Questions- This Assessment covers following questions:
- Understand and analyse how marketing concepts and principles are used in daily business operations.
- Polo Ralph Lauren is a clothing and home furnishing brand.Explain important marketing concepts and terminology.
- Explain and evaluate how consumers make their buying decisions under various conditions, both locally and internationally, as well as online versus offline.
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.
(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 products (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.
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.
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.
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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.
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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.