Ralph Lauren uses various materials to brand its apparel. The company uses latex-free rubber to brand wetsuits and swimming costumes. It endeavors to use sustainable materials to produce garments (Lauren 35). Ralph Lauren uses fiber technology to create pants. Besides, the Polo shirts are made using antimicrobial technology to minimize the smell.We will write a custom Ralph Lauren Company’s Marketing Strategy specifically for you
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For decades, Ralph Lauren has struggled to remain relevant in the apparel industry. The industry has changed significantly regarding marketing techniques and fashion trends. Even though Ralph Lauren is among the “household names” in the United States, the brand may die out if the company does not invest in marketing. According to the company’s executive vice president of marketing and corporate communication, the primary goal of the promotion is to keep the company afloat (Lauren 37). The company has invested in “merchantainment” which is a combination of merchandising and entertainment. The goal is to communicate the company’s products across the globe.
In 2010, Ralph Lauren received an award as the leading luxury brand marketer globally (Lauren 41). The company uses print, online, and mobile marketing strategies to publicize its brand. Numerous objectives drive the company’s marketing strategies. One of the aims is the product line distinction. Ralph Lauren is a popular brand. However, many customers do not know that the company offers numerous product lines.
Most clients know about the Polo logo only. Thus, the primary objective of marketing is to enlighten the customers on the various product lines that Ralph Lauren offers (Lauren 43). Another marketing goal is the global expansion of e-commerce. In spite of Ralph Lauren having numerous stores across the globe, the company does not offer online shopping in all the markets. Thus, the company hopes to use marketing strategies to expand its e-commerce to reach many countries.
Marketing Strategy Overview
Ralph Lauren has dominated the apparel business regarding technology for a long time. The company was among the first to invest in e-commerce. Besides, it is aggressive in the utilization of mobile marketing. In 2015, the company launched an iPhone application to facilitate mobile marketing. The application dubbed “Make Your Own Rugby” enables customers to personalize rugby and polo shirts (Moore et al. 921).
Besides, it allows customers to try on shirts by uploading their photos virtually. Ralph Lauren has invested in quick response (QR) codes, “which are barcodes that can be scanned with cell phones to get content associated with the product” (Moore et al. 923). The use of the mobile application has enabled Ralph Lauren to target different customers. The company can identify clients of particular products and attach their mobile experience to a retail store engagement (Moore et al. 927). Ralph Lauren has invested in digital marketing. Marketing is a blend of merchandising and entertainment. Merchantainment is “all about telling stories from around the world about your products” (Moore et al. 931).
Unique Selling Proposition
A unique selling proposition is a critical asset to the business. It does not only help the business to stand out from competitors but also influences customers’ attitudes towards a particular brand. Ralph Lauren’s selling proposition is “We do not just sell clothes, we sell a lifestyle that is exciting” (Phau et al. 71). It encourages clients to purchase merchandise and share in the company’s way of life. Ralph Lauren has capitalized on product differentiation as a selling proposition. The company offers a range of products that target both genders. Besides, Ralph Lauren has products for all ages. “Ralph Lauren nurtures their consumers by focusing on the emotive subject of brand association” (Phau et al. 75).Get your
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Ralph Lauren positions itself as a one-stop-shop for clothing, home décor, and accessories (Phau et al. 79). The company has invested in stylish clothes particularly for women. Today the company depicts itself as the leader in selling refined and classic style for the contemporary woman. The use of the polo logo on the company’s products makes the brand symbolize the preppy lifestyle. Ralph Lauren wants customers to associate its brand with authenticity and heritage (Sheridan 67). The company manufactures a myriad of products like polo shirts and Black Label that symbolize culture. Besides the products, the company uses visual strategies to signify a lifestyle. It displays its products in a manner that captivates customers.
Target Market Segmentation
Ralph Lauren focuses on both primary and secondary clients. The main target market of the company comprises young people who prefer new brands. Ralph Lauren focuses mainly on young professionals from both genders (Sheridan 73). Besides, the company targets sports people especially those who prefer rugby. On the other hand, the secondary target market comprises children. The company is gradually increasing its product portfolio for children.
Ralph Lauren targets customers from across the globe. The company targets mainly professionals (Sheridan 74). Because Lauren’s brand is expensive, the company cannot target poor people. Thus, Ralph Lauren’s target market comprises wealthy individuals who like leisure. The company targets people of both genders. However, a majority of the business’s merchandise are meant for women. The company has products for all individuals regardless of their age (Truong et al. 193). Currently, it has established a new line of products that target children. Additionally, Ralph Lauren targets sportspeople, sailors as well as individuals with multiple houses.
