This brand audit report is for Louis Vuitton. The purpose of doing this is to evaluate the brand equity of Louis Vuitton, both from the customers' and firm's perspective. As the brand equity is based on brand knowledge, (Keller, 2003) the brand audit is carried out through a survey designed to measure two components of brand knowledge; namely brand awareness and brand image. In conclusion, it was found that the consumer can recall Louis Vuitton and they do recognize the brand. They also see Louis Vuitton as a brand that represents quality, expensive and exclusive and is unique when compared to other brands such as Gucci. This result will hopefully be able to set the strategic direction for the Louis Vuitton brand.
Louis Vuitton was formed in 1854, its earliest inventions included the idea of designing luggage that was flat and could easily stack in railway carriages. 152 years later, Louis Vuitton is a well-known international fashion label and its company, LVMH Moët Hennessy - Louis Vuitton, believes it still stands for the highest quality products. With a wide range of products comprising of leather goods, ready-to-wear, shoes, watches, jewelry, textiles, writing instruments and accessories, Louis Vuitton have branded themselves as traditional yet innovative to capture its target market. Is what it believes in correct? This report will attempt to measure the brand equity of Louis Vuitton, based on Keller's brand knowledge model by conducting a brand audit.
The Brand Inventory:
In conducting the brand inventory for Louis Vuitton, the brand's website was closely examined. On the website the products were clearly listed, with most of the associated brand elements being displayed on the products. Secondly, an examination of a trade mark Louis Vuitton store completed the gathering of brand elements. This information enables an understanding of the brand from the firm's perspective, since it shows the possible sources of brand knowledge available to the customer.
The Brand Exploratory:
A variety of research procedures were used to obtain timely and accurate information about the knowledge that exists in the market on Louis Vuitton. In conducting the research, both qualitative and quantitative methods were required. Thus, a descriptive research design was used. A survey was designed to measure the brand equity of Louis Vuitton. As this brand audit is based on the brand knowledge model (Keller, 2003), the survey aimed to measure the level of brand awareness and brand image that exists amongst consumers of the Louis Vuitton (LV) brand.
Firstly, before the survey was created, qualitative research was conducted to gather background information to increase the quality of the questions asked in the survey. A projective technique called the word association technique was used, mainly because it is relatively uncomplicated. A variety of questions were asked to help identify a range of brand associations, which aided in the crafting of the questions in the survey. These questions were given to a non-random sample group of friends and family. It was administered through emails and face-to-face collection of the data. The answers, together with the nature they were answered in (e.g. time taken at the beginning of response and strength of answer) were taken down too by the surveyor. Other projective techniques like the Zaltman Metaphor Elicitation technique, Completion and Interpretation tasks and Consumer Observation were not used due to time constraints. (A further question breakdown can be viewed in Appendix 2a.)
Secondly, a quantitative survey measuring brand knowledge was crafted. This again was given to a non-random sample group of friends and family. The population of this survey can be concluded as anyone living in Melbourne who has heard of the brand LV. Initial demographic questions were asked to gain an understanding of the respondents being surveyed.