Contemporary Brand Management report on (Rolex the luxury watches Essay

Contemporary Brand Management report on (Rolex the luxury watches brand) - Essay Example There have been diverse literatures that validate the success or demise of products and services due to ineffective strategies employed on the sophisticated elements needed for branding. At the same time there are organisations that have attained exemplary leadership and high quality corporate image through an interplay of crucial branding factors that promoted the products into a legendary platform status that survived tests of time. The objective of the management report is to evaluate the significant components and strategies used by Rolex, luxury watches in their Branding. The report will be structured in sections that would initially determine the significant theoretical frameworks for branding and a provision for background information for Rolex. Crucial data that affects to the brand’s target market, major competitors, and strategies will be discussed. Brand position, analysis, advertising, and management recommendations will subsequently follow by providing brief conce ptual backgrounds of each topic prior to investigating into respective applications of the concepts on the brand, Rolex. The brand management recommendation section will suggest an innovative idea that is perceived to increase brand awareness and consumer image with justifiable support from theories on branding. Section 1. The Brand Kotler (1980, p.366), defined a brand as â€Å"a name, term, sign, symbol, design or a combination of these that identifies the makers or seller of the product or services and to differentiate them from those of competitors†. McCarthy (1975) has used the exact same parallel definition with a disparity in the word ‘differentiate’ to ‘distinguish’ (p. 255) as a crucial element for branding. These theories however fail to capture the complexity and depth that branding involves. Brands are considered a significant part of decisions involving product development that organisations exert strategic efforts to creatively and inno vatively design the brand to identify the product and to differentiate them from others (McCarthy, 1975). It is differentiated from the company in terms of the identification it provides to the product, distinct from its manufacturer or producer. A company, as the manufacturer could be a producer of different products that require different brands to separate one from the other. One of the eminent functions of brands is to enable organisations to project a good image of prime quality for their products and therefore encourage clientele to make repeated purposes with convenience. There have been exemplary brands in contemporary markets that have continued to gain respect, loyalty and trust of the clients through time. For example as reported by Business Week the brands that belong to the best global brands is Rolex with a rank of 72 out of 100 and a value of $4,237 million (Business Week, 2006). According to the report, â€Å"Rolex remains the ultimate luxury brand worldwide, and wi th strong sales in China, its appeal continues to spread† (Business Week, 2006, par. 4). 1.1 Historical Background of Rolex The official website of Rolex traced its legendary success from the creative entrepreneurial talent of its founder, Hans Wilsdorf (Rolex: The Origins, n.d, par. 1). With ideas that started from the desire to make watches more precise with self-winding options and more professionalised to be used in diverse activities and

Globalisation. Its causes and results Essay Example | Topics and Well Written Essays - 3500 words

Globalisation. Its causes and results - Essay Example This framework is the international strategy or strategic planning which is formulated by senior managers and executives detailing decisions regarding key issues such as where and how to produce goods or services, what products to sell, where to sell, and how and where to get resources for the production process. They must also decide how to compete with competitors and the key success factors for the company and product. Firms enter new markets for various reasons such as increased competition, discovery of new foreign markets, reaction to domestic market changes among others. Whatever the reason, the managers must chose the right market entry strategy and align it to corporate objectives (Andexer, 2008). Different strategies are linked to different entry modes depending on the situation, financial, economic, and environmental factors. The role of timely accurate marketing research and analysis to guide decision making is increasingly becoming critical. Depending on its situation, a firm may choose to use export, joint venture, direct investment, franchising, licensing, mergers and Acquisitions or global supply chains to enter new markets. The paper is going to analyse the market entry strategies of NatWest Bank since 2008. Company Background The National Westminster (NatWest) Bank is the largest retail and commercial bank in the U.K. It was established in 1968 after a merger of National Provincial bank and Westminster and District bank and began its operations in 1970. It has 1600 branches and 3400 cash machines across Britain. It also operates more than 7.5m customers and 850000small business accounts. It also has separate operations at Coutts & Co, Ulster bank, and Isle of man bank. It has been expanding over time and became a part of the Royal Bank of Scotland Group Plc (RBS) which is the second largest bank in UK in terms of assets and the fifth largest in the world by market capitalisation in 2000. However, it operates as a distinct brand though most fun ctions were merged with those of RBS. The bank has many subsidiaries and offers both banking and insurance services to personal, business and commercial customers across brands and channels. It is regulated and authorised by Financial Services Authority and it is also a member of the British Bankers’ Association (Worldwide web, 2012). Global Business Development Strategy International strategy is a comprehensive framework to help a business in achieving its fundamental goals (Andexer, 2008). It is more complex than a single country strategy for a firm in that it involves dealing with complex issues such as differences in language, culture, labour, political, legal, and currency among others. The strategy is aimed at attaining global efficiency, international flexibility and worldwide learning and can take the form of home replication, multidomestic strategy, global strategy and transnational strategy (Tielmann, 2010). Home replication focuses on transferring competitive advan tage from home market to foreign market. In this case, the firm develops a strategy and uses it in international firms. It is used when the need for flexibility and global integration is low. A firm may also use multidomestic str