Victoria’s Secret Marketing Strategy 1
Victoria’s Secret Marketing Strategy
Victoria’s secret has been a recognized brand when it comes to intimate clothing by women. It is actually the top recognized in the industry of providing comfort and luxury for women’s inner sexy. The purpose of this project is to basically try to re-strategize the firm’s marketing strategy to increase sales without losing profit. As discussed in Assessment 2, marketing plays a big part in sales revenue for a company. As for Victoria Secret, they have struggled to keep their customers satisfied due to the increase in pricing. If Victoria Secret were to sell their products for the same amount they made it for then there would be no profit. They will break even. The goal of this project is to formulate ideas and strategies that will allow Victoria’s Secret to remain profitable while adjusting their prices to meet customer’s needs. By doing so, the firm will be able to invest the money spent from those channels to develop its brand and increase its revenue. If we focus on pricing products to appeal to our customers, offer rewards or incentives for their loyalty, and continue to reward our employees for their work, Victoria’s Secret will succeed in the industry.
1. What is Victoria’s Secret?
· Established in 1960
· Launched in 1977
· Brief history of the company
· Explanation of products and services provided
· Financial history
2. Distribution Strategies of the Firm.
· How do they distribute their products?
· What are other ways to distribute products besides online and in-store?
· Possibly start a monthly service fee for purchasing items like their competitors, Adore Me.
3. Main Purpose of the Project.
· What will be Gained from the Project?
· How are The Findings Supposed to Influence Major Strategies for VS?
4. Rational of the Project
1. Analyzing the business
· Supply Chain and Logistics
2. Victoria’s Secret Current Marketing and Distribution Strategies
· Advantages of the Old Strategies.
· Disadvantages of the Old Strategies.
3. New Marketing and Distribution Strategies.
· Advantages of New Strategies.
· Disadvantages of New Strategies.
4. What Benefits will the New Strategies Have over the Old one?
5. Statistics Review.
· Projected outcome
· Conclusion Opinion.
3. Reference Page
1. Kensal, P. & Kapoor, S. K. (2003). Basics of Distribution Management: A logistics Approach. PHI Learning Pvt. Ltd.
Kansal and Kapoor does a marvelous job in assisting the readers to understand different concepts by which distribution can be managed. The book offers great value in knowing those strategies that are better to use and in what situations of circumstances. This book will be used to explain how the old /new distribution strategies will benefit the company.
2. Lodata, M. W. (2008). Management of New Product Launches and Other Marketing Projects, AuthorHouse.
This reference focuses on how to properly launch a product. In this case, I will use this reference to explain how employees will introduce their customers to the new incentives or whatever product we launch at that time. It will also help with a broad marketing strategy throughout the project.
3. Salle, R., Ghauri, P. & Cova, B. (2002). Project Marketing: Beyond Competitive Bidding, Wiley.
This reference takes about the importance of project marketing. Project marketing relates to the various marketing activities that take place prior to winning a contract. I will use this reference to expand on the importance of project marketing and competitive bidding.
4. Belanger, L., & Patel, D. (n.d.). Pricing a Product Definition – Entrepreneur Small Business Encyclopedia. Retrieved May 30, 2018, from https://www.entrepreneur.com/encyclopedia/pricing-a-product
This reference gives great insight on pricing and how it is used to impact your business. This will be used to explain why I decided to use Victoria Secret’s pricing issue as a primary focus in the marketing strategy. Without adjusting prices, the marketing strategy will not work.
5. Kalb/ Marshall School of Business, I. (2013, October 02). Three Ways Companies Decide The Price Of A Product. Retrieved May 30, 2018, from http://www.businessinsider.com/3-powerful-pricing-strategies-businesses-should-always-consider-2013-10
This reference explains what pricing is. It elaborates on 3 ways a company should decide on their purchase price or price of the product. I will use this reference to shine light on both the old and new marketing strategies and how they can improve.
6. Schlossberg, M. (2015, August 03). How Victoria’s Secret’s core customers have completely changed. Retrieved June 6, 2018, from http://www.businessinsider.com/victorias-secrets-crazy-history-2015-7
This articles shines a light on how the customers have changed over the years. It elaborates on how the company gained and loss customers. This will allow me to use past customer experiences to enhance the new marketing and pricing strategy.
7. Hastings, R. (2011). Channel sales and Management in Distribution. Businessman 101.
The presentation provides clear insight into the different strategies used in distribution. It also dives into the sales acquired in different situations. Not all online distribution sites are safe. This presentation will help explain why third party distributions could or could not be a good move for the company.
8. Rosenbloom, B. (1993). Wholesale Distribution Channels: New Insights and Perspectives. Psychology Press.
This book particularly explains the strategies that have been used by the firm and its advantages. By learning about them, this project was able to find advantages connected to different types of distribution.
9. Plessis, P. J., Jooste, C. J., Strydom, J. W. & Cant, M. C. (2009). Marketing Management. Juta and Company Ltd.
Distribution is part of marketing. Once the firm has implemented the new distribution strategy, it will then need to integrate that with the existing marketing strategies or think about changing some. This book explains how marketing and distribution works hand in hand.
10. Ross, D. F. (2012). Distribution: Planning and Control. Springer Science & Business Media.
There is much importance when it comes to proper planning and controlling of distribution. It is vital to be able to understand how to.