Louis Vuitton Marketing Strategy & Marketing Mix (4Ps) | MBA Skool (2024)

FAQs

How do you answer the 4 Ps of marketing? ›

The 4 Ps of marketing is a model businesses use to control and optimize the essential factors of marketing a product or a service. The four components of the model are product (what you sell), price (how much you sell it for), place (where you sell it), and promotion (how you get customers).

Fashion Heritage

Like other masks with several years of existence, Luis Vuitton always focuses on highlighting this heritage through its marketing strategy. Similarly, to achieve this goal, it is responsible for projecting said heritage through the high price of its clothing and other products.

By systematically breaking down the strategy of the single Louis Vuitton luxury brand into the four Ps (Product, Price, Place, and Promotion), our aim of this study is to extract the rules or principles of its brand marketing that differ from that of general consumer goods.

Luxury Marketing – The 4 P's: Patricians, Parvenus, Poseurs and the Proletarians. Is a marketing model proposed by Han, Nunes & Dreze (2010) used to define customer segmentation in the purchase of luxury goods.

I believe this highlights why the product is the most important aspect of the four P's of marketing – Product, Price, Place, and Promotion. Without a product, you cannot implement any one of the other three elements of the marketing mix. And great products are easy to market as they serve both a need and want.

The 4Ps of product, price, place, and promotion refer to the products your company is offering and how to get them into the hands of the consumer. The 4Cs refer to stakeholders, costs, communication, and distribution channels which are all different aspects of how your company functions.

LV follows a differentiation strategy based on the generic strategies model where it develops high-quality products and sells them at a high price.

Our main aim is to retain our esteemed customers while attracting new loyalties from all over the world. Therefore, we focus on quality advertising and providing accurate information about our products to enhance credibility and trust.

Louis Vuitton has a distinct life stage in which its fashionable and high-quality clothing and accessories are worn by the wealthy and elite. Louis Vuitton's major target market is for wealthy people with a five-digit salary after required expenses have been paid and a home has been purchased.

What is Louis Vuitton diversification strategy? ›

LVMH Group implements a diversified brand strategy, including business diversification and product diversification. Products include champagne and wine, cosmetics and fra- grances, fashion leather goods, jewelry and watches, and business areas such as boutique retail and media.

Louis Vuitton followed a generic strategy of differentiation. It provided unique and superior value to customers by putting emphasis on product design and quality, the buying experience, and brand image. Consumers were willing to pay a premium for high quality and unique types of goods crafted by talented artisans.

The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives.

Summary: There are four primary categories of luxury shoppers: window shoppers, personal stylists, occasional splurgers, and big spenders. Luxury brands often fail their customers during the “consider” phase of their journey.

What is 4Ps? 4Ps is a poverty reduction strategy that provides grants to extremely poor households to improve their health, nutrition and education particularly of children aged 0-14.

The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution.

A marketing strategy is a plan where a company or firm implements promotional tactics with the aim to win prospective customers over to become customers. Some examples of marketing strategies include promoting brand awareness on the Internet via social media platforms and search engines.

The 4 C's of Marketing are Customer, Cost, Convenience, and Communication. These 4 C's determine whether a company is likely to succeed or fail in the long run. The customer is the heart of any marketing strategy. If the customer doesn't buy your product or service, you're unlikely to turn a profit.

LVMH Moët Hennessy Louis Vuitton is a multinational European luxury goods company.

The interlocking L and V with floral pattern was designed by Louis Vuitton's son, Georges Vuitton, in 1896 as a way to brand his nascent box and luggage business, and in the 120 years since, it's become one of the most recognizable marks in the world.

What makes Louis Vuitton different from other brands? ›

Handmade quality

The handmade quality of products is one of the founding principles of the Louis Vuitton brand. It began 167 years ago and it continues today. The items are made in the company's factories located in France by skilled workers who sometimes receive an 18-month to 2-year training.

Our products are designed to last from generation to generation, aligned with our vision of a truly timeless art de vivre.

Quality craftsmanship, heritage, and history are key factors of success for the luxury brand.

2.1.

largest economy. Because Chinese people have long been drawn to luxury culture, and China is also LV's greatest customer market. As of January 3, 2022, LV has nearly 50 stores in 27 provinces and cities in China (LV, 2022).

Elegant, subtle, comfort and classy are the personality traits that define this brand. It also cultivates within an individual an entrepreneurial spirit while leaving behind a hint of traditionalism. If you like a beautiful blend of heritage with modern innovativeness, Louis Vuitton is the brand for you.

LVMH's vocation is to ensure the development of each of its Maisons while respecting their identity and autonomy, providing all the resources they need to design, produce and market products and services defined by excellence and the highest quality.

“LVMH is confident in its ability to continue growth observed in 2022. The Group will pursue its brand development-focused strategy, underpinned by continued innovation and investment as well as a constant quest for desirability and quality in its products and distribution,” the company stated.

Channel Differentiation:

The company markets its product through its own stores, high end departmental stores throughout the world, which allows it to control product quality and pricing. It also allows LV to prevent counterfeit products entering its distribution channels.

The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability.

Created by Jerome McCarthy in 1960, the 4Ps encourages a focus on Product, Price, Promotion and Place.

What are the four main characteristics of luxury brands? ›

There are several characteristics that are often associated with luxury brands, including exclusivity, high quality, and exceptional customer service. Other common characteristics of luxury brands include a strong brand identity and image, a premium price point, and a focus on craftsmanship and attention to detail.

A luxury brand marketing strategy aims to create the highest brand value and pricing power by leveraging multiple brand elements, such as heritage, country of origin, craftsmanship, scarcity, and prestigious clients.

Changing customer expectations, social and environmental concerns, and geopolitical events fundamentally shift how luxury retailers must operate. To thrive in this new paradigm, luxury brands must rewrite the story of who they are and how they interact with their consumers.

Companies come up with a place strategy by determining where their target market shops. For example, a cookbook publisher can place their products in a bookstore to reach customers who are looking for books, but also in a kitchenware store to reach customers interested in cooking.

People. People, in the marketing mix, refers to anyone directly or indirectly involved in the business side of the enterprise. That means anyone involved in selling a product or service, designing it, marketing, managing teams, representing customers, recruiting and training.

The 4 Ps of marketing are a collection of four essential elements of a marketing campaign — namely product, price, promotion, and place. Also known as “the marketing mix,” the 4 Ps collectively create a framework for organizing and planning a marketing strategy for a product or service.

The marketing mix consists of the four key elements of a marketing strategy: product, price, place and promotion.

The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives.

An example of a promotion mix can be depicted in a company providing discounts on its products. Discounts are an example of sales promotion where a company provides a short-term incentive to encourage the increase in demand for commodities among consumers.

What are some examples of place strategy in marketing? Examples of place strategy in marketing include using wholesale centers, retail outlets, physical stores or online platforms as the channels for product placement and trade promotions.

How do you write a strategy example? ›

Importance of Marketing Mix

Helps understand what your product or service can offer to your customers. Helps plan a successful product offering. Helps with planning, developing and executing effective marketing strategies. Helps businesses make use of their strengths and avoid unnecessary costs.

Process. As for processes in the marketing mix, the process of your organisation can affect the performance of the service you provide, involving the delivery of your product to consumers. As a business, it's crucial to make sure you're easy to do business with, meaning you're efficient, helpful and timely.

Even products are being sold through retail outlets today. And if the retail outlets are not handled with the right people, the product will not be sold. Thus, the right people are important in product as well as service marketing mix in the current marketing scenario.