Strategic management Essay Example | Topics and Well Written Essays - 1750 words

Strategic management - Essay Example Income has increased especially in the higher social classes. Due to this, the luxury good market has witnessed a rapid global expansion. In 2009, the luxury market recorded an incredible expansion that amounts to $229 billion (Choo and Yoon 81). Louis Vuitton Malletier, commonly known as Louis Vuitton (LV), is a fashion house based in France and founded by Louis Vuitton. It is the leading luxury brand in the world. It belongs to LVMH Group which possesses a portfolio of more than sixty prestigious brands. The Group works in various sectors such as fashion and leather, wines and spirit, cosmetics and perfumes, watches and jewellery and other selective retail segments (LVMH, â€Å"LVMH GROUP†). Louis Vuitton originally started its business as a trunk maker and gradually became the legend by creating innovative bags, luggage and accessories that were practical, elegant and redefined the art of travel (LVMH, â€Å"Fashion & Leather Goods†). ... In this context the group aims to fulfil the following mission that is reflected through the five priorities defined by the fundamental values shared by the group stakeholders (LVMH, â€Å"Group Mission and Values†). Innovative and Creative The company grows and nurtures its creative resources. The secret behind their long-term success is deeply rooted in the amalgamation of technological innovation and artistic creation. Creation has been its main motto and will remain so forever (LVMH, â€Å"Group Mission and Values†). Product Excellence The company pays careful attention towards their products to ensure that the products are created with utter perfection. They denote perfection and aristocracy in the traditional craftsmanship. Each and every item that the customer buys and uses, speaks about the tradition of the brand and all products aim towards impeccable quality (LVMH, â€Å"Group Mission and Values†). Passionate Determination The company enjoys an extraord inary reputation. This reputation would not have been sustained if it were not supported by exceptional quality of their products and creative superiority. Without this aura Louis Vuitton would not have been Louis Vuitton. The company established a rigorous control over every smaller detail of the product in order to retain their brand image (LVMH, â€Å"Group Mission and Values†). Act As a Tycoon Louis Vuitton follows a decentralized organizational structure that nurtures creativity, productivity and efficiency. This type of organizational structure provides a high level of motivation and dynamics to the employees. It always encourages initiative taken by the individuals, and also offers real