Week Three EOC: Discussion Questions

1. Explain the VIP concept, and compare it to the traditional Four Ps.
"VIP concept: where V = Value, I = Identity, and P = Product Mix." The VIP concept can be compared to the four P's, as they are very similar concepts. It would definitely seems that VIP comes after the four P's (Product, Price, Place, Promotion). A business obviously must first have a product and decide how they want to sell it and for how much before they can get too in depth about the brand. VIP has to do with branding, and the four Ps have to do with sales.

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." 

A few examples of co-branding are laundry detergent adding the Febreze scent to the mix. Another example is toothpastes adding Arm and Hammer to their product. Companies use co-branding so that a customer can feel reassured they are getting quality of both brands.

3. How do licensing and brand extensions compare as growth strategies?

Brand licensing allows further distribution of  a brand. Brand extension is when a brand will ad more types of products t they product line to ad more variety to the product mix. Licensing tends to be more of risk.