Lvmh Marketing

3649 Words15 Pages
Bespala, Y., Dmitrieva, M., Jackson, S. and Reutoi, N. LVMH Word Count – 3,154 words. Index Topic Page No. Introduction 3 Marketing in a Contemporary Context 4 Understanding Consumer Behaviour 6 Market Research 8 Segmentation, Targeting & Positioning 10 The Marketing Mix 12 Conclusion 14 References 15 Appendix (Including Additional Readings) 18 Introduction “There are four main elements to our business model – product, distribution, communication and price. Our job is to do such a fantastic job on the first three that people forget all about the fourth.” (Bernard Arnault, CEO of Moët Hennessy-Louis Vuitton. Taken from…show more content…
As such, LVMH has steered much of the focus of its central brand eastwards, to an area where consumers have more disposable income than ever and are ready and willing to embrace the influence of their Western counterparts – China. All the while, the company makes no substitute for quality by bringing the very same products to the Chinese market, making no concession in pricing, treating the Chinese market as that of a developed country, where demand for the service provision on offer from LV is growing faster than anywhere else. Understanding Consumer Behaviour Consumer decision-making is needs-based. Consequently, the process of understanding consumers does not so much rest on identifying the behavioural patterns of a group and then choosing to pitch a product to them, but rather on identifying the specific need which is common to certain people and accordingly striving to satisfy that need (Brady, 2010). Maslow would classify the specific need of those within LV’s target market as one related to ‘esteem’, or
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