The origin of Ralph Lauren is the United States. Thus, the company’s primary target market is Americans. The company has stores in Greenwich, Chicago, and Manhasset. Ralph Lauren has opened numerous subsidiaries across the globe as part of the enterprise’s expansion strategy. Currently, the company is in the process of establishing multiple stores in the Asian market. It already has subsidiaries in China and Japan. It has establishments in London, Moscow, Tokyo, and Paris (Kim 248).
Sociographic elements of the target market consider the values, hobbies, influences, passion, and attitudes of the consumers. Ralph Lauren targets customers who spend their leisure time on sports. The company targets individuals who like rugby. Besides, it targets customers who seek social acceptance from the brands they wear (Kim 250). The company’s brands are renowned worldwide and associated with fashion. Thus, individuals who purchase them develop a sense of belonging to a particular class of people. Additionally, the company targets customers who value style and elegant living.
Ralph Lauren positions its brand as stylish and luxurious. As a result, the company targets clients with different wants. The company’s target market comprises individuals who prefer prestige, luxury, and glamor (Kim 251). A majority of the customers purchase the Polo brand for prestige. Besides, the company targets clients who value quality and exclusivity. Ralph Lauren brands are of high quality. Clients cannot get such brands from other businesses. In other words, consumers prefer Ralph Lauren brands like Polo due to their exclusivity. Ralph Lauren’s brands symbolize sophistication and wealth. The company targets customers who wish to feel sophisticated, worldly, admired, or respected.
Other Relevant Information
Ralph Lauren targets customers with high disposable income. Currently, the company targets married women who prefer customer services and quality. Besides, the company has shifted its target to clients who purchase apparel during occasions. It offers outstanding products for holiday shoppers and consumers who buy garments on special events.We will write a custom
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Customer Lifestyle Board
Customers associate the Ralph Lauren brand with aspiration and success. A majority of the consumers who purchase the brand value trendy lifestyle. They enjoy keeping a preppy style. The Ralph Lauren brand makes the customers feel associated with the American style. The customers “feel like they are buying into a lifestyle rather than simply high-quality products” (Truong et al. 195). They are individuals who prefer living life to the fullness and enjoying everything that life has to offer.
Target Market Trends
Ralph Lauren’s target market keeps on changing. The disposable income of the target market continues to increase. Besides, more people are joining the workforce leading to the growth of the market (Truong et al. 195). On the other hand, competition in the target market continues to intensify. Currently, there are multiple brands in the market. The brands capitalize on particular characteristics of the target clients. For instance, some brands capitalize on quality and uniqueness. The needs of the target market also keep on changing. New styles and fashion continue to emerge. Thus, Ralph Lauren requires being innovative for it to retain its target market and remain competitive.
Marketing Mix Overview
Ralph Lauren manufactures and sells a range of goods that include women’s, men’s, and children’s apparel. The company also sells accessories that include eyewear, footwear, watches, belts, hats, jewelry, and leather goods. Ralph Lauren sells coordinated home products which include bath and bedding products, paints, wallpapers, giftware, and tabletops among others (Truong et al. 198). Ralph Lauren also sells a range of fragrance products.
Ralph Lauren offers competitive prices for its products compared to rival companies (Truong et al. 377). The company has multiple product lines. Thus, it offers various prices for the individual product line. Indeed, the company’s pricing strategy enables it to exploit different market segments. Ralph Lauren sells its products at fixed prices. It does not offer discounts. The company sells products at high prices to instill a sense of quality in clients (Truong et al. 379).
Ralph Lauren has eight flagships across the globe. The company has branches in Chicago, New York, Milan, London, Paris, Moscow, Tokyo, and Greenwich. Ralph Lauren operates in three divisions. They are retail, wholesale, and licensing. Its branded apparels are available in at least ten thousand wholesale stores across the world (Truong et al. 380). Additionally, “Ralph Lauren sells directly to customers throughout the world via 510 concessional-based shops-within-shops, 367 full-price and factory retail stores, and e-commerce websites” (Truong et al. 382).
Ralph Lauren uses different mechanisms to promote its products. The company utilizes advertising to reach customers. For instance, Ralph Lauren has a digital magazine that it uses to advertise merchandise. Besides, it displays products on the windows of its numerous retail and wholesale stores. Ralph Lauren has invested in internet marketing. The company uses a website and social media platforms to promote products. Public relation is a useful instrument for marketing. Ralph Lauren uses public relations as one of the promotional tools.
Businesses depend on people for marketing. Without people, it would be hard for a company to reach the target consumers. People comprise an essential component of the business offering (Lauren 53). Therefore, it is imperative to ensure that a business has the right people. Ralph Lauren has a team of sales staff who help to identify the target market. Additionally, the company has a pool of experienced workers who facilitate the production of apparel based on consumer demands. The company’s leadership also plays a critical role in promoting business. It ensures that employees have all the resources they require to produce and ship products to the right markets.Not sure if you can write
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Physical evidence or space refers to the material elements that organizations provide as an attest to their existence. For instance, a salon offers a completed hairdo as proof of the services rendered. In the case of Ralph Lauren, the company has numerous elements that can demonstrate its existence. They include men and women merchandise like polo T-shirts (Lauren 55). Additionally, the company sells various branded accessories like belts and leather bags. These products serve as physical evidence for the enterprise.
