Laura on Fox Business: BP

Laura Ries discusses BP's brand problems stemming from its oil spill with Stuart Varney on the Fox Business channel on Thursday, May 6, 2010.

Comments

[Glenn]

Laura Interesting perspective as a consumer I have to say that BP's brand had no positive effect at all on me. Going down the road needing gas A shell station on my right and BP on the left both priced at $3.15 for gas - I and most people go right for convenience - not crossing traffic. (first determination for purchase as a consumer) Next option Shell on the left at $3.10 and BP on the right at $3.15 - most people go left (will cross traffic) - even though they only save $1 to $2. I don't believe a the positive brand of a "commodity" such as gas has any effect on a consumer's purchase at all. All the Madison avenue folks will tell you different and take your $$ for sure. Now what BP has is a negative brand - that however will impact people - they hate what BIG OIL BP has done to our shore - 9 out of 10 people will go out of their way to avoid BP. So yes they have a brand problem now - a negative one - they never had a valuable brand before. Gee how long before BP changes their name again....
Glenn
Co-Founder
http://EntrepreneursGuild.com

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