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 company’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. â€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 strategy† (Ward, 2011). Therefore, concerning to the defined values, this study will focus on LVMH’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