Tan soon may dmkt

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 alwie

Tan Soon May TP020161 Page | 1


Table of Contents
Non-Financial Plan.....................................................................................................................3

1.0 Introduction ..................................................................................................................... 3

2.0 Demographic and Social Trends ..................................................................................... 4

3.0 Counterfeit Issues............................................................................................................ 5

4.0 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 ....................................................................... 7

5.0 Marketing ........................................................................................................................ 8

5.1 Product ........................................................................................................................ 8

5.2 Price............................................................................................................................. 8

5.3 Place ............................................................................................................................ 8

5.4 Promotion .................................................................................................................... 8

6.0 Environmental Issues ...................................................................................................... 9

Financial Plan...........................................................................................................................10

7.0 Plan 1 ............................................................................................................................ 10

8.0 Plan 2 ............................................................................................................................ 11

9.0 References ..................................................................................................................... 12

10.0 Appendices .................................................................................................................... 16

10.1 Appendix 1 ................................................................................................................ 16

10.2 Appendix 2 ................................................................................................................ 16



Non-Financial Plan

1.0 Introduction
Louis Vuitton or commonly shortened to LV, a dream, icon and essence of elegance is
the words often seen in print media advertisings such as fashion magazines or the newspapers
when they describe LV (PubArticles, 2012). In 1854, founder of LV started his first suitcase
store in Paris using his own name and managed to develop to a very well-known brand
around the area for bags and leather products in only a century time. Besides that, generated
Moet Henessy • Louis Vuitton (LVMH) from LV’s merger is a part of the aspect that made
LV’s luxurious fashion image today.

These days, besides bags and leather products, LV logo and monogram is also all over
accessories, shoes, sunglasses, timepieces, jewelleries, books, stationeries, and other huge
trend indicators. LV as the current leading internationalfashion in the world only sells his
products in his authentic LV boutiques, upscale department stores and through its online
website because LV products are highly priced and generally not affordable for regular
people. As LV products mainly target luxurious people so, its major competitors would be
luxury brands for instance Versace, Hermes, Burberry, Chanel, Prada, Gucci and others.

According to LVMH group, its mission is to represent the most refined qualities of
Western “Art de Vivre” around the world. LVMH must continue to be synonymous with both
elegance and creativity. Products, and the cultural values they embody, blend tradition and
innovation, and kindle dream and fantasy. The group emphasizes on perfection so they pay
very close attention to every detail of their products.

Brand history, quality control, marketing buzz, and right designs are the key element
of LVMH to be a star brand. Its corporate strategy focuses on business diversification, merger
and acquisition. LVMH, the largest producer of luxury products which only engages on all
luxury segments and world renowned brand, and its marketing activity are the organization’s
competitive advantages. Core competency is gained through its product and service quality,
innovation, and training skills development.



2.0 Demographic and Social Trends
LV utilizes demographic targeting strategy to identify its customers. LV’s target
markets include both men and women aging range of young adults aged 22 years to seniors
aged 65 years from super rich to middle class populations. The organization has been facing
numerous challenges from demographic evolutions such as aging populations, and racial and
ethnic proportion changes. Due to that, LV would have to continuously bring up new
products to cater to the changes of demands.

LV has already a strong brand image in Hong Kong, Taiwan and Japan. The
penetration rate of LV bags among Japanese women in the 2000s reached 40% (Marketing to
China, 2012). LV products are also a great social phenomenon in Asia comparing to France
its origin country. LV has done very well in Japan market as Japanese habitually goes after
high 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 China
is also a young and fast growing market. Many luxury brands including LV are now eyeing
on China as it has a huge opportunity to grow in the industry. LV products is often catered to
only a few people as it is highly priced, so no regular people can afford it. But with the large
population in China, few people mean many people as well. Moreover, China’s luxury goods
market 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 in
average leading to greater spending power and high level of disposable income. Luxury
brands like LV with strong prominent brand name and status symbol are the brands that
succeed in China. A manager for Cartier once told Bloomberg that numerous products with
subtle symbols might succeed outside China but would not be among the bestsellers in the
country (Hays, J., 2008).

Asian Americans are the highest income, best educated and fastest growing racial
group in the United States (Pew Research Center, 2012). America’s child population grew
more far diverse over the past decade as a decline in the ranks of white children was offset by
surging growth of Asians and Hispanics (Dougherty, C., 2011) (see Appendix 2). Asian
Americans and Hispanics may be the minorities but these groups in particular are
experiencing 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 luxurious
and higher quality products which are a good opportunity for LV.



