Sunday, August 11, 2019
THE SUCCESS OF A COMPANY DEPENDS ON HOW TO WHAT DEGREE EXERCISES ITS Essay
THE SUCCESS OF A COMPANY DEPENDS ON HOW TO WHAT DEGREE EXERCISES ITS MARKETING STRATEGY - Essay Example ether or not LVMH has sound marketing strategy, and whether or not the extent to which the strategies apply, has implications on companyââ¬â¢s performance. Literature will be reviewed to seek evidence from published documented articles on marketing strategies. Specifically in this case, literature will be reviewed on marketing strategy-types, theoretical models and other relevant information based on the case study of LVMH. The study will concentrate its arguments on the 4Ps of marketing model: product, price, promotion and placement; it will also seek to explain why some companies are leaders in business market and others followers; or rater, why some companies remain forever successful while other enter the market but have no solid results to show. Business market is rapidly globalizing. As a result, there is increasing competition in the market environment. Large and small businesses are battling in the same markets to ensure profits; only the smartest in this survival-of-the-fittest game can make it. Therefore, it needs companies to have smart business strategies in marketing as it is the core of customer satisfaction. ââ¬Å"A marketing strategy is a summary of your companys products and positions in relation to the competition; your sales and marketing plans are the specific actions youre going to undertake to achieve the goals of your marketing strategyâ⬠(Ward, 2011). Therefore, concerning to the defined values, this study will focus on LVMHââ¬â¢s international marketing strategy and how it has turned the company into a leading luxury brand. Marketing ensures that a customer gets to know the products and services a company offers on numerous prices. Therefore a company that has to maintain its competitive edge amidst the stiff competition has to have a smart marketing strategy. A marketing strategy simply ensures that marketing plans are effectively rolled out. In this study, the first chapter will present an overview of marketing strategies as background
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