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LVMH FINAL EXAM ACTUAL EXAM
QUESTIONS AND CORRECT
ANSWERS | GRADED A+ | VERIFIED
ANSWERS | LATEST VERSION
Through the Living Soils Living Together program, Moët Hennessy wants to reduce by ... its water consumption worldwide by 2030. ------CORRECT ANSWER---------------30% The goal of the IME (Institut des Métiers d'Excellence) is to... ------ CORRECT ANSWER---------------Transmit savoir-faire At Marc Jacobs, Leather Good products take ... from final prototypes to being ready for clients to purchase and enjoy. ------CORRECT ANSWER---- -----------9 months According to Dana Naberezny, to boost innovation, you need to create an environment, process and therefore a culture where people have trust and the resources to ideate. ------CORRECT ANSWER---------------Agree At Louis Vuitton, what does every design project start with? ------CORRECT ANSWER---------------Researching What fields are included in the ASCEND framework presented by Thomaï Serdari which organises the understanding of creativity? ------CORRECT ANSWER---------------Engineering
Science Arts Design At Hublot, what are the three functions a watchmaker holds? ------ CORRECT ANSWER---------------Designer Project Manager Draftsman Which are the key factors to building incredible luxury brand experiences? ------CORRECT ANSWER---------------The brand's goal The brand's unique point of view The stories the brand has to tell Based on the brand management stories from some of the LVMH Maisons, choose appropriate proposals for brands to attract and engage customers. ------CORRECT ANSWER---------------Reflect strong values and commitment Deliver strategies aligned with the DNA of the brand Activate omnichannel plans According to Sage from Tiffany & Co., synchronization and close partnership across functions is essential to deliver a clear message to clients and consumers. ------CORRECT ANSWER---------------Agree According to Carole Bildé, her first role as Marketing and Communication Director for Veuve Clicquot is to... ------CORRECT ANSWER--------------- engage customers and make Veuve Clicquot the most desirable Champagne brand
What are the main qualities required for a store manager to succeed in offering the client a memorable experience? ------CORRECT ANSWER----- ----------- You need to have an insatiable curiosity for products
- You need a high level of engagement
- You need to like people
- You need skills in storytelling Blockchain cannot enable following and securing the whole product life- cycle from sourcing to shelf ------CORRECT ANSWER---------------False Personalisation positively impacts product recognizability and the brand's signaling potential ------CORRECT ANSWER---------------No According to Bain & Company, the role of the store will need to transform from transaction-centric to relationship-centric ------CORRECT ANSWER--- ------------Yes What are the two major challenges of innovation in the luxury sector? ------ CORRECT ANSWER---------------- Integrating human touch
- Finding the right place Diversity is only limited to common characteristics such as race, ethnicity, and gender ------CORRECT ANSWER---------------No
"Creativity is a discussion, not a monologue." Do you agree with this statement ------CORRECT ANSWER---------------Yes Omnichannel and data acceleration are important topics in LVMH as today it is necessary to provide seamless and best-in-class customer experience ------CORRECT ANSWER---------------Yes What are the key characteristics of a brand today that help to attract and engage the customer? ------CORRECT ANSWER---------------- authentic identity and a clear message
- reflecting strong commitment and spreading awareness
- maintaining a strong legacy
- consistent communication across relevant channels According to Yves Dallery what is the definition of Operations? ------ CORRECT ANSWER---------------Operations refers to all the activities that transform raw materials, components, and packaging into finished goods and then distribute those products to the final customers. What are the 2 main challenges for supply chain and operations within the luxury industry? ------CORRECT ANSWER---------------- Increasingly emphasising corporate social responsibility
- Helping luxury Maisons become more and more customer centric Select 3 pillars of sustainable performance within the field of Operations ---- --CORRECT ANSWER---------------- Financial Performance
- Environmental Performance
- Social Performance
How many stores does LVMH manage? ------CORRECT ANSWER----------- ----5,600 stores Among the following activities, which one is not part of the Other Activities sector?
- Culture
- Hospitality
- Art
- Automotive ------CORRECT ANSWER---------------Automotive How many employees work at LVMH and how many are women? ------ CORRECT ANSWER---------------196,000, 71% women How many Maisons are there within the LVMH group? ------CORRECT ANSWER---------------More than 75 What business sector at LVMH generated the highest share of revenues in 2022? ------CORRECT ANSWER---------------Fashion & leather goods Which Maisons are part of the Perfumes & Cosmetics division?
