LVMH Marketing Mix
- Marketing
The LVMH group prides itself as a leader and pacesetter in the industry that regularly comes up with innovative products and effective marketing strategies that ensure it retains its premier position in the market. In its marketing practices, the company tailors the message to meet social expectations and ensures it does not hurt its customers’ sensitivities. The company has a dynamic model characterized by innovation and sustainable growth. One of the group’s flagship products is the luxury the TAG Heuer Carrera, a wristwatch that the company positions as a premium product that is affordable to both established customers and the new generation. An examination of the 4P’s of marketing for the brand reveals the company’s strategic objective of meeting customer expectations while staying competitive in the modern digital world.
Product
The TAG Heuer Carrera brand is one of the most admired wristwatch brands currently on the global market. The group positions it as a quality and durable product that emphasizes precision. The product is suitable for all genders and comes in a variety of colors to provide customers with the freedom of choice. The watch comes with extreme and ceaseless features that appeal to a broad client base but targets sports personalities because of its precision and reliability.
Place
The group ensures the TAG Heuer Carrera brand is available in many countries to ensure the ease of accessibility by the customers. The group markets the wristwatch at strategic locations in major cities around the world and eliminates the geographical barriers by providing the same quality product on various online platforms. The company has engaged the services of dealers to make sure that its distribution network meets the clients’ needs. A company with a global reach requires active distribution channel that ensures that customers receive the products they need at the time they need them. Effective distribution channels and presence in many countries around the world assists the company in responding to client demand effectively and promptly and ensures the availability of the product wherever customers might be located.
Price
The group projects the TAG Heuer Carrera brand as a luxury product with superior features and performance. As a result, the group targets clients who are willing to pay a premium. Potential clients are individuals from affluent backgrounds who are willing to pay a higher price for a quality product. The premium pricing policy for the TAG Heuer Carrera brand underscores the group’s commitment to quality without compromising on the brand it has built over the years. In essence, the group appreciates the need to ensure customers receive value for the money they spent, which ensures it maintains the highest possible standards in the manufacture of the TAG Heuer Carrera brand.
Promotion
The group has an elaborate promotion strategy for the TAG Heuer Carrera brand that touts its superior features, durability, precision, and performance as the key selling points. The group relies on intensive marketing campaigns using both traditional and new media. The group has an active online presence, where it exploits social media platforms, such as YouTube, Facebook, and Twitter, where it aims at the younger generation. An equally crucial promotional strategy for the TAG Heuer Carrera brand is the use of endorsements from celebrities and renowned sports personalities. The individuals chosen to promote the brand are famous, popular, and the embodiment of success; they appeal to a broad audience and millions of followers around the world. The promotional activities the group has used for the TAG Heuer Carrera brand have ensured it remains highly visible and accessible to willing buyers in various parts of the world.
- Conclusion
The LVMH group retains an enviable reputation as an organization that is committed to continuous improvement through research and development. The group has gained a positive corporate image because of the reliability and durability of its products and the technology it invests in ensuring consistency in quality. The group’s key strengths are evident in its wide array of products, which provides that clients have access to the goods they desire. Importantly, the group can exploit the resources at its disposal to ensure continuous investment in research and development.
The marketing approach is highly effective because of the structures the company has built over the years. For example, it has a decentralized structure that guarantees autonomy and responsiveness. Marketing officers in various parts of the world can design marketing messages suited to the local markets. Vertical integration enables the group to control every link in its value chain, while the synergies it has created enhances the flow of materials and the finished product.
Some aspects of improvement for the LVMH group concern the need for sustainable growth. The group should ensure its business activities leave the least impact on the environment and that it engages the communities in which it operates when initiating and implementing corporate social responsibility ventures. Importantly, the group should ensure that its vast network of suppliers conduct their business practices ethically and that they follow the policies and standards the company has established and nurtured over time.
I would advise the group of investors to invest in the LVMH group because of the benefits they stand to accrue. First, the company has a global reach and positive corporate image that will continue to drive growth and profitability. On the same note, the group has a robust R&D department that ensures it keeps abreast of market trends and responds adequately. Correspondingly, the group has visionary leadership that will steer it to greater heights. Lastly, the group has a comprehensive product portfolio that spreads risk and limits the potential for losses. In essence, investing in the LVMH group would be a wise venture likely to produce the desired results for stakeholders.