Marketing Principles and Practice Report on Ralph Lauren

This report examines marketing principles and their application within the context of Polo Ralph Lauren. It begins with an introduction to marketing concepts, including production, product, selling, marketing, and societal marketing approaches. The main body of the report analyzes the key concepts of marketing, and explores the consumer buying decision-making process, detailing stages such as need recognition, information search, evaluation of alternatives, purchase decisions, and post-purchase behavior. The report concludes by summarizing these concepts and their relevance to Ralph Lauren's operations. References include academic books and journals, and online resources supporting the analysis of marketing principles 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
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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.
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Marketing concept: Ralph Lauren focus on accomplishing objectives of business
depends on needs and wants of target markets and serving desired satisfaction better than
challengers. In marketing concept, directs and values of community are the ways to accomplish
sales and profits. It includes developing goods after centralising consumer wants, directs on
those requirements with positioning all functions by firm. With the help of satisfying customer
needs, company is realized profits (Tanner and Raymond, 2015).
Societal Marketing Concept: This concept includes marketing schemes that delivers
value to consumer in mode that maintain or improve both customer's and well being of society. It
calls for sustainable marketing, socially and environmentally responsible marketing that run
present wants of customers and organizations when also preserving or increasing the power of
upcoming returns to meet their requirements.
Ralph Lauren focus on customer satisfaction through follow of all concept of marketing
and identify their needs and wants. These concepts are helping to increase sales and gain profits
of company. By this way firm primarily focus on production of goods on high range.
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Illustration 1: Marketing Concept
Source: (Marketing Concept, 2017)

(B) 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. It involves many steps in process of decision
making of consumer. Like
Need Recognition: It is essential stage in customer decision procedure. Without
recognition of need, there is no purchase take place. Buying of goods and services depends upon
needs identification.
Information search: Identification of needs after that searching and collecting of
informations. Company collects data by different sources such as personal, commercial, public
and experiential communicator. With the help of online, print, company gather data to needs of
customers (Warner and Schall, 2015).
Evaluation of alternatives: After gathering information, evaluate alternatives of
products. Customer attitude is heavily effects in this stage. Because of, there are many
alternatives available in the market. Engagement is also element that effects evaluation
procedure. If the high customer attitude, so that it is evaluated brand.
Purchase decision: The purchase decisions are based on negative feedback from other
consumer and level of motivation to accept response. If feedback is negative, so that it is changes
preferences of customers. Due to unexpected situations, decision is disrupted (Warner and
Schall, 2015).
Post purchase behaviour: Consumer compare goods with their past prospects and
satisfaction and dissatisfaction level of consumer. This highly effects on decision procedures for
same buy from similar firm in the future. If customer highly satisfy, so that it increases brand
loyalty. It is common for customers to deal their positive and negative feedback about the good.
With the help of this, company needs to identify the needs and purchasing behaviour of
customers towards products and services in the marketplace.
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
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decisions in the company. Organization should adopt various concept of marketing for selling of
products and services in the marketplace.
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REFERENCES
Books and Journals
Frederiks, E. R., Stenner, K. and Hobman, E. V., 2015. Household energy use: Applying
behavioural economics to understand consumer decision-making and
behaviour. Renewable and Sustainable Energy Reviews. 41. pp.1385-1394.
Solomon, M.R. and et.al., 2014. Consumer behavior: Buying, having, and being (Vol. 10).
London: Pearson.
Tanner, J. and Raymond, M., 2015. Principles of marketing. University of Minnesota Libraries
Publishing.
Vohs, K. D. and et.al., 2018. Making choices impairs subsequent self-control: A limited-resource
account of decision making, self-regulation, and active initiative. In Self-Regulation and
Self-Control (pp. 45-77). Routledge.
Warner, L. A. and Schall, W. L., 2015. Using Social Marketing Principles to Understand an
Extension Audience’s Landscape Water Conservation Practices. Journal of Human
Sciences and Extension. 3(1). pp.46-62.
Online
Marketing Concept, 2017. [ONLINE]. Available through. : <https://iedunote.com/marketing-
concept>.
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