Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
Sales & Marketing
Strategy / MBA Resources
Case Study SWOT Analysis Solution
Case Study Description of Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context)
Abstract (Maximum of 2,000 Characters): Briefly describes content of case. There is an emergence of a new segment in the Indian context - Young women in urban India, who are educated, independent, driven towards professional goals adopting a modern lifestyle, even while retaining their ethnic cultural values. This segment is enthusiastic about using brands whose symbolic meanings are aligned with their self-concepts, as it would enhance their very unique self-expression. Raga was the first ever watch brand in the world that was exclusively launched for women, by Titan Industries Limited. Raga was positioned as an ethnic watch for the sophisticated Indian woman, embellished with striking symbolism from the culture of India. Beauty, Sensuality and Feminity were the core values of Raga that were reflected in the brand's positioning .Tanishq was another pioneering brand from the same company that entered as a branded player in a context where the Indian jewelry market was highly unorganized. Tanishq offered professional work-wear jewelry as well as traditional jewellery that women wore for Indian rituals, capturing the evolving women who wore professional as well as traditional jewelry based on the context. Women associated appropriate as well as beautiful looks with Tanishq jewelry. The case explores if the application of psychographics to brands could be taken to the next level - how can a company with similar symbolic brands (Raga watches and Tanishq jewelry) in different categories appeal to the target segment that may have a similar psychographic profile. Some of these challenges include - Should similar appeals be sustained and strengthened? Would such an appeal be favorable to both the brands? Should the positioning of either brand be modified? How do the appeals impact the formation of groups (reference groups) involved with these brands? Can behavioral theories be useful for such challenges of synergizing the appeals of Raga and Tanishq?
Authors :: S. Ramesh Kumar, Shilpa S., Krishna G. Kumar
Swot Analysis of "Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context)" written by S. Ramesh Kumar, Shilpa S., Krishna G. Kumar includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Tanishq Raga facing as an external strategic factors. Some of the topics covered in Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) case study are - Strategic Management Strategies, Emerging markets and Sales & Marketing.
Some of the macro environment factors that can be used to understand the Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) casestudy better are - – central banks are concerned over increasing inflation, increasing energy prices, banking and financial system is disrupted by Bitcoin and other crypto currencies, increasing commodity prices, increasing inequality as vast percentage of new income is going to the top 1%, talent flight as more people leaving formal jobs, wage bills are increasing,
challanges to central banks by blockchain based private currencies, supply chains are disrupted by pandemic , etc
Introduction to SWOT Analysis of Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context)
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Tanishq Raga, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Tanishq Raga operates in.
According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.
SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix
SWOT analysis of Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) can be done for the following purposes –
1. Strategic planning using facts provided in Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) case study
2. Improving business portfolio management of Tanishq Raga
3. Assessing feasibility of the new initiative in Sales & Marketing field.
4. Making a Sales & Marketing topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Tanishq Raga
Strengths Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Tanishq Raga in Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) Harvard Business Review case study are -
Organizational Resilience of Tanishq Raga
– The covid-19 pandemic has put organizational resilience at the centre of everthing that Tanishq Raga does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.
High switching costs
– The high switching costs that Tanishq Raga has built up over years in its products and services combo offer has resulted in high retention of customers, lower marketing costs, and greater ability of the firm to focus on its customers.
Diverse revenue streams
– Tanishq Raga is present in almost all the verticals within the industry. This has provided firm in Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) case study a diverse revenue stream that has helped it to survive disruptions such as global pandemic in Covid-19, financial disruption of 2008, and supply chain disruption of 2021.
Operational resilience
– The operational resilience strategy in the Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) Harvard Business Review case study comprises – understanding the underlying the factors in the industry, building diversified operations across different geographies so that disruption in one part of the world doesn’t impact the overall performance of the firm, and integrating the various business operations and processes through its digital transformation drive.
Cross disciplinary teams
– Horizontal connected teams at the Tanishq Raga are driving operational speed, building greater agility, and keeping the organization nimble to compete with new competitors. It helps are organization to ideate new ideas, and execute them swiftly in the marketplace.
Strong track record of project management
– Tanishq Raga is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
High brand equity
– Tanishq Raga has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Tanishq Raga to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Training and development
– Tanishq Raga has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) Harvard Business Review case study by analyzing – employees retention, in-house promotion, loyalty, new venture initiation, lack of conflict, and high level of both employees and customer engagement.
Effective Research and Development (R&D)
– Tanishq Raga has innovation driven culture where significant part of the revenues are spent on the research and development activities. This has resulted in, as mentioned in case study Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Innovation driven organization
– Tanishq Raga is one of the most innovative firm in sector. Manager in Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Successful track record of launching new products
– Tanishq Raga has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Tanishq Raga has effective processes in place that helps in exploring new product needs, doing quick pilot testing, and then launching the products quickly using its extensive distribution network.
