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Concept of Marketing and Strategies

   

Added on  2020-12-29

12 Pages3824 Words151 Views
Ralph Lauren and Polo

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3a) Marketing Concepts and terminology applicable to organisation..........................................3b) Marketing strategies and programs of organisations helped for achievement of objectivesand explaining if objectives are achieved in ethical manner.......................................................5c) Explaining marketing concepts and principles used in organisational operations..................6d) Relationship of marketing functions to other functional areas in organisation andidentifying cross functional relationship of marketing and other department in organisation...8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONMarketing is the total sum of activities that is involved in transfer of goods and servicesfrom seller to buyer which includes shipping, advertising, selling or storing (Eckhardt and et. al.,2015). Marketing principles are used for optimising market performance of existing goods inorder to launch products successfully into new market. In order to get success in competitivemarket, it is very essential for organisation to follow all marketing practices for achievement ofgoals and objectives. The given assignment is based on Ralph Lauren Corporation which wasfounded in 1967 at America by Ralph Lauren. This is fashion retail which deals in variety ofproducts such as luxury clothing, house wear, fragrance, furniture, jewellery. This assignmenthighlight about concept of marketing and strategies which help in achievement of goals andobjectives. It also cover about 7P's, STP, marketing research and relationship with otherdepartment, promotional, branding and product strategy. MAIN BODYa) Marketing Concepts and terminology applicable to organisationMarketing ConceptIt is the philosophy which firms should analyse in order to know about needs and demandof customers and making decision which can satisfy them in better manner than competition.This strategy is adopted by organisation for satisfying needs of customers, increasing sales,maximizing profit and beating competition (5 Marketing Concepts Explained with Examples,2017). There are different types of marketing concept which can be adopted by organisation asper nature and size of business. This includes production, selling, product, marketing and societalconcept which helps in achievement of goals and objectives. These are explained in context ofRalph Lauren and Polo which are given below:TerminologyThe various terminology applicable to Ralph Lauren Corporation are described below:Product Strategy- When new product is launched in market, it is very difficult for brandor company to determine whether product can reach to target audience or not. For that, brandneed to design product strategy. It is defined as strategy which determine all steps that brandneed to make to get success in market for new product. It is the vision of product for reachingdesired consumer and aid in deciding elements of products like marketing mix and its design.

This helps in targeting goods to right segment of people in society. It is very important toimplement product strategy as it helps in deciding right steps to be taken to make productsuccess. Here, Ralph Lauren Corporation need to design effective product strategy for theirgoods as it deals variety for increasing sales and profits. There are seven steps which need to beconsidered by organisation such as marketing mix, level of product, types of product,differentiation, brand elements, product design, product mix while deciding strategy for goods(What is Product Strategy? How to develop a product strategy, 2019). There are various types ofproduct strategy which can be used by firm such as business strategies, competitors priorities andcompetitive advantages. For example, Ralph Lauren Corporation has used competition prioritiesstrategy for products. Under this strategy, following elements are considered such as price,delivery, service, quality, product mix, eco-friendly products. When Ralph Lauren Corporationdecide product for their consumers then they provide high quality, service, delivering in time andso on. As it deals in variety of goods and services which is available in 9,000 locations globally.This company is global leader in terms of marketing, designing and distribution of high qualitylifestyle products. Branding- It is the process which involves in creation of unique image and name forproducts in minds of consumers through help of advertising campaigns with consistent theme.The main aim of branding is to establish differentiated and significant presence in market inorder to retain and attract loyal consumers. This helps in identifying product and distinguishing tfrom other services and products. Branding helps in getting recognition, increasing businessvalue, improving satisfaction and pride of employees, generating new consumers, supportingadvertising and creation of trust within marketplace (What Is Branding And Why Is It ImportantFor Your Business, 2019). Ralph Lauren Corporation uses name of “Ralph Lauren or Polo” fortheir products in order expand image of company in market. This leads more secure andidentifiable products from many in market. The success of organisation credited to designingskills, image making and marketing skills used by partner of Ralph Lauren Corporation. Forbranding of Ralph Lauren Corporation, journalist and fashion critics uses words like elegance,sophistication, tradition, integrity, sporty, pseudo-English, WASPy, mannered for describingbrand in market. Promotional Strategy- It is finding appropriate market for goods and services andutilisation of all different aspects of promotion like advertising, online, discounts in order to

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