Case study: Resolving Marketing Problem through Market Research (Essay Sample)

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Case study: Resolving Marketing Problem through Market Research.
Marketing is an important aspect of business. Enhancing marketing through research involves examining of the current business situation as well as studying the competitors and the general public (Ruzzier, Maja, Mitja, and Robert 62). A good example is the marketing research on Louis Vuitton.
Mission statement:
The brand shares the mission statement with other subsidiaries under LVMH, the parent company. The mission statement states that the group is to represent the most refined qualities of “art de vivre” around the world. It must continue to be identical with creativity and sophistication. The products and the cultural value they embody blend tradition and innovation, and kindle dream and fantasy.
The company’s current situation is encouraging given the fact that it is among the leading in the world; it falls on the top 30 list of brands in the world. Over the last six years, the company has maintained its position at the top (Okonkwo). The fashion and design majorly relate to women attire ranging from handbags to shoes. The company mostly uses super models to market their products. Artists, musicians and great actors have been a major tool in the marketing of the brand. Apart from this strategy, other measures of marketing have been used such as billboards as well as magazines especially in multinational cities. The company sells and distributes its products through standalone boutiques, lease departments as well as e-commerce. These means help reach out to many customers thus expanding the market share. Many people love the brand thus they are loyal to the business.
The main challenge that the brand is facing is the emergence of counterfeit products. Because it is among the leading and the most trusted brand, LV has experienced a lot of fake products that are designed and sold at a lower price thus making the business go down. This challenge proves to be difficult to control because the counterfeits are many and eliminating all of them is not possible. Measures to curb this challenge have been put in place, for example, use of lawyers to defend the brand against such counterfeits in court. Another challenge that the company has faced is being involved in court cases that they ended up losing because the court ruled in favour of the defendant.
The company needs to defend its position that is not easy to retain. This means that it has to come up with measures on how to maintain the existing customer base. One of the main reasons why the customers of LV are loyal is because they offer quality and trendy designer clothes and other attires. They have also been existence for a longer period thus winning the customers’ trust. To increase the market share, the company may consider playing part in community projects. These are ...