Highly skilled collaborators
– Tanishq Raga has highly efficient outsourcing and offshoring strategy. It has resulted in greater operational flexibility and bringing down the costs in highly price sensitive segment. Secondly the value chain collaborators of the firm in Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.
Weaknesses Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) are -
Skills based hiring
– The stress on hiring functional specialists at Tanishq Raga has created an environment where the organization is dominated by functional specialists rather than management generalist. This has resulted into product oriented approach rather than marketing oriented approach or consumers oriented approach.
Aligning sales with marketing
– It come across in the case study Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) that the firm needs to have more collaboration between its sales team and marketing team. Sales professionals in the industry have deep experience in developing customer relationships. Marketing department in the case Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) can leverage the sales team experience to cultivate customer relationships as Tanishq Raga is planning to shift buying processes online.
Workers concerns about automation
– As automation is fast increasing in the segment, Tanishq Raga needs to come up with a strategy to reduce the workers concern regarding automation. Without a clear strategy, it could lead to disruption and uncertainty within the organization.
High operating costs
– Compare to the competitors, firm in the HBR case study Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) has high operating costs in the. This can be harder to sustain given the new emerging competition from nimble players who are using technology to attract Tanishq Raga 's lucrative customers.
Slow to strategic competitive environment developments
– As Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) HBR case study mentions - Tanishq Raga takes time to assess the upcoming competitions. This has led to missing out on atleast 2-3 big opportunities in the industry in last five years.
Slow decision making process
– As mentioned earlier in the report, Tanishq Raga has a very deliberative decision making approach. This approach has resulted in prudent decisions, but it has also resulted in missing opportunities in the industry over the last five years. Tanishq Raga even though has strong showing on digital transformation primary two stages, it has struggled to capitalize the power of digital transformation in marketing efforts and new venture efforts.
High dependence on star products
– The top 2 products and services of the firm as mentioned in the Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) HBR case study still accounts for major business revenue. This dependence on star products in has resulted into insufficient focus on developing new products, even though Tanishq Raga has relatively successful track record of launching new products.
High bargaining power of channel partners
– Because of the regulatory requirements, S. Ramesh Kumar, Shilpa S., Krishna G. Kumar suggests that, Tanishq Raga is facing high bargaining power of the channel partners. So far it has not able to streamline the operations to reduce the bargaining power of the value chain partners in the industry.
Capital Spending Reduction
– Even during the low interest decade, Tanishq Raga has not been able to do capital spending to the tune of the competition. This has resulted into fewer innovations and company facing stiff competition from both existing competitors and new entrants who are disrupting the industry using digital technology.
Lack of clear differentiation of Tanishq Raga products
– To increase the profitability and margins on the products, Tanishq Raga needs to provide more differentiated products than what it is currently offering in the marketplace.
Need for greater diversity
– Tanishq Raga has taken concrete steps on diversity, equity, and inclusion. But the efforts so far has resulted in limited success. It needs to expand the recruitment and selection process to hire more people from the minorities and underprivileged background.
Opportunities Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities highlighted in the Harvard Business Review case study Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) are -
Redefining models of collaboration and team work
– As explained in the weaknesses section, Tanishq Raga is facing challenges because of the dominance of functional experts in the organization. Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) case study suggests that firm can utilize new technology to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Reconfiguring business model
– The expansion of digital payment system, the bringing down of international transactions costs using Bitcoin and other blockchain based currencies, etc can help Tanishq Raga to reconfigure its entire business model. For example it can used blockchain based technologies to reduce piracy of its products in the big markets such as China. Secondly it can use the popularity of e-commerce in various developing markets to build a Direct to Customer business model rather than the current Channel Heavy distribution network.
Increase in government spending
– As the United States and other governments are increasing social spending and infrastructure spending to build economies post Covid-19, Tanishq Raga can use these opportunities to build new business models that can help the communities that Tanishq Raga operates in. Secondly it can use opportunities from government spending in Sales & Marketing sector.
Manufacturing automation
– Tanishq Raga can use the latest technology developments to improve its manufacturing and designing process in Sales & Marketing segment. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.
Identify volunteer opportunities
– Covid-19 has impacted working population in two ways – it has led to people soul searching about their professional choices, resulting in mass resignation. Secondly it has encouraged people to do things that they are passionate about. This has opened opportunities for businesses to build volunteer oriented socially driven projects. Tanishq Raga can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Sales & Marketing industry, but it has also influenced the consumer preferences. Tanishq Raga can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Better consumer reach
– The expansion of the 5G network will help Tanishq Raga to increase its market reach. Tanishq Raga will be able to reach out to new customers. Secondly 5G will also provide technology framework to build new tools and products that can help more immersive consumer experience and faster consumer journey.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Tanishq Raga in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Sales & Marketing segment, and it will provide faster access to the consumers.
