Chapter
3
1.
Explain the VIP concept, and compare it to the traditional
Four Ps.
VIP stands for value, identity, and product mix. The VIP “model acknowledges the Four
Ps as an integral part of the product mix but not the sole driver of the
communication strategy and marketing effort for a brand” (Fashion Branding
Unraveled pg. 79). “If you examine the
VIP concept closely, you will realize that it does embody the definition of the
brand as being the sum of an identity and a value added to the product and its
mix of attributes” (Fashion Branding Unraveled pg. 79).
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” (Fashion Branding Unraveled pg.
85). H&M is one company that does a
lot of co-branding. They have co-branded
with the likes of Karl Lagerfield, David Beckham, and most recently,
Beyonce. It is a good way for both to get exposure and
increased profits. A percentage of
profits go to each brand.
3.
How do licensing and brand extensions compare as growth
strategies?
Macy’s is example
of brand extension they house many brands in their stores. Brands such as Tommy Hilfiger, Ralph Lauren,
and Michael Kors can be found at a Macy’s department store. Licensing is “simply defined as an agreement
through which the legal owner of a brand or a trademark (the licensor) gives
another party (the licensee) the legal rights to use the brand's name and
identity (or know how or their trademark), in return for a compensation often
known as a royalty fee” (Fashion Branding Unraveled pg. 88). It allows growth for the brand as far as
exposure in other places besides its own retail operation. It offers more traffic into Macy’s where
consumers may come for a certain brand or item and end up purchasing from Macy’s
own collection. It is a win-win
situation for both brands. 
No comments:
Post a Comment