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  • 1. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG BM014-3-3 Decision making INDIVIDUAL ASSIGNMENT Prepared by: Ms. Tan soon may (tp020161) Intake Number: UC3F1201IBM Hand In Date: 28thsEPTEMBER 2012 Prepared for: Ms. Sueraya binti mohamad alwieTan Soon May TP020161 Page | 1
  • 2. Asia Pacific University of Technology & Innovation BM014-3-3-DMKGTable of ContentsNon-Financial Plan.....................................................................................................................31.0 Introduction ..................................................................................................................... 32.0 Demographic and Social Trends ..................................................................................... 43.0 Counterfeit Issues............................................................................................................ 54.0 Competition (Porter’s 5 Forces)...................................................................................... 6 4.1 Bargaining Power of Buyers ....................................................................................... 6 4.2 Bargaining Power of Suppliers ................................................................................... 6 4.3 Threats of New Entrants .............................................................................................. 6 4.4 Threats of Substitute Products or Services .................................................................. 7 4.5 Rivalry amongst Existing Competitors ....................................................................... 75.0 Marketing ........................................................................................................................ 8 5.1 Product ........................................................................................................................ 8 5.2 Price............................................................................................................................. 8 5.3 Place ............................................................................................................................ 8 5.4 Promotion .................................................................................................................... 86.0 Environmental Issues ...................................................................................................... 9Financial Plan...........................................................................................................................107.0 Plan 1 ............................................................................................................................ 108.0 Plan 2 ............................................................................................................................ 119.0 References ..................................................................................................................... 1210.0 Appendices .................................................................................................................... 16 10.1 Appendix 1 ................................................................................................................ 16 10.2 Appendix 2 ................................................................................................................ 16Tan Soon May TP020161 Page | 2
  • 3. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG Non-Financial Plan1.0 Introduction Louis Vuitton or commonly shortened to LV, a dream, icon and essence of elegance isthe words often seen in print media advertisings such as fashion magazines or the newspaperswhen they describe LV (PubArticles, 2012). In 1854, founder of LV started his first suitcasestore in Paris using his own name and managed to develop to a very well-known brandaround the area for bags and leather products in only a century time. Besides that, generatedMoet Henessy • Louis Vuitton (LVMH) from LV’s merger is a part of the aspect that madeLV’s luxurious fashion image today. These days, besides bags and leather products, LV logo and monogram is also all overaccessories, shoes, sunglasses, timepieces, jewelleries, books, stationeries, and other hugetrend indicators. LV as the current leading internationalfashion in the world only sells hisproducts in his authentic LV boutiques, upscale department stores and through its onlinewebsite because LV products are highly priced and generally not affordable for regularpeople. As LV products mainly target luxurious people so, its major competitors would beluxury brands for instance Versace, Hermes, Burberry, Chanel, Prada, Gucci and others. According to LVMH group, its mission is to represent the most refined qualities ofWestern “Art de Vivre” around the world. LVMH must continue to be synonymous with bothelegance and creativity. Products, and the cultural values they embody, blend tradition andinnovation, and kindle dream and fantasy. The group emphasizes on perfection so they payvery close attention to every detail of their products. Brand history, quality control, marketing buzz, and right designs are the key elementof LVMH to be a star brand. Its corporate strategy focuses on business diversification, mergerand acquisition. LVMH, the largest producer of luxury products which only engages on allluxury segments and world renowned brand, and its marketing activity are the organization’scompetitive advantages. Core competency is gained through its product and service quality,innovation, and training skills development.Tan Soon May TP020161 Page | 3
