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Essay example - Ralph Lauren Case Study
Pages 8 (2008 words)
Ralph Lauren Case Study Table of Contents Table of Contents 2 1.Elements Comprising the Equity in the Ralph Lauren Brand 3 2.Evaluation of the Role of Brand Association in the Company’s Success 4 3.Ralph Lauren’s Brand Extension Decision to Rugby 7 4.Recommendations to the Company regarding Stewardship of their Brand in the Future 8 References 11 1…
Extract of sample
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 “Every team has its colours, Polo has 24”. This innovative promotional strategy facilitated to fabricate the brand equity for Polo. Ralph Lauren concentrated 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. ...
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