- STELLA by Stella McCartney
- ACQUA DI PARMA
- Maison Francis KURKDJIAN
- FRED
- BENEFIT COSMETICS
- CHAUMET ------CORRECT ANSWER---------------STELLA by Stella McCartney, ACQUA DI PARMA, Maison Francis KURKDJIAN, BENEFIT COSMETICS
Which is the oldest wine estate and youngest brand in the Wines & Spirits division? ------CORRECT ANSWER---------------Domaine des Lambrays (oldest) & Eminente (youngest) Select the appropriate sentences related to LVMH omnichannel strategy:
- Omnichannel is a client-centric approach aimed at providing a consistent, qualitative, and seamless customer experience across all channels and geographies.
- The omnichannel vision is only relevant to retail as this is where the brands come in direct contact with the customer.
- Establishing a smooth omnichannel customer experience requires cross- collaboration across all teams, departments, and through all activities - from warehouses to stores. ------CORRECT ANSWER---------------1 & 3 Looking at distribution, is Brick and Mortar still an important part of the luxury story? ------CORRECT ANSWER---------------Yes True or false: According to Bain & Company, the US is currently the largest market for personal luxury goods ------CORRECT ANSWER--------------- True Which characteristics may help to measure the luxuriousness of an offer? -- ----CORRECT ANSWER---------------- Price
- Quality
- Scarcity
- Signed by brands
- Controlled channels
- Personalized services
How are eco-conscious customers adapting their consumption? ------ CORRECT ANSWER---------------- Rethinking the product as a service (rental) and not only a good to own
- Rediscovering vintage products According to Anne Michaut, select key principles of Luxury:
- Consumers have a range of consumption motivations.
- Consumers tend to express their values through the brands they select.
- Brands can become powerful personal branding tools as they project clear and strong values.
- Brands can deliver higher perceived value to their customers by expressing their own values. ------CORRECT ANSWER---------------All of the above True or False: A commonly used definition of Sustainability is based on three pillars: maximising simultaneously the biological system goals, economic system goals, and social system goals. ------CORRECT ANSWER---------------True True or False: Sustainability and sustainable development can be seen as the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs. ------CORRECT ANSWER--- ------------True Emotional value is... ------CORRECT ANSWER---------------... is about the ability of brands to create affective responses all the way to strong emotions of joy and pride, and to identify and nurture these emotions.
According to Serge Carreira, which are the essential values of luxury? ------ CORRECT ANSWER---------------- Quality beyond aesthetic
- Legacy beyond desire
- Emotion beyond ownership
- Creativity beyond trends How is Sephora reducing CO2 impacts? (select all)
- by using renewable energy contracts
- by making deliveries via drones
- by reducing the packaging
- by promoting "Good for" sustainable product selection ------CORRECT ANSWER---------------- by using renewable energy contracts
- by reducing the packaging
- by promoting "Good for" sustainable product selection Which of the following are part of LVMH's LIFE 360 Program to positively impact the environment?
- Protect Biodiversity
- Fight Climate Change
- Creative Circularity
- Traceability and Transparency ------CORRECT ANSWER---------------All of the above What is the goal of the Bee Respect platform? ------CORRECT ANSWER--- ------------A platform that offers more transparency on the supply chain and whole life cycles of Guerlain products Louis Vuitton launched in 2020 its Committed Journey program, with an environmental roadmap based on three pillars. What are the pillars? ------ CORRECT ANSWER---------------- Responsibly source all raw materials
- Fight against climate change through ambitious actions to decrease carbon emissions
The goal of the IME (Institut des Metiers d'Excellence) is to... ------ CORRECT ANSWER---------------Transmit savoir-faire According to you, what would be the 3 most relevant KPIs to monitor the overall performance of this LVMH service?
- Customer Satisfaction
- Carbon footprint
- Cost per order
- Number of used bicycles per hour ------CORRECT ANSWER--------------- 1, 2, 3 What is the best way to measure service level for time-slot delivery? ------ CORRECT ANSWER---------------Delivery made within the announced slot delivery According to you, which factors have an impact on the cost of this delivery?
- Average delivery distance
- Possibility to mutualize several orders within a same vehicle 3.Prices of the product bought by the customer
- Number & sizes of shopping bags / packages ------CORRECT ANSWER- --------------1, 2, 4 What are the main advantages to work with socially protected employees companies of couriers (as opposed to the Gig-economy, i.e. platform of self-employed couriers) for such delivery service?