  • 4. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG2.0 Demographic and Social Trends LV utilizes demographic targeting strategy to identify its customers. LV’s targetmarkets include both men and women aging range of young adults aged 22 years to seniorsaged 65 years from super rich to middle class populations. The organization has been facingnumerous challenges from demographic evolutions such as aging populations, and racial andethnic proportion changes. Due to that, LV would have to continuously bring up newproducts to cater to the changes of demands. LV has already a strong brand image in Hong Kong, Taiwan and Japan. Thepenetration rate of LV bags among Japanese women in the 2000s reached 40% (Marketing toChina, 2012). LV products are also a great social phenomenon in Asia comparing to Franceits origin country. LV has done very well in Japan market as Japanese habitually goes afterhigh quality products and LV’s unique monogram is also a great contribution to it. China is one of the largest markets for luxury products in the world. Currently Chinais also a young and fast growing market. Many luxury brands including LV are now eyeingon China as it has a huge opportunity to grow in the industry. LV products is often catered toonly a few people as it is highly priced, so no regular people can afford it. But with the largepopulation in China, few people mean many people as well. Moreover, China’s luxury goodsmarket sales have been forecasted to be increasing for the years to come (see Appendix 1).The boom in China’s luxury market is driven by the new millionaires aged 39 years inaverage leading to greater spending power and high level of disposable income. Luxurybrands like LV with strong prominent brand name and status symbol are the brands thatsucceed in China. A manager for Cartier once told Bloomberg that numerous products withsubtle symbols might succeed outside China but would not be among the bestsellers in thecountry (Hays, J., 2008). Asian Americans are the highest income, best educated and fastest growing racialgroup in the United States (Pew Research Center, 2012). America’s child population grewmore far diverse over the past decade as a decline in the ranks of white children was offset bysurging growth of Asians and Hispanics (Dougherty, C., 2011) (see Appendix 2). AsianAmericans and Hispanics may be the minorities but these groups in particular areexperiencing growth in buying power that greatly exceeds that of the general population(Fahmy, S., 2010). With the great buying power, minorities would aim for more luxuriousand higher quality products which are a good opportunity for LV.Tan Soon May TP020161 Page | 4
  • 5. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG3.0 Counterfeit Issues Counterfeiting has always been a problem for luxury goods with no exception for LVas well. Due to LV’s image, it has become one of the most counterfeited fashion brands in theworld. As LV is highly priced, generally no regular people can afford to buy LV. In therecent years, no doubt there are numerous products bearing LV initials in the streets all overthe world, but only a small percentage of the products are genuine. Lately, there has been arise in counterfeiting luxury products because numerous manufacturing has been shifted tocountries with poor intellectual property rights and with the opportunity provided to thosecountries by technology. Although LV has taken various actions to fight against counterfeit but there are stillnumerous fake LVs out there due to the contribution of biggest sources from Turkey, alongwith China, Thailand, Italy, South Korea and Morocco (Toy, S., 2012). Therefore, LV has setup a team of people responsible fully on anti-counterfeiting with the help of specialinvestigation agencies and lawyers. In addition, the company is also keeping the distributionsof its products in close control. Working together with governments is among the ways to help LV fight againstcounterfeit. For instance, the company, in concert with other French makers of luxury goods,has successfully lobbied the French parliament to make the import of even one counterfeitarticle a criminal offense (Toy, S., 2012). In addition, the order, which will go into effect in60 days unless President Barack Obama overrules it on public policy grounds, directsCustoms and Border Protection to turn away any products that are made in a way that issimilar or