Ralph Lauren Company’s Mission and Structure

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Vision and Mission Statement

As Ralph Lauren states, the mission of his company is to redefine American fashion and style, offer high-quality products to its customers, and involve individuals in the process of creation of those products. However, Ralph Lauren does not have a vision statement. The latter is critical to the company for the reason that it would provide the options for future growth (Schley and Weston 99). Moreover, the vision statement would direct the organization and help review the short-term and long-term objectives.

Description of the Brand

The organization functions in three sections: Retail, Wholesale, and Licensing. Ralph Lauren Corporation proposes a variety of clothing goods, together with male and female collections which are retailed under numerous brand titles. Overall, Ralph Lauren Corporation trades its goods to chain stores and specialized stores. The company also provides golf apparel. Ralph Lauren Corporation also features a variety of retail stores and its e-commerce websites. The corporation also sells its wear, household, and other goods by means of licensing agreements (Lauren 15).

Products and Services

Ralph Lauren Corporation produces its goods for both men and women, including footwear, wristwatches, belts, hats, eyewear, fine jewelry, and leather goods, including shoulder bags and luggage. There are numerous other goods produced by the Ralph Lauren Corporation which comprise bedding and bath goods, fixtures, cloth and wall covering, lights, paint, giftware, and tabletop. Moreover, it offers a series of fragrances for both men and women.

Unique Features

One of the unique features of the Ralph Lauren company is its multi-brand approach. It provides various services to its clients and even has restaurants in several parts of the world. One may find the Polo Bar and Ralph’s Coffee in New York City. There is also a restaurant sited in Chicago and yet another restaurant located in Paris. Ralph Lauren strives to conquer the market by means of a unique amalgamation of seemingly incompatible brands.

Current Production and Supply Chain

The key driver for Ralph Lauren’s production is its improved supply chain speed. The corporation elaborated and implemented a cross-functional teamwork approach. This move allowed Ralph Lauren Corporation to strengthen the collaboration with its contractor base in Asia. The current strategy also helped the company to minimize costs and increase the quality of its merchandise (Geczy 149). The corporation is also looking to concentrate on three of its brands – Polo, Lauren, and Ralph Lauren. In order to match its demand and supply, the company decided to split its orders into smaller pieces in order to minimize the risk of selling out and getting behind.

Environmental Factors

The environmental topic is one of the characteristics of the modern business world which Ralph Lauren Corporation should not ignore. Society and government have become exposed to numerous environmental dilapidations. Ralph Lauren currently implements policies aimed to minimize the negative impact on the ecology. The company also pays attention to corporate responsibility in order to contribute to the improvement of the current state of ecology (Springsteel 86). This is how the company manages to get adequate support from the public and the administration. The tactic that is currently used should also involve the implementation of a reutilize-and-recycle strategy.

Company Structure

In 2016, the company has seen several important transformations in its organization. Ralph Lauren Corporation embraced a novel international organizational structure. These transformations capitalized on the potential of Ralph Lauren brands and produced comprehensive growth (Sheridan 33). As stated by Ralph Lauren, the new CEO’s knowledge in tactically renovating business and functioning models from local and market-focused companies to international brands allowed him to play the fundamental management role in Ralph Lauren’s administrative renovation.

Company Performance

The new organizational structure helped the corporation increase its income level in comparison to 2015. The total income grew by 6% and stopped at the $6,860 million marks. Ralph Lauren stated that this significant growth was also a result of the new CEO’s professional approach and updated the company’s vision statement.

Target Market

Ralph Lauren Corporation targets customers all over the world. The company’s customer profile comprises various experts, rich and prosperous people who are highly respected in the society, individuals with several houses, and equestrians, sailors, and people who practice sports such as golf. Ralph Lauren’s customers want prestige, fascination, extravagance, and honor (Williams 101). Their key values include first-class quality, uniqueness, and stylishness. The fundamental desire of Ralph Lauren’s target customers is to be appreciated, well-regarded, affluent, experienced, and classy.

Potential Product Lines

One of the potential product lines is a clothing line for pets. This move is supported by the fact that the majority of Ralph Lauren’s clients are pet owners. The first two collections would feature clothes for cats and dogs. There should also be a collection for other animals as well. The option of personalization should also be available to the customers.

Another potential product line is the customization of the vehicle interior trim. Ralph Lauren would offer its services to the car owners that wish to personalize the look of their car. This would be an important asset for the company for the reason that Ralph Lauren’s target customers are rich and enjoy luxury. Providing them with the option of customizing their car would open a whole new array of opportunities for the corporation.

Works Cited

Geczy, Adam. Fashion and Orientalism: Dress, Textiles and Culture From the 17th to the 21st Century. London: Bloomsbury Academic, 2013. Print.

Lauren, Ralph. Ralph Lauren. Milano: Rizzoli, 2011. Print.

Schley, Bill, and Graham Weston. The Unstoppables: Tapping Your Entrepreneurial Power. New York: Routledge, 2012. Print.

Sheridan, Jayne. Fashion, Media, Promotion: The New Black Magic. Chichester: Wiley-Blackwell, 2010. Print.

Springsteel, Lisa. Becoming a Fashion Designer. Hoboken: John Wiley & Sons, 2013. Print.

Williams, Kim. Fashion, Design and Events. New York: Routledge, 2013. Print.

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