When Louis Vuitton Malletier, a French box maker and packer founded the company in the 19th century, little did he know that in the year 2016 it would have become a world-renowned brand. Arriving in Paris in 1837, Vuitton started working at a firm, which dealt with box making and packing, a highly respected field in the old days.
With his skillset, determination to succeed and the innovative ideas he possessed, he successfull
y opened his own workshop, soon after his marriage in 1854. Come today and Louis Vuitton deals in luxury goods, leather bags, shoes, jewellery, perfumes, sunglasses, watches etc. You name it they sell it! LVMH is currently the holding company that owns Louis Vuitton.
Louis Vuitton and their PRODUCTS!
What exactly is a PRODUCT? In the field of marketing, any service, good or idea that can be offered to a market to fulfill the needs and wants is known as a product. Product is classified as such that it helps consumers to enhance their lives or solve their problems. Classified as tangible and intangible, product is an important aspect in any firm’s success. Whatever that can be perceived by touch is tangible whereas whatever that can be perceived indirectly is intangible. Louis Vuitton’s products have both the traits of these elements. In the marketing mix, product plays an important role as well to justify how and why it affects the smooth working of a massive company. The company started with producing boxes but currently they sell a lot of variety of products. From women bags, shoes, perfumes and accessories they have, in the recent past successfully entered into men’s collection as well. The better you understand your market and targeted consumers, the better you can make your product. That’s exactly what LV did to emerge the world’s most valuable luxury brand in 2016.
LV is better than a BRAND!
Something, which is used to identify a product of a seller, be it a name, logo, symbol or design is known as a BRAND. The familiarity of a brand name is of utmost importance in the market, as consumers feel attached to it. In case of Louis Vuitton, their logo is understood to be one of the most iconic fashion logo to have been ever created.The LV shaped monogram, as it’s widely called was developed and designed by Louis Vuitton’s son, Georges Vuitton. The consumers relate to this logo as it showcases luxury and prestige. For the same reason, the company imprints this prestigious logo on all their products. Consumers think of a brand as a status symbol, thus providing customer loyalty in return.
One area, Louis Vuitton believes in, is BRAND ASSOCIATION. With their varying products, LV provides abstract product benefits as well as abstract emotional benefits. They provide consumers with a never seen before, well-designed, rich and classy products as well as satisfaction and pride.
Offering same brand name to different products falls under THE UMBRELLA APPROACH. With a colossal range of products in their kitty, Louis Vuitton believes in stronger brand associations. Due to this theory it gets easy for them to woo their loyal customers as well as attract new one. Once a consumer settles with a brand, it is quite feasible for a firm to create awareness amongst their faithfuls, which in the long run helps to curtail down the advertising expense as well.
With success, come more responsibilities!
What is the most important aspect in the luxury market? To stay hungry, to stay focused, to innovate from time to time and to swat aside any threat from the competitors. Loyal consumers always look forward to NEW PRODUCTS from their trusted brand. On the brand hand, brands are in look for new customers to increase their sales and stature.
The brand, Louis Vuitton believes in innovation and that exactly why they recently came up with their first fragrance collection in decades. Jacques Cavallier-Belletrud, the man behind the creation has brought a total of 7 new fragrances in the market for the French luxury brand. After focusing mostly on fashion and accessories they are looking to get their perfume mojo back in action. They are mostly floral looking at the tradition Grasse goes by in cultivating scented flowers, which are used for making perfumes.
Their focus is to attract women who are fond of fragrances and the brand itself is renowned one to do the needful. With a new product range, Louis Vuitton are looking to rise higher than ever before. Can they strike a chord this time around as well? We shall know sooner than later.
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Anonymous., (2016). Brand value of the leading 10 most valuable luxury brands worldwide in 2016. Statista. http://www.statista.com/statistics/267948/brand-value-of-the-leading-10-most-valuable-luxury-brands-worldwide/(Accessed on 29th August 2016)
Anonymous (2013)., Louis Vuitton logo. Famouslogos. http://famouslogos.net/louis-vuitton-logo/ (Accessed on 29th August 2016)
Eric Dontigney., (2015). What is Umbrella Positioning?. Yourbusiness. http://yourbusiness.azcentral.com/umbrella-positioning-25246.html (Accessed on 28th August 2016)
Josephine Fairley., (2016). From bags to bottles…Louis Vuitton unveils the ultimate It-spritz. Dailymail. http://www.dailymail.co.uk/home/you/article-3754508/From-bags-bottles-Louis-Vuitton-unveils-ultimate-spritz.html (Accessed on 28th August 2016)
Student Name – Amey Dattatray Ansurkar
Student ID – 216045154