copies the Louis Vuitton trademarks (Slind, V., 2012).Meaning in USA and France,only genuine LV products are open to enter to the market. Thus, reduce the market forcounterfeit products. Fighting counterfeit will not only help LV but also the countries toavoid harming legitimate organizations and tax revenue. Throughout the years, LV has filed numerous lawsuits against companies forimporting and selling products with their trademark. LV’s global intellectual propertydirector, Valeri Sonnier stated that “The chief administrative law judge recognises theimportance of protecting intellectual property and took the welcome step of ensuring that itsorders include all merchandise that infringes on our Toile Monogram Marks, and not justproducts of the respondents in this case” (Asian Fashion Law, 2012).Tan Soon May TP020161 Page | 5
  • 6. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG4.0 Competition (Porter’s 5 Forces) Porter’s 5 forces analysis is being used to analyze the attractiveness and productivityin the industry through the following five factors:4.1 Bargaining Power of Buyers Bargaining power of buyers is relatively low. LVMH’s target customers are either thesuper rich or the middle market customers as LVMH products are highly priced. Theorganization emphasizes on brand loyalty, so customers would not switch brands easily.Furthermore, all retailers on high end brands do not offer discounts, so customers would notnegotiate on pricing. As all brands have different perception of image in the eyes ofcustomers, therefore product differentiation is high.4.2 Bargaining Power of Suppliers Bargaining power of suppliers is low. Organizations like LVMH often purchase rawmaterials from suppliers in basis of consignment which would reduce loss marking andestablish economies of scale. LVMH has recently taken over Les Tanneries Roux, a Romans-sure-Isere-based leather supplier (Accessories Magazine, 2012). With this move to acquirekey suppliers will reduce the bargaining power of suppliers in terms of leather products.LVMH would be able to save costs on storage space and capable in making sure of thequality of products supplied.4.3 Threats of New Entrants Threat of new entrants is low as barriers to entry are high. LVMH has built a verystrong brand image and perception as it has been in the market for many years, and trust andcustomer loyalty in its brand name for its service and quality. This is an element that not anew entrant is able to achieve in a short period of time. Barriers to stay are also relativelyhigh as organizations have to engage between fashionable, elite and durable image.Organizations must always engage to their image in order to sustain their perception yetcoping with customers’ desires and ever changing expectations. With the high barriers toentry and stay, and low barriers to exit, many organizations find it challenging to either get inthe market or are easily out of the market. Only the best players and mostly big players areable to survive.Tan Soon May TP020161 Page | 6
  • 7. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG4.4 Threats of Substitute Products or Services Threats of substitute products or services are relatively high. Besides LVMH, thereare many other luxury products such as Chanel, Prada, Hermes, Dior, Armani Exchange, andlots more. But, the most direct competitors to LVMH are Pinault-Printemps-Redoute (PPR), aFrench luxury holdings company that includes such brands as Yves Saint Laurent and Gucci,and Compagnie Financiere Richemont, a Swiss luxury company that includes such brands asCartier and Montblanc. Major luxury brands have their own image and quality. Therefore, itis vital to attract and retain capable employees in order to deliver better services and productsto customers. Majority customers have the thinking that products looks similar to genuinewill do more or less the same. LVMH must emphasize on its product and service uniquenessin order to fight against counterfeit by making the packaging hard to duplicate and closing upon its distribution.4.5 Rivalry amongst Existing Competitors The competitiveness amongst existing competitors is relatively high. Based on thehigh margin and price perception from customers, price is not the element of competition butrather on the quality, image insight, and ability to draw the exact designers to do the job.Apply the “war for talent” which is a competition among organizations to draw and retainstar designers. Moreover, customers often have the perception that the product must be goodto have many people owning it. However, LMVH would have to bear with the high level offakes as an open publicity, as there only a certain percentage of people who can afford to buythe genuine products. In addition, due to limited brands, there is a huge competition as allorganizations are catering to the same customers. According to the Porter’s 5 forces analysis done above, it is proven that bargainingpower of buyers is low due to the brand image and product differentiation. The bargainingpower of suppliers is also low as raw materials are often bought in consignment so suppliersnaturally offers lower price. Besides that, LVMH also applies vertical integration, forinstance buying three formerly independent specialists suppliers for its watch operations,including providers of cases and watch hands (Simonian, H., 2012). Threats of new entrantsare low as well because of LVMH’s brand image and differentiation of products. The threatsof substitute products or services are relatively high because of low buyers switching costsand high productions of substitute products. And finally rivalry amongst existing competitorsis relatively high too due to limited brands catering the same customers.Tan Soon May TP020161 Page | 7
