Statement of problem
The problem statement is, ‘analysing way ethical practices contribute to
competitive advantage
of Louis Vuitton in luxury fashion industry’.
Rationale
The research proposal holds
high end
significance in terms of widening knowledge on the concept of ethical practices. It is worth mentioning that ethical practices in
luxury fashion goods industry
are gaining worldwide attention. In this regard, business firms are formulating and implementing business strategies in
ethical
manner for positioning more socially responsible. In
business world, ethical practices are considered as mechanism gearing true wealth and paving
path
of competitive advantage as it is argued that ethical practices are simple actions, but holds
huge potential
of bringing
big difference
in the existing competitive advantage framework (Jennings, 2014).
Research proposal: Opportunity of increasing competitive advantage through pursuing ethical practices in luxury fashion: Louis Vuitton Statement of problem The problem statement is, ‘analysing way ethical practices contribute to competitive advantage of Louis Vuitton in luxury fashion industry’. Rationale The research proposal holds high end significance in terms of widening knowledge on the concept of ethical practices. It is worth mentioning that ethical practices in luxury fashion goods industry are gaining worldwide attention. In this regard, business firms are formulating and implementing business strategies in ethical manner for positioning more socially responsible. In business world, ethical practices are considered as mechanism gearing true wealth and paving path of competitive advantage as it is argued that ethical practices are simple actions, but holds huge potential of bringing big difference in the existing competitive advantage framework (Jennings, 2014). Considering this, underlying research study will foster information regarding as how ethical practices are being implemented by selected organisation for pursuing path of competitive advantage. Connection to MSOL The approach to the proposed project is based on exploration of the ethical practices, currently being adopted by the Louis Vuitton. According to the report published by WWF regarding ethical practices prevailing in luxury fashion industry, it is argued that luxury fashion business firms are facing wide range criticism on grounds of unnecessary consumption and social, environmental and cultural challenges. In this regard, Louis Vuitton is striving towards reconciling human creativity and favouring environmental sustainable development. It requires collective approach and commitment on the part of suppliers and partners for developing awareness and cultivating sense of responsibility within the company. Louis Vuitton is practicing ‘5R’ rule-renew, recycle, reduce, review and repair for promoting environmental footprint in the business activities (Thompson, 2011). Renew in ‘5R’ stands for using renewable resources as much as possible, recycle means training and making people aware regarding manner of recycling paper, plastic, etc. Thirdly, reduce means using advanced methods of reducing wastage, along with reviewing new models of energy development. Lastly, offering repair service for ensuring high quality products (Siegle, 2009). Expected outcomes The project is expected to provide insight regarding ethical practices, currently being practiced by Louis Vuitton, and at the same time, developing understanding regarding the way ethical practices contribute to competitive advantage. Resources The research study will make use of both primary and secondary for solving research problem and attaining defined aims. As primary source, interview method will be used where managers and leaders of Louis Vuitton will be approached and asked for participating in interview process. There will be prepared set of open-ended questions for asking with respondents. The sample size will be 5 managers and leaders of the concerned organisation. In secondary resources, there will be use of business research studies, publications, case examples, etc for reviewing and accessing detailed nature information (Choi & Shen, 2016). Initial timeline The timeline is of eight weeks and distributed among research activities in the underlying manner: Research activities Time specified 1 2 3 4 5 6 7 8 Research background 1 Writing literature review 2 Preparing research methodology 2 Data collecting & analysis 2 Outlining findings & recommendations 1 References Choi, T.M. & Shen, B. (2016). Luxury Fashion Retail Management. Springer. Jennings, M.M. (2014). Business Ethics: Case Studies and Selected Readings. Cengage Learning. Siegle, L. (2009). Is luxury fashion good for the planet? Retrieved 28th October 2017 https://www.theguardian.com/environment/2009/may/31/ethical-living-fashion Thompson, D. (2011). Branding Louis Vuitton: Behind the World's Most Famous Luxury Label. Retrieved 28th October 2017 https://www.theatlantic.com/business/archive/2011/05/branding-louis-vuitton-behind-the-worlds-most-famous-luxury-label/238746/