- Better quality of service (incl. selection & continuous training of couriers)
- Lower price
- Number of available potential couriers at short-term
- Social Protection of employees (job security, paid vacations, health insurance) ------CORRECT ANSWER---------------1, 4
What are the main advantages to use bicycles for Last Mile Delivery in city centers for short distance (as opposed to use cars or trucks)?
- Delivery speed
- Carbon footprint
- Number of packages that can be transported at once
- Overall traffic relief
- Noise reduction ------CORRECT ANSWER---------------All except 3 According to Sandrine Crener from HBS and LVMH, we have moved from a traditional retail model to a new global and omnichannel model. This traditional model was defined by...
- a few stores in a limited number of cities in the world
- a target of few privileged people who had physical access to those stores
- the promotion of scarcity and exclusivity ------CORRECT ANSWER-------- -------All Select the key success factors of a best-in-class customer experience
- Customised
- Face-to-face focused
- Elevating
- Memorable
- Involving
- Relevant ------CORRECT ANSWER---------------All except 2 True or False: A key stake of the luxury retail is to offer exceptional customer experiences. ------CORRECT ANSWER---------------True
- You need to have an insatiable curiosity for products
- You need to like people
- You need skills in storytelling
- You need to be passionate ------CORRECT ANSWER---------------All of the above True or False: the Net Promoter Score indicates the probability of clients recommending a product, a brand or service. ------CORRECT ANSWER---- -----------True True or False: the client experience refers to the interaction between the client and the brand across multiple points of contact. ------CORRECT ANSWER---------------True What are the two main roles of store managers?
- Providing a lasting experience with their clients
- Buying raw materials
- Creating products
- Developing their team ------CORRECT ANSWER---------------- Providing a lasting experience with their clients
- Developing their team In transitioning from multi-channel to omni-channel, Wendy Chan shares the 3 critical pillars for success:
- Data
- IT
- Prices
- People ------CORRECT ANSWER---------------1. Data
- IT
- People
At Guerlain, what are the three pillars that create a connection with customers?
- Store teams
- Place and retail design
- Customer programs
- Releasing new products weekly ------CORRECT ANSWER---------------1. Store teams
- Place and retail design
- Customer programs How many stores does LVMH have around the world?
- 2,
- 3,
- 4,
- 5,500+ ------CORRECT ANSWER---------------5,500+ How many stores does LVMH manage? ------CORRECT ANSWER----------- ----More than 6000 LVMH Operating Model has six pillars. Which one is not correct? ------ CORRECT ANSWER---------------Centralized organization Which Maison of the Perfumes & Cosmetics division is the oldest? ------ CORRECT ANSWER---------------Officine Universelle Buly Was Dior the first international LVMH brand to enter the Chinese market? -- ----CORRECT ANSWER---------------Yes
According to Sandrine Crener from HBS and LVMH, we have moved from a traditional retail model to a new global and omnichannel model. This traditional model was defined by... ------CORRECT ANSWER---------------a few stores in a limited number of cities in the world a target of few privileged people who had physical access to those stores the promotion of scarcity and exclusivity Select the key success factors of a best-in-class customer experience. ------ CORRECT ANSWER---------------Customized Face-to-face focused Elevating Memorable Involving Relevant A key stake of the luxury retail is to offer exceptional customer experiences. ------CORRECT ANSWER---------------I agree Gamification is a way for luxury brands to get closer to a younger clientele. ------CORRECT ANSWER---------------Yes According to Anne Michaut from HEC Paris, what are the purposes of retail today? ------CORRECT ANSWER---------------Magnifying the product Celebrating the brand Nurturing client's emotion Developing new products
When it comes to retail, what objectives do Data and AI serve? ------ CORRECT ANSWER---------------Automating tasks to improve customer satisfaction Optimizing the retail space Personalizing the customer experience According to Trent Power, the cost of acquiring a new Client is higher than the cost of retaining an existing one. ------CORRECT ANSWER--------------- Agree Sephora Champs-Elysées welcomes an average ... visitors per day, with a team of ... people working at the store. ------CORRECT ANSWER------------- --10 thousand visitors, 200 people According to Nelly Mensah, LVMH is leveraging Emerging technologies. They include ... ------CORRECT ANSWER---------------Blockchain Web 3D GenAI Immersive experiences A key stake and commitment of LVMH is to develop its talents in Retail. Those Talents represent at LVMH: ------CORRECT ANSWER--------------- More than the half of the employees worldwide What are the main rules to follow when it comes to customer experience? -- ----CORRECT ANSWER---------------All of the above
