Ralph Lauren Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Ralph Lauren through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Ralph Lauren Product Strategy:
Ralph Lauren is a leading luxury apparel and accessories brand, with a strong global presence. Ralph Lauren basically caters the premium segment of the society. Ralph Lauren broadly have four categories of product line in their marketing mix:
Apparels
The company offers a wide variety of Polo Ralph Lauren t-shirts, jackets, sweaters, swimwear, formal wear, tees, denims, pants, coats, vests etc.
Fragrances
Lauren, Ralph Lauren Black, Ralph Lauren Blue etc. are some of the range of perfumes offered by the brand.
Home Decor
Some of the home blankets, comforters, bathrobe, bath towels, lightings, frames etc.
Ralph Lauren Accessories
Bags, ties, gloves, scarfs, sunglasses, wallets, leggings, eye glasses etc. are also extremely popular products manufactured by the brand.
They started with the creation of the brand Ralph Lauren for menswear. They have a lot of product ranging from Polo Ralph Lauren t-shirts to trousers and have also catered the kids market. Their main focus is on the menswear segment but have also come up with product range for women. This range comprises from woven scarfs to sportswear for women. the product line now ranges from suiting, to shoes and bags for the customers. This wide variety of the products help Ralph Lauren increase their market share and reach people at every level.
Image: company website
This concludes the product strategy in Ralph Lauren marketing mix & strategy.
Ralph Lauren Price/Pricing Strategy:
Below is the pricing strategy in Ralph Lauren marketing mix strategy:
Ralph Lauren company has an estimated revenue of around $6 billion dollars annually. Ralph Lauren is a global enterprise which mainly focuses in the luxury and premium products.
They mainly target the high income groups and so the prices are generally high compared to the competitors. The quality and price serves the rich, urban people and even after this they are successful in earning a good amount of profit as the margin maintained is very high. Ralph Lauren have been following a preservative pricing policy in their marketing mix and maintain very high prices for their products.
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Ralph Lauren Place & Distribution Strategy:
Following is the distribution strategy in the Ralph Lauren marketing mix:
Ralph Lauren have an extremely strong global presence. Ralph Lauren have their headquarters in New York, USA. They have their branches in different cities all across the world and have a very wide distribution network. These are mainly in the cities like Chicago, Greenwich (USA), Paris, London, Tokyo, Moscow, Milan, Manhasset. The marketing includes 140+ personalized outlet of Ralph Lauren, around 500 directly operated outlets, 70+ club Monaco outlets and 250+ Ralph Lauren Factory outlets. It also runs its business through 400+ concession shops. Ralph Lauren also own an online store for the ease of the customer and around 10 e-commerce portals.
The products are also widely available via leading multi-brand ecommerce portal globally.
Ralph Lauren Promotion & Advertising Strategy:
The promotional and advertising strategy in the Ralph Lauren marketing mix is as follows:
Ralph Lauren has been able to spend a lot and market the products effectively. They carry out extensive promotion activities in their marketing mix through various mediums. Through online advertisements, hoardings and even TV ads, Polo Ralph Lauren has tried to reach the consumers in every corner. They have targeted the younger generation and carry out various activities to attract them. Ralph Lauren have also come up with contests, discounts and Rugby Radio to attract the target customers. Ralph Lauren’s advertising campaigns are looked into by the company’s inhouse creative organization. They mainly advertise through the print media. Ralph Lauren also invests in digital marketing and engages with customers via its social media channels. Also, Ralph Lauren increases the exposure by taking part in the top fashion shows like Milan Fashion Week etc. where they are able to reach to a lot of customers. Hence, this concludes the Ralph Lauren marketing strategy & marketing mix.
About Ralph Lauren:
Ralph Lauren is a well-known American company which was founded in 1967 by Ralph Lauren. It has its headquarters in the New York city, USA. Ralph Lauren has an employee strength of 15,000 employees and a total net assets of around US$ 6.2 billion. it is associated with lifestyles basically as it mainly deals in apparels and accessories.
Ralph Lauren has its market mainly in the American regions. Targeting the youth and basically high income and urban group of people Ralph Lauren deal with luxury and premium products.
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