  • 8. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG5.0 Marketing The basic element of a marketing plan for LVMH is evaluated by the 4P’s marketingmix using the following:5.1 Product LV is one of the best luxury brands on the market with products made by the famoustalented designer, Marc Jacob and superb quality of raw materials (Louis Vuitton, 2012).LV’s products could be divided into three levels such as core product which is luxury, actualproduct which is long-lasting, quality, brand, and stylishness, and lastly augmented productwhich is its services, warranties, and gift wrappings. LV’s main products started withvarieties of leather bags and wallets including luggage, handbags and cosmetic bags withmonogram as its product line. As the years passes by, LV starts expanding its product line tomonogram denim, multicolour, vernis, and damier canvas. With more product types as welloffering jewelleries, sunglasses, belts, timepieces, scarves, pens, bed sheets, shoes, andaccessories. Each product is labelled with the brand name, Louis Vuitton. Moreover, thecolour of its products will not vary much even after many years have passed.5.2 Price As LV’s main target markets are the super rich and middle class populations, LVproducts are highly priced and are never on sale because of its brand name and quality of itsproducts. Its premium pricing is supported by its luxury image and it is LV’s selling point.5.3 Place Places where LV products are displayed to sell are at upscale department stores, itsauthentic LV boutique and its official website. The organization keeps its distribution close tolimited stores and retailers in order to fight against counterfeit.5.4 Promotion The organization focuses on selling its product personally and not based on salespromotion to convey on their brand’s luxury image. There are also various advertisementsdone by LV to increase on customer knowledge and recognition in upscale magazines such asVogue and Elle, and billboards in certain countries. The organization has also been involvedin various sponsorships such as Louis Vuitton Cup 2013, LMVH Young Artists’ Award, andLMVH website’s “The Magazines”. Endorsements by famous celebrities such as Madonna,Rihanna, Uma Thurman, Kanye, Connery, Ariel, Dingchun Cheng and many others are alsoan ultimate step taken by LV for customer recognition.Tan Soon May TP020161 Page | 8
  • 9. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG6.0 Environmental Issues As LVMH is aware that there is a limit to our planet’s riches, it has alwaysemphasized on protecting the environment. LVMH unlike other organizations have manybrands in their portfolio making it more significant for them to achieve environmentalobjectives as well as profit related objectives in order to gain competitive advantage.In 2001,LVMH’s CEO, Bernard Arnault took a huge step of making it strategic by signing theEnvironment Charter. Main objectives of it was to aim for a high level of environmentperformance, foster a collective purpose, control environmental hazards, follow through onproduct disposal, and make a commitment outside the company (United Nation GlobalCompact, 2006). Firstly, by using water resources wisely as it is a precious resource addressed byproducer of wines and spirits. Presses and vats should be cleaned frequently in order toproduce champagne or cognac with finest quality. However, to limit the use of water requiredfor cleaning, LVMH are developing simple measures, such as training employees in waterconservation and use of shut-off nozzles on hoses, or more technical solutions such as closedcircuit air conditioners and bottle washers, automated rinsing sequences and many more(LVMH, 2012). Secondly, energy usage is the core of environmental issues. Engines, transportationsand burning fossil fuels in boilers would generate greenhouse effect. It is a global challengeto use energy in a more competent manner. LVMH incorporate the challenges and came upwith using streamline energy on production sites. According to LVMH, it provides financialassistance to the organization to conduct prior energy diagnoses in order to identify ways ofoptimizing their energy use. Perfumes of Christian Dior energy consumption dropped from14.2 MWh in 1999 to 8.6 MWh in 2003 per ton of product manufactured (LVMH, 2012). Thirdly, LVMH recently designed a tool to help workshops with packaging decisionsleading to a decreasing of empty space of inner and outer layer of the packaging. In addition,usage of tissue papers and plastic protections in containers containing bags, trunks, and shoesfor shipment are also abolished for its continuing efforts. According to LVMH, leather goodsmanufacturer produced a report in 2010 on the Carbon Footprint of the Neverfull bag,comparing the old and new shipment packaging. The resulting initiatives led to a 60%reduction in shipped volume, representing an annual saving of more than 950 MtCO2e(LVMH Environment Report, 2011).Tan Soon May TP020161 Page | 9
