Corporate Social Responsibility: Managing Responsibility – Ralph Lauren Corporation
Corporate social responsibility refers to how the organization mages their business by extending it to the society, it involves strengthening the capacity of the community members so that they can contribute to their development ,in the united states, its about sustaining and respecting the cultural diversity of members giving them skills related to the areas of their interest, usually when the company makes profit, apart from paying taxes, they can donate certain amount to the society from profits. The initiative can be channel toward charitable programs hence create a health reputation in the society, hence becomes an integral part of resource utilization and wealth creation in the community.
Techniques of Management
For decade of years, Ralph Lauren has become the most reputable company and consistently its products have gained good image across the market. It has variety of luxury product ranging from home accessories and lifestyle products. The growth of the investment company is aligned to good leadership and which is complemented and supported by stakeholders. The value which has existed for a long time has created and captured mass market, this directly leads to increase in sales thus maximizing profits,
According to Erdem, Zhao, and Valenzuela, (2004), the existence of marketing team that comprise of college young professional and graduates is another technique which gives an incredible merit over other marketing brands, it make the Ralph Lauren company to have a worldwide renowned brand ,the purpose of this is to effectively change the minds of consumers.
Moreover, the management ensures that they provide the quality products based on the American lifestyle thus they capture the lifestyle of the market and mostly they concentrate on the younger generation which gives a good platform for shopping environment , these makes the company consumer targeting of 15% of the total revenue collection.
Areas of Ralph Lauren Corporation Ares of Improvement
In order to Ralph Lauren corporation, to enjoy sustainable and competitive benefits, there is need to ensure high degree of brand equity since their products target only the young age generation, this necessitates them to consider other population comprising of the aged whom they wish to use their brand but are not considered in the selection, the inclusion of this will increase the company’s revenue collection, There need also to intensify in marketing in the field since the market is not well established in the society thus will maximize profits. ( Buzzell and Quelch, (1988),
The existence of quality and strong assets together with Ralph Lauren name itself makes the company receives good reputation, it helps the customer acquire good trust and loyalty in their products, the experience is passed to the coming generation which further promote the their product marketing . this further strengthens their uniqueness, it gives a customer chance to customize their own products ranging from the color , style and other desired options hence boosting the image of the company.( Azoulay and Kapferer,2003),
Roles of the Stakeholders
The stakeholders holds a strong section in the brand portfolio, they ensure that the company’s product are consumed, The company will try as much as possible to hold upon them for good distribution of their goods so that they can obtain a higher market and financial resources at their disposal, therefore, the company must be committed and anticipate for maintaining the stakeholders customer service hence they are core factors to be narrowed down by the Ralph Lauren company,Order Unique Answer Now