Marketing Concepts and Consumer Behavior

MARKETING PRINCIPLES &
PRACTICE

Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY ..................................................................................................................................2
(A) Key concept of marketing ....................................................................................................2
(B) Consumer buying decision making process .........................................................................4
CONCLUSION ...............................................................................................................................4
REFERENCES ...............................................................................................................................5
1

INTRODUCTION
Marketing is essential operation of profits and non profit organization. It is wide
procedure that involve product creation and growth, publicity as well as consumers services. In
order to that, there are many principles and practices of marketing such as marketing mix,
customer retention, promotional mix etc. It is necessary to adopt all these patterns and rules of
marketing for selling of goods and services in the market(Solomon and et.al., 2014). This study
is based on Polo Ralph Lauren. It is the American company which deals in luxury fashion goods
such as clothing, home appliances etc. in the world. Report will explain marketing concept and
consumers buying process for purchasing goods.
MAIN BODY
(A) Key concept of marketing
Marketing concept is the approach to satisfy wants of consumers, increase profits and
path competition utilising by organization. Company follows different concepts of marketing
such as production, product, selling, marketing as well as societal marketing concept for selling
of goods and services in the market.
Production Concept: This concept is the older marketing management position that
helps to seller. Consumer buy product which is available on affordable in production concept.
Ralph Lauren follows this location by directing operations and losing sight of actual goal.
Company also focus on goods and efficiently produce and beginning provide of lower price
products (Frederiks, Stenner and Hobman, 2015.).
Product Concept: Company needs to focus on quality, execution and advanced
characteristics in products, so that customer definitely purchasing those goods. Marketing
approaches are directed on making continuous improving product(Marketing Concept, 2017).
Therefore, Ralph Lauren focus on quality and betterment of good are essential part of marketing
schemes.
Selling concept: Organization direct on developing sales operations of products and
services instead of building up long term and gainful relationship with consumers. With the help
of advertising and personal selling, company effort to convert consumer to purchase their
product. The goal of selling concept is to customer satisfaction and beat competition in the
market.
2