Louis Vuitton Marketing Strategy & Marketing Mix (4Ps)
Published by MBA Skool Team, Last Updated: August 08, 2021
Marketing Strategy of Louis Vuitton analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Louis Vuitton marketing mix, help the brand succeed.
Louis Vuitton marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Louis Vuitton Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Louis Vuitton Product Strategy:
The product strategy and mix in Louis Vuitton marketing strategy can be explained as follows:
Louis Vuitton is a premium luxury brand that sells finest products. It makes 100% pure leather products and pays utmost care to not let be the designs and make of the product easily imitable. Louis Vuitton has consciously chosen to only make handmade products and not make machine made. The company hires finest craftsmen and ensures that the product is completely unique. The company registers all its designs and product to avoid imitation. Louis Vuitton makes finest bags, unique dresses, designer shoes, and exquisite watches. They also have other range of products such as wallets, eyewear, jewelry, scarves, briefcases, belts, etc. All these cover the products in the marketing mix of Louis Vuitton. Despite the Covid pandemic, the brand managed to thrive its business globally after an initial setback.
Louis Vuitton Price/Pricing Strategy:
Below is the pricing strategy in Louis Vuitton marketing strategy:
Louis Vuitton uses value based pricing in its marketing mix for its products.
Since customers perceive the company’s products as high value products, the customers are willing to pay the amount. Louis Vuitton pays special attention to the quality of the material, the designs and make of the products. Thus, the cost price of the products eventually goes very high. Since the target customers of the brand are elite and upper middle class customers, Louis Vuitton uses premium pricing policy to price its products. The brand and its product are a style statement and hence customers easily pay the exorbitant prices.
Following is the distribution strategy in the Louis Vuitton marketing mix:
Louis Vuitton ensures exclusive distribution channel. Their products are not sold at any departmental stores. The company believes in having their own stores. Louis Vuitton have their highly specialized sales persons trained to treat their customers with utmost care. They treat their customers with high warmth and provide personalised attention. They have limited stores and hence the customer walks up to the store. The limited Louis Vuitton stores reduce costs for the company because the distribution channel is shorter.
They have 300+ stores and online shopping is possible only in the US.
Louis Vuitton Promotion & Advertising Strategy:
The promotional and advertising strategy in the Louis Vuitton marketing strategy is as follows:
Louis Vuitton employs famous musicians, actors and models in their marketing campaigns. Some of the well-known personalities who have been associated with the brand are Jennifer Lopez, Kate Moss, etc. Louis Vuitton Is a luxury brand and hence the celebrities make a better emotional connect with the celebrities. It has also employed famous celebrities like Andre Agassi, Steffi Graf in its marketing campaigns. Its primary source of promotion is print media. In cosmopolitan cities, magazines and billboards work the best for the company. The exclusiveness of the Brand is portrayed through fashion magazines that the elite class reads. Louis Vuitton does not use television as a medium of promotion primarily because it chooses to remain as a luxury brand and there by wants to be seen by a certain class of people. Thus it reaches out at its target audience directly rather than using multiple channels. Hence, this covers the Louis Vuitton marketing mix.
About Louis Vuitton:
Louis Vuitton is one of the oldest and the prominent brand in the fashion industry. It was founf in the year 1854 by Louis Vuitton who was leather designer. In the 20th century it has been a leader in fine leather industry. Dealing with luxurious products it has expanded its network in 50 countries establishing more than 460 stores. From the year 2006-2012 it has named as world’s most valuable in the list of luxury brands.
Louis Vuitton offers a perfect blend of handmade as well as machine made fine leather products for the niche segment of the consumers. As a part of conservation of environment and reduction of the greenhouse gases, Louis Vuitton employed architects and designed the stores that consume the most optimum energy bringing down the energy consumption by 50% between year 1995-2010 ensuring the attractive illumination in the stores.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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