Louis Vuitton: A Symbol Of Luxury The largest marketer of luxury goods and brands in the world is LVMH Moet Hennessy$-$Louis Vuitton SA$.$ Over than $60$ businesses make up the diversified conglomerate that Chairman Bernard Arnault has built, with sales of $42\mathrm{.}8$ billion $($about $$50$ billion$)$ in $2017.$ Arnault, whom some refer to as $$the pope of high fashion,$$ recently summed up the luxury business as follows: $$We are here to sell dreams. When you see a couture show on TV around the world, you dream. When you enter a Dior boutique and buy your lipstick, you buy something affordable, but it has the dream in it$.$ Louis Vuitton, one of the most well$-$known luxury brands in the world, is owned by LVMH$.$ The most famous French leather goods designer in history, Louis Vuitton founded the first store selling suitcases under his own name in Paris in $1854.$ A hundred years later, Louis Vuitton leather products and luggage have grown to be among the best$-$selling categories for the business and have come to represent upper class. As per Forbes, the brand ranked in the top $10$World$$s Most Valuable Brands$$ in $2020$ with a total market value of $$47\mathrm{.}2$ billion. Louis Vuitton is now active in fashion, perfume, sunglasses,belts, accessories, shoes, bags, jewelry, watches, scarves, wine, and other fields that are major trend markers in addition to the creation and marketing of elevated leather products and baggage. The brand$$s distinctive monogram design, which was first seen on leather goods from LV$,$ has now expanded to include monogram denim, multicolor, vernis, and damier canvas. The company is committed to providing cutting$-$edge designs that are crafted from high $-$ grade materials to convey excellent quality. Louis Vuitton began by solely offering luxury goods to the most rich members of society, much like other premium and renown businesses established in earlier centuries. Because of the way that times have changed and the significant growth in the market for this sort of items, Louis Vuitton now markets its products to both affluent and middle$-$class consumers. These clients do not care about prices, thus the business may charge hundreds of dollars for a single item. Additionally, they are customer groups with spending power and the similar attitude of going after luxuries. Due to its reputation for quality items, exemplary customer service, and premium prices, LV does not give discounts on their products, making them difficult for consumers to purchase utilizing a skimming technique. Because the business exclusively offers high$-$end, limited$-$edition items, it has unique distribution channels. As a result, the majority of LV products are presented at restricted stores in nations worldwide. Customers may find the items in official Louis Vuitton stores, upmarket department stores, and its official websites. Louis Vuitton has been strengthening its position in the elevated luxury sector while maintaining its huge worldwide footprint with the goal of maximizing luxury and exclusivity. The brand is focusing on minimizing its own visibility to avoid the risk of overexposure. The personalized product that has helped Louis Vuitton achieve such a strong position with worldwide consumers is now associated with affordable luxury. The company has also aimed to address clients$$ need for customisation and has been successful in strengthening its position in the rapidly developing watches and jewelry markets. Product features like exclusivity, fine artisanship, top quality, advancement, and premium pricing not only give consumers the satisfaction of owning pricey goods but also additional psychological advantages like reputation and a feeling of high rank, reassuring them and others that they are a part of a small, elite group of people who can afford high $-$ priced goods. For years, Louis Vuitton has prioritized personal selling techniques and said no to discounts and sales seasons. For product promotion, particularly new designs, Louis Vuitton conducts marketing by advertising in high$-$end and fashion magazines such as Vogue, Elle, and even on billboards in some areas to pique the curiosity of buyers. Famous artists, actresses, and models are also used in the brand$$s marketing efforts. In various Asian regions, Louis Vuitton has appointed brand ambassadors with the closest image and character to the brand to serve as promotional spokespeople. Louis Vuitton does not utilize television as a promotional medium largely because it aims to remain a luxury brand and hence wants to be viewed by a specific class of people. Please discuss the questions below with evidence from the case study, and try to relate your discussion to marketing concepts$/$theories you have learned so far in this course. You might support your reasoning with external sources if needed. Point $1$: Louis Vuitton$$s positioning and differentiation strategies for bringing its goods to market. Point $2$: Define Louis Vuitton$$s market segmentation. $($Demographic$,$ Geographic, Psychographic, Behavioral$).$ Point $3$: Pricing strategies used to maintain the brand$$s image.