Louis Vuitton Analysis

Louis Vuitton (named after its founder), is considered one of the most recognized and established high-end retail companies in the world. The company’s products range from men and woman’s clothing and accessories, to travel luggage and jewelry. Louis Vuitton accounted for over 9 billion dollars in sales in 2017 alone. With locations in over 49 countries and more than 450 stores across the globe, these new products and service have the potential to increase the company’s bottom line, increase customers and or clientele and create more job opportunities within the organization. According to the reading, “New products are a vital part of a firm’s competitive growth strategy” (Peter & Donnelly, 2013). In an effort to meet these new

This is supported by the reading, “…it is essential that new product development be focused on meeting market needs” (Peter & Donnelly, 2013). The product I believe would be the most successful in terms of development and marketing would be the LV Luxury Pet Sweaters. In order to screen this product, I would conduct consumer surveys and opinion polls, as well as research the market for similar products and their annual revenues. This would allow me to gage consumer feedback, financial resources and product range, as well as to find any weaknesses in my competitors’ products, in order to facilitate my own product improvements. This could also determine if the new product is viable and market ready. This is supported by the reading, “The primary function of the idea screening process is twofold: first, to eliminate ideas for new products that could not be profitably marketed by the firm” (Peter & Donnelly, 2013). After determining consumer voids, product range, market sales and competition, I would develop a product that is unique in itself and its intended retail market, thereby potentially securing a competitive edge for my

Test marketing your new product and or service are beneficial, in that it may potentially reduce unnecessary expenses as well as negative consumer feedback. This is supported by the reading, “The main goal of a test market is to evaluate and adjust…” (Peter & Donnelly, 2013). Since Louis Vuitton is an established brand name, test marketing should be relatively simple. This could be achieved by starting with the company website to promote the new product, along with a consumer survey at the end to potentially determine projected marketability and sales. Store promotions, and or events, consumer emails, mailed product postcards and television commercials are all methods I would use to test market my new