First, I found the background on LMVH Empire interesting and the method of strategy used that went into building the company. In my opinion, I thought it was an extraordinary idea to make a brand and business up of smaller high-end items. In addition, the items did not all necessarily fall in the same categories. The article actually gives a breakdown of LMVH and it consists of wines and spirits, selective retail, perfume and fashion. In actuality, these items have nothing to do with one of another but they all are high-ticket items.
In reviewing the previous information, LMVH Empire’s strategy is great for many reasons. There is a consensus that it is better to focus on one particular item. Prior to reading this article, I would have been included in that group of people. However, in hindsight, I now disagree for multiple reasons. The reason is the elimination of competition. The choice to have various items allows LMVH the flexibility to be in many places in the market. In addition, because of brand recognition, everywhere you see their merchandise you are reminded of the level of quality because they carry a line that is known to be prestigious in the market. LMVH has the upper hand on the competitors because of brand names like Louis Vuitton, Sephora, or Dom Perignon that they carry. This is relevant because many consumers shop labels and brands, which are considered prestigious versus everyday brand when g...
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...or in mass media because it effects consumer’s perception. The thought process becomes everyone can get this item and it is no longer set apart from other vendors. The merchandise is now viewed as just another product or just another vendor. In revisiting the area of channel selection, the article did mention utilizing CNN, which I thought, was quite interesting because you do have a specific market on that channel. CNN is a great channel and would be a wise selection if there were to venture into that arena. However, in my honest opinion, they do not need television advertisement and I would advise to continue with the marketing strategy that they are currently using.
In conclusion, this was one of my favorite pieces this whole semester. It seemed different from the rest it was more information to work with. This piece was an all-around captivating piece.
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