The organization of Victoria’s Secret has been a booming organization for the last 35 years. They have advertised a diverse mix of products to their customers and have constantly generated consistent and high quality undergarments products now for men’s. It looks as although there is not anything they can do to include to their achievement in their market, on the other hand, it has made a plan to increase its target market and expand a completely new product line for men’s.
The objective of Victoria’s Secret is emerged from its association with limited brands. Limited Brands, together with Victoria’s Secret are devoted to creating a people of the world’s best style brands giving appealing client experiences that force continuing reliability and carry sustained development for the shareholders.
Marketing Strategy Mix
The study below will explain how Victoria’s Secret strategies to make use of the four elements of the marketing mix:
(1) Product strategy;
(2) Pricing strategy;
(3) Place strategy; and
(4) Promotion strategy to attain equally financial and nonfinancial objectives.
Victoria’s Secret presents an immense product line for men: it is the king of lingerie in the present market and presents a broad range of underwear for men. Product line for men requires to be every so often updated by employing different plans, technologies, and fabrics. It will assist to keep clients interested in attempting out diverse products of Victoria’s Secret’s. In the last five years, Victoria’s Secret has been raising its product into undergarments products and employing this to draw yet greater client base (Colman 3). Up to now, this product line has been extremely flourishing; consequently, it is essential to carry on the expansion of this undergarment line. As well, permanent investigation of new intimate clothing, lingerie, and undergarments products is required to shape the requirements of the clients and preserve the Victoria’s Secret standing. Victoria’s Secret knows that the garment positioning of new product resolves its achievement or stoppage.
Victoria’s Secret is devoted to rewarding the infinite requirements of every individual man. Numerous exclusive product lines are formed with the idea that every person is diverse and has diverse lingerie requirements (Tasini 23). Victoria’s Secret objective is to offer clients with the men’s line of products to fulfill those requirements. The products are planned with outstanding class, relieve, and build men feel manly.
Victoria’s Secret might give the feeling a little expensive to several clients, though, its pricing strategy is realistic and it as well has vast support and sales. The pricing strategy of Victoria’s Secret for men’s wear is not exclusively depended on client value. It has accepted good importance pricing: putting the products at a presently available stage, where things are appreciated but yet wearable. It is the ideal grouping of high-quality and reasonable price. Several of the appropriate pricing strategies comprise of getting bundle pacts for example 5 pairs of underwear for $ 25 (when they will separately cost $ 7.50) (Kumar 78).
Victoria’s Secret has been getting two semi-yearly sales each year; these sales present the prevalent discounts on many products. This is a high-quality pricing strategy since to sell out old supplies and offer time and gap for the new products. The application of Victoria’s Secret incentives for men’s wear also pulls towards you many clients to the stores. This is a big pricing motivation for the clients. Victoria’s Secret must also present seasonal compact for example spring sales and Christmas sales on definite men’s products.
Victoria’s Secret has been utilizing its online website to sell men’s products online; this is a grand policy to make bigger the advertising “place” where they can sell. It permits customers from other states where there the customers cannot access the retail stores to still get purchasing its products and in fact get more collection. The website store has been gainful since it was created and sales carry on elevating in the retail stores additionally. By putting the men’s products inside more than single place, online website and in retail store, they are creating their product more reachable and simpler to achieve. It is the organization’s objective to develop Victoria’s Secret’s market globally.
The major state for the brand development for the subsequently 3 years is Canada. Since at the moment, there are just 20 retail stores for purchasing in Canada, contrasted to that there are above 1000 retail stores in America (Dang 90). Consequently, with Victoria’s Secret’s constructive standing and worldwide customers’ encouraging insights, it is essential to grasp this chance of enlarging the amount of retail stores in various countries of the world.
Victoria’s Secret is a major instance of an organization that efficiently uses incorporated marketing communications. Throughout its joint usage of TV and magazine advertisements, snail mail and e-mail promotions, and fashion programs, Victoria’s Secret has exercised coherent application to win the inclination of male undergarment customers and has productively persuaded a nation of its preeminence in the skill of creating men’s lingerie. Transversely every of it’s a variety of shapes of marketing, Victoria’s Secret exudes an obvious, indisputable communication. These stunning men with ideal bodies contribute in photo shoots position in foreign regions as wearing Victoria’s Secret brand underwear’s, lingerie and swimsuits. By giving sales lists openly to the customers, Victoria’s Secret is placing possible customers into its consumer system.
Competitor Analysis and Competitive Advantage
Current Competitive Market
It is depended on the study on top sales for underwear of men on Amazon.com, there is the world’s biggest website online retailer, and the main competitors for incoming the market will be Fruit of the Loom, Jockey, Calvin Klein and Hanes. Calvin Klein is the head of the men’s underwear marketplace and it has the highest supposed value and a price series of around 18 to 40 based on the quality of product. A broader diversity of colors and prints have turn into accepted and meaner at present wanting to pay out more on their underwear.
Men, like women, are currently purchasing underwear to emphasize and harmonize their body. They as well require diverse pairs of underwear for unusual places and attires. Skinny jeans will describe for a more fixed chest, as agile shorts worn at the gymnasium will require the assistance and breathability of a short. Nowadays, men’s products are being made for definite purpose along with underwear is no exemption.
The main target market, as has been discussed, buys the most underwear between the ages of 18 and 35 since they are trying to draw attention female attendant. They also seem for more trendy and practical choices when it awakens their underwear. To get an advantage in excess of rivals, as Fuerte by Victoria’s Secret would attract to the wishes of the target customers by making 4 part compilation, one planned for beauty to men, one for stylish alternatives, one for useful assistance and one for customary manners (Colman 3). They would be named Pro Fit, Black Label, Classics, and Signature correspondingly. This assortment will offer the manner, prettiness, and functionality the target market would seem for by the collective expediency of the online buying.
The significant competitive advantage of Victoria’s Secret is that we are capable to access a great consumer base and that the lingerie and close product lines are created gladly offered to the clients. By providing a variety of levels of reasonably priced and best priced products we can preserve the standing and brand uniqueness in addition to preserve and increase market share.
It is believed that the initiating the Victoria’s Secret Fuerte into the completely new target market would be tremendously helpful and gainful for Victoria’s Secret. As the target market has not formerly been connected with Victoria’s Secret, we consider that the grouping of the public relations, direct marketing, sales and purchase promotions, advertising, and marketing will instruct the prospective customers of the advantages and value of the products.
Colman, David. "But What If You Got Hit by a Taxi?" NYTimes.com New York Times, 2007, p 3.
Dang, A. Limited Brands Inc. University of Oregon Investment Group, 2012, p 90.
Kumar, S. (n.d.). Supply Chain Strategies in the Apparel Industry: The Case of Victoria's Secret, 2010, p 78.
Tasini, J. Victoria’s Secret, Slave Labor and SoKCalled “Free Trade”, 2007, p 23.