3.0 Counterfeit Issues
Counterfeiting has always been a problem for luxury goods with no exception for LV
as well. Due to LV’s image, it has become one of the most counterfeited fashion brands in the
world. As LV is highly priced, generally no regular people can afford to buy LV. In the
recent years, no doubt there are numerous products bearing LV initials in the streets all over
the world, but only a small percentage of the products are genuine. Lately, there has been a
rise in counterfeiting luxury products because numerous manufacturing has been shifted to
countries with poor intellectual property rights and with the opportunity provided to those
countries by technology.

Although LV has taken various actions to fight against counterfeit but there are still
numerous fake LVs out there due to the contribution of biggest sources from Turkey, along
with China, Thailand, Italy, South Korea and Morocco (Toy, S., 2012). Therefore, LV has set
up a team of people responsible fully on anti-counterfeiting with the help of special
investigation agencies and lawyers. In addition, the company is also keeping the distributions
of its products in close control.

Working together with governments is among the ways to help LV fight against
counterfeit. 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 counterfeit
article a criminal offense (Toy, S., 2012). In addition, the order, which will go into effect in
60 days unless President Barack Obama overrules it on public policy grounds, directs
Customs and Border Protection to turn away any products that are made in a way that is
similar 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 for
counterfeit products. Fighting counterfeit will not only help LV but also the countries to
avoid harming legitimate organizations and tax revenue.

Throughout the years, LV has filed numerous lawsuits against companies for
importing and selling products with their trademark. LV’s global intellectual property
director, Valeri Sonnier stated that “The chief administrative law judge recognises the
importance of protecting intellectual property and took the welcome step of ensuring that its
orders include all merchandise that infringes on our Toile Monogram Marks, and not just
products of the respondents in this case” (Asian Fashion Law, 2012).



4.0 Competition (Porter’s 5 Forces)
Porter’s 5 forces analysis is being used to analyze the attractiveness and productivity
in 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 the
super rich or the middle market customers as LVMH products are highly priced. The
organization 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 not
negotiate on pricing. As all brands have different perception of image in the eyes of
customers, therefore product differentiation is high.

4.2 Bargaining Power of Suppliers
Bargaining power of suppliers is low. Organizations like LVMH often purchase raw
materials from suppliers in basis of consignment which would reduce loss marking and
establish 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 acquire
key 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 the
quality 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 very
strong brand image and perception as it has been in the market for many years, and trust and
customer loyalty in its brand name for its service and quality. This is an element that not a
new entrant is able to achieve in a short period of time. Barriers to stay are also relatively
high as organizations have to engage between fashionable, elite and durable image.
Organizations must always engage to their image in order to sustain their perception yet
coping with customers’ desires and ever changing expectations. With the high barriers to
entry and stay, and low barriers to exit, many organizations find it challenging to either get in
the market or are easily out of the market. Only the best players and mostly big players are
able to survive.



4.4 Threats of Substitute Products or Services
Threats of substitute products or services are relatively high. Besides LVMH, there
are many other luxury products such as Chanel, Prada, Hermes, Dior, Armani Exchange, and
lots more. But, the most direct competitors to LVMH are Pinault-Printemps-Redoute (PPR), a
French 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 as
Cartier and Montblanc. Major luxury brands have their own image and quality. Therefore, it
is vital to attract and retain capable employees in order to deliver better services and products
to customers. Majority customers have the thinking that products looks similar to genuine
will do more or less the same. LVMH must emphasize on its product and service uniqueness
in order to fight against counterfeit by making the packaging hard to duplicate and closing up
on its distribution.

4.5 Rivalry amongst Existing Competitors
The competitiveness amongst existing competitors is relatively high. Based on the
high margin and price perception from customers, price is not the element of competition but
rather 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 retain
star designers. Moreover, customers often have the perception that the product must be good
to have many people owning it. However, LMVH would have to bear with the high level of
fakes as an open publicity, as there only a certain percentage of people who can afford to buy
the genuine products. In addition, due to limited brands, there is a huge competition as all
organizations are catering to the same customers.

According to the Porter’s 5 forces analysis done above, it is proven that bargaining
power of buyers is low due to the brand image and product differentiation. The bargaining
power of suppliers is also low as raw materials are often bought in consignment so suppliers
naturally offers lower price. Besides that, LVMH also applies vertical integration, for
instance buying three formerly independent specialists suppliers for its watch operations,
including providers of cases and watch hands (Simonian, H., 2012). Threats of new entrants
are low as well because of LVMH’s brand image and differentiation of products. The threats
of substitute products or services are relatively high because of low buyers switching costs
and high productions of substitute products. And finally rivalry amongst existing competitors
is relatively high too due to limited brands catering the same customers.



