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Marketing Principles and Practice : Assignment

Added on - 23 Nov 2020

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MARKETING PRINCIPLESANDPRACTICES
Table of ContentsINTRODUCTION...........................................................................................................................3A) Various marketing concepts used by the Ralph Lauren Corporation....................................3B) Explaining the way Polo Ralph Lauren women consumers make their buying decisionswhen purchasing Polo products..................................................................................................4Conclusion And Recommendations.................................................................................................5References........................................................................................................................................5
INTRODUCTIONMarketingconcepts used by business organization results in influencing demands ofconsumers and benefit business organization to increase its markets and create brand image.Ralph Lauren is global corporation deals in marketing and distributing lifestyle products. PoloRalph Lauren provides array of products including shoes, furs, hats, eye ware, leather goods,house wares, jewelry, accessories. Polo Ralph Lauren adopts societal marketing concepts andmake its products in a way that considers needs and wants of consumers, company's objectivesand also provide long-term interest to society. In this study report, various concepts of marketingare explained and its influences on buying decisions of consumers.A) Various marketing concepts used by the Ralph Lauren CorporationRalph Lauren offers wide range of products and services including apparel, homefurnishing, accessories and various other licensed products. Marketing concepts helps businessorganization to develop its strategies of marketing(McClements, 2015). Various concepts ofmarketing are marketing management orientation, marketing orientation and societal marketingorientation, which are explained as follows:Marketing Management Orientation:It includes various concepts such as production orientation, marketing concepts andproduct orientation. Product orientation refers to consumers gets attracted to quality products andinnovative features. Business organization generally focus on providing quality products andbrings improvements and innovation to attract more customers and increase its markets share.Production orientation refers that customers gets attracted towards products which are easilyavailable at low cost prices(Estelami, 2016). Organization focusing on production concepts aimsat producing large volume of products that have low price and large availability.Marketingconcepts aims at achieving organizational goals and objectives by meeting needs and wants ofcustomers and it also aims at delivering desired satisfaction being better than competitors. It aimsat creating brand image and delivering better products and services to its target markets that itleads to gaining competitive advantage(Payne-Palacio, 2016).Marketing Orientation:The Ralph Lauren has licensed around 300 manufacturers and have 100 retail outlets inworld-wide and it also has 240 stores of it own in US. Marketing orientation focuses onidentifying needs and wants of customers and meeting them by applying product mix(Malhotra,
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