was witnessing an accelerated shift from viewing jewellery as an

investment to regarding it as aesthetically appealing ornaments. The focus had shifted

from content to design.

The younger generation was looking at trendy, contemporary jewellery and clearly

avoiding heavy, traditional gold jewellery.

The consumer wanted a wider selection at a single convenient location and expected an

international shopping experience.

The Indian consumer was willing to experiment with new designs.

The late 1990s and early 2000s, with the increase in the number of designers from design

schools such as the National Institute of Fashion Technology (NIFT), a wide range of

new designs.

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Strategies for Wooing Customers

Tanishq

In the late 1990s, players in the branded gold jewellery market formulated strategies for

wooing customers. According to Jacob Kurian (Kurian), Chief Operating Officer of

Tanishq, the challenges were many. As the jewellery market was highly fragmented,

lacked branding, and allowed many unethical practices to flourish, Tanishq worked hard

on a two-pronged brand-building strategy: cultivate trust by educating customers about

the unethical practices in the business and change the perception of jewellery as a high-

priced purchase. Said Kurian, "We are changing the attitudes of customers from blind

trust to informed trust."

To increase its market share, Tanishq formulated a strategy for luring people away from

traditional neighborhood jewelers. Tanishq's strategy was to create differentiation and

build trust.

According to Kurian, the first part of the strategy was "to provide a point of

differentiation in a highly commoditized category - which is the whole point of

branding." The second part of the strategy was to project Tanishq as an unimpeachable

mark of trust. According to Kurian, "If differentiation plays the role of primary attraction,

trust takes care of lifelong loyalty.

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One way to create differentiation was through design. The emphasis had to be on design

because local jewelers could offer to design any pattern according to the customer's

specifications. For a national brand a generic design concept with regional variations had

to be evolved.

For this, Tanishq set up a seven member in-house design team and also outsourced

designs from freelance designers. The designers travelled the length and breadth of the

country to get feedback on Tanishq's designs and learn about customer preferences. On

the basis of this feedback, each showroom could select the designs it would carry.

Source:http://www.icmrindia.org/free%20resources/casestudies/branded-gold-

jewellery1.htm

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Brand appeal

Branded jewellery has found a niche for itself in the tough Indian market, and its

increasing growth rates show that before long it will corner a significant share of the

jewellery market. WITH the retail industry in India burgeoning, several companies have

made inroads into the traditional jewellery industry, selling the product that was never

really "marketed" in "brand" new ways. So much so that branded jewellery is the new

mantra in the market, having rapidly acquired a niche over the past few years.

Some of the companies have even cleverly played on Indian customs and tradition to

advertise and establish their brands. Jewellery is now marketed for every occasion; even

Valentine's Day calls for "a special something [Gold ornaments] for a special someone".

In spite of pessimism about the marketability of branded jewellery in a country rooted in

buying ornaments from the traditional goldsmith, 30 brands were launched in 2004.

However, this does not take away from the fact that India is a tough market. According to

Mehul Choksi of the D'Damas and S.P.Jewellers Group, branded jewellery has witnessed

more than 50 per cent growth in the last three years. The Gold ornaments branded

jewellery, he says, is especially impressive with the segment witnessing a 20 per cent rise

annually as against 10 per cent a decade ago.

Although branded jewellery accounts for less than 10 per cent of the Rs.40,000-crore

jewellery market, a study has concluded that it is growing in popularity at a tremendous

pace of 20-30 per cent annually. Such is the potential of this industry that the consulting

firm McKinsey estimates the branded jewellery market in India to grow at the rate of 40

per cent per annum to touch Rs.10,000 crores by 2010.

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Big drivers of this kind of jewellery are the numerous malls opening across the country

with the emergence of an affluent class following the successful growth of the new

economy companies.

In the past decade, the country has seen a section of the population gaining exposure to

designer wear, fashion accessories and globally branded products. "Why not have

accesses to them?" asks Rima Khan, a brand executive. "Of course jewellery is harder to

brand but it has done well given the tough competition," she says.

