LVMH :Is China still a new market?
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Revision_Lecture.pptxExamination revision & preparation
IY1 Introduction to Marketing
By the end of this lecture you should:
Understand the format of the exam
Know how to organise your time in the exam
Know what is required of you in each different section of the exam
Know how to answer essay questions
Know how to prepare for the exam
Learning objectives
1 hour 30 minutes exam
100 marks
2 parts:
Part A: 20 multiple choice questions
Part B: case study
Exam format
20 questions
Cover all parts of the course
1 mark per question – therefore 20 marks in total
Use Canvas quizzes to:
Revise the content
Practice understanding questions and answer choices
Get quicker
Part A: Multiple choice
2 questions
1 short answer question:
“Identify and explain three …….”
20 marks
1 essay question:
“Evaluate / discuss …..”
60 marks
Part B: Case study
Don’t run out of time!
2 mins reading & thinking time
Part A: Multiple choice – 20 minutes (1 minute per question)
Part B: Case study
Q1 – 15 mins
Q2 – 50 mins
3 mins checking & proof reading time
Timings
Read it thoroughly.
Highlight any words or phrases that you are uncertain of – clarify their meaning
Read the case study again.
Note key marketing terms and ensure you understand them
Read the case study again.
Before the exam: Understanding the Case Study
What is LVMH’s business?
How many brands do they own?
What kind of brands?
Is the business growing? How? How much?
What’s happening with LVMH in China?
Which LVMH brands are doing well in China?
What is happening to LVMH sales in China – is this different for different brands?
What are the reasons for rising/falling sales?
Before the exam: Analysing the Case Study
What is the current state of the Chinese luxury goods market?
What is the size of the market? Is it growing or shrinking? By how much?
What kind of luxury goods do Chinese people want to buy? Are there different market segments?
What are the challenges facing the Chinese luxury goods market?
Is there any information in the case study say about this?
Can you find additional research information about these challenges?
Do a PESTLE analysis for this market
Before the exam: Analysing the Case Study
What does the case study tell us about the marketing mix of LVMH brands?
Consider…
the product mix
the pricing strategies
the promotion strategies
distribution strategies (place)
Use additional information from Canvas and your own research to add depth to your analysis
Do a SWOT analysis for LVMH - include facts & figures from the case study and your research
Before the exam: Analysing the Case Study
Answer the question asked (don’t write everything you know about the subject)
Do a plan
Use evidence from:
the case study
your research
marketing theory
to support your answers
In the Exam: Essay question
Why?
Essay Plan
To get the structure right
To make sure you don’t forget anything important
To save time & keep you on track
Your introduction should
Explain what the essay is about
Define & explain any key terms
Explain the approach you will take and the conclusions you will come to – your thesis
Essay Plan: Introduction
Introduction
1st point in support of your thesis
2nd point in support of your thesis
Different viewpoint(s) from your thesis
Conclusion
The main body should:
Discuss different viewpoints
Essay questions typically ask you to discuss or consider or evaluate – that is, look at both sides of the argument
Apply marketing terminology & concepts to the business in the case study
Include evidence from the case study and from your research & preparation, to support arguments
Main Body
Ensure you get marks for ANALYSIS by saying WHY something happened or why a decision was made
For example
“LVMH has entered overseas markets (such as) BECAUSE ...growth in the market, economy, population....................... Or
“ The business should adopt a strategy of product development BECAUSE …… end of life cycle, not enough stars..”
Main Body: Expanding Answers
The conclusion should make judgements that directly answer the original question
Judgements are rarely ‘black and white’.
The answer will usually depend on:
The circumstances
How the business environment changes in the future
Essay Plan: Conclusion
To enable it to take advantage of these opportunities the business needs to.........launch new products, develop promotions.... for example
Before launch it needs to conduct some MR – what type? To find out what?
This should help it achieve its objective such as..........?
Say what you think and why something is a good idea or not a good idea – remember to have a BALANCE in your judgement
A good way of getting these EVALUATION marks when you are discussing a business concept or the potential success of a strategy is to say – “it depends on.....”
Conclusion: Expanding Answers
It depends on ……
Competitors reaction – might launch similar product
Availability of Government Assistance – at home or from abroad
Results of Market Research – understanding customer needs in a segment
Economic Conditions – income, wealth,employment issues
Finance Available – to invest in launch or anything else!
Legal Requirements – at home and abroad
Resource Availability – labour,operations
International Cultures – consumer perceptions/understanding abroad
DONT JUST QUOTE THE ABOVE – PICK OUT ONE OR TWO POINTS AND SAY HOW IMPORTANT THEY COULD BE WITH REFERENCE TO THE CASE STUDY
Conclusion: Expanding Answers
IN ALL YOUR ANSWERS YOU ARE EXPECTED TO USE YOUR KNOWLEDGE OF MARKETING. TRY TO INCLUDE SOME OF THE FOLLOWING:-
Marketing – what does it mean, is there any marketing taking place - is it effective? Why is marketing important?
Marketing Objectives - examples
Micro and Macro Factors - how could these influence marketing success?
Marketing Mix – any marketing strategy is based on a balance between all parts of the mix - mention them even if you are only discussing one predominantly
International Marketing – strategies for entering new markets; using a standardised marketing mix vs an adapted mix?
Key Terms
Awarded for
Knowledge – definitions, explanation of a marketing term and use of other terms which are relevant
Application – knowledge applied to specific circumstances in the case study or examples of theory in practice in an essay
Analysis – of a business situation – why something has/might happen and what the result might be – “cause and effect”
Evaluation - making a judgement, recommendation
drawing a conclusion – these are “consider”, “discuss” , “evaluate” questions
Marks
3 Top ExamTips
Read the question carefully
Read the question carefully
Read the question carefully
Market size / market shares / market features
Competition and competitors in this market
Market segments – features / size
Marketing mix (how LVMH use the 4 – or 7 – Ps to offer a value proposition that the market wants)
Impact of PESTLE factors on this market
Revision Topics
