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Marketing Principles & Practice

   

Added on  2020-10-23

6 Pages1353 Words266 Views
MARKETINGPRINCIPLES &PRACTICE

Table of ContentsINTRODUCTION...........................................................................................................................3(a) Identify and define the key marketing concepts used by the Ralph Lauren corporationexplain how they are used to market Polo Ralph Lauren women's products..............................3(b) Explain how Polo Ralph Lauren women consumers make their buying decisions whenpurchasing polo products............................................................................................................4CONCLUSIONS..............................................................................................................................5REFERENCES................................................................................................................................6

INTRODUCTIONMarketing is a very crucial division of the functional operations of any company. A wellversed marketing strategy can help in increasing the number of sales and revenue of theorganisation. It is consist of activities that are related to buying and selling of the products alongwith many other activities such as advertising, promotions, etc. This report will discuss aboutRalph Lauren corporation which deals in various lifestyle products such as clothing, home décor,accessories and fragrances (Jobber and Ellis-Chadwick, 2012). The company have various brandnames such as Polo Ralph Lauren, American Living, and many more. The respectiveorganisation is now offering dresses collection in silk georgette and various other products underRalph Lauren Polo Women's brand. This file will discuss the market concepts that are practisedby the respective company in order to increase the number of sales and the rise in profit of thecompany. Also, this report will also discuss various factors that are involved in decision makingof the customer and how the customer of Ralph Lauren Polo Women range address their needsand final decision about purchasing.(a) Identify and define the key marketing concepts used by the Ralph Lauren corporation explainhow they are used to market Polo Ralph Lauren women's products.A marketing concept can be defined as a philosophy which believes that the companyshould analyse the needs and wants of the customer in a more advance way than comparing it tothe customers (The Marketing Concept, 2011). There are various marketing concepts such asproduction concept, sales concept and marketing concept. These concepts are mentioned below:Production Concept- The production concept is a theory which believes that thecompany should produce only those products which it could produce in a most efficientmanner in order to achieve low cost of production and increase the demand of theproducts (Moriarty and et. al., 2014).Sales concept- According to this theory, the organisation should focus on both theaspects i.e production of the products and convincing the customers to buy with the helpof advertising and personal selling techniques. Additionally, this theory also looksforward to the requirement of the products in the market.Marketing concept- This theory undertakes many aspects which can help in maximisingthe sales and profit. The marketing concepts focuses on the needs and demands of the

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