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Marketing Concept and Principles Used in the Ralph Lauren Corporation

   

Added on  2021-02-19

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INDIVIDUAL REPORT

Table of ContentsINTRODUCTION.....................................................................................................................................1TASK 1.......................................................................................................................................................1Marketing concept applicable to the Ralph Lauren Corporation .........................................................1Marketing strategies helped Ralph Lauren Corporation achieve its objective.....................................2The concept and principles used in the Ralph Lauren corporation.......................................................5Marketing relations with other departments :........................................................................................6CONCLUSION .........................................................................................................................................8RECOMMENDATION ............................................................................................................................8..........................................................................................................................................................9

INTRODUCTIONMarketing is a technique uses by the company to promote and advertise their product inthe best possible way to attract more and more customers. Marketing is also used by thecompany to reach out to the customers. It is among the most import factors of the business whichpromote the growth and development. Effectively marketing is key to the success of business.Present study is based on the company named Ralph Lauren, which is a globally recognisedbrand with a huge range of luxuries apparel and premium accessories. Their major revenuegeneration is from America and Europe. The company have more than 1000 outlets world till theend of 2018. Current Study will discuss about Marketing concepts, marketing strategies,principle of marketing and the marketing relationship with other functional departments in RalphLauren(Bauer, 2018.)TASK 1Marketing concept applicable to the Ralph Lauren Corporation Product StrategyRalph Lauren is globally one of the leading brands dealing in marketing and distributionof apparels, home appliances, accessories and fragrances. The company focuses on delivering thepremium section of the society. In 1960 Ralph Lauren started from making apparels whichinclude T-shirts, formal wears, denims, jackets, winter wears, swimwear etc. In mid 1970'scompany thought that they only have a limited number (Bhatt, and Gupta,2018.)of product lineand so introduced some other variety products. By 1980 company introduced product varying infragrances, clothing for new born babies, home care appliances like blankets, comforters,lightnings and frames other accessories like leather bags, eye makeup, jewelry, hats. With theincreasing number of products, expanding sales the company's name become more secure andidentifiable. The company portrayed their products to be complete change for people's lifestyle.Ralph Lauren started from making menswear, the product varied from t-shirts to trousers andthen eventually started capturing kids market. Their main focus from the very start was onmenswear only but after analyzing they come up with the product for women's also. Now its justnot clothing but so much other things also like shoes, bags etc. This wide range of productshelped Ralph Lauren capture a bigger section of market and now they can reach people at alllevels(Blythe, and Martin,2019.).Promotional Strategy1

Ralph Lauren spend a lot on marketing the company's products. Their promotion strategyhas been different and was able capture a large size of market through different mediums. PoloRalph Lauren, has increased their market in every corner of the world by using different meansto promotion like online advertisements, TV ads and hoardings. The company has influenced theyounger generation by carrying out activities(Campbell, Martin and Fabos, 2018) that attractyouth. Ralph Lauren used discounts, contests and Rugby Radio to tempt the customers.Companies strategies were so interesting that generated customers interest in buying theirproducts and adding an advantage the discount coupon make them more effective. Thecompany's in-house creative team look after the advertising programs for the company. Theymajorly use print media to advertise their products. Adding to above every thing, Ralph Laurengave the exposure to the company by engaging in top fashion shows like Milan Fashion Weeketc through which they can reach to a large extend of customers of premium class. BrandingPolo Ralph Lauren is one of the leading and successful brand across the world known fortheir design and lifestyle industry. The company products, range from high price to low pricebrands in clothing(men's, women's and children), accessories, home appliances and perfumes.The company is offering quality products that fit the customers need and have gain a uniqueimage of the product that helped the company by adding value to its business. And above allcompany is dealing in variety products (Chatterjee,and Chatterjee,2019.)like home appliancesand accessories make it more easy for customers to choose the brand above all. The company hasalways gave importance to uniqueness and differentiation in their products that influence orattract large scale customers and help retain them. The customers can even personalize theirclothing both online and offline and this feature increased company's sale.Marketing strategies helped Ralph Lauren Corporation achieve its objectiveMarketing MixProduct element of marketing strategy is the answer to customers' needs. The company'sproduct have this unique identity, product design and features that make them out of the box andmake them leaders of competition. The company consider factors like quality product, variety ofproduct, products with different features, unique packaging, their(Grimmer,2018. ) brand nameand after sale services to develop the product. Customers always want change be it in clothing,2

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