Thursday, November 21, 2019

Internet Marketing Strategy Case Study Example | Topics and Well Written Essays - 3000 words

Internet Marketing Strategy - Case Study Example LVMH thus controlled a portfolio of 50 luxury brands and is the number one worldwide seller of champagne, cognac, fashion and leather goods and number three worldwide seller of perfumes and cosmetics. The company's revenues topped $10 billion in 2000. The growth of the internet has been a challenge in marketing for traditional companies as Louis Vuitton. Since internet is an egalitarian medium of retailing, Luis Vuitton which caters for the luxury customer did not view it as a brand multiplier in the initial stages, it has gradually developed its web presence over the years. There is however adequate scope for enhancement of internet marketing and branding by Luis Vuitton. Internet marketing strategies are build around segmentation, targeting and positioning(STP). A company utilising the web site as a tool for marketing has to take STP into account. (Tanahashi: 2001). Segmentation is carried out to identify the most suitable target market and position the brand to attain competitive edge. Simultaneously the customer's needs and expectations can be easily researched on the internet. Differentation with rivals, an essential marketing parameter can also be easily accomplished. (Tanahashi : 2001). Another issue is differentiation within the market, its level of maturity and customer segmentation based on the innovator theory. The innovator theory determines that every market has different levels of customers. A miniscule 2.5 percent are said to be innovators or those who will seek a new product for its novelty. These are followed by opinion leaders or early adapters (13.5%), early majority (34%), late majority (34%), and laggards or late adapters (16%). ( Rogers : 2002). The internet provides easy tools to assess the size of each segment. Internet marketing strategy also entails facets such as key word search. Customers are homing onto products on the web by keying in product identity. Search engines facilitate location of the best or most sought after product. There is a necessity to see how key word search results can provide market visibility to the product. For brand measurement on line, it is also necessary to understand why a particular product is not bought. This implies measurement of the clients product outside the conversion rate, which is possible on the internet. Thus click through and conversion rates can be achieved through better branding.(Key Word Search Marketing : 2005). Internet Marketing is carried out by using advertising banners, pay per click advertising, e mail marketing strategies, search engine optimization articles, blog marketing and business strategy to connect with a large number of customers simultaneously without the need for physical presence. Web marketing involves focusing and indivi dualizing advertising campaigns by using superior information available to market analysts through the internet. (Internet Marketing: 2005). Speed is of essence in internet marketing and it allows new products and services to reach the user within minutes if required. The key to effective internet marketing is ensuring the basics. The fundamentals entail assessing the needs of the consumer and providing these requirements as quickly as possible. This would

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.