Applied brand management

Brand management should take cognizance of the need to develop mechanisms that promote the expected quality for prospective consumers and initiatives put out to bridge market demand gaps. The value proposition of the start-up brand seeks to deliver a unique product that will put out a substantive difference from competitors as a mechanism to attract consumer interest and loyalty. Competent brand management provides a significant development in enhancing a product market niche towards improving its sales volume and establishing some sustainable business model. The paper will take an analysis of how better to initiate a strategic Luxury Fashion Rental in the Singaporean market. The understanding of the Singapore luxury fashion market provides an essential contribution to the start-up to develop a strategic brand management system that will extensively enhance its market entry.

The rental model allows consumers to enjoy a variety of products without the threat of obsolescence since one can change the items from time to time. The burden of owning expensive luxury items is waived by the rental structure. The business set up is based on introducing a differentiation strategy focused on influencing consumer decisions to establish a unique brand which offers a new dimension on the luxury market in Singapore. The targeted market includes the emerging middle class in Singapore who require products that fit the start-up value proposition of high-end unisex items for different market segments (Gabrielli et al. Moreover, the company will offer additional services such as creating a mechanism makes consumers access different products conveniently through a strategic distribution channel for excellent service delivery.

The essence of the business is to establish a differentiation strategy that creates a unique model against competitors focused on high quality at relatively affordable prices. The market for luxury items in Singapore especially as an urban center is lucrative but coupled with aggressive competition from entities with long standing in the industry (Mariotti, & Glackin, 2015). The uptake of information communication technology to enhance their engagement with consumers will enhance their presences in the market and competitively edge out competitors of a significant market portion. The start-up is equally better positioned to overcome the competitive pressure since an analysis of their weaknesses will guide them on how to do things differently in the market to attract disgruntled consumers. The business prospects of the start-up in the market and industry are immense and the business plan provides a framework that will guide their overtures towards sustainable entry in the industry and yield considerable profitability.

Styletheory, for instance, has established an elaborate strategy that presents their luxury rental business at another level in the Singaporean market through the employment of innovative strategies in response to consumer changing tastes and preferences. The quality of their output is equally impressive attracting a market following of an estimated 50,000 active users with a potential customer base of an estimated two million potential market size. The two million people market stands untapped thereby presenting an opportunity for business since they are neither familiar about the product nor they find it as a new concept. The untapped market demonstrates the potential for the start-up to put in place a competent marketing plan that will create brand awareness and equity towards both attracting and retaining consumers for their luxury brand products.

The establishment of additional services to the consumers will play a pivotal role in enumerating the value created for the consumers thereby influencing their decisions in shifting allegiance to the new product. The plan also emphasizes on quality products and this brings aboard the mechanism that ensures customers' needs and expectations are met with due diligence (Dibb, Simkin, Pride, and Ferrell, 2005). Quality products can further be used by marketers as a tool to amass a sizeable number of customers over time and enhance substantive brand awareness. Pricing, place and promotion mechanisms besides quality products are some of the tools which most organizations rely on in establishing a market plan. Therefore, a good market plan should recognize quality products so that customers' expectations and needs are absolutely met and satisfied.

The brand management strategy should ensure that the best prices are accorded the company products based on the market situation. It should put clear the prices, place, and the product as well as the promotional strategies upon which the marketing team will act. Consequently, based on the significance that the brand management strategy put across, it is essentially necessary for a start-up to come up with a market plan for its luxury products in order to penetrate the dynamic Singaporean market which has well-established competitors. There are challenges in the Singapore market that range from changing tastes and preferences, competition, informed consumers and brand loyalty among consumers for established entities. These challenges require a serious insight into the market for a reliable market plan to be instigated.

Since the start-up has not penetrated the market to the acceptable level the management should identify their strength which will determine their ability to penetrate the market. One of the recommendations to the start-up is to develop an entrepreneurial spirit that would allow them to objectively undertake their market growth into the competitive Singapore rental luxury products arena. The entrepreneurial spirit would be evident from the organizational framework and design of their business plan that is knowledge based on the market factors to identify better ways of attaining business progression (Scarborough, & Cornwall, 2015). The growth of the business brand is highly depended on the effort put out by the entrepreneurs to ensure their focus on consumer satisfaction yields tremendous input towards attaining profitability within the organization.

The establishment of competent brand equity will be dependent on how the organization undertakes the initiative to apply their unique value proposition in meeting the market expectations. Additionally, the start-up should consider improving their marketing strategy to include a social media strategy and focus on identifying a brand ambassador that would pitch their product suitability across market segments. Dibb, S. , Simkin, L. , Pride, W. M. and Ferrell, O.  International Journal of Management Science and Business Administration, 1(8), 14-29. Gabrielli, V. , Grappi, S. , & Baghi, I. Does counterfeiting affect luxury customer-based brand equity?. Scarborough, N. M. , & Cornwall, J. R.  Entrepreneurship and effective small business management. , and Gilbert, S. M. Coordinated pricing and production/procurement decisions: A review. In Managing Business Interfaces (pp. Springer, Boston, MA.