Wednesday, July 24, 2019

Ralph Lauren Case Study Essay Example | Topics and Well Written Essays - 2000 words

Ralph Lauren Case Study - Essay Example In the same way, there are several ways that the value of a brand can be exploited for the beneficial purpose of the organisation (Keller, 2005). For Ralph Lauren, brand image is highly significant. Ralph Lauren sold his tie line at higher prices than that of market prices with the assumption that customers have greater preference for the product which is rendered at higher prices. It is because according to Ralph Lauren customers perceived that higher price refers to better quality. He diversified his business through own retail store to attract younger generation as well as baby boomers that can help the brand to catch the attention of the customers. Furthermore, Ralph Lauren diversified its business from menswear to womenswear in the year 1971. In the year 1972, the Polo brand was introduced in 24 colours with the tagline â€Å"Every team has its colours, Polo has 24†. This innovative promotional strategy facilitated to fabricate the brand equity for Polo. Ralph Lauren conc entrated on sportswear and trendy fashion wears. He is believed to be the pioneer of ‘lifestyle merchandising branding’. He promoted his brand ‘Polo’ very strategically. By 1980, he set up seven new stores across the markets. His brand was promoted through Hollywood movie ‘The Great Gatsby’ and the costume designer was awarded Oscar for costumes. The above mentioned issue helped the brand to be recognised throughout the world. He considered the social as well as the cultural factors to enhance brand awareness in the American market (Hancock, 2009). Accordingly, in 1978, he introduced fragrances for both men and women. The aromas of the fragrances were apparently distinct and customers would prefer to be familiar with, even if they were not concerned about the clothing line developed by Ralph Lauren. Ralph Lauren made an advertisement campaign with the assistance of Weber (photographer) with an eye-catching tagline â€Å"Rough wear-it was made to be worn†, in the year of 1979, that had a strong impact on brand advertising in those days. In 1981, Ralph Lauren launched a new brand namely Santa Fe collection which facilitated the romanticism of American fantasies with cowboy outfits. In the same year, Ralph Lauren executed its own boutique in London and he became the first American designer in the European market (Hancock, 2009). Next, Ralph Lauren diversified his business towards furnishings with the tagline of â€Å"How Tradition Begins†. Each product under this segment has its own image in customers’ mind. In the year 1986, he emphasised on a flagship store in New York which can define his brands within one corporate entity. The key factors of success for Ralph Lauren are innovative ideas with the combination of networking which creates public awareness and a specific vision about the brand. 2. Evaluation of the Role of Brand Association in the Company’s Success Brand association is related with the customers’ outlook connected with brand and it reflects the strategic position of the brand. Associations can provide to summarise a set of facts and specifications that would be complex for the customer to access and high-priced for the company to correspond. Brand association can facilitate to generate brand awareness in customers’ mind. A differentiating brand association is capable to assist the organisation to obtain competitive advantage. For instance, Ralph Lauren is synonymous with higher price

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