Louis Vuitton is considered to be a successful luxurious brand due many reasons, concerning its marketing plan. One thing that contributes to its success is the product strategy. The product strategy is divided into three main decisions: Individual product, product line and product mix decisions. The first decision is basically about the processes of identifying the product attributes, branding, labeling, packaging and finally providing services to satisfy the consumers. The product attributes of LV have a very prominent role in contributing to the brand’s success.
Symbolism Most mass-market products have the sole purpose of being functional, luxury products exceed their functionality by evoking emotions within the consumer and the symbolic meaning refers also to human values and lifestyles (Vigneron & Johnson, 2004). For that reason a luxury a brand personality was adapted to address customers. The five dimensions of this brand personality are modernity, prestige, sensuality, understatement and eccentricity. The brand stands for “the best from the best for the best”. (Heine, 2012) Price The brand offers products, which belong to the most expensive products of their category (Heine, 2012).
Mercedes also specializes in high benchmarking values. 2. BMW – Some of the causes behind BMW being a major competitor is the high product quality and strong global value that the brand delivers to its customers. Also, the company has a strong research and development base which again gives it a competitive edge in the automobile industry. 3.
Like other aspects of dress, the image conveyed by different handbags manifests social divisions, and dimensions of class, gender, and age. Expensive designer handbags, for instance, signify wealth and status, whilst getting caught with a ‘fake’ can disrupt the authenticity of performance. With all that in mind, I will create high quality bags but expensive because this is one of the ways that people can look at it as a brand of a high class. Desire for my bags will be created out of the interest that people already have and I will also create a room where I can design bags of different shapes and sizes depending on the needs of my customers. If all that is done I will make sure that I create a good show room or display where people can easily see and try to fit the bag with their dress designs which will motivate them to buy thus creating more
It is expected that S200 will satisfies Volkswagen customers’ needs for prestige and honor due to the complex and high technology used to design its interior and exterior components (Luan and Sudhir, 2010, p. 448). The product is specifically prestigious but also show provides optimum safety for individuals requiring sexy and sporty cars. Just like all other products, S200 will go through a lifecycle process. As it stands, S200 is in the introduction phase. Since it is it at the introduction stage, it is expected that the sales will be low until customers become aware of the benefits S200 will offer them.
When deciding whether to purchase a Lululemon product, buyers consider the standard of quality the clothes are made out of. As a relatively expensive label, customers expect no less than a leading-edge fabric that promises comfort and durability to cater the needs of athletes. Rather than having to constantly replace their athletic wear, buyers demand a product that will promise longevity. A rising demand for many consumers are on the basis of whether a product is environmentally friendly or not. In meeting this demand, Lululemon chooses to use reusable bags as their packaging and uses organic cotton and other eco-friendly fabrics in reducing the carbon footprint left by clothes as much as possible.
Hermes In regards to average EBIT, Hermes is the second highest performer. The luxury brand offers large varieties of products with magnificence leather materials. Hermes’ capabilities are in the area of innovation diversification and customization, creating a competitive edge. Hermes, have crafted a reputation for manufacturing a unique traditions luxury goods. The painstaking craftsmanship efforts of all products has allowed them to maintain premium pricing and loyal customers globally.
Women prefer these handbags due to their high end idiosyncrasy. ii. These bags are differentiated on the basis of their inherited craftsmanship. iii. Goodwill of these brands across the globe is another factor that influences the purchase of these handbags.
Companies related to car valeting services develop their business by providing high quality services to their clients and increase good word of mouth. In case of Obukz car valeting service, it will focus on targeting owner of old and luxury cars, as they require regular maintenance and it could be a huge source of income. By following the market trends, the company will be able to meet the market standards of working and increase their business range. Market Research While conducting the market research for car valeting service, it is observed that customer services is the only strategy that would help Obukz to increase their business and give a smooth boost to its business. Furthermore, average and middle class car owners have limited budget to maintain their expenses, in such condition, people prefers to avoid valet service especially in regards of car wash.
For example, similar products usages like cars, watches, and fashion wear, where high-income group of customers’ expectation are looking for premium quality brands products, such as Bentley, BMW, and Mercedes global desired brands vehicles while middle-low income group of customers are looking for price, and value for money products, such as Proton, and Perodua local brands vehicles, in Malaysia. Price The price is the amount a customer willing to pay for the product. It is determine by a number of factors such as competition, market share, cost of material, customer’s perceived value of the product, and product identity. The success of the business will determine based on the cost of the product to the specific targeted group of customers. For example, oranges are offering at $2.00 for 8’s (pieces) will receive overwhelmingly response from middle-low income group of customers but not from the high-income group of customers.