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Study of LVMH's Marketing Strategy in the Chinese Market — Based on the 4P Model
- 1 School of economics and Management, Clermont Auvergne University, Clermont Ferrand, France, 63000
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Abstract
Since mankind entered the 21st century, the world pattern has changed rapidly, and China has become the second largest economy in the world. The scale and structure of China's consumer market are also undergoing earth-shaking changes. Among them, the changes in the luxury market are the most prominent, which has experienced a significant leap from 0 to 1 to 100 in the past 20 years, and China has become the world's largest market for luxury goods. LVMH, the world's largest luxury group, has achieved remarkable success in China. This paper uses the qualitative research method to analyze LVMH's marketing strategy in the Chinese luxury market and its corresponding advantages and disadvantages based on the 4P model. This study finds that LVMH's marketing strategy has enabled its brands to deeply integrate with Chinese society, quickly capturing and rapidly growing in the Chinese market. However, there are certain shortcomings in price control and homogeneous competition, indicating room for future development.
Keywords
LVMH, marketing strategy, 4P model, Chinese luxury market
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Cite this article
Zhu,Z. (2024). Study of LVMH's Marketing Strategy in the Chinese Market — Based on the 4P Model. Advances in Economics, Management and Political Sciences,131,14-19.
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Volume title: Proceedings of the 8th International Conference on Economic Management and Green Development
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