Consumer Behavior Essay on Louis Vuitton

Consumer Behavior Essay (Louis Vuitton)
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Consumer Behavior Essay (Louis Vuitton)
Business organizations are under constant pressure to stay relevant considering the dynamism within their operational settings. Any business manager understands that consumer needs change consistently. With such changes comes the demand to match the needs. In contemporary business operations, there are also cases of increased competition. In attractive industries, new businesses and potential competitors emerge. It is also worth remarking that business organizations must address the emergence of technology and how it affects business outcomes. Amidst all such dynamic elements, business organizations must grow. That triggers questions into how business managers can foresee the growth of their organizations amidst uncertain operations. Part of the answer lies with an insightful understanding of consumer behavior. It is the role of a business organization to understand its consumers and their behaviors. With a mastery of consumer behaviors, businesses can predict the needs of their consumers, develop products, and change business operations according to those needs. One of the organizations that have mastered the science of consumer behavior is Louis Vuitton (LV). At the height of failures in the fashion industry coupled with developments in technology, LV remained relevant. In this analysis, emphasis is put on how Louis Vuitton has transitioned over the years to position itself towards younger consumers and the market. LV's insightful understanding of design and consumer behavior changes in the fashion industry has been vital to its growing relevance to the younger generations.
Understanding Consumer Behavior
Consumer behavior is one prospect that defines the buying behaviors of individuals. Naturally, people do not just make purchases. Before an individual makes a purchase, he/she undergoes the influence of multiple personal and environmental factors (SanMiguel et al., 2021). In the study of consumer behavior, there are specific questions that individuals must answer before they decide to make the actual purchase. That is, a consumer must answer questions on how often to buy, where to buy, what to buy when to buy, and how to use the products or services. Answering such questions leads to purchases. Presently, business organizations employ technology to understand some of the answers to consumer purchase questions. For customers who frequent some outlets, it becomes easy to predict their purchase behaviors. Additionally, organizations assess their sales volumes and sales revenues to understand the products or designs that are more attractive to their consumers (Sethna & Blythe, 2019). However, as noted, needs among consumers change consistently. Also, businesses need to attract more customers as having only potential customers in place can render an organization unprofitable in the long run. As such, businesses must have a more insightful understanding of the deeper emotional and psychological forces that steer consumers into the purchases.
There are multiple determinants of consumer behavior that business organizations must understand to stay relevant in their operational settings. Primar...