Contemporary Brand Management Essay Example | Topics and Well Written Essays - 4000 words

Contemporary Brand Management - Essay Example ..a set of mental associations, held by the consumers, which add to the perceived value of a product or service† (Kapferer, 2008, pp. 10). The alliance ought to be exceptional, well distinctive, effective and affirmative. Brands act as a key attribute to differentiate its products or services from that of its competitors. It constructs a separate individuality for the company in favour of it from others. Brand is considered as the asset for an organisation as it augments the value of the product with the assistance of its outstanding salient features. A brand is intangible in nature as it does not possess the characteristic of being figured. Thus, it is quite different from being just a product, or a service or a commodity. It enhances the image of the corporation. Therefore, it is also different from a company. It has been witnessed that consumers review a product or service on the basis of the brand name that is allied with it. Branding aids in developing an elongated, vigoro us and emotional affiliation between the brand and the company. It divulges about the company and other essential information with context to the company internationally. The brand name in itself influences the purchaser to purchase the product. Branding facilitates a corporation to provide a clear definition of any product, position the product and distribute it to the prospect customer (Kapferer, 2008). Background Information about Rolex Rolex, the exquisite brand coined by Hans Wilsdorf and produced by Swiss watch making company at Bennie, brought forward a wonderful range of watches. Since ages, Rolex prolongs to sustain efficiently and also persists to be a strong position in the copious watch market. Rolex is assisting its company with an enlarged market share and a significant competitive advantage to sustain in the fiercely competitive global industry. It enhances its market position which is a factor that makes the brand an asset for the enterprise which segregates it from merely being a product, service or commodity. Rolex focuses on brand purity, trend, business presentation and constancy. These are the most important reasons that have made Rolex an astounding brand (Liebeskind, 2004). It has been seen that customers always evaluate and scrutinises a particular product on the basis of brand name. Similarly, Rolex having a superior brand name stimulates customers to spend on its product, although it has encountered various competitors as a consequence of globalisation, still it stands to be an internationally exclusive brand. The main competitors of Rolex include Citizen and Omega. The watches endowed by Rolex primarily focus on the sports person as their potential target customers as it deals with giving immense importance to luxury and deluxe products. It has also developed its brand on classic, fashionable and water resistant watches. The international players dealing with the similar nature of products and similar market segment may be regarded a s their competitors. It follows the scheme of premium pricing to distinguish its product from its contenders