LSBM101 Marketing Principles Report: Ralph Lauren Corporation Overview

This report examines the marketing strategies employed by The Ralph Lauren Corporation. It begins with an introduction to the company and its product categories, followed by a literature review that explores key marketing concepts such as marketing management orientation and social marketing orientation. The report delves into specific concepts including the production concept, product concept, selling concept, marketing concept, and social marketing concept, illustrating how Ralph Lauren utilizes them. Furthermore, the report analyzes the customer decision-making process when purchasing Polo products, outlining stages such as need recognition, information search, evaluation, purchase, and post-purchase evaluation. The conclusion emphasizes the importance of marketing principles in understanding customer needs and driving organizational success. References to relevant books, journals, and online sources support the analysis, including illustrations of marketing concepts and the customer decision-making process. The report provides a comprehensive overview of marketing principles and their practical application within a global lifestyle brand.

Marketing Principles

Table of Contents
INTRODUCTION...........................................................................................................................1
Literature review .............................................................................................................................1
a. Key marketing concepts used by The Ralph Lauren Corporation.........................................1
b. Customer decision making process when purchasing polo products......................................4
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

INTRODUCTION
Ralph Lauren is a global leader company which doing their business in designing,
marketing and distributing of lifestyle products. That lifestyle products is divided into four
categories that is apparel, home, accessories and fragrances. In this report it is going to be
discussed about key marketing products that are used by Polo Ralph Lauren and women's
decision of buying of polo products.
Literature review
a. Key marketing concepts used by The Ralph Lauren Corporation
In the words Rivera, (2017) of The Ralph Lauren Corporation follows marketing
concepts to promote their products among customers. Concepts which are used by company are
marketing management orientation and social marketing orientation.
 Marketing orientation
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Illustr
ation 1: marketing concept
source: (Marketing Management Philosophies,2018)

Production concept
This concept used to express that customer will only purchase that products which are not
expensive and are generally accessible in the market. To achieve high demand for products of the
company managers used strategies of low cost and mass distribution of products on mass scale.
This concept used to attract customers in the company and to get their loyalty.
Product concept
According to this concept customers only get attracted to the products which are better in
quality, performance and in their attributes. These strategies used by managers of the Ralph
Lauren Corporation just to get more customers and sustain them for long term in their business.
Selling concept
According to this concept managers used selling concept to sell their products on high
basis.(Grzegorczyk,2017.) Selling is done with promotional activities in the company so that
their existing product's sales and demand increases in the company and they will able to maintain
customers loyalty for company. This concept may be done as.
This concept used by company to satisfy customer needs and to provide them products which
fulfils their expectations from company.
Marketing concept
Marketing concept emphasize that company needs to do marketing of their products and
services by which customers attracted in company. To increase company's profitability
marketing plays an important role to achieve that. This concept also stress on customer wants
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and needs.(Marketing Management Philosophies. 2018) According to this concept marketing
done as.
 Social marketing concept
This concept used by The Ralph Lauren Corporation just to satisfy human welfare. This concept
used to achieve long term success in the company so that developing marketing strategy
company able to fulfils customer satisfaction and to improve both society and customers among
competitors in the market. This concept used to develop idea which improve corporate
responsibility and maintain their development. This type of marketing helps to establish
favourable image of the company so that sales will grown up.
These are all marketing concepts used by The Ralph Lauren Corporation to promote their
products among customers. Company of the managers use this marketing concepts just to attract
customers and to make strong long term loyalty of customers in the organisation. Therefore,
marketing principles plays an important role in the company to promote their goods and services
to customers to achieve higher revenue in the market.(Armstrong and et.al., 2014.)
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b. Customer decision making process when purchasing polo products.
According to the words of Yang and Gabrielsson,(2017) company has to find customer
decision-making process so that they will able to make their strategies according to customer
expectations which increase their sales volume of the company. The Ralph Lauren Corporation
also analysed this model to judge consumer buying decision about purchasing of their polo
products. Explanation of this stage are.
Need recognition
This process starting with measuring customer's problems or needs they want from an
organisation. Also to judge current demand as well future demand of the customer's which
provide motivation to employees by providing products which satisfy customer satisfaction. By
finding those needs company able to fight with their competitors in the market.
Information search
At this stage customer is able to find their needs from organisation. They have realised
their needs and wants by gathering information from friends, family and with other consumers as
well. Customer relies more on social information rather than information from market analysist.
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Illustration 2: customer decision making process
source: (The Customer’s Decision-Making Process,2015)

Evaluation
In this stage customer search for the alternatives which is provided in the market from
other brands so that they choose products with the best choice. Purchases of the customer
depends on two factors that is high choice products and low choice products. High choice
include products under which more money is to be invested that is home, car etc. Low choice
includes products which does not want more money to invest like food products, dairy products
etc.
purchase
At this stage customer gather all the information have done regarding their choice of
products and use that information to fulfils their initial needs.(Mike Saunders, 2015.) Customer
may change their mind regarding their chosen brands if they find any difficulty in their shopping
this changing decision of customer includes their dissatisfaction from services provided by
organisation, their shopping experience, return policy and regarding promotional activities given
by their chosen organisation.
Post purchase evaluation
At this stage customer again gather some information regarding their purchases. Some
points which covers this evaluation are- to understand situations of the customer and focus on
their purchase products, to encourage customer regarding similar other products, to make
purchases easy for customers.
These are the elements which The Ralph Lauren Corporation analysed to gather customer needs
and wants from the organisation and about their purchasing regarding polo products of the
company.
Conclusion.
This present report from the above study concluded that marketing principles plays an
important role in an organisation which helps in analysing customer needs and wants from the
organisation. In this report literature review given on key marketing concepts of The Ralph
Lauren Corporation and also customer decision-making process when purchasing polo products
of the company.
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References
BOOKS AND JOURNALS.
Rivera, J., 2017. Marketing Principles.
Grzegorczyk, W., 2017. New Marketing Concepts in Marketing Strategies on International
Markets. Annales Universitatis Mariae Curie-Skłodowska. Sectio H. Oeconomia. 51(2). pp.97-
104.
Armstrong and et.al., 2014. Principles of marketing. Pearson Australia.
Yang, M. and Gabrielsson, P., 2017. Entrepreneurial marketing of international high-tech
business-to-business new ventures: A decision-making process perspective. Industrial Marketing
Management. 64. pp.147-160.
ONLINE
Marketing Management Philosophies. 2018. [ONLINE]. Available through
<https://studiousguy.com/marketing-management-philosophies/>
Mike Saunders. 2015. The Customer’s Decision-Making Process. [ONLINE]. Available through
<http://marketinghuddle.com/the-customers-decision-making-process/>
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