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Marketing Concepts of Ralph Lauren Corporation

University: Bloomsbury Institute London

  • Unit No: 5
  • Level: Undergraduate/College
  • Pages 7 / Words 1000
  • Paper Type: Assignment
  • Course Code: LSBM101
  • Downloads: 0
Answer :
Organization Selected : Ralph Lauren

INTRODUCTION

Marketing is essential for each and every organization or business to promote its products and services. It is important for each and every company to advertise their goods or services in the market so that the maximum number of customers can be attracted. The present report is based on the marketing concepts and customer purchasing power that influence sales of Ralph Lauren and polo products. Ralph Lauren Corporation is introducing polo t-shirts for women which will replace the Blue label category of clothes with polo. The report will discuss various concepts that the company will use for marketing their new product. Furthermore, it will also discuss the purchasing behavior of women consumers while buying polo products.

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Literature review

A. Marketing concepts used by Ralph Lauren Corporation.

According to Villeneuve and Pasquier (2017), Ralph Lauren corporation identified that there is need to develop a new or unique product in order to attract women consumers. The main target of women polo t-shirt are the women between 16 – 60 years of age, but mainly the young girls who lives in down-town and needs to wear branded clothes on weekends. The company utilised and implemented product concept to market their products and attract customers. As per the view of Homburg, Jozić and Kuehnl (2017), Product concept is one of the most effective and successful marketing strategies that help an organisation to attract customers by providing improved products with high quality and new features. The company identified the need of introducing and offering a new product to the women consumers who are attracted towards branded clothes. They need to pay high cost to purchase clothes to wear at weekends. In order to target and attract these women consumers Ralph Lauren corporation introduced polo women t-shirts that can be purchased at a reasonable price. The quality of the product is meeting the level of customer satisfaction level and brand name also played a major role in attracting the women demanding branded clothing. Product concept of marketing was a successful approach used by the organisation along with the social marketing concept. The organisation promoted its new polo women t-shirt on its websites, social media platform such as Facebook, Twitter and Instagram to attract maximum number of women consumers. However, the product concept was not much successful due to intense competition in the market but due to the marketing concept Ralph Lauren Corporation managed to attract customers in wide range of markets. Therefore, company successfully achieved good level of sales mainly in women clothing.

B. Purchasing decision of women consumer

According to Kyambalesa (2017), every individual has a different method of buying a product or service. There are various factors that influence the purchasing decision of the women consumers while buying polo t-shirts. The process of purchasing decision includes five stages as described below -

Need recognition – The first stage of buying decision making includes the recognition or identification of needs or wants. In this phase an individual determines his or her needs that can be fulfilled by a product or services. It is the major stage in that creates or start the process of purchasing.

Information search – Giampietri and Finco (2018) states that after identifying the needs, each and every individual seek to obtain information or data related to products as much as possible. They surf internet, use social media platforms, interact with other consumers in order to achieve most relevant and essential information to find out the most suitable option that can satisfy their needs.

Evaluation of alternatives – After gathering information customer evaluate each and every option of alternative available for them in the market. There are various organisation offering similar products and services to the customers, hence they evaluate every product in order to compare them on the basis of price, quality, availability and reviews of previous consumers. This stage helps to identify the best option for satisfying the needs. Polo product ensured that its new t-shirt is high in quality and has a attractive price.

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Marketing Strategy of Travelodge

Purchase decision – It is the stage in which purchasing is done, the most critical phase of making a purchasing decision. According to Kyambalesa (2017), this stage gets affected by two factors, firstly the negative reviews or feedbacks and second motivation to accept feedbacks in order to satisfy the needs. Ralph Lauren corporation has a good market value that promotes women to purchase their products.

Post purchase decision – This is the last stage of purchasing decision making process, although it does not affect the already purchased product or stages of decision making. But may affect decisions for purchasing a product or service in future. This stage involves the comparison of previous expectations and actual satisfaction level received by using a product or service.

RECOMMENDATION

The cited organisation needs to focus on other concepts of market as well as such as production and sales. It can help the company to achieve more profit by minimising the cost. The production concept can help Ralph Lauren corporation to improve their manufacturing function by using most appropriate methods of production and selling concept can assist in targeting the potential customers in the most profitable markets. Our team of subject-oriented and highly qualified writers promises to deliver well-written and thoroughly researched homework help at affordable prices within the prescribed deadlines.

CONCLUSION

The above report concluded that marketing concepts are very important for each and every business or organisation in order to attract more and more customers as well as increase sales by introducing new products with attractive attributes. This report identified that Ralph Lauren used product and social marketing concept in order to promote its new polo women clothing. In addition to this the decision making process is also described in the above report.

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