Research LV

.docx

School

University of North Texas *

*We aren’t endorsed by this school

Course

1625

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

3

Uploaded by Dayazu94

Report
1. Purpose of the Research The purpose of the research is to provide a better understanding of how Louis Vuitton develops its brand meanings and how that interaction with its clients may affect consumer behavior and boost the company's market success. 2. Research Question Three overall research questions to address by this research include: What are the ways through which Louis Vuitton establishes its brand? How is the consumer behavior affected after experiencing Louis Vuitton brands? How does Louis Vuitton prompt a pleasant emotional reaction in its consumers? 3. Background Louis Vuitton is one of the most famous luxury companies in the world and is renowned for its magnificent leather products, iconic steamer cases, distinctive monogrammed purses, stunning timepieces, jewelry and cutting-edge garments. A skilled artisan and fashionista from France, Louis Vuitton established this business in Paris in 1854 (Dong, 2022). At 33, Louis began his artisanal workshop, where he started his business by manufacturing trunks for Empress Eugénie de Montijo, the spouse of Napoleon III (Kai, 2021). Therefore, the foundations of his prestigious organization, Louis Vuitton, were founded. The Louis Vuitton brand is known for its reliability, elegance, flair, invention, and legitimacy, and the logo was developed to reflect these attributes (Gurzki, 2020). The logo is a precise depiction of the brand image. Louis Vuitton's brand statement continues to be synonymous with style and ingenuity. Generally, a brand is a compilation of concepts and attributes that differentiate visual, ethical, and behavioral characteristics in the market and the minds of consumers (Helmold, 2022). In order to establish that Louis Vuitton's current rise is not a random occurrence but rather the direct consequence of the strategy, this study seeks to distil the guidelines and principles of strategic initiatives for the Louis Vuitton brands (Dong, 2022). This study will unquestionably be significant to enterprises undergoing brand reliability problems or those looking to solidify their brands. In order to guarantee that consumers can distinguish the Louis Vuitton brand in terms of character and traits, the brand's attributes must consistently be associated with the brand and prompt a pleasant emotional reaction in users. The goods and the cultural practices they symbolize integrate innovation and heritage while stimulating creativity and vision. In order to establish that Louis Vuitton's current rise is not a random occurrence but rather the direct consequence of the strategy, this study seeks to distil the guidelines and principles of strategic initiatives for the Louis Vuitton brands. This study will unquestionably be significant to enterprises undergoing brand reliability problems or those looking to solidify their brands. Up to 2010 Louis Vuitton used to report 10% plus growth rate each year but now it has been able to achieve double digit growth rates for less than four years (Kai, 2021). With China having entered the world’s top 5 largest luxury market, the Chinese account for nearly a third of luxury goods purchased globally. It is evident that trends in the market play a huge role in Louis Vuitton’s rising revenue growth during 2019 and 2020 (Li et al., 2021). This increase can be traced partly to the growing value of the brand and the change in demographic and consumer behavior. 4. Research Plan Steps This is the research plan steps used in this research paper: 1
The Introduction The Purpose Statement Research Questions and Hypotheses Quantitative Methods Qualitative Methods Mixed Methods Procedures Data Collection Data Analysis and Reporting 5. Concept(s) Defined There are 3 concepts of interest to study in this research plan, attitudes, incentives, and demographics. From the background information each of these concepts are defined as follows: I. Attitudes – As defined by TSU as opinions regarding purchasing or intending to purchase Louis Vuitton merchandise (Li et al., 2021). II. Incentives– Defined as motivations and reasons behind the purchasing of louis Vuitton commodities. III. Demographics- As defined by Kaolawanich as a brands apparel operational measures in the new market in pursuit of fresh customers (Kaolawanich et al., 2020). This study aims to show how the brand uses different strategies to seek new market. Illustration Source: (Kaolawanich et al., 2020). 6. Population Defined– Population is defined as adults between 18 and 50 that own a Louis Vuitton product and live in the USA. 7. Sample Size Determined- A method of convenience sampling will be used to identify a portion of the population that associates with the brand. 8. Variables To Measure Attitudes towards purchasing or intending to purchase Louis Vuitton merchandise Incentives, both the awareness and motivation for purchase of Louis Vuitton products. 2
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