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Key Marketing Principles by Ralph Lauren Corporation

University: Bloomsbury Institute london

  • Unit No: 5
  • Level: High school
  • Pages: 5 / Words 1318
  • Paper Type: Assignment
  • Course Code: LSBM101
  • Downloads: 116
Question :

This assessment will cover some demonstrations which are like:

  1. What are the effective nature and functions of Ralph Lauren Corporation?
  2. Elaborate on the effective customer decision-making in products and their functions.
Answer :
Organization Selected : The Ralph Lauren Corporation

INTRODUCTION

Ralph Lauren is a global leader company that does its business in designing, marketing and distributing lifestyle products. That lifestyle product is divided into four categories that are apparel, home, accessories and fragrances. This report is going to be discussed key marketing products that are used by Polo Ralph Lauren and women's decision of buying 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

Marketing Concepts

 

Illustration 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. Selling Concepts                          

This concept used by company to satisfy customer needs and to provide them products which fulfils their expectations from company.

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  • 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 and needs.(Marketing Management Philosophies. 2018) According to this concept marketing done as. Marketing orientation     

  • 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.)

Related Services- External and Internal Factors of Marketing Environment- Tesla

b. Customer decision-making process when purchasing polo products

 Customer decision making process 

Illustration 2: customer decision-making process
source: (The Customer’s Decision-Making Process,2015)

 

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 increases their sales volume of the company. The Ralph Lauren Corporation also analysed this model to judge consumer buying decisions 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.

  • 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.

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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.

References

  • 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.
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