Marketing Principles and Practice - Ralph Lauren Corporation
Added on 2020-12-29
6 Pages1361 Words331 Views
Marketing Principles and Practice
Table of ContentsINTRODUCTION......................................................................................................................3Literature Review.......................................................................................................................3A. Identify and define the key marketing concepts...............................................................3B. Explain how Polo Ralph Lauren women consumers make their buying decisions when purchasing Polo products.......................................................................................................4CONCLUSION..........................................................................................................................4REFERENCES....................................................................................................................................6
INTRODUCTIONMarketing principles are those strategies for marketing department on which maximum stakeholders get agreed. Different marketing principles are being used for improving the performance of company’s current product in which it is dealing. It will help the organisation in launching a new product in the market. In this present report Ralph Laurenhas been chosen for assessment. Ralph Lauren is a global leader in lifestyle products and it has developed the brand mire in the past 50 years. This present assignment will majorly focuson Key marketing concepts. In addition to this, Polo Ralph Lauren women consumers make their buying decisions when purchasing Polo products will be explained in brief.Literature ReviewA. Identify and define the key marketing concepts.Marketing is the major function of every organisation which focuses on covering maximum possible target market by way of advertising, promotion and different marketing strategies. There are some major marketing concepts which are followed in order to carry the marketing process. The same will be defined below: ProductionOrientation: The most important concept of production is to operate the business production in such a way that it gives most effective and efficient outcomes.When the company sales its products at low cost and maintains the quality at its best (Burns, 2014). Ralph Lauren Corporation is following the same marketing concept where they produce the best quality under all the lifestyle products. In context to PoloRalph Lauren, all the women products are produced in the best quality so that it will not harm any women Product Orientation: Every organisation believes in offering such products where the consumer gets most satisfied and feels as if their needs are being taken care by thecompany (Hyndman and Athanasopoulos, 2018). Marketing department of the cited organisation says that woman’s are always loyal towards the products if they get services and quality as per their choice This will help in gaining maximum market share and gaining benefits from the competitive advantages. Sales orientation: Companies have a different sales department which operates according to the target and profits of the company. Sale is that function of organisation which always runs for increasing sales as much as it can (Shand, Smith and Ashby, 2017). In context to polo Ralph Lauren, the organisation has targeted to covering the market of women between the age of 25 to 35. This will be the major focus of the company to sales its women’s product. This will increase the profits of the company along with growth and earning market share Societal marketing concept: This concept says that organisation should focus on wants and needs of consumer better than their competitors. Other than this it says thatdelivers value better than the competitors and keeps and maintains the well-being of
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