Family Own Business Essay Example | Topics and Well Written Essays - 3500 words

Family Own Business - Essay Example However, the prime objective of the paper is to generate a transition plan for the company with an aim to increase its business’ success rate. Torrini: A Family Owned Business Torrini is remarked to be a dignified name in the family business sector of Europe and is based in Italy. It is one of the ancient family business firms in the county which has flourished for a period of six centuries. The firm produces various kinds of fashionable, high priced jewelleries ranging from rings and precious stones to luxurious watches and even perfumes (Torrini, n.d.). History of Torrini The establishment of Torrini as a jewellery designing, producing and marketing firm can be recognised during the 16th century. However, its roots lay in the 14th century, in 1369, when Jacopus Torrini the founder of the firm settled in Florence as a forger of armour. With the growth of the economy and also due to the transformation in the lifestyle preferences of the county people, Jacopus Torrini initiated to diversify his business in the production of unique and luxurious fine jewelleries (Torrini, n.d.). Since 600 years, the firm has provided a few noteworthy contributions to the creative industry in Italy and other economies of European region. Presently, it is categorised as one of the most prestigious and successful family owned businesses in the region. Subsequently, the management responsibilities have been solely on the family heirs. In other words, the skills, knowledge and creativity were handed down hereditarily to design Torrini products. The firm in the present context is supervised under the leadership traits of Frabrizio Torrini. The other family members having a... This essya stresses that while executing the transition plan the leaders should provide extensive consideration to the conflicts likely to arise among the family members including the potential heirs of the business. In this regard, the leaders need to depend entirely on their conscience and knowledge due to the fact that there are no specific theories prescribed to manage a family business and the conflicts arising during transitions. Torrini, as a brand holds remarkable potential to create strong impulse on the targeted customers. This paper makes a conclusion that family business groups have gained considerable significance in the modern era due to their remarkable inclusion in the economic growth. After the recent economic downturn, the western economies including the European economies have started considering family business units as a crucial element to stimulate their growth providing wider scope to the family business entities. However, the leaders of family business entities are often recognised as reluctant to adopt change due to the fear of losing control and/or disturbing the values preserved in the business’ operations. This can also be identified in the case of Torrini. On the contrary, in the case of Swarovski the business has adopted a modern and strategic technique to ensure the growth of the brand without disturbing the interests of the family leaders and the heritage of the brand providing its wider scope to prosper.

Goals and Objectives of Advertising Term Paper Example | Topics and Well Written Essays - 1000 words

Goals and Objectives of Advertising - Term Paper Example It is aimed at enlightening a large population at once within a stipulated amount of time and have positive impacts as the end results on the objective for which the advertisement was made in the first place, hence supplementing the role of sales representatives. An advertising organization as defined by the American Association, on the other hand, is an independent organization that specializes in developing people or business people who specialize in developing advertisement plans, advertisements, and other promotional tools (Johnson & Lee, 2005). In America the advertisement agencies field have developed gradually since its inception in the 1800s when advertising became a tool for organizations in the USA. Most effectively though in the 1860s with independent advertising agents present in the 1840s and 1850s. Free agents conducted advertisements in the 1840s who acted to advantage merchants, wholesalers and even manufacturers in their quest to reach larger consumer market both geographically and even nationwide. These agents were categorized as free agents who did more of freelancing advertisements the merchants or authorized agent who were acting on behalf of companies or organization with their full authority and support (Presbrey, 1968). They could not be relied upon though to relay the correct message as was required by the organizations they represented. Improvements were therefore necessary with the growth of the American economy and at a very fast rate. Advertisement developed from the 1840s agents to a situation whereby newspaper publishers then began to sell space for advertisement purposes to different advertiser for their advertisements, this being referred to as space jobbing (Presbrey, 1968). Â  All these however would come to change with the ingenious ideas and mind of one Volney B. Palmer, revolutionize business in the United States when he founded the nation’s first advertising agency in Philadelphia in 1841 (Crouse, 2010). He pioneered the formation of advertisement agencies and went on to engineer changes through the advertisement industry with actions like providing a level business field for every participant within the industry.