Answer to Question #158420 in Marketing for Chris

Question #158420

How can Ralph Lauren be used in product, price, place, promotion?


1
Expert's answer
2021-01-28T06:52:50-0500

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.

 Product Strategy:

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. 


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS