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 brandâ€™s target market, major competitors, and strategies will be discussed. Brand position, analysis, advertising, and management recommendations will subsequently follow by providing brief conceptual 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€œa 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 competitorsâ€. McCarthy (1975) has used the exact same parallel definition with a disparity in the word â€˜differentiateâ€™ to â€˜distinguishâ€™ (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 innovatively 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€œRolex remains the ultimate luxury brand worldwide, and with strong sales in China, its appeal continues to spreadâ€ (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
12/5/2019 0 Comments
Future of Nanotechnology - Research Paper Example
With the advancement in the field of nanotechnology, it has been noticed that even the human organs can be regenerated with the application of technology of nano-thin sheets. The regeneration of the human organs is done by layering the thin sheets of tissues which are specifically created with the help of nano-order thin sheets. It should also be noted that the risk of any medical complication have been relatively decreased by large as nano technology has come at the medical forefront. This is mainly because the layers are created by selecting the cells from the patientâ€™s own body (Newell-McGloughlin and Re 2011). This minimized the risk of transplantation reactions, which have been noted in the traditional approaches of regeneration of human organs. Another important fact to be noted here is that with the increase of medical therapies through the aid of nanotechnology, it is being considered that the pace of surgeries is more likely to increase. Consequently, this will help in the positive patient outcome and lowered risk of health complications (Newell-McGloughlin and Re 2011). Followed by the previously discussed applications of nanotechnology in human life, it should also be discussed that nanotechnology has also made a great contribution in the automobile industry. The reward of the application of nanotechnology in the field of automobile is its light weight of automobiles. Nanotechnology is also useful to produce hydrogen ions from fuels such as, menthol in order to reduce the cost of catalysts in fuels. Intellectuals have noticed that companies with the help of nanoparticles started making batteries. There are two types of batteries on which companies are working these days (Dvorsky 2012). Convention batteries, which will efficiently work, after charging it for a long time and another one is a battery which can be charged in short time, but it works for many hours. Fuel consumption has also been reduced with the help of advancement in nanotechnology. It helps to produce fuel for low-grade raw material, which helps increase the mileage of engines. Moreover, researchers have observed that space flights have become more practical and advanced with the help of nanotechnology (Dvorsky 2012). c. Nanotechnology and Micro machines: Currently, researchers have noticed that nanotechnology has given rise to micro robotic system and development of this system can be observed
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