The paper "Innovation Management of Rolex Company" is an outstanding example of a business case study. The primary focus of this paper is to create a clear outline of Rolex Company, the innovation management issues concerning the company, the innovation processes that can help the company to be the leading company in the watch market. Again, the paper will be covering the essential steps as well as strides that the firm has taken to ensure quality products as well as maintaining a good record in watch production. At the same time, the system used by the company as well as the partners of the company that has made Rolex be number one.
Strategic alliances, diffusion, brand strategy, technology transfer, developing an innovation culture, capability and market opportunities all this will be in analyzed about Rolex Company. However, discussing how the company has utilized and implemented the developing innovation culture in the enterprise will be the selected issue. Additionally, the paper will be covering the Intellectual property IP. Intellectual property is the valued asset of many successful companies. Consequently, it is vital to have methodologies that will be employed to manage the IP.
Nonetheless, there are many possibilities on how to tackle the problem as they will be analyzed in the paper. Also, the paper will cover the different types of IP issues that are always hectic for many companies and compare them with Rolex Company. IP is imperative for every company that wants to venture into the market. Again, IP plays a great role in maintaining top company positions globally as well as maintaining the reputation and quality production of a company (Chevalier and Lu). Background Information History of the company Rolex SA is a Geneva-based company active in the design, manufacture, distributes as well as servicing of wristwatches, together with its subsidiary Montres Tudor SA design (Davis, 2010.).
However, the brands of the watches are sold under Rolex and Tudor brands. The initiators of the company are Alfred Davis and Hans Wilsdorf of London, England in 1905, Nevertheless, even after founding the company in London, Rolex moved its headquarter in Geneva in 1919. Since founding, the company has experienced great moments of success.
Recently, Forbes ranked Rolex as No 72 globally in the list of a company with the most powerful global brands. Rolex is the biggest single luxury watch brand producing more than 2000 watches per day. Additionally, company revenue is estimated to be US$7.8billion. Hans Wilsdorf Foundation owns the company, and it is a private trust that does not pay tax (Park, 2016, ). In 1919, the pioneers left England for Geneva due to wartime taxes that were levied on luxurious imports. Again, high export duties on the silver and gold as they were the raw material used by the company to manufacture watches.
There, Wilsdorf named the company as Rolex Watch Company later to Montres Rolex and lastly Rolex, SA. However, after the death of his wife in 1944, he started the Hans Wilsdorf Foundation, which was a private trust in which Wilsdorf left all his Rolex shares, making sure that some of the company revenue goes to charity. Even after his death in 1945, the trust still runs the business. In December 2008, the CEO departed the company due to personal reasons. Though, the company denied having lost $800million the asset manager pleaded guilty of 32billion dollars worldwide Ponzi scheme incurring losses in their revenue (Walter, Walter, Gyö rgy gyorgy. walter@uni-corvinus. hu).
Rolex was awarded its first watch chronometer rating in the world.
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