Please note! This essay has been submitted by a student.
I have chosen to Polo Ralph Lauren as my profit making business. The business was founded in 1952 which was around 52 years ago, created by Ralph Lauren who is an American fashion designer, philanthropist and business executive. He is currently the executive chairman and CCO of Ralph Lauren Corporation. Ralph Lauren is an American fashion company that produces and sells mid-range to luxury fashion products, and is known for its apparel, home, accessories, and fragrances. They also offer a tailoring service, which a lot of people are unaware of.
Ralph Lauren Corporation currently have 493 directly operated stores, they currently have 44 Ralph Lauren stores, 77 Club Monaco stores and 272 Polo factory stores. Ralph Lauren corporation also have 583 concession shops worldwide, such as Harrods, Selfridges, Debenhams, Bloomingdales. Ralph Lauren corporation currently employ 18,250 worldwide as of 2017. Ralph Lauren is a large business as they are well known and well established. Ralph Lauren’s revenue amounted to 6.18 billion US dollars in 2018, however as that is a lot of money, ralph Lauren had a much higher revenue in 2015 with a revenue of 7.62 billion US dollars which is the highest it has been from 2002 to 2018, from 2002 to 2015 the yearly revenue would gradually be increasing, but from 2015 the revenue started to decline until 2018. Ralph Lauren corporation is an incorporation as it is an American company. By ralph Lauren being an incorporation it has got limited liability and also has some tax deductions. Polo Ralph Lauren sell shares as it is an incorporation. An incorporation is like a public limited company in the UK. The purpose of Ralph Lauren Corporation is to produce and sell good quality and fashionable products and in return earn a lot of revenue and profits. Ralph Lauren is part of the secondary and tertiary industry, as ralph Lauren manufacture there products in industrial factories, as well as offering a service to the general public as they are selling there items. Ralph Lauren is a worldwide corporation as you can find their products being sold in most parts of the world, specifically the US, Canada, Europe, Japan, South Korea, China, Southeast Asia, and Latin America.
Objectives are short- term goals that should try and be met to achieve their long term aims. Objectives for a business should be SMART to make them more realistic and easier to meet. Ralph Lauren set a lot of objectives to meet their aims such as “providing quality products…creating worlds… and encouraging their consumers to participate in that lifestyle” as these aims are broad ralph Lauren set various objectives to help meet these broad aims. An objective would be “innovating and expanding new and emerging merchandise categories, particularly accessories” This objective is more specific and easier to meet within a shorter period of time in providing their aim of better quality products to their customers. Having objectives allows the business to focus on each objective which helps them meet their main goal.