LSBM101: Marketing Principles & Practice Report on Polo Ralph Lauren

This report provides an overview of key marketing concepts, including production, product, selling, marketing, and societal concepts, with a focus on the American luxury fashion company Polo Ralph Lauren. It examines the consumer buying decision-making process, detailing stages such as need recognition and information search. The report concludes by emphasizing the importance of organizations adopting various marketing concepts to effectively sell products and services in the marketplace. It serves as a valuable resource for students studying marketing principles and practice, offering insights into real-world applications and consumer behavior.

MARKETING PRINCIPLES & PRACTICE

TABLE OF CONTENT
 Introduction
 Key concept of marketing
 Consumer buying decision making process
 Conclusion

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.
 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.

Key concepts of marketing
 Marketing concept is the approach to satisfy wants of consumers, increase profits and path
competition utilising by organization.
 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.
 Product Concept: Company needs to focus on quality, execution and advanced
characteristics in products, so that customer definitely purchasing those goods.
 Selling concept: Organization direct on developing sales operations of products and
services instead of building up long term and gainful relationship with consumers.

Consumer buying decision making process
 There are different customers that have various buying behaviour, their
needs and wants and process of decision making also different
 Need Recognition: It is essential stage in customer decision
procedure. Without recognition of need, there is no purchase take place.
 Information search: Identification of needs after that searching and
collecting of information. Company collects data by different sources
such as personal, commercial, public and experiential communicator.

CONCLUSION
 This report has summarised that five concept of marketing such
as production, product, selling, marketing as well as societal conception
in the Ralph Lauren.
 It can be concluded that consumer buying decisions making procedures
while purchasing Polo goods.
 It includes need recognition, information search, evaluation of
alternatives, purchase decisions, post-purchase decisions in the
company.
 Organization should adopt various concept of marketing for selling of
products and services in the marketplace.

REFERENCES
 Tanner, J. and Raymond, M., 2015. Principles of marketing. University of
Minnesota Libraries Publishing.
 Warner, L. A. and Schall, W. L., 2015. Using Social Marketing Principles to
Understand an Extension Audience’s
 Marketing Concept, 2017. [ONLINE]. Available through. : <
https://iedunote.com/marketing-concept

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