Marketing Concepts And Practice Assignment - 1889 Words

Marketing Concepts and Practice Assignment 3 Mahfam Khalilian Marymount University As the article mentioned Louise Vuitton (LV) is one of the most famous and recognizable brands in the world. Louis Vuitton opened up his first store in 1854 in Paris and sold handmade excellent value trunks and luggage (Kotler Keller, 2012). However, the label is more famous for its LV monogram, which is presented on all the recognizable leather items, purses, shoes, watches, jewelries, sunglasses and accessories. Louis Vuitton is one of the highest ranked luxury brands in the world. Today Louis Vuitton â€Å"holds a brand value of $26 billion according to Forbes and is ranked the 17th most powerful brand according to Interbrand† (Kotler Keller, 2012). However, the question is â€Å"How does an exclusive brand such as LV grow and stay fresh while retaining its cachet?† In order to answer to this question we need to understand the marketing strategies of Louis Vuitton that makes it an outstanding brand among top luxury brands. Louis Vuitton is one of the high luxury brands. LV mostly targets the upper class high society population as customers who are a very price insensitive to the price of products. Customers of this segment typically emphasis on the appeal of the product and customize design. In addition, they are very concern about the quality of the product. Louis Vuitton has already established a unique brand image in the customers’ mindsets over the years. 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