1. Explain the VIP concept, and compare it to the traditional Four P's.
The marketing mix, also known as the Four Ps, has been the core of market analysis and communication strategies ever since the concept was introduced by Philip Kotler in the late sixties. The Four Ps stand for product, price, promotion, and place. The concept is built on the premise that any communication strategy is built on identifying product attributes, determining the right price, promotion mix, and channel of distribution.
The marketing mix, also known as the Four Ps, has been the core of market analysis and communication strategies ever since the concept was introduced by Philip Kotler in the late sixties. The Four Ps stand for product, price, promotion, and place. The concept is built on the premise that any communication strategy is built on identifying product attributes, determining the right price, promotion mix, and channel of distribution.
2. Explain the concept of co-branding; give examples.
The practice of using multiple brand names together on a single product or service. This form of alliance should have potential economic and commercial rewards to both parties. Co-branding agreements should cover marketing strategies, confidentiality issues, licensing specifications, warranties, payments and royalties, indemnification, disclaimers, and termination terms.
The practice of using multiple brand names together on a single product or service. This form of alliance should have potential economic and commercial rewards to both parties. Co-branding agreements should cover marketing strategies, confidentiality issues, licensing specifications, warranties, payments and royalties, indemnification, disclaimers, and termination terms.
3. How do licensing and brand extensions compare as growth strategies.
Fashion brands are an interesting breed of brands in that they are in a continuous state of innovation, transforming themselves at a constant rapid pace. Fashion products usually have a shorter life cycle than other products, and it is this level of innovation and creativity that brings excitement and interest to the brand. Innovation is always a source for growth.
Fashion brands are an interesting breed of brands in that they are in a continuous state of innovation, transforming themselves at a constant rapid pace. Fashion products usually have a shorter life cycle than other products, and it is this level of innovation and creativity that brings excitement and interest to the brand. Innovation is always a source for growth.
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