How can Ralph Lauren be used in product, price, place, promotion?
Ralph Lauren’s marketing mix which covers the 4ps -product, price, place, promotion,- explains the Ralph Lauren marketing strategy. A marketing strategy guides companies to realize business goals and objectives, and the marketing mix is the framework widely used to define the strategies.
Ralph Lauren is one of the most successful luxury apparel and accessories brand, with a strong global presence. His product lines are grouped into 4 categories namely; apparel, fragrances, accessories, and home-use fashions such as bath towels and comforters. The first product created was menswear but later women wear and kids wear were introduced.
Pricing- Ralph Lauren specializes in luxury and premium products therefore their prices are generally relatively high. Their target market is wealthy clients and therefore its quality is also high. Ralph Lauren follows a preservative pricing policy in their marketing mix and maintains very high prices.
Place- its headquarters are in New York, USA, and have branches all over the world with a very wide distribution network. The marketing includes more than 140 personalized outlets of Ralph Lauren, around 500 directly operated outlets, more than 70 club Monaco outlets, and more than 250 Ralph Lauren Factory outlets. It also owns an online store and around 10 e-commerce portals
Promotion- online advertisements, TV ads, hoardings, Rugby radio, discounts, contests are used. They always participate in the top fashion shows like the Milan Fashion Week where they reach a huge audience.