Major Factors Contributing to the Problems at Ralph Lauren
Ralph Lauren is a fashion brand that has experienced many development challenges. Key factors, including changing consumer behavior, increased market competition, management and supply chain issues, and economic factors, drive these challenges. First of all, it is essential to note that the fashion industry is rapidly changing in line with the general trends of consumers, so for sustainable development, companies need to update their range to meet buyers’ needs constantly.
Ralph Lauren has a specific style that the company adheres to in clothing production. The classic style of the brand does not correspond to modern trends, so the company’s popularity among the target audience is declining. Consequently, customers are more likely to choose brands that match their current needs.
Another important factor is external economic and social processes. Since fashion is not a priority for people during periods of economic downturn, the profits of companies in this industry can be significantly reduced. Ralph Lauren’s clothes are quite expensive, which can significantly reduce customers’ interest in buying the company’s products. Therefore, the company needs to revise its pricing policy and take into account customers’ preferences in order to expand the target audience and guarantee stable profits.
Definition of the Problem Faced by Ralph Lauren
The main problem for the company’s development is decreased customer interest in its products. The firm was unprepared to adapt to changing consumer preferences and implement innovations. As a result, Ralph Lauren is significantly inferior to competing companies and is gradually losing its customers who prefer other brands. It requires revising the company’s management and development strategy and significant investments.
Proposed Solutions to the Problem at Ralph Lauren
There are several ways to solve the development problem that has arisen in the company. Foremost, the company needs to develop more diverse designs for the clothing it sells to appeal to a broader audience. This implies not only a solution to this issue in the short term but also a complete revision of the company’s management strategy. Ralph Lauren must move from classic designs to modern solutions that retain existing audiences and attract new customers. At the same time, the company may leave some design elements that are associated with the brand.
In addition, the company needs to work on improving its brand. This may include marketing and promotional campaigns with famous people or other organizations. In addition, the company may start producing another line of clothing that will be more accessible to a broader audience. This approach will allow you to preserve the company’s identity while increasing the number of customers and income.