Ralph Lauren is an American business organization which is founded by Ralph Lauren in 1967. Headquarter of firm is in New York City, United States. The framework of all their products are same i.e. longevity, style and timelessness. It is popularly known for clothing as well as for different premium lifestyle goods and products which are divided in four categories i.e. fragrances, apparel, home and accessories. Cited organization targets the middle and upper class of people as their consumers. In present scenario, there are 23,000 employees working in the organization. The annual revenue of cited firm is 7.4 billion USD in 2016.
2. Discussion And Application Of Theory
a. The use of marketing concepts and key terminologies
When an organization takes feedback from customers, to understand their needs and then implement some decisions for the satisfaction of customers demand (Moriarty, 2014). This philosophy of organization is known as Marketing concept.
There are 5 different types of concepts of marketing used by Ralph Lauren Corporation, which are as follows:
Marketing Concepts: This focuses on the needs and demands of the market and then delivers that product in the market better than their competitors (Athanasopoulos, 2014). Cited firm's main goal is to make your brand so strong that customers prefer your brand instead of choosing any other competitor. In order to market the products or services that is delivered by the firm. In this context, market researcher has to be conduced as it helps to know the changes that has raised within the taste and preference of customers (Concepts of Marketing, 2013). There are organization that deliver their customers with similar products and services. Customers prefer to make purchases of goods that satisfy their needs and requirements. In this context, it is important that cited firm make changes in their products as per the requirement of customers.
Further, branding enables to develop a unique place within the mind of customers towards the goods and services that are delivered by the firm (Bose, 2010). Ralph Lauren should aim at improving their branding and this is helpful to improve recognition of the products or organization. Further, people develop trust over the services that are delivered by the firm. When there is trust, then people prefer to raise their purchases.
b. Consumers make their buying decisions under various conditions, both locally and internationally, as well as online versus offline
The process of decision-making which is used by customers for any transaction in market before, after and during the purchase of any product or services is known as Buying decision process. When a product is purchases at any condition whether it is for national, international, online or offline customers, there are five steps that are involved in it and they are as follows:
Need recognition: This can be determined as a step in which customer get to understand the requirement of product or services (Jobber, 2012). A purchase can take place until there is a need. For example, when service user get to identify need of cloth, then they will search for sources that will be helpful to satisfy them.
Information search: As per this step, customer will search for the sources that will be helpful to satisfy their his/her requirement. In this context, to purchase for clothing customers may prefer Ralph Lauren or any other firm.
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Evaluation of alternative: There companies like Ralph Lauren which deliver customers with similar products (French, 2010). Customers generally prefer products that are of high quality but low prices or any other requirement. If Ralph Lauren satisfied all their requirement, then customers will prefer to purchase products of cited firm.
Purchase decision: In this step when all the requirement and need is satisfied that the product, then it will be purchased by the customers. Products of Ralph Lauren will be made when the product is able to satisfy all their requirements.
Post purchase decision: In accordance with this step, the purchased product will be used by customers and evaluation will be made over the services received and the expectations of customers (Pamela, 2016). In case, the product of Ralph Lauren does not satisfy requirement, then they will stop buying.
3. Conclusion And Recommendation
In fashion business world, Ralph Lauren is one of the biggest brand and doing well and also gaining market share and revenue. Cited firm makes many efforts to fulfil the needs of their customers and satisfy them. There are many threats which are faced by the organization from their competitors like Banana Republic, Zara, Abercrombie and Fitch, etc. Also new entrants are joining the market, but it is not a big issue to overcome as they have the advantage of better brand than others.
Ralph Lauren should continue to expand their brand in different countries. They should do more research to find out that which organization can bring more values to their brand. In some countries, there are many firms, which may become a strong partner for Ralph Lauren as many developing countries have good demands of luxury products of Polo. They should launch newer products as comparatively lower prices to encourage the middle class people to buy their products. Read what is the Importance of Branding.
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