Research Project: Proposal

Research Project: Proposal

Victoria Secret

I have chose to do my research paper on option two, the company study. The company I have chosen is Victoria Secret. The reason I chose this option is because I love the brand. I would also like to know how they are able remain so popular as well as competitive while continuing to stay on the expensive side. I also believe that Victoria Secret is the perfect example of a successful brand due to completely overhauling the company and incorporating appropriate marketing strategies.

Victoria Secret was not always the big brand it is today. In 1977 a man named Roy Raymond created Victoria Secret so that men had a place to go and buy their wives lingerie. The business wasn’t flourishing the way it needed and Limited Brands took over revamping the entire company. They knew that in order for this brand to take off they would need to change the target market from men to women.

In my research paper I plan on showing how Limited Brands made Victoria Secret such a success and one of the top ten best know brands across the world. This will include more on why they chose to change the target market, products they have added or modified to expand their target market, what the company has done to reach the consumer and how accessible the product is, while also discussing what still needs to be fine-tuned for further expansion and success.  Overall this research paper will help us understand how and what this company has done to become such a sensation.

Rough draft of the introduction to the paper

Victoria Secret

Victoria Secret was not always the big brand it is today. In 1977 a man named Roy Raymond created Victoria Secret so that men had a place to go and buy their wives lingerie. The business wasn’t flourishing the way it needed and Limited Brands took over revamping the entire company. Now Victoria Secret is one of the top ten best know brands across the world. It is able to stay competitive while also maintaining its expensive price tag. The success of the revamp was due to three main sections: changing the target market, adding and modifying products in order to expand the market, and increasing accessibility.

OUTLINE

1. Introduction
   1. Victoria Secret was not always the big brand it is today.
      1. Roy Raymond created Victoria Secret.
      2. Target market was men

• The business wasn’t flourishing.

1. Limited Brands took over revamping the entire company
   1. Making the company the success it is today.
   2. Competitive while remaining expensive

1. The success of the revamp was due to three main sections.
   1. Changing the Target Market
   2. Expanding the Target Market

• Expanding accessibility

1. Supporting Point 1 (Target Market)
   1. The original target market
      1. A place for men to go and feel comfortable while buying their wives lingerie
         1. In 1977 men controlled money and the buying decisions
         2. At this time no other company had got into this market
         3. The branding used was to appeal solely to male consumers.
      2. The new target market
         1. Women would become the new target by the mid 1980’s
            1. Women began to have more buying power
            2. They were also becoming more independent
            3. The new branding and advertisements were intended to convey luxury, glamor, and envy.
         2. How the target helped this company become the success it is.
            1. Victoria Secret noticed the new social values and revamped its mission; timing and marketing made this companies decisions the success they are today.

• Supporting Point 2 (Expanding the Market)
  1. Changing the products image
     1. Moving from a men’s store emphasized on sex appