According to the competitive grid framework placed in the above section of the report, it can be stated that there is huge significance of concentrating on all of the areas provided. It can be stated that the marketing strategies of LV have been providing it with a significant scope of competitive edge. These strategies are inclusive of its partnership and good relations with creative designers such as Marc Jacob, who can be considered as the key of the brand to expand the designs of LV. This partnership has been enhancing the exclusive collections of the brand. Other addition strategies are inclusive of new efforts of promotion and online sale by the utilization of YouTube video in order to capture the brand experience of LV.
Imagery is referred to as how well the brand is successful in meeting the needs of customers over a psychological and social level. The brand is expected of meeting these needs directly, from the own experiences of the customer with a specific product, or indirectly with word of mouth or target marketing. Louis Vuitton is a good example in this context as it has been making high quality fashion clothes, footwear and accessories. Considering the branding theory for luxury fashion, there appears to be an intra-business synergy of group in LV, and this synergy can be considered as extremely crucial in order to save the brand from the event of financial crisis to be expected in the years to come. LV is known to be facing cut-throat competition from several brands, and especially Chanel. The competition is evident in term of flagship store. As a significant example, as mentioned previously, LV in the city at George Street has made sales of approximately 80 million dollars on yearly basis, while the West Melbourne location of Chanel has reached sales of 20 million dollars on yearly basis. Even though there appears to be a favourable brand position, there is lurking of competitive pressures for LV. The growth of international retailers of luxury has ended up enhancing competition throughout the industry.
It was pointed out by Keller (1993) that the brand image is reflected by the perception of customers regarding a specific brand, and this reflection is evident by their association with the brand. Therefore, the company can consider building its brand reputation and boosting its brand association by the creation of marketing approaches linking three key dimensions of association for increasing the recognition of brand among customers. These are uniqueness, favourability of association. There must be increasing linking with the current knowledge of brand and hence, the association of brand will turn out to be extremely strong. There must be increased consideration of sustainability by the reduction in leather products, and looking for more sustainable products to attract the wealth eco-conscious customers as well.