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Analysis of Marketing Strategies of Louis Vuitton Based on The Marketing Theory of 4Ps
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Abstract
Increasing economic development and disposable income are transforming China into a middle-class society. As more and more people are able to meet their basic needs (e.g., leisure and employment), they are more inclined to pursue luxury products to fulfill their material needs. Consequently, luxury brands should use effective marketing strategies to attract as many potential consumers as possible to maximize their chances of tapping into this huge market. Therefore, this essay aims to provide insight into luxury brand marketing strategies in China, using the example of Louis Vuitton. The article adopted the 4P marketing model to identify the successful marketing strategies for LV through price, product, promotion, and place, as well as to provide additional advice on the existing strategies. While the research clearly indicates that these marketing strategies are efficient, LV should also take precautions to avoid diverting its target market from high-end consumers, do more research on their ambassador choices, co-brand with more native Chinese designers, and launch more China-exclusive special edition products.
Keywords
the marketing theory of 4Ps, Louis Vuitton, marketing strategies, digital marketing, China’s luxury market
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Cite this article
Wang,R. (2023). Analysis of Marketing Strategies of Louis Vuitton Based on The Marketing Theory of 4Ps. Advances in Economics, Management and Political Sciences,18,140-145.
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Volume title: Proceedings of the 2023 International Conference on Management Research and Economic Development
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