1.
Explain the VIP concept, and compare it to
the traditional Four Ps.
VIP stands for Value, Integrity and product mix. “The VIP model endorses the product as the core
of the brand and at the same time acknowledges the value-added elements
introduced by the branding process. As a mix, it offers a good base for
positioning, which in return is an effective base for any communicating
strategy.” (Hameide 78) The four ps are product, placement, promotion,
and price. These focus on the marketing aspect. It also focuses on the
communication strategies.
2.
Explain the concept of co-branding; give
examples.
“Co-branding is the practice of using
multiple brand names together on a single product or service. This form of
alliance can have potential economic and commercial rewards for participating
parties. “(Hameide 84-85) H&M does a lot of co-branding with designers like
Karl Lagerfeild and Versace.They even use celebrities like David Beckham for an
underwear line. It has become a huge hit and has brought in excellent amount of
revenue for their company. Other companies that co brand would be Nike who
worked Stella McCartney, Peyton Manning branded with Gatorade and RG3 with
Maybach.
3. How do licensing and brand extensions compare
as growth strategies?
Licensing is a great growth strategy because if you
license a brand that’s well known, you have a better chance of selling the
merchandise. Also if your product is being licensed that means that you will
get additional money from when its sold in other places besides your store. “Brand Extension refers to increasing
the range and type of product lines under the brand's umbrella.” (Hameide
89-90)
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