One of the reasons branded jewellery is doing well is that now anyone can walk into a

mall, window shop and decides at their own what they would like to buy. The entire

culture of shopping has changed with attentive and helpful attendants and well-displayed

products. "You no longer have the sales staff who look at you and decide whether you are

worth serving or not. Everyone is a potential customer in the new market," says Rima

Khan. Yet the most important part of branded jewellery is that you can get a piece of

jewellery with a Gold ornaments for as little as Rs.1,500. And as branded is equated with

quality, you are assured of a good product. "Suddenly jewellery has become accessible

and affordable for all income brackets."

The shift was visible in 2004 when more than 30 players entered the market. Today there

are more than 50 brands, endorsed by models, film actors, sports celebrities and other

well-known faces. Some designs of these brands are so popular that local jewelers have

begun to copy them. "While it is a compliment to the industry that people like the

product, it could also affect the company because the cost may be lower," says Rima

Khan.

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The biggest challenge perhaps is in educating the consumer. Consumers need to

understand the four Cs - Cut, Carat, Color and Clarity. Companies that brand their

products place a lot of emphasis on educating and therefore helping the customer make

his purchase. "Buying jewellery is a very personal thing and we need to understand what

we are buying," says Seema Thakur, an attendant in a jewellery store at a mall in Sitapur.

"We have an average of 50 people on a week day and at least 100 on a weekend who

walk in and look around the shop. If you make the product look special, for instance,

appeal to a young gentleman to buy it for a loved one, he is often interested." And the big

selling point is: "If you can spend Rs.1,000 on two music CDs, why not spend for that

special person in your life."

The branded jewellery industry is still in its infancy, but increasing growth rates show

that in a short time it will corner a significant chunk of the market. Perhaps the best

compliment to the branded segment is that old jewellery showrooms have also begun to

design jewellery lines under a brand name.

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Indian Customers Showing Interest in Branded Jewellery

As per our recently published research report Indian Gems and Jewellery Market

Future Prospects to 2011, gems and jewellery market in India posses tremendous

potential for future growth since it has an added advantage of low production cost and

highly skilled labor that separate it from its competitors. It is projected that the overall

gems and jewellery market will grow at a CAGR of around 14% during 2009-2012.

India possesses worlds most competitive gems and jewellery market due to its low cost

of production and availability of skilled labor. As per our new research report Indian

Gems and Jewellery Market - Future Prospects to 2011, highly skilled and low cost

manpower, along with strong government support in the form of incentives and

establishment of SEZs, has been the major driver for the Indian gems and jewellery

market. The market also plays a vital role in the Indian economy as it is a leading foreign

exchange earner and accounts for more than 12% of Indias total exports. Currently the

Indian market remains highly fragmented, but is rapidly transforming into an organized

sector.

Currently, the industry is facing a slowdown due to global economic turmoil. But due to

various government efforts and incentives coupled with private sector initiatives, the

Indian gems and jewellery sector is expected to grow at a CAGR of around 14% from

2009 to 2012. At present, the Indian gems and jewellery market is dominated by the

unorganized sector; however, the trend is set to change in near future with the branded

jewellery market growing at an expected CAGR of more than 41% in the coming four

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years. As per our research report, with its consumption pegged at nearly 20%, India

remains worlds largest gold consumer and this share is expected to grow further.

Given the fact that majority of market share is occupied by family-owned jewelers, the

domination of unorganized segment still continues on the Indian gems and jewellery

market. However, this scenario is gradually changing with the entrance of organized

players who primarily focus on customer satisfaction by giving better and finer quality

products. Thus, consumers are now moving towards branded jewellery which is more

reliable in terms of quality and design.

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Traditional v/s Branded jewelers

Gems and Jewellery sales and marketing received a facelift with the advent of the

supermarket culture. As organized retail in India progresses to the next lap, Sadanand

Subramanian checks for Gold ornaments World with some precious Industry players

about their preparedness and strategy to achieve maximum mileage.

As India reacts to a retail revolution, the hitherto sober gems and jewellery industry

seems to have jumped on the bandwagon with a clear plan of action. The industry has

already made a mark by capturing 3 per cent of the organized retail space thanks to the

leadership shown by a handful of companies prepared to dazzle the world. While

organized retail under this segment impressively grows at over 50 per cent annually,

deliberations are on to arrive at what the industry in general must do to keep the customer

perennially delighted. The gems and jewellery market in India is estimated to be about

Rs.80,000 crores and the topmost agenda is to adopt the right strategy to accelerate its

growth keeping in mind current global dynamics. For now the industry faces keen

competition from other luxury goods such as electronic innovations and other personal

accessories. How far is it necessary for the gems and jewellery sector to seriously

consider it?

