In Laura’s blog, she has pointed out a very key marketing technique which the famous clothing brand Louis Vuitton has undertaken to distinguish itself from its increasing competition in the luxury market. She has mentioned that the Chairman of Louis Vuitton has opened a museum in order to display its versatility and willingness to expand from the luxury clothing department. I personally am really excited for the company’s prospects and seeing in what direction they take this new endeavor. Increasing consumer segments is a key factor in a company’s success, and this is a very smart move on their behalf to gain customers. This museum shows their interest in cultural understanding and flexibility in different markets. Since Louis Vuitton already has a big brand reputation so it has clearly fulfilled the point of parity requirement, but this museum will go a long ways to exhibit their point of difference factor, which is a very crucial part of distinguishing a business. New consumer segments will range from tourists to art enthusiasts since this museum of performing and contemporary art will resonate with that consumer market the most. Only time will tell how successful this campaign will be but I am very confident in its success.
Source: