Marketing Mix - Louis Vuitton

Extract

[...] Its marketing mix made the company what it is today. However, its policies or the 4 Ps can still be improved for better results. A. For product policy It would be better for the company to grant benefits to its customers for the purchases made. For example, the granting of guarantees, deliveries or credits, after-sales services, online help services, etc. Despite its diverse product line, Louis Vuitton will have to adapt to the market trend at a given time. It will therefore be necessary to identify the opportunities offered by the market and manufacture new products. [...]

[...] The price of the finished product is always set by Louis Vuitton. Its sellers and distributors to customers buy the products at a low price and resell them with a free set of profit margins. Louis Vuitton sets the price of its products according to their values. Because the products are of high quality, the high prices make customers feel special and worthy when they are in possession of a branded product. C. Point of Sale Louis Vuitton has two distribution channels for its products. [...]

[...] Bloggers will be able to post the brand's products on their pages, and popular TV celebrities will be able to show off Louis Vuitton products during commercial breaks. Louis Vuitton can also launch an advertising campaign that sends the same strong message to customers using all forms of media. In this way, Louis Vuitton products will be more present in the minds of customers. Finally, the brand can also develop its relationship with customers. Start collecting customer data and then sending them messages via email or SMS. This may result in purchases in the future. [...]

[...] Also, it is important that the website is constantly improved to make it easier to use. In addition, there is the possibility that the company will sell its products to large wholesalers directly. In recent years, the number of such wholesalers has increased and they can attract a large customer base. This is an effective way to increase sales. Finally, Louis Vuitton can think of setting up its own retail stores. In this way, the company will no longer have to do with wholesalers and, therefore, the margins granted to regular resellers will disappear. [...]

[...] Usually, when we talk about the marketing mix, it refers to the 4 Ps. These are Product, Price, Promotion and Place. The marketing mix must be able to facilitate the achievement of the objectives set and pursued in the marketing strategy. It is therefore important to point out that the decisions are taken in each policy (product, price, communication and distribution) must be consistent with the others. There is, therefore, interdependence between the different policies. For a luxury brand like Louis Vuitton, for example, the price of the product must correspond to its quality. [...]