Process refers to “the mechanisms, procedures, and flow of actions that facilitate the delivery of goods or services” (Lauren 55). In the apparel industry, process refers to the tools used to manufacture the products and deliver them to the market. Once Ralph Lauren produces its products, they are shipped to different retail stores across the globe where customers can access them (Lauren 55). Besides, the company sells its apparel online. Customers can order products online and collect them at the nearest retail store.
Marketing Mix Strategy
Ralph Lauren offers sophisticated products that match its luxurious spirit. The company’s products are made using the finest materials. It has a range of goods for children, women, and men. They include suits, jackets, shirts, denim, gloves, and sweaters among others. The company also offers accessories that include footwear, leather goods, belts, eyewear, and handbags among others. Lauren claims, “Ralph Lauren has made it possible to provide fashion for all customers from the upper crust to the most frugal consumers” (57). The company has exclusive brands like Black Label for clients who value beauty.
Merchandise’s plan refers to a tool that companies use to organize their products. It helps organizations to identify the right merchandise, produce the correct quantity, deliver the products to the market on time, display them accordingly, and sell the goods at the right prices. Ralph Lauren monitors the sales of its different brands to identify those in high demand (Lauren 61). As a result, the company ensures that brands that are in high demand are always in the market. Currently, the Black Label, Polo, and Purple Label are in high demand. Thus, the company intends to maintain the current production level of the three brands.
|Suits||Polo Ralph Lauren||Shoes|
|Casual Shirts||Small Accessories|
|Polo Shirts and Knits||Wallets|
|Shorts and Swim||Ties|
Ralph Lauren uses various pricing techniques for different brands. For instance, the company applies a product line pricing strategy for Black Label to exploit the inelastic demand for the brand. The brand is sold at premium prices. The company also uses a cost-based pricing technique. Ralph Lauren has maintained brand equity (Lauren 63). Thus, clients are willing to pay a high amount of money for the company’s brands. It also uses promotional pricing techniques to boost sales. At times, the company lowers the prices of its products.
Ralph Lauren relies on both wholesalers and retailers for the distribution of products. The company’s popular brands like Black Label are sold in exclusive stores. Besides, the brands are found in luxury department stores like Barney’s and Neiman Marcus (Lauren 65). In spite of the company having multiple retail stores in foreign countries, a majority of them do not offer online services. Ralph Lauren is in the process of introducing online shopping services to all its foreign subsidiaries. It will enable it to reach more customers and boost sales volume.
Ralph Lauren reaches clients through different media. The company uses personal selling, advertising, direct marketing, and sales promotions. At times, the company lowers the prices of products to attract customers (Lauren 68). Ralph Lauren has a team of brand ambassadors who facilitate personal selling. They visit the target clients and have face-to-face communication. Currently, the company has invested in a website to boost online promotion.
Ralph Lauren has been in the apparel industry for a long time. As such, the company has a team of experienced employees. Besides, it has a team of experts who facilitate research and development. The company’s leadership values innovation. Thus, it encourages employees to try new ideas (Lauren 68). Ralph Lauren has a reliable team of suppliers. Consequently, it is assured of readily available raw materials.
Physical space entails the packaging, business cards, branding, and the visual appearance of the firm. Ralph Lauren runs branded outlets. Thus, they are easy to notice. Besides, the stores display products in an attractive manner to arouse the interest of clients (Lauren 70). The company uses branded packaging materials that are environmentally friendly.
Process refers to the steps that a company takes to ensure that consumers have access to products or services. Ralph Lauren facilitates a smooth delivery of goods to areas where they are demanded (Lauren 71). The company ships merchandise to stores across the globe to be close to customers. Besides, it facilitates the delivery of products to clients who purchase online.
Brand Merchandise Concept Map
Production and Manufacturing Process
Ralph Lauren relies on private manufacturers for the manufacture of merchandise. The company has various manufacturers across the globe. Besides, it relies on over 400 suppliers globally (Lauren 73). The company depends on retail boutiques and luxury department stores for distribution of products.
Pricing Strategy and Competitive Positioning
The company uses different pricing strategies to sell products. Favorite brands are sold at premium prices to instill a sense of quality in customers.
Ralph Lauren has numerous wholesale and retail stores across the globe. The company also sells merchandise online. Customers can order products through their online stores. Ralph Lauren liaises with luxury department stores to distribute products.
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