Marketing Mix Of Ralph Lauren and 4Ps (Updated 2023)

The Marketing mix of Ralph Lauren analyses the 4Ps of Ralph Lauren, including the Product, Price, Place, and Promotions. Ralph Lauren is a publicly-traded company of American origins. It is associated with the lifestyle and retail industry as it deals in apparel and accessories. Ralph Lauren Corporation was founded in 1967 by its founder, Ralph Lauren. It is one of the most recognized brands in the fashion industry and operates with the help of its numerous brand names, such as the Blue Label, Polo by Ralph Lauren, and Ralph Lauren Purple Label. Some of its competitors are as follows-

• GAP
• Liz Claiborne
• Tommy Hilfiger

About Ralph Lauren

• Type: Publicly traded company
• Industry: Fashion
• Founded: 1967
• Founders: Ralph Lauren
• Headquarters: New York City, New York, United States
• Area served: Worldwide
• Current CEO: Patrice Louvet
• Number of employees: 18,250
• Major products: Apparel, footwear, accessories, home goods, fragrances, and hospitality

Ralph Lauren Product Strategy

Ralph Lauren is a lifestyle brand linked with luxury and is recognized for its high quality and distinct design. It is associated with designing, marketing, personal selling, distributing, and manufacturing apparel, fragrances, accessories, and homes.

The new Product Mix of Ralph Lauren in 2023 is as follows (Source).

1. Apparel: This is a significant segment for Ralph Lauren, encompassing a wide range of clothing items for men, women, and children. It includes everything from casual wear (like polo shirts, t-shirts, and jeans) to more formal attire (such as suits, evening wear, and dresses).
2. Accessories: Ralph Lauren offers a variety of accessories, including handbags, belts, hats, scarves, and eyewear. These items often bear the company’s iconic logo and are designed to complement the apparel line.
3. Footwear: The brand produces a range of footwear for men, women, and children. This includes dress shoes, casual shoes, boots, and athletic-inspired footwear.
4. Fragrances: Ralph Lauren has a selection of fragrances for both men and women. These fragrances are often associated with the luxury and style that define the brand.
5. Home Furnishings: Apart from fashion, Ralph Lauren has ventured into home furnishings, offering bedding, towels, and other accessories. This extension allows the brand to create a lifestyle appeal beyond clothing.
6. Children’s Wear: This is a distinct category within Ralph Lauren, featuring designs that mirror the adult styles but are tailored for children.
7. Gifts and Miscellaneous Items: The company also offers a variety of other products, such as gifts, small leather goods, and other miscellaneous items that bear the Ralph Lauren branding.

Ralph Lauren Place Strategy

Ralph Lauren serves a global area, and its products are readily available in several Asian countries, Europe, the Middle East, North America, and Latin America. Its headquarters are based in New York City in the United States. At the end of the financial year 2015-16, Ralph Lauren had a strong distribution channel that included operations with the help of licensing, wholesale business, and retail outlets. The company, marketing strategy, and distribution network included 144 personalized Ralph Lauren outlets, 493 directly operated outlets, 272 Polo-Factory outlets, and 77 Club-Monaco outlets.

The company also operates via 583 concession shops. It has a global licensing marketing management partnership, and through it, it manages 42 dedicated shops, 93 personalized Ralph Lauren outlets, and 133 Club-Monaco outlets. Ralph Lauren’s representative flagship outlets are New York City, Paris, Moscow, Tokyo, Milan, London, and Chicago. Its website acts as its online store, along with 1,0 e-commerce portals for shopping.

Here’s Ralph Lauren’s place strategy.

1. Global Retail Presence: Ralph Lauren has a significant global retail presence, with flagship stores in major cities worldwide, including New York, London, and Paris. These stores are often located in high-end shopping districts, reinforcing the brand’s luxury status.
2. Selective Distribution: The brand adopts a selective distribution strategy, placing its products in high-end and specialty stores. This approach ensures the brand is associated with other premium products and services, maintaining its luxury image.
3. E-Commerce Platform: Ralph Lauren has invested heavily in its online presence, offering a comprehensive e-commerce platform. This allows the brand to reach a wider audience globally and provides a convenient shopping experience for customers.
4. Outlet Stores: To make the brand more accessible and to manage inventory efficiently, Ralph Lauren operates outlet stores. These outlets offer products at discounted prices, attracting a broader customer base while maintaining brand integrity.
5. Strategic International Expansion: Ralph Lauren carefully selects international markets for expansion, often focusing on emerging luxury markets in Asia and the Middle East. This strategic approach ensures sustainable growth and a solid global brand presence.

Ralph Lauren Pricing Strategy

At the end of the financial year 2015-16, Ralph Lauren’s estimated revenues were 7.4 billion dollars, and its net income was 546 million dollars. It is a multi-billion dollar global enterprise that deals in luxury and premium products. Ralph Lauren caters to wealthy clients from an urban class that revels in high prices and best quality as it denotes an elevated status symbol by association. It has adopted a premium pricing policy for all its products and has helped earn good revenues because the profit margin on premium quality is comparatively more significant.

Here is Ralph Lauren’s pricing strategy.

1. Premium Pricing: Ralph Lauren adopts a premium pricing strategy, setting prices at a higher range to reflect the quality, craftsmanship, and prestige associated with the brand. This approach not only underscores the luxury status of Ralph Lauren but also contributes to a high perceived value among consumers.
2. Psychological Pricing: The company often employs psychological pricing tactics. For example, pricing items just below a round number (e.g., $99 instead of $100) can make products appear more affordable while maintaining a high-end perception.
3. Dynamic Pricing for Seasonal and Fashion Products: Ralph Lauren employs dynamic pricing for seasonal collections and fashion items. Prices may initially be set high and adjusted according to demand, trends, and inventory levels, often leading to end-of-season sales to clear inventory.
4. Skimming Strategy for New Collections: For new and exclusive collections, Ralph Lauren often uses a price skimming strategy where initial prices are set high to attract fashion-forward consumers and early adopters willing to pay a premium for the latest styles.
5. Competitive and Market-Based Pricing: In some product categories, particularly those with higher competition (like polo shirts and casual wear), Ralph Lauren may adopt a more competitive or market-based pricing approach. Here, prices are set in consideration of competitors and market demand, ensuring the brand remains competitive while still reflecting its premium positioning.

Ralph Lauren Promotion Strategy

Ralph Lauren has hired an in-house advertising and creative team that creates and executes various promotional campaigns and policies to increase and retain its brand awareness in the consumer market. Its primary medium for advertising is print, and ads are placed in lifestyle and fashion magazines. The company has launched promotion campaigns via advertisements on television, organizing special events, and direct-to-consumer marketing. Ralph Lauren has put a particular onus on digital and social media platforms like SMS via mobiles, Facebook, Twitter, and YouTube.

The company participates in fashion shows like Milan Fashion Week and New York Fashion Week to gain maximum brand exposure. It is the official outfitter for on-court officials at US Open and Wimbledon tennis tournaments. Ralph Lauren is the official parade outfitter of the US Paralympic and Olympic teams. Brand sponsors’ personalities include Morgan Pressel, Luke Donald, Jonathan Byrd, and Tom Watson.

Some Recent Video ads and Print ads of Ralph Lauren are:

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