Ralph Lauren Strategy Paper
Module 2: Mission, Goals, and Strategic Management Process
Module 3: External Analysis
Module 2: Mission, Goals, and Strategic Management Process
Module 3: External Analysis
Group: Diamonds
Ralph Lauren Corporation
Strategy Term Project
MGT 695 – 01
Dr. Hochradel
Module 2: Mission, Goals, and the Strategic Management Process
The mission of Ralph Lauren is to provide quality product, bringing different worlds together and inviting people into their dream and vision (McAllister, 2012). They are the true innovators of lifestyle advertisements that tell a story and the first to create stores that encourage customer participation in that lifestyle (McAllister, 2012).
Ralph Lauren has 3 major goals:
• Build and extend the brand by uniquely showcasing the world of Ralph Lauren through advertising and marketing. The Ralph Lauren Company also plans to expand and extend the Ralph Lauren lifestyle through new products, in new categories, and in new parts of the world. (Johnston, Watkins, & Wright, 2005)
• Keeping its specialty retail is also extremely important. Polo continues to increase the amount of exclusive or limited-distribution product in its Ralph Lauren stores. They also plan on making significant advances in how it operates its retail stores by adding experience and strength to the leadership of the specialty retail group and coupling it with the right merchandise and marketing support. (Johnston, Watkins, & Wright, 2005)
• Expanding its international presence so that they can broaden their reach through increasing direct brand ownership and control with new specialty retail store openings. (Johnston, Watkins, & Wright, 2005)
Yes, the firm has long–term goals that might become challenging. For instance, expanding internationally especially in Europe has been challenging. Sales in Europe have shown little growth, therefore; Polo Ralph Lauren is currently finding new ways to reduce costs
Module 3: External Analysis
Module 2: Mission, Goals, and Strategic Management Process
Module 3: External Analysis
Group: Diamonds
Ralph Lauren Corporation
Strategy Term Project
MGT 695 – 01
Dr. Hochradel
Module 2: Mission, Goals, and the Strategic Management Process
The mission of Ralph Lauren is to provide quality product, bringing different worlds together and inviting people into their dream and vision (McAllister, 2012). They are the true innovators of lifestyle advertisements that tell a story and the first to create stores that encourage customer participation in that lifestyle (McAllister, 2012).
Ralph Lauren has 3 major goals:
• Build and extend the brand by uniquely showcasing the world of Ralph Lauren through advertising and marketing. The Ralph Lauren Company also plans to expand and extend the Ralph Lauren lifestyle through new products, in new categories, and in new parts of the world. (Johnston, Watkins, & Wright, 2005)
• Keeping its specialty retail is also extremely important. Polo continues to increase the amount of exclusive or limited-distribution product in its Ralph Lauren stores. They also plan on making significant advances in how it operates its retail stores by adding experience and strength to the leadership of the specialty retail group and coupling it with the right merchandise and marketing support. (Johnston, Watkins, & Wright, 2005)
• Expanding its international presence so that they can broaden their reach through increasing direct brand ownership and control with new specialty retail store openings. (Johnston, Watkins, & Wright, 2005)
Yes, the firm has long–term goals that might become challenging. For instance, expanding internationally especially in Europe has been challenging. Sales in Europe have shown little growth, therefore; Polo Ralph Lauren is currently finding new ways to reduce costs