There is no doubt that things are a lot more organized in stores inside malls. They also

showcase and present products very attractively. But in my opinion, real sales take place

through traditional jewellery stores as jewellery is mainly sold on trust. Ghanshyam

Dholakia

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The urgency in the industry indicates rapid changes in the way goods are produced and

marketed. The evolution of new formats for sale and the massive technology and to some

extent, sizeable infrastructural developments taking place all foretell a prospect of growth

way beyond the current overall 10 per cent.

The Indian gems and jewellery industry boasts a strength of over 3 lakh jewellery

retailers across the length and breadth of this country. The huge number indicates

strength in itself but it also indicates a difficult diversity to grapple with when exploring

common grounds to formulate united approaches to tackle common concerns.

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Organized V/s Traditional Retail

Comparisons have always been drawn between organized retail and traditional retail.

Attempts have always been made to define them. Rooting for organized retail, Navneet

Goenka, Vice- Chairman of Goenka Gold ornaments and Jewels says, Right now

organized retail seems to have wrested an edge over traditional retail. Goenka argues

that the indications to this effect are seen in the manner large proportions of the society

are becoming lifestyle oriented, especially the younger generation. When considering

Indias statistic of having the highest percentage of youth in the world, this observation

cannot be taken lightly. Goenka says that the gems and jewellery sector is one of the

fastest growing segments. He adds, The young generation today has more disposable

income and they are willing to spend it on luxuries of choice.

Ghanshyam Dholakia, partner, Harikrisha Exports holds a different view with regard to

the tussle for supremacy over the two formats. There is no doubt that things are a lot

more organized in stores inside malls, he concedes. They also showcase and present

products very attractively. But in my opinion, real sales take place through traditional

jewellery stores as jewellery is mainly sold on trust. While explaining his point of view,

he adds, To the credit of traditional jewellery stores they also have upgraded themselves

in various ways including the overall ambience in the last five to ten years. They are also

changing themselves in the matters of presentation and the customer approach. Dholakia

says that in promotions and awareness creation, traditional retailers have realized its

importance thereof and have started allocating sizeable budgets for them. Consequently

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this section has already started reaping the benefits of quality promotions by creating

awareness about their products and services. Dholakia is some what emphatic with regard

to modern day organized retail citadels, In my personal opinion malls mainly serve the

purpose of promotion and show of products. I dont think a lot of gems and jewellery sale

takes place in malls.

Ashwin Shah, Head of Retail at C. Mahendra Exports holds a similar view with regard to

jewellery sales at modern shopping malls. He opines, The sales that take place in a mall

are of a very different kind. You can call it window shopping if you like. Shah

elucidates his point, The young generation often resorts to some impulse buying. He

stresses that serious buyers who are looking for high value purchases for occasions such

as weddings prefer to plan their jewellery shopping and eventually purchase from known

reputed jewelers.

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Changes in Gems & Jewellery Retail

Whilst organized retailers are ahead when it comes to taking care of the different aspects

in the marketing and sales value chain, those in traditional retail are also changing or

adapting to the needs of the modern customer in the areas of service and customer care.

They too are improving their style of presenting and dealing with customers. In the past,

jewelers didnt have much modern education. Today, there are a number of MBAs in

these families and amongst key personnel employed by them, points out Ghanshyam

Dholakia.

Retailing the Organized Way

While complementing the planned approach by organized retail, Mahesh Gandani-Head

Retail, Hari Krishna Exports says, We can see that times have changed and somewhere

along the way, the whole approach to marketing has also undergone transformation.

Gandani says that for branded Gold ornaments jewellery there is much planning

involved. He says meticulous strategy is charted out, and there is systematic presentation

of the product. All this goes on even as a product portfolio is made and promotions are

carried out. Gandani says creating brand awareness in the minds of the consumers is all

about adopting a few strategic steps. One might say the difference between traditional

and organized is just doing and doing by planning.

