FLAGSHIP
Let us first know the meaning of "flagship" itself.
Flagship is a nautical / naval term. It is commonly used in marine.
As defined by the Oxford Dictionary:
• "Flagship is the ship in a fleet which carries the commanding admiral".
• In the context of a company or an organisation, it means "The best or most important thing owned or produced by a particular organization".
WHAT IS A FLAGSHIP COMPANY / CORPORATION?
A flagship company:
• is a company which is the leading company in a group of companies;
• may have a number of subsidiary companies, but it's not a mandatory thing to be called or known as a flagship company of a group of companies;
• represents the brand image of the group in the market/industry;
• is the well-known company among all the companies in that group.
Example:
• Samsung Electronics is the flagship company of the Samsung Group.
• Hitachi Solutions is the flagship company of the Hitachi Group.
• Jindal SAW Ltd. is the flagship company of the O.P. Jindal Group.
• Hindalco Industries Ltd., the metals flagship company of the Aditya Birla Group.
Various other important terms on "Flagship" used in the industry in relation to companies are:
FLAGSHIP STORE
Meaning
• A Flagship store is usually the most important store of a company among various stores in a retail chain. Flagship stores are established to mainly promote the brand image of the company by showcasing of the products and/or services of the company in these stores in the most attractive way.
• Flagship store's premises are not only huge but also are best quality stores of the company as the company generally spends a lot of money for the establishment and maintenance of such stores.
• Its premises are mostly huge as it holds large quantity / high value merchandise in it with a variety of products.
• Its premises are mostly huge as it holds large quantity / high value merchandise in it with a variety of products.
• Flagship stores play a vital role in the retail brand strategy of a company.
• Here another important aspect to be noted is - flagship stores are generally opened in high profile locations.
A.k.a.
• Flagship stores are also called as Flagship shops.
Example
• Apple has built several stand-alone "flagship" stores in high-profile locations viz. Amsterdam, Berlin, Chicago, Edinburgh, Geneva, Hong Kong, London, New York, Osaka, Paris, Shanghai, Sydney, Tokyo, Toronto, Turin, and many other such kind of locations.
FLAGSHIP ASSET
Meaning
• An asset, which is the most important / profitable / valuable asset for a business.
• These assets are very important for the company as they contribute most to the bottom line of the company i.e. to the net earnings or net profit of the company.
• In most cases the worth of the asset is very high.
A.k.a.
• A flagship asset is also known as the "trophy asset" / "marquee asset" / "crown jewel".
Example
• A company has got 100 production units across the country, but out of them 5 units do really well and manufacture the maximum products with minimal damages. These 5 units is considered most valuable units by the company. Hence, these 5 units can be called as the Flagship Assets of the company.
• A company which is selling 10 different products, but among which 2 products are only contributing the most to the profit of the company. Then these 2 products would be called as the Flagship asset of the company.
FLAGSHIP BRAND
Meaning
• Flagship brands are generally the products and/or services of a company which are most popular in the market.
• These companies generally have several products and/or services but it is only the flagship brands whose sales have taken a peak in the market.
• The goodwill of these companies depends on the market credibility of their flagship brands.
A.k.a.
• Flagship asset is a similar term for Flagship brand.
Example
• "Coca-Cola" is the flagship brand of Coca-Cola Enterprises (CCE), even though CCE sells other most popular beverage brands in the world viz. Fanta, Sprite, etc.
FLAGSHIP PRODUCTS & SERVICES
Meaning
• Flagship product or service is the product or service of a company which identifies that company. That means among various other products or services a company offers, its flagship product or service is the well-known one among large section of consumers in the market.
• Flagship product represents the brand value/brand identity of a company.
• Flagship products are highly well designed products and are made very attractive as compared to any other product of the company.
• Companies also do a lot of promotions and advertisements to market their flagship products wide across the country or even internationally.
A.k.a.
• Flagship brand is a similar term for Flagship product.
Example
• Windows and Office of Microsoft Corporation
• iPod of Apple Inc.
• Oracle database of Oracle Corporation
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