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