Recent developments have been both a boon as well as a bane. Actually, this has spurred

us on to become innovative with our offerings to suit the market. We have actually

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managed to reduce cost by adopting the strategy of reducing the volume of gold in some

of our products to make it affordable. Ashwin Shah

Speaking about organized retail, V. Muraleedharan, gems and jewellery professional and

visiting faculty at well known management institutes in Sitapur says, The number of

foreign brands coming into India is simply amazing. Brands that were only heard of a few

years ago are today very much within anyones reach here. Muraleedharan goes on to

explain, So far people who had only seen traditional offerings have started making

intelligent international comparisons with Indian products and this has brought about real

room for retail to grow a number of times.

Well known brands have always insisted that when they talk about a particular grade,

they are certified. Moreover the quality standard is confirmed and authorized and remains

the same in any laboratory in the world. Muraleedharan says, In my opinion the quality

a brand expresses, and the certification make it easy for a customer to confidently buy the

product.

The Value Proposition:

Today everyone is looking for value for money, a new design, a new concept, something

very creative and that is the concept of retail today. It is not like yesterday where the

shopkeeper or the manufacturer used to dominate. Today, the customer is going for

customized designs; the whole concept is changing, says Muralidharan. The consumer

is looking for value for money, when they buy Gold ornamentss. They like to buy from

reputed players like example Tanishq, S.P.Jewellers, Goenka, Nakshatra, Kiah and

Nirvana. All of whom have achieved very organized presence in the market today. Each

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one of them has a standard quality certification internationally and that is what is going in

the minds of the customer when they talk about buying from the organized sector.

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Research Methodology

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Research Methodology

Research is initiated by examining the secondary data to gain insight into the problem.

The primary data is evaluated on the basis of the analysis of the secondary data.

DEVELOPING THE RESEARCH PLAN

The data for this research project would be collected through questionnaire. A structured

questionnaire would be framed as it is less time consuming, generates specific and to the

point information, easier to tabulate and interpret. Moreover respondents prefer to give

direct answers. Both type of questions i.e. Open ended and closed ended, would be used.

COLLECTION OF DATA

a) Secondary Data:It was collected from internal sources. The secondary data was

collected from the articles, news papers, management books, and the internet.

b) Primary data: They were the main source of Primary data. The method of

collection of primary data would be direct personal interview through a structured

questionnaire.

SAMPLING PLAN

Since it is not possible to study whole population, it is necessary to obtain representative

samples from the population to understand its characteristics.

1) Sampling Units: would comprise of men and women.

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2) Research Instrument : Structured Questionnaire

SAMPLE SIZE

100 respondent

The primary data would be collected from

1) The population of SITAPUR city

The secondary data would be collected from:

1) Books

2) Magazines/ Project report

3) Internet

4) Articles

The questionnaires response format for the population would be close ended questions.

With a mix of question types varying from ranking, multiple choice to checklist

questions. The attitude of the respondents would be measured by itemized category

scales, pictorial scale.

Situation Analysis

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Contemporary Ti Design is a start-up company operating out of the owner's home.

Marketing will be key to raise visibility and awareness of Contemporary Ti Design and

their products. The basic market need is for unusual pieces of art jewelry crafted out of

titanium. Titanium is used because of its hypoallergenic qualities (ideal for necklaces

and earrings that touch the skin), its incredible strength, and light weight.

Market Summary

Contemporary Ti Design has a lot of information regarding the market and attributes

concerning their target customers. This information will be leveraged to continually

determine who the customer is, their specific needs, and how Contemporary Ti Design

can best communicate with them.

Market Needs

Contemporary Ti Design is providing its customers with innovative, creative, handmade

jewelry. It will provide the following benefits to their customers:

Selection: A wide range of jewelry styles, creations, and anodizing schemes.

Accessibility: Ti design sells direct to the consumer, through a network of

art/jewelry galleries, and at art fairs and shows.

Customer service: The patron will be impressed with the level of attention and

service that they receive. This level of service occurs during all transactions with

Ti designs from answering questions, to order taking, to warranty repairs.

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Competitive pricing: The pricing structure provides the consumer with a good

value for handmade jewelry and the craftsmen with a fair profit.