5.0 Marketing
The basic element of a marketing plan for LVMH is evaluated by the 4P’s marketing
mix using the following:

5.1 Product
LV is one of the best luxury brands on the market with products made by the famous
talented 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, actual
product which is long-lasting, quality, brand, and stylishness, and lastly augmented product
which is its services, warranties, and gift wrappings. LV’s main products started with
varieties of leather bags and wallets including luggage, handbags and cosmetic bags with
monogram as its product line. As the years passes by, LV starts expanding its product line to
monogram denim, multicolour, vernis, and damier canvas. With more product types as well
offering jewelleries, sunglasses, belts, timepieces, scarves, pens, bed sheets, shoes, and
accessories. Each product is labelled with the brand name, Louis Vuitton. Moreover, the
colour 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, LV
products are highly priced and are never on sale because of its brand name and quality of its
products. 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, its
authentic LV boutique and its official website. The organization keeps its distribution close to
limited stores and retailers in order to fight against counterfeit.

5.4 Promotion
The organization focuses on selling its product personally and not based on sales
promotion to convey on their brand’s luxury image. There are also various advertisements
done by LV to increase on customer knowledge and recognition in upscale magazines such as
Vogue and Elle, and billboards in certain countries. The organization has also been involved
in various sponsorships such as Louis Vuitton Cup 2013, LMVH Young Artists’ Award, and
LMVH website’s “The Magazines”. Endorsements by famous celebrities such as Madonna,
Rihanna, Uma Thurman, Kanye, Connery, Ariel, Dingchun Cheng and many others are also
an ultimate step taken by LV for customer recognition.



6.0 Environmental Issues
As LVMH is aware that there is a limit to our planet’s riches, it has always
emphasized on protecting the environment. LVMH unlike other organizations have many
brands in their portfolio making it more significant for them to achieve environmental
objectives 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 the
Environment Charter. Main objectives of it was to aim for a high level of environment
performance, foster a collective purpose, control environmental hazards, follow through on
product disposal, and make a commitment outside the company (United Nation Global
Compact, 2006).

Firstly, by using water resources wisely as it is a precious resource addressed by
producer of wines and spirits. Presses and vats should be cleaned frequently in order to
produce champagne or cognac with finest quality. However, to limit the use of water required
for cleaning, LVMH are developing simple measures, such as training employees in water
conservation and use of shut-off nozzles on hoses, or more technical solutions such as closed
circuit air conditioners and bottle washers, automated rinsing sequences and many more
(LVMH, 2012).

Secondly, energy usage is the core of environmental issues. Engines, transportations
and burning fossil fuels in boilers would generate greenhouse effect. It is a global challenge
to use energy in a more competent manner. LVMH incorporate the challenges and came up
with using streamline energy on production sites. According to LVMH, it provides financial
assistance to the organization to conduct prior energy diagnoses in order to identify ways of
optimizing their energy use. Perfumes of Christian Dior energy consumption dropped from
14.2 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 decisions
leading 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 shoes
for shipment are also abolished for its continuing efforts. According to LVMH, leather goods
manufacturer 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).



Financial Plan

7.0 Plan 1

State of Nature
Decision Competitive Poor Maximax Maximin
Foreign Competitive
Conditions Conditions
Expand $800,000 $500,000 $800,000 $500,000
Maintain 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 Regret
1,3000,000 – 800,000 = 12,200,000 500,000 – 500,000 = 0 12,200,000
1,3000,000 – 1,3000,000 = 0 500,000 – (-150,000) = 650,000 650,000
1,3000,000 – 320,000 = 12,680,000 500,000 – 320,000 = 180,000 12,680,000

Hurwicz (α = 0.3)

Ft+1 = α (Dt) + (1 – α) Ft

F2 = 0.3 () + (0.7) =

F3 = 0.3 () + (0.7) =

F4 = 0.3 () + (0.7) =



8.0 Plan 2



9.0 References
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 Asian Fashion Law (2011) Hermes and Louis Vuitton Fight Counterfeiters and Win
[online]. Available at: http://www.asianfashionlaw.com/2012/05/hermes-and-louis-
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at:
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 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
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Through Savannah [online]. Available at:
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Available at: http://www.nytimes.com/2004/10/05/business/05theft.html?_r=1
 Dougherty, C. (2011) New Faces of Childhood: Census Shows Hispanic and Asian
Children Surging as Whites, Blacks Shrink [online]. Available at:
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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]



 Hays, J. (2012) Luxury Goods and Brands in China [online]. Available at:
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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-
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 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
 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/



 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
 Noren, L. (2011) Demography of American childhood: The declining number of white
kids [online]. Available at: http://thesocietypages.org/graphicsociology/tag/hispanic/
 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:



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
 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]



10.0 Appendices

10.1 Appendix 1

10.2 Appendix 2


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