  • 10. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG Financial Plan7.0 Plan 1 State of Nature Decision Competitive Poor Maximax Maximin Foreign Competitive Conditions Conditions Expand $800,000 $500,000 $800,000 $500,000Maintain status quo 1,3000,000 -150,000 1,3000,000 -150,000 Sell now 320,000 320,000 320,000 320,000 S1 S2 Minimax Regret1,3000,000 – 800,000 = 12,200,000 500,000 – 500,000 = 0 12,200,000 1,3000,000 – 1,3000,000 = 0 500,000 – (-150,000) = 650,000 650,0001,3000,000 – 320,000 = 12,680,000 500,000 – 320,000 = 180,000 12,680,000Hurwicz (α = 0.3)Ft+1 = α (Dt) + (1 – α) FtF2 = 0.3 () + (0.7) =F3 = 0.3 () + (0.7) =F4 = 0.3 () + (0.7) =Tan Soon May TP020161 Page | 10
  • 11. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG8.0 Plan 2Tan Soon May TP020161 Page | 11
  • 12. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG9.0 References  Accessories Magazine, LVMH Buys Another Top Leathergoods Supplier [online]. Available at: http://www.accessoriesmagazine.com/45096/lvmh-buys-another-top- leathergoods-supplier [Accessed 23 September 2012]  Articlesbase (2009) Louis Vuitton – Introduction [online]. Available at: http://www.articlesbase.com/sales-articles/louis-vuitton-introduction-1380955.html [Accessed 23 September 2012]  Asian Fashion Law (2011) Hermes and Louis Vuitton Fight Counterfeiters and Win [online]. Available at: http://www.asianfashionlaw.com/2012/05/hermes-and-louis- vuitton-fight-counterfeiters-and-win/ [Accessed 23 September 2012]  Boorstin, J. (2005) Louis Vuitton tests a new way to fight the faux [online]. Available at: http://money.cnn.com/magazines/fortune/fortune_archive/2005/05/16/8260140/index. htm [Accessed 23 September 2012]  Boston (2010) Louis Vuitton sues to stop knockoffs [online]. Available at: http://www.boston.com/business/articles/2010/12/07/louis_vuitton_sues_to_stop_kno ckoffs/ [Accessed 23 September 2012]  CBP.gov (2010) CBP and ICE Partner to Stop the Flow of Counterfeit Goods Through Savannah [online]. Available at: http://www.cbp.gov/xp/cgov/newsroom/news_releases/archives/2010_news_releases/j une_2010/06082010_3.xml [Accessed 23 September 2012]  Crampton, T. (2004) U.S. Coordinates Efforts to Stop Counterfeit Goods [online]. Available at: http://www.nytimes.com/2004/10/05/business/05theft.html?_r=1 [Accessed 23 September 2012]  Dougherty, C. (2011) New Faces of Childhood: Census Shows Hispanic and Asian Children Surging as Whites, Blacks Shrink [online]. Available at: http://online.wsj.com/article/SB10001424052748703806304576245030067903412.ht ml#articleTabs%3Darticle [Accessed 23 September 2012]  Fahmy, S. (2010) Despite recession, Hispanic and Asian buying power expected to surge in U.S., according to annual UGA Selig Center Multicultural Economy study [online]. Available at: http://www.terry.uga.edu/news/releases/2010/minority-buying- power-report.html [Accessed 23 September 2012]Tan Soon May TP020161 Page | 12
  • 13. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG  Hays, J. (2012) Luxury Goods and Brands in China [online]. Available at: http://factsanddetails.com/china.php?itemid=1889&catid=9&subcatid=62 [Accessed 23 September 2012]  Jeudi (2011) Brief introduction for Louis Vuitton [online]. Available at: http://movadowatch.over-blog.com/article-brief-introduction-for-louis-vuitton- 80813658.html [Accessed 23 September 2012]  Karam, S. (2012) BMW, Louis Vuitton, Swatch: Can the boom continue? [online]. Available at: http://populyst.net/2012/06/18/bmw-louis-vuitton-swatch-can-the-boom- continue/ [Accessed 23 September 2012]  Lea, L. (2011) Designer Louis Vuitton suing local flea market over fake handbags [online]. Available at: http://www.woai.com/news/local/story/Designer-Louis- Vuitton-suing-local-flea-market/GwfcVJon90-1fCRuK_HIcA.cspx [Accessed 23 September 2012]  Lim, R. (2011) Chinese consumers showing strong appetite for luxury goods [online]. Available at: http://www.channelnewsasia.com/stories/marketnews/view/1109942/1/.html [Accessed 23 September 2012]  Lundi (2011) Fashion as your son Dingchun Cheng and Ariel louis vuitton ambassador [online]. Available at: http://louis-vuitton-handbags.over- blog.com/article-fashion-as-your-son-dingchun-cheng-and-ariel-louis-vuitton- ambassador-86266423.html [Accessed 23 September 2012]  LVMH (2006) Communication on progress: Global Compact [online]. Available at: http://www.unglobalcompact.org/system/attachments/2897/original/COP.pdf?126261 4359 [Accessed 23 September 2012]  LVMH (2012) Group mission and values [online]. Available at: http://www.lvmh.com/the-group/lvmh-group/group-mission-and-values [Accessed 23 September 2012]  LVMH, Human Resources Vision [online]. Available at: http://www.lvmh.com/talents/human-resources-vision [Accessed 23 September 2012]  Marco (2011) Louis Vuitton bags and intellectual property [online]. Available at: http://stop.zona-m.net/2011/03/louis-vuitton-bags-and-intellectual-property/ [Accessed 23 September 2012]Tan Soon May TP020161 Page | 13