Market Trends

The market trend within the jewelry industry is a movement toward custom, unique

pieces as well as limited production items. This trend is in response to the climate of the

industry in the mid-nineties where the jewelry market was flooded with thousands of

identical pieces of jewelry. Within a few years, people were running into others who had

the same piece of jewelry. This element of commonality or "run of the mill-ness" fueled

demand for artistic jewelry that was in low production and unique, not something that

you would see very often.

Customers are using similar pieces of jewelry as a way of creating distinction from the

common population, a way to stand out. This desire is part of a broader desire to be

different. Contemporary Ti Design has leveraged this trend by creating unique pieces

that are distinct.

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Market Growth

The artistic jewelry segment of the larger jewelry industry is growing at a healthy 9%.

This growth can be attributed to the value that people place on having distinctive, unique

pieces of jewelry.

Another factor that is supporting the growth is the blending of art and jewelry.

Traditionally jewelry was ornate pieces made out of precious metals. The nice pieces

were a symbol of wealth or status. As long as the piece was made out of a precious

metal, there was value attributed to the piece just by virtue of what it was made out of,

regardless of the creativity of the actual piece. The younger population that recognizes

the aesthetic value of art work is now demanding jewelry to have artistic elements. In

essence it is art that you wear. These trends are helping the industry grow.

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SWOT Analysis

The following SWOT analysis captures the key strengths and weaknesses within the

company, and describes the opportunities and threats facing Contemporary Ti Design.

Strengths

Unique designs and construction methods.

Strong relationships with suppliers as well as galleries.

The flexibility to provide custom pieces.

A comprehensive distribution network from a robust website and a network of

galleries.

Weaknesses

A large portion of the target market that is unaware of Contemporary Ti Design's

products.

Limited time and budget to market the company to the segmented target

population.

The struggle to constantly create new designs.

The possible inability to meet demand due to the small size of the company.

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Opportunities

A growing market that, to a large degree, is unaware of Contemporary Ti Design.

The possibility to grow the size of the company so Steve is spending his time

creating and allowing others to deal with the administrative details.

The injection of fresh, creative designs in a somewhat stagnant industry.

Threats

A decrease of availability of raw materials due to demand from other industries.

Artistic copycats that enter the market and mimic Steve's designs.

A slowdown of the economy that will have a reduction on individual's

discretionary income.

Competition and Buying Patterns

As previously stated the jewelry industry is composed of thousand upon thousands of

people. Some work and distribute locally, others have national distribution systems set

up. Some artists will design products for larger companies to manufacture, others will

design and make the pieces themselves. This plan will have an abridged competition

section. This is because of the very large and distributed nature of artisan jewelry design,

the market is entirely too dispersed to have a complete catalog of the competition.

Competition takes the following forms:

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Artists creating designs that are manufactured on a large scale and distributed

nationally. The artists might be famous enough to have their own one-name studio

that creates designs and the product is made and sold under the larger companies

name. If the artist is not famous enough to have national name recognition, the

designers might belong to a firm that is hired to develop designs for a company

who will manufacture and sell the product.

A company that has their own designers in-house. In this case everything is done

internally, design, marketing and wholesaling. Another variation would be in-

house designers, marketers and wholesalers with the manufacturing contracted

out.

Artists such as Steve who design and make all of the pieces themselves, and then

do the wholesaling or retailing themselves. In essence, one-man shows.

The buying patterns of consumers fall typically into two types. Gifts and impulse

purchases. A gift purchase occurs when the buyer is looking for a gift for someone, sees

the art piece, and then purchases it. In this case the plan is to make a purchase, it is just

not known what or where that purchase will be made. The other buying pattern is an

impulse purchase. Someone will be shopping, they are not in need of anything, will see

the item and have to have it, buying it on the spot. One last pattern, that occurs less

frequently is if someone was looking for an "accessory" that would match an outfit and

happens to come across the piece of jewelry and buys it.

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Product Offering

Contemporary Ti Design manufactures titanium jewelry. The jewelry takes the form of

pendants, earrings, and pins. All of the jewelry is made out of titanium. All of the

products are designed and made by Steve.

Steve has chosen titanium because of its unique characteristics. It is stronger than steel,

yet similar in weight to aluminum. It is inert and hypoallergenic.

Most of the jewelry is left unfinished. The gray of the titanium by itself looks quite nice.

Some of the pieces are anodized. Anodizing adds a broad range colors to the titanium.