Changes in consumer behavior post Covid-19
– Consumer behavior has changed in the Sales & Marketing industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Tanishq Raga can take advantage of these changes in consumer behavior to build a far more efficient business model. For example consumer regular ordering of products can reduce both last mile delivery costs and market penetration costs. Tanishq Raga can further use this consumer data to build better customer loyalty, provide better products and service collection, and improve the value proposition in inflationary times.
Buying journey improvements
– Tanishq Raga can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) suggest that firm can provide automated chats to help consumers solve their own problems, provide online suggestions to get maximum out of the products and services, and help consumers to build a community where they can interact with each other to develop new features and uses.
Using analytics as competitive advantage
– Tanishq Raga has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in the sector. This continuous investment in analytics has enabled, as illustrated in the Harvard case study Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Tanishq Raga to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Use of Bitcoin and other crypto currencies for transactions
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Tanishq Raga in the consumer business. Now Tanishq Raga can target international markets with far fewer capital restrictions requirements than the existing system.
Remote work and new talent hiring opportunities
– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Tanishq Raga to expand its talent hiring zone. According to McKinsey Global Institute, 20% of the high end workforce in fields such as finance, information technology, can continously work from remote local post Covid-19. This presents a really great opportunity for Tanishq Raga to hire the very best people irrespective of their geographical location.
Threats Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) are -
Regulatory challenges
– Tanishq Raga needs to prepare for regulatory challenges as consumer protection groups and other pressure groups are vigorously advocating for more regulations on big business - to reduce inequality, to create a level playing field, to product data privacy and consumer privacy, to reduce the influence of big money on democratic institutions, etc. This can lead to significant changes in the Sales & Marketing industry regulations.
Consumer confidence and its impact on Tanishq Raga demand
– There is a high probability of declining consumer confidence, given – high inflammation rate, rise of gig economy, lower job stability, increasing cost of living, higher interest rates, and aging demography. All the factors contribute to people saving higher rate of their income, resulting in lower consumer demand in the industry and other sectors.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context), Tanishq Raga may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Sales & Marketing .
Aging population
– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.
High dependence on third party suppliers
– Tanishq Raga high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.
Technology disruption because of hacks, piracy etc
– The colonial pipeline illustrated, how vulnerable modern organization are to international hackers, miscreants, and disruptors. The cyber security interruption, data leaks, etc can seriously jeopardize the future growth of the organization.
High level of anxiety and lack of motivation
– the Great Resignation in United States is the sign of broader dissatisfaction among the workforce in United States. Tanishq Raga needs to understand the core reasons impacting the Sales & Marketing industry. This will help it in building a better workplace.
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Tanishq Raga in the Sales & Marketing industry. The Sales & Marketing industry is already at various protected from local competition in China, with the rise of trade war the protection levels may go up. This presents a clear threat of current business model in Chinese market.
Backlash against dominant players
– US Congress and other legislative arms of the government are getting tough on big business especially technology companies. The digital arm of Tanishq Raga business can come under increasing regulations regarding data privacy, data security, etc.
Increasing wage structure of Tanishq Raga
– Post Covid-19 there is a sharp increase in the wages especially in the jobs that require interaction with people. The increasing wages can put downward pressure on the margins of Tanishq Raga.
New competition
– After the dotcom bust of 2001, financial crisis of 2008-09, the business formation in US economy had declined. But in 2020 alone, there are more than 1.5 million new business applications in United States. This can lead to greater competition for Tanishq Raga in the Sales & Marketing sector and impact the bottomline of the organization.
Shortening product life cycle
– it is one of the major threat that Tanishq Raga is facing in Sales & Marketing sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Capital market disruption
– During the Covid-19, Dow Jones has touched record high. The valuations of a number of companies are way beyond their existing business model potential. This can lead to capital market correction which can put a number of suppliers, collaborators, value chain partners in great financial difficulty. It will directly impact the business of Tanishq Raga.
Weighted SWOT Analysis of Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants.
We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –
First stage for doing weighted SWOT analysis of the case study Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.
Second stage for conducting weighted SWOT analysis of the Harvard case study Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.
Third stage of constructing weighted SWOT analysis of Raga and Tanishq - Symbolic Linkages between Brands (The Indian Context) is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Tanishq Raga needs to make to build a sustainable competitive advantage.