  • 14. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG  Moore, D. (2012) The Louis Vuitton Story: With Fine Craftsmanship and Steep Prices, Louis Vuitton’s Leather Goods Are De Rigueur for the Status Concious [online]. Available at: http://www.cigaraficionado.com/webfeatures/show/id/The-Louis-Vitton- Story_7599/p/4 [Accessed 23 September 2012]  Namazi, N. (2010) Is luxury counterfeting affecting Louis Vuitton? [online]. Available at: http://www.retail-digital.com/sectors/luxury-counterfeiting-affecting-louis-vuitton [Accessed 23 September 2012]  Noren, L. (2011) Demography of American childhood: The declining number of white kids [online]. Available at: http://thesocietypages.org/graphicsociology/tag/hispanic/ [Accessed 23 September 2012]  Petterson, M. (2012) Effort to combat counterfeit products brings law enforcement, corporate experts to Dallas [online]. Available at: http://crimeblog.dallasnews.com/2012/06/effort-to-combat-counterfeiting-brings-law- enforcement-corporate-experts-to-dallas.html/ [Accessed 23 September 2012]  Pew Research Centre (2012) The Rise of Asian Americans [online]. Available at: http://www.pewsocialtrends.org/2012/06/19/the-rise-of-asian-americans/ [Accessed 23 September 2012]  Pub Articles (2012) The Brief Introduction of Luxury Brand – Louis Vuitton [online]. Available at: http://articles.pubarticles.com/the-brief-introduction-of-luxury-brand- louis-vuitton-1311665458,264238.html [Accessed 23 September 2012]  Reed, C. J. (2011) Louis Vuitton reaps the luxury whirlwind in Asia [online]. Available at: http://chrisreed.brandrepublic.com/2011/12/15/louis-vuitton-reaps-the- luxury-whirlwind-in-asia/ [Accessed 23 September 2012]  Schulz, R. S. (2002) Can Luxury Goods Comglomerates Sustain Above-Normal Returns? The Gucci Group Case [online]. Available at: http://sepulvedanet.free.fr/gucci.pdf [Accessed 23 September 2012]  Schwart, D. (2010) The Luxury Goods Industry Is Changing The Way It Conceives And Markets It’s Businesses, Socially And Environmentally Speaking [online]. Available at: http://www.sosemarketing.com/2010/06/07/the-luxury-goods-industry- is-changing-the-way-they-conceive-and-market-their-businesses-socially-and- environmentally-speaking/ [Accessed 23 September 2012]  Scott, J. (2011) “Battle of the handbags” Continues – Louis Vuitton Sues Home Shopping Network [online]. Available at:Tan Soon May TP020161 Page | 14
  • 15. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG http://www.scottandscottllp.com/main/louis_vuitton_sues_home_shopping_network.a spx [Accessed 23 September 2012]  Slind, V. (2012) Vuitton, Zappa, Westinghouse Solar: Intellectual Property [online]. Available at: http://www.bloomberg.com/news/2012-06-01/vuitton-zappa- westinghouse-solar-intellectual-property-1-.html [Accessed 23 September 2012]  Smith, E. G. (2012) Louis Vuitton wins ITC trademark battle v. Chinese counterfeits [online]. Available at: http://newsandinsight.thomsonreuters.com/Legal/News/ViewNews.aspx?id=45350&t erms=@ReutersTopicCodes+CONTAINS+ANV [Accessed 23 September 2012]  The Economist (2011) The Middle Blingdom: Sales of costly trifles are even better than you think [online]. Available at: http://www.economist.com/node/18184466 [Accessed 23 September 2012]  The Economist (2012) Knock-offs catch on [online]. Available at: http://www.economist.com/node/15610089 [Accessed 23 September 2012]  The Globalist (2011) LVMH’s Bernard Arnault on “Reverse Globalization” [online]. Available at: http://www.theglobalist.com/storyid.aspx?StoryId=9094 [Accessed 23 September 2012]  Trend Hunter (2010) 13 Louis Vuitton Endorsements [online]. Available at: http://www.trendhunter.com/slideshow/louis-vuitton-endorsements [Accessed 23 September 2012]  Waller, D. S. & Hingorani, A. G., Luxury Brands: What Are They Doing About Social Responsibility? [online]. Available at: http://www.ccg.uts.edu.au/pdfs/WallerHingorani.pdf [Accessed 23 September 2012]  Wiggin, A. & Mathias, I. (2012) Consumer Sentiment Plummets, OPEC Loses Member, Fed Prints Billions, Grease is Gold, and More! [online]. Available at: http://5minforecast.agorafinancial.com/consumer-sentiment-plummets-opec-loses- member-fed-prints-billions-grease-is-gold-and-more/ [Accessed 23 September 2012]Tan Soon May TP020161 Page | 15
  • 16. Asia Pacific University of Technology & Innovation BM014-3-3-DMKG10.0 Appendices10.1 Appendix 110.2 Appendix 2Tan Soon May TP020161 Page | 16