Anodizing occurs by immersing the titanium in electrically charged water or hooking up

the titanium to a electrical power source. When charged with electricity, a light film or

oxide will form on the surface of the titanium and this produces color.

Contemporary Ti Design's pieces are constructed out of titanium sheets. The material is

cut using a saw blade. The interior of the pieces are cut by piercing a small hole through

the interior and inserting a saw blade. All pieces are made form several pieces of

titanium. The pieces are held together by rivets. Small holes are drilled through the

different pieces and a small wire (rivet) is inserted through. The head and end of the rivet

is tapped with a hammer and that enlarges the end holding the pieces together. In addition

to the utility of the rivet, it is aesthetically pleasing in terms of the overall look of the

piece.

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Keys to Success

Customer service.

Unique designs.

Creativeness.

Professionalism.

Critical Issues

Contemporary Ti Design is still in the speculative stage as a start-up venture. Its critical

issues include continuing to take a modest fiscal approach, expanding at a reasonable

rate, not for the sake of expansion in itself, but because it is economically wise to.

Contemporary Ti Design will continue to build brand awareness to assure growth in the

customer and gallery base.

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Data Analysis

And

Interceptions

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Data Analysis and Interceptions

The objectives of the study was to understand the consumers buying preferences, the

reach of branded jewelers, brand awareness of various brands in the jewelers market.

Hence the first question was to find out the factors that guide a customer while

purchasing jewellery which dealt with nine attributes. The respondents where just asked

to tick on the attribute that guided that purchase decision. The result is as follows

1) Factors that guide you while purchasing jewellery?

Design Price Purity Image Variety Display

Promotion

and Offers

Service

Family

and

Friends

85 92 87 65 67 5 10 2 12

From the above results an observation can be drawn that out of the 100 respondents 92 of

them feel that price is a major factor that guides their purchase decision. Apart from price

purity also is considered important by 87 respondents, followed by design with 85

respondents feel it is an important factor. Variety and image are the other important

attributes that are considered while making a purchase decision. Attributes like family

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and friends, promotions and offers are still not very popular among the respondents

selected for this research. The attributes like service and display have been selected only

by 2 and 5 respondents respectively showing that these are the least important thing that

guide an individual to purchase jewellery.

The diagram below shows the guiding factor of the respondents while purchasing

jewellery in an ascending manner.

Question two dealt with the awareness of various brands of jewellery available in the

market. This question would help find out the percentage of the respondents who are

aware about branded jewellery.

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2) Are you aware of the various jewellery brands available in the market?

Yes No

95 5

From the above result it can be observed that there is 95% awareness about branded

jewellery. Out of the 95 respondents there is not a single respondent who is not aware

about branded jewellery.

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3) Tick against the brands that you are aware about in the jewellery market

The third question was to find out the popularity of 5 brands. The respondents were asked to tick

against the brands that they are aware about. The 5 brands considered here are Kisna, Tanishq,

Ddamas, Oyzterbay, and Trendsmith. These are the prominent brands for gold jewellery there are

many other players but the research is limited to gold jewellery.

Brands Kisna Tanishq

Zaveri

bazar

Bafna

No of

Respondents

70 80 100 100

From the above table and figure inference can be drawn that brands like Kisna, Tanishq are

known but the traditional SITAPUR outlets of Zaveri bazar and Bafna our preferred

The fourth question was to find out the reason why the respondent purchases jewellery that is the

reason for purchasing. Is it purchased as an investment option or on occasions, festivals or as a

fashion statement?

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4) You buy jewellery for

Investment Fashion Occasions Festivals

No of

Respondents

34 39 11 16

34 respondents buy jewellery for investment purpose, 39 respondents look out for fashion

or the latest trends while purchasing jewellery. 11 respondents buy jewellery during

occasions like weddings, anniversary, birthdays etc. and 16 respondents buy jewellery

during festivals.

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5) Which jewellery do you prefer?

Preference

Branded

Jewellery

Family

Jeweler

No of

Respondents

69 31

From the above table it can be observed that 69 respondents prefer branded jewellery and

31 respondents prefer family jewelers. This makes branded jewellery more popular

among the respondents.

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6) Have you bought any branded jewellery?

