Explain the VIP concept, and compare it to the traditional Four P's.
The VIP concept stands for value, identity and product mix. Value is the most important as it is the main proposal and ultimate reason for the purchase and existence of the product/entity. The identity refers to the brands personality and or visual identities or signals of the brand/entity. The product mix is the product and its attributes. The VIP is like the Four P's they both endorse the product as the core of the brand but the VIP adds the emotional values added to the product. Just like the Four P's its product mix is an integral part of the product but not the most important. "Evidently, the concept totally ignores the “brand” component and the emotional value created by the branding process" (Hamiede, 78).
The VIP concept stands for value, identity and product mix. Value is the most important as it is the main proposal and ultimate reason for the purchase and existence of the product/entity. The identity refers to the brands personality and or visual identities or signals of the brand/entity. The product mix is the product and its attributes. The VIP is like the Four P's they both endorse the product as the core of the brand but the VIP adds the emotional values added to the product. Just like the Four P's its product mix is an integral part of the product but not the most important. "Evidently, the concept totally ignores the “brand” component and the emotional value created by the branding process" (Hamiede, 78).
Explain the concept of co-branding; give examples.
Co-branding is the practice of using multiple brand names to promote one single product or service. It is an alliance to promote the product or service by having two well-known brand names come together. "It can enhance a brand's image and allows the brand to appeal to a new market through its association with other successful brand's" (86). A few examples are Stella McCartney for Adidas, Diane Von Furstenberg for Roxy, and Versace, Roberto Cavalli and Karl Lagerfeld have all co-branded with H&M in the past years.
How do licensing and brand extensions compare as growth strategies.
Both licensing and brand extensions enhance the popularity of a well-known brand further. The licensing can achieve the same way brand extensions can just under a different way. Licensing is just allowing your name, logo, trademark to be put on a product or service. Brand extension is offering different products and services under the same brand umbrella. "This introduces new sources of revenue and market expansion when the licensor might not otherwise have had the expertise or financial capability to enter such markets" (88).
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