Marketing mix of Louis Vuitton Assignment Example | Topics and Well Written Essays - 1000 words

Marketing mix of Louis Vuitton - Assignment Example He was born in France in 1821 and joined to serve the emperor in 1852. Louis was a member of working class family being his forefathers as expert carpenters, milliners and farmers. The service period which he spent with the emperor introduced him to the styles of elite and the royal clientele who enjoyed his services even after his death. The Louis Vuitton Malletier (LVM) was established in 1854 in Paris, which is now considered the world-renowned lifestyle brand dealing in luxury leather (Louis Vuitton, 2013). The success story of the brand clearly reflects that it was not a coincidence rather Louis Vuitton achieved this peak position in the business world through the use of perfect marketing strategies (Peter Finocchiaro, 2010). LVM has always been very creative in introducing new products, since the start it has been catering to the needs the customers with the supreme quality services. LVM has been successfully using the marketing mix which led the company to acquire the second p lace in the Luxury Marketer Awards of 2010. The brand has utilized the multichannel strategies which have bridged the gap between history and status of French Fashion (Peter Finocchiaro, 2010) as per the BBC News LVM has increased its sales in the first three months of 2011 by 17%. Researchers have given the credit of successful operations of LVM to its Marketing Mix (Catarina Duque, 2012). Marketing Mix After the selection of the target market the prime concern of the management is to set the principles for marketing mix which is a combination of product strategies, pricing strategies, placing strategies and promotion strategies. These all are formulated on the basis of the preferences of target market (Louis E. Boone et al., 2011). Product LV has a wide range of products including leader goods, trunks, shoes, accessories, ornaments, watches, sunglasses and books. Initially the business was started with trunks and accessories for the travelers back in 1854. At that time people used to travel mostly through sea which required sufficient accessories. But now the LV is more concentrating towards the quality of products as the customers are more selective at present. The products of LV’s maintain high prestige and value among its customers which encourage them to buy the high priced goods (Catarina Duque, 2012). Price The distribution channel of LV enables it to control its prices. The management has complete control over the brand and the variables which might affect its operations such as the market rates, suppliers, distributers, etc. The main pricing strategy revolves around the quality maintenance which automatically leads to high price and due to this the products are never available on discounts or sale. However, recently the company has come up with some cheaper products which are offered to the exclusive customers. In countries other than France, LV offers its products with two different ranges; one is for the customers who can only afford to pay and the second is for the highly lavish and fashionable customers who actually look forward to buy LV labeled products. By making these two price ranges the company is able to approach the customers and also to differentiate between them (Catarina Duque, 2012). Place The LV’s products are exclusively available at their stores only which has added importance to its value for the customers as well as for the stakeholders who remain continuously engaged with the business