Out of the 100 respondents 78 have bought branded jewellery and 22 have not bought

branded jewellery. However even if these 22 respondents have not bought branded

jewellery they are aware of branded jewellery being sold and also know the brands by

their names. Since the sample consist of females and males the next set of question deals

with whether jewellery is bought for gifting purpose

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Branded Jewellery Bought Not boughtNo of Respondents 78 22

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7) Do you buy jewellery for gifting purpose?

Buy jewellery

for gifting

Yes No

No of

Respondents

30 70

30 respondents of the 100 buy jewellery for gifting purpose among these 30 12 are men.

70% of the respondents do not buy jewellery for gifting purpose.

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8) Where do you prefer to buy the jewellery from (for gifting)?

Branded Family jeweler

No of Respondents 14 16

14 respondents out of 30 buy branded jewellery for gifting and 16 out of 30 buy jewellery

from their family jeweler for gifting. Percentage wise 46% buy branded jewellery for

gifts and 54% buy jewellery for gifting from their family jeweler.

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9) Given below are few characteristics of traditional family jewelers (or local

jewellery retail stores). Please give each characteristic some points based on your

assessment, such that the points range from 1 to 10. (1 being the lowest and 10 being

the highest).

Characteristicsof

Family Jewelers

Convenient Trustworthy GoodInvestment Price

Traditional

design

Number of

points 660 895 775 870 745

The respondents were asked to give points on a scale of 1 to 10 where 10 was the highest hence

the total figures are arrived by adding the points given by all the 100 respondents. Hence if the

convenience characteristic was to be taken then it scored 660 out of the grand total of 1000.

The respondents have rated trust aspect of family jewelers high hence it has scored 895. The

respondents also feel that the price charged by the family jewelers is reasonable and hence have

given it decent points i.e. 870. While purchasing jewellery from family jewelers the respondents

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consider it to be a good investment. Family jewelers are popular for traditional designs and the

respondents have given it points that add up to 745.

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10)If you purchase branded jewellery then given below are a few characteristics. Please

give each characteristic some points based on your assessment, such that the points range

from 1 to 10. (1 being the lowest and 10 being the highest).

Characteristics of

branded jewellery

Wide range

of products

under one

roof

Shopping

experience

Trendy and

fashionable

jewellery

Price

Number of points 663 590 727 673

Respondents rate trendy and fashionable jewellery highest when it comes to branded jewellery. It

scores 727 out of 780. Price also according to the respondents is justified hence it scores 673.

Shopping experience wise branded showroom scores least among the other characteristics. This

could also be because when a customer goes to buy jewellery he may not be looking for the

experience but wanting good trendy jewellery which is priced appropriately.

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Findings

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Findings

Variety and image are the other important attributes that are considered while making a

purchase decision. Attributes like family and friends, promotions and offers are still not

very popular among the respondents selected for this research.

Most of the respondents there is not a single respondent who is not aware about branded

jewellery.

These are the prominent brands for gold jewellery there are many other players but the

research is limited to gold jewellery.

It can be observed that 69 respondents prefer branded jewellery and 31 respondents

prefer family jewelers. This makes branded jewellery more popular among the

respondents.

Out of the 100 respondents 78 have bought branded jewellery and 22 have not bought

branded jewellery. However even if these 22 respondents have not bought branded

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jewellery they are aware of branded jewellery being sold and also know the brands by

their names.

The respondents have rated trust aspect of family jewelers high hence it has scored 895.

The respondents also feel that the price charged by the family jewelers is reasonable and

hence have given it decent points i.e. 870. While purchasing jewellery from family

jewelers the respondents consider it to be a good investment. Family jewelers are popular

for traditional designs and the respondents have given it points that add up to 745.

Shopping experience wise branded showroom scores least among the other

characteristics. This could also be because when a customer goes to buy jewellery he may

not be looking for the experience but wanting good trendy jewellery which is priced

appropriately.

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Conclusion

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Conclusion

The conclusions that can be drawn from the study are:

1. The guiding factor behind purchasing jewellery is price, purity and design which

score the maximum. Other factors are variety, the brand image, influence of

family and friends. The least guiding factor for purchasing jewellery is the service

and display. Hence when a customer goes to buy jewellery they do keep the price

in mind followed by the purity and the design. Factors like service given the shop

or by the jeweler and the display do not have a very big impact on the customers.

2. Branded jewellery is extremely popular since it has 100% awareness. This may be

due to the wide spread publicity taken up by the various brands. Brands like Kisna,

Ddamas, and Tanishq are again the most popular brands. Trendsmith is a brand by

Tribhovandas Bhimji Zaveri (TBZ) which is not very popular.

3. As stated in the literature review that there was a shift in consumer tastes: women

were increasingly opting for fashionable and lightweight jewellery instead of

traditional chunky jewellery. Is proved to be correct by this research as

respondents have selected fashion over investment while purchasing jewellery.

Now jewellery is regarded as more of an accessory and less of an investment.

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4. Branded jewellery is bought by more than 3/4 th of the population. Hence it can be

said that the population is aware and has also tried these brands.

5. When jewellery is bought for gifting purpose the population still wants to buy it

from their family jewelers.

6. When it comes to family jewelers the level of satisfaction that the population has

on a scale of 1 to 10 is a little more than 7. These jewelers are also popular

because of the trust that they have with their customers and also because they

charge reasonable prices. These family jewelers are also popular for traditional

designs hence when a customer is specifically looking out for traditional jewellery

they approach these jewelers. The jewellery bought from these jewelers is

considered to be pure and a good investment.

7. The level of satisfaction that the population has towards branded jewellery is a

little higher than 8. These branded jewelers have become popular for latest and

trendy jewellery. Also the prices that the branded jewelers charge is justified and

they provide a wide range of products under one roof.

8. The level of satisfaction that the population has for branded jewellery is higher

then that for non branded jewellery making branded jewellery more popular.

9. The consumers prefer buying branded jewellery over non branded jewellery. This

has also been proved by using the sign test.

Hence to conclude branded jewellery is preferred over non branded jewellery.

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BIBLIOGRAPHY

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BIBLIOGRAPHY

1) http://www.icmrindia.org/free%20resources/casestudies/branded-gold-jewellery1.htm

2) http://www.flonnet.com/fl2223/stories/20051118003809800.htm

3) Source: http://www.rncos.com/Report/IM148.htm

4) http://www.pressabout.com/indian-customers-showing-internet-in-branded-jewellery-

24860/

5) http://www.scribd.com/doc/19901085/Jewellery-Companies-Comparison

6) http://www.commodityonline.com/news/Branded-gold-jewellery-shops-lure-Indians-

23837-3-1.html

7) http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=266902

8) http://www.Gold ornamentsworld.net/contentview.aspx?item=2465

9) http://travelersindia.com/archive/v5n2/v5n2-indian_jewelry.html

10) http://www.icmrindia.org/casestudies/catalogue/Business%20Strategy1/BSTR041.htm

Newspapers:

1) The Times of India

2) The Economic Times

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Annexure

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QUESTIONNAIRE

Name:

Telephone number: Age:

1. Factors that guide you while purchasing jewellery?

a. Design Price Purity Brand Image

b. Variety Display Promotions and offers

c. Service Family and friends influence

2. Are you aware of the various jewellery brands available in the market?

a. Yes No

3. Tick against the brands that you are aware about in the jewellery market

a. Kisna Tanishq Zaveri bazar Bafna

4. You buy jewellery for

a. Investment Fashion Occasions Festivals

5. Which jewellery do you prefer?

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a. Branded Family Jeweler

6. Have you bought any branded jewellery?

a. Yes No

7. Do you buy jewellery for gifting purpose?

a. Yes No

8. Where do you prefer to buy the jewellery from (for gifting)?

a. Branded Family Jeweler

10)even below are few characteristics of traditional family jewelers (or local jeweler

retail stores). Please give each characteristic some points based on your

assessment, such that the points range from 1 to 10. (1 being the lowest and 10

being the highest).

Characteristics of Family Jewelers Number of points

Convenient

Trustworthy

Good Investment

Price

Traditional design

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11)If you purchase branded jewellery then given below are a few characteristics.

Please give each characteristic some points based on your assessment, such that

the points range from 1 to 10. (1 being the lowest and 10 being the highest).

Characteristics of Branded Jewelers Number of points

Wide range of products under one roof

Shopping experience

Trendy and fashionable jewellery

Price