This analysis explores the marketing strategy, target market, positioning, product and pricing strategy, promotional mix, distribution strategy, and SWOT analysis of Ralph Lauren.
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Running head: MARKETING STRATEGY ANALYSIS OF RALPH LAUREN MARKETING STRATEGY ANALYSIS OF RALPH LAUREN Name of the Student Name of the University Author Note
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1MARKETING STRATEGY ANALYSIS OF RALPH LAUREN Table of Contents Introduction....................................................................................................................2 Product line of Ralph Lauren.........................................................................................2 Marketing strategies, objectives and the marketing programs.......................................2 Target market of Ralph Lauren..................................................................................2 Positioning and perceptual map of Ralph Lauren......................................................3 Products and services offered, branding strategy and product strategy.....................4 Pricing strategy, pricing levels...................................................................................4 Promotional mix.........................................................................................................5 Distribution strategy...................................................................................................5 SWOT analysis of Ralph Lauren...................................................................................5 Conclusion......................................................................................................................6 References......................................................................................................................7
2MARKETING STRATEGY ANALYSIS OF RALPH LAUREN Introduction RalphLaurenisafashiondesigner,businessexecutiveandphilanthropistof American origin. The Ralph Lauren Corporation had been developed by him and the organizationhasbecomeamulti-millionDollarorganizationwithinfewyearsofits operations. The founder had stepped down from the position of CEO in the year 2015 and remained the executive chairman of the company (Ralphlauren.co.uk, 2019). The analysis will be based on the product line of Ralph Lauren and the different marketing based objectives that have been set by the organization. The target market that has been developed by the organization is also a part of the analysis. The internal environment of Ralph Lauren will be analysed with the help of implementation of SWOT framework. Product line of Ralph Lauren Ralph Lauren has been operating in the retail industry by providing a diverse range of products that are able to fulfil the needs and demands of the customers in an effective way. The different products that are offered by the organization mainly include, men’s clothing accessories, women’s clothing,kids’ accessories. The company offers clothingrelated products from different brands that can fulfil needs of customers belonging to different groups. The brands that are offered by Ralph Lauren in the market include, Ralph Lauren Collection, Polo Ralph Lauren, Ralph Lauren Childrenswear, Chaps, Club Monaco and Denim and Supply Ralph Lauren (Cacciolatti & Lee, 2016). Marketing strategies, objectives and the marketing programs Target market of Ralph Lauren The target market or target consumers of Ralph Lauren mainly belong to the upper middle class or middle class range. The amounts of disposable income that are possessed by
3MARKETING STRATEGY ANALYSIS OF RALPH LAUREN customers who belong to these classes are high. The consumers of the organization are also highly family oriented in nature and are able to provide value to the simple aspects. The target market of the organization is based on different demographics that include, men, women and children of different ages. The range of the target market of Ralph Lauren is also quite wide that includes, the West Coast, The Northeast and The South. Different countries of which the target customers are a part include, Canada, the United States, Europe, South Korea, Japan, Latin America and Southeast Asia (Hartsfield, Johansen & Knight, 2017). Positioning and perceptual map of Ralph Lauren The Ralph Lauren Brand has been positioned in the minds of consumers as a premium organization that is able to fulfil their needs with the help of high quality based products. The position of Ralph Lauren is related to luxury market. The organization had developed a clear target clear and positioned itself in the luxury category. However, the external changes have influenced the ways by which Ralph Lauren is able to position itself in the industry (Jaworski, 2018). The positioning map can be developed based on the types of consumers. AthleticElegant
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4MARKETING STRATEGY ANALYSIS OF RALPH LAUREN Products and services offered, branding strategy and product strategy The branding strategyof Ralph Lauren is based on the balance that has been developed by the organization between simplicity and class. The personalities can be expressed by the organization with the help of different branding based activities that are performed in the clothing retail based industry. The branding of Ralph Lauren has always been a perfect balance between the latest trends and the classics. The brand has been developed for the consumers based on the ways by which the organization is able to provide maximum levels of value to quality, style and exclusivity levels (Kotler, Kartajaya & Hooi, 2017). Product strategy –The product strategy of Ralph Lauren is based on the vast product portfolio that has been developed by the organization. The master brand of Ralph Lauren has been effectively maintained in different brands that are offered to the consumers. Polo Ralph Lauren is based on the complete line based on men’s Polo, gloves, scarves. The Ralph Lauren Collection is another major brand that is offered by the organization. The products that are offered under the different brands can cater to the needs of various customers (Menon et al., 2015). Pricing strategy, pricing levels The major focus of Ralph Lauren is on the premium and luxury products that belong to high price and high quality based segment. The prices of products are high in comparison to the competitors and are aimed at serving the urban and rich people who are more concerned about the quality rather than the prices. The pricing perspective that has been implemented by Ralph Lauren is based on the dependency of quality of products on their prices. The premium pricing strategy is implemented by Ralph Lauren in order to operate in various countries of the world (Morgan et al., 2019).
