VICTORIA SECRET’S PROJECT PROPOSAL. 1
Victoria Secret’s Project Proposal
VICTORIA’S SECRET PROJECT PROPOSAL
Victoria’s Secret is a well-known brand that mainly focuses on intimate clothing. The firm has been recognized as the world’s best when it comes to producing women’s lingerie. Established in the 1960s, Victoria’s Secret officially launched in 1977 by Roy Raymond. One fun fact about this company is that the idea came from Roy when he wanted to buy his wife sexy lingerie as a gift but was a bit embarrassed to do so. That is how an idea became a business.
Currently, Victoria’s Secret has been losing customers. This is because of the high prices that it charges on its products. Also, some women fell that they do not need some of the products on Victoria’s Secret line of products. Some consumers brought up the sentiment that some of its products like the VS brand is fake. This therefore is keeping some consumers from purchasing the company’s products, causing it to struggle a lot. My goal is to make sure the strategy implemented with not only keep customers for life but also positively increase the overall reputation of the brand.
The nature of the project
The nature of this project will focus on different marketing strategies to increase the brand sales without affecting the overall profit of the company. As a former employee, I remember customers would leave comments about how expensive the items were in the store and why they did not offer more sizes in store. Soon after leaving the company, I also became that customer that complained about the prices and lack of inventory in store. However, I was quickly reminded that in order to make a profit, you must price your product more than what it was manufactured for. In the business world, this is the smart way to make a profit. 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.
Rationale of the project
This project aims at explaining the importance of this marketing strategy (Salle, Ghauri, & Cova, 2002). It aims at putting forth how important the marketing strategy is and how the marketing strategy is going to work greatly to impact the company in a great way. The marketing strategies will target more incentives for customers and a pricing strategy for the company. The project also aims to ensure that the customers are made aware of the upcoming slashes of the company’s product prices so as to encourage customers to continue making a lot of purchases from the store. 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.
I. Outcome Demonstration
Competency 1: It is very important, especially in business, to use knowledge and apply it towards solving problems existing in the business. By using beautiful models to market its products, Victoria Secret not only captures the female audience but the male audience as well. Attractive faces and bodies act to add the client base of the firm. Men will want to get something nice for their life partners and since the brand has proven that it has nice and exotic things even through their marketing, the firm maintains a steady growth in terms of sales. But it could be better. The company could increase traffic on their website by offering incentives that is geared towards online shoppers only. Whereby people will be able to make their orders online and the products delivered to their residence globally through shipping services. The distribution channels will go ahead to serve all consumers worldwide. Several forms of distribution channels will exist in the company’s processes so as to ensure that everyone is reached favorably. These will include the manufacturer, wholesalers, retailers, and then to the consumers. Another channel will include direct distribution through the internet. These particular distribution channels will ensure that everyone in the market is reached and thus ensure that the profits of the company are maximized. This way, the sustainability of the company operations will improve, the market share will also increase and this will ensure that the company will not be thrown out of the market due to stiff competition from competitors. The prices for our products will also be reduced to not only satisfy our customers but to create customers for life.
Competency 2: This marketing strategy is just a concept until analyzed and implemented. Through implanting beauty into a marketing strategy, the firm has been able to integrate necessary information across different disciplines to be able to focus on their main goal. This case will apply innovative and strategic approaches to the overall business plan. It will analyze major perspectives between the customer and the business partners. The paper will also analyze each area of the business including but not limited to marketing, financial, and supply chain (logistics). Analyzing each area of the business will show how each department can assist in increasing profit.
Competency 5: Victoria’s Secret makes sure that it uses models for their marketing from different backgrounds providing diversity of selection. This will involve employees and customers from different cultures. Although Victoria’s Secret is a global company, it has the same products in every store. I would like to propose different products in different countries that will target the culture of that country. For example, Muslim women are expected to be modest and not wear revealing clothes. The company could offer hijabs in the store with Victoria’s Secret logo for those customers that purchase undergarments that aren’t so revealing. There are some countries that do not have a standalone store. The paper will include ways to target those countries without a store by integrating ways to either place a store there or offer expedited shipping at an affordable rate. This will satisfy the companies cultural and global markets.
Competency 6: The firm maintains utmost high levels of respect for their employees regardless of any case. A code of ethics will be established in the company that every employee will have to sign before commencing work in the company. Ethics will be highly practiced in the company and people who adopt unethical behavior will be terminated. Lack of integrity and unethical behavior can ruin the company’s reputation and therefore cause the company to lose profit and customers
It is important to note that ethical principles impacts decisions made throughout the project. If any decision is completely against the ethical principles of the company, then the decision will be reconsidered. For instance, if there is a marketing decision that is against the ethical principles established by the company, the marketing strategy has to be turned down in favor of a strategy that strictly follows the ethical principles of the company.
I. Data Sources
The data is immense from many locations. Since the firm is a public-traded firm, research and study of trends can be found in the stock market history charts if needed. These will especially be fundamental in discussing the overall growth of the firm. The information can also come from the firm through direct manner. The firm has public records online of increase or decrease of sales. Magazines like The Wall Street Journal might have enough data when it comes to the marketing strategy. A great source for finding other forms of information would be through current and former employees of the firm such as myself.
· Explanation of products and services provided
· Financial history
2. Analyzing the business
· Supply Chain and Logistics
· Ethics and integrity
3. Purpose of The Study
· Pricing Strategy
· Discounts and incentives
· Marketing Strategy
· Projected outcome
6. Reference Page
This project should take a maximum of two weeks’ time. The appropriate permission should be gotten from the firm and the trading board for the collection of data. This process should take a maximum of five days after which the data will be analyzed within two days. The report findings and construction of the paper will take three days to be properly reviewed and analyzed. The preparation for presentation will take three days and the presentation done on the following day.
Lodata, M. W. (2008). Management of New Product Launches and Other Marketing Projects, AuthorHouse.
Salle, R., Ghauri, P. & Cova, B. (2002). Project Marketing: Beyond Competitve Bidding, Wiley.
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
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
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