5MARKETING STRATEGY ANALYSIS OF RALPH LAUREN Promotional mix The brand communications and promotions of Ralph Lauren are best-in-class and have been helpful in developing a picture that is aspirational for the American life. The primary promotional and advertising tools that have been used by the organization include, television, print media and events. The organization has used different fashion magazines like, Vogue, Vanity Fair and Cosmopolitan in order to increase the levels of awareness in the fashion industry (Varadarajan, 2015). Distribution strategy The distribution based strategy that has been implemented by Ralph Lauren in the fashion retail industry includes, whole distribution and retail distribution as well. The online channels are also used by Ralph Lauren in order to reach the consumers within short periods of time (Morgan et al., 2019). SWOT analysis of Ralph Lauren Strengths –The most significant factor related to the success of Ralph Lauren is based on the leadership of the organization. The designs that are provided by Ralph Lauren are related to recent trends. Weaknesses –The huge number of sub brands has affected the focus of Ralph Lauren. Inventory levels in the organization are also quite high (Kotler, Kartajaya & Hooi, 2017). Opportunities –Growth opportunities are provided to Ralph Lauren in emerging countries like China and India.
6MARKETING STRATEGY ANALYSIS OF RALPH LAUREN Threats –The increasing competition levels from companies like, United Colors of Benetton, US Polo and Van Huesen is a major threat to Ralph Lauren (Hartsfield, Johansen & Knight, 2017). Conclusion The analysis can be concluded by stating that Ralph Lauren has been successful in developing a profitable position in the industry with the help of its diverse product line and distribution strategies.
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7MARKETING STRATEGY ANALYSIS OF RALPH LAUREN References Cacciolatti,L.&Lee,S.H.(2016).Revisitingtherelationshipbetweenmarketing capabilitiesand firmperformance:Themoderatingroleof marketorientation, marketing strategy and organisational power.Journal of Business Research,69(12), pp.5597-5610. Hartsfield, S., Johansen, D. & Knight, G. (2017). Entrepreneurial orientation, strategy, and marketingcapabilitiesintheperformanceofbornglobalfirms.International Business: Research, Teaching, and Practice,2(1), pp.12-38. Jaworski,B.J.(2018).Commentary:advancingmarketingstrategyinthemarketing discipline and beyond.Journal of Marketing Management,34(1-2), pp.63-70. Kotler,P.,Kartajaya,H.&Hooi,D.H.(2017).MarketingStrategyForValue Exploration.World Scientific Book Chapters, pp.175-190. Menon, A., Bharadwaj, S.G., Adidam, P.T. & Edison, S.W. (2015). Effective Marketing Strategy-Making:AntecedentsandConsequences.InProceedingsofthe1997 Academy of Marketing Science (AMS) Annual Conference(pp. 224-224). Springer, Cham. Morgan,N.A.,Whitler,K.A.,Feng,H.&Chari,S.(2019).Researchinmarketing strategy.Journal of the Academy of Marketing Science, pp.1-26. Ralphlauren.co.uk (2019).Ralph Lauren UK | Luxury Clothing and Home Collection. [online] Ralph Lauren. Available at: https://www.ralphlauren.co.uk/ [Accessed 16 Mar. 2019].
8MARKETING STRATEGY ANALYSIS OF RALPH LAUREN Varadarajan, R. (2015). Strategic marketing, marketing strategy and market strategy.AMS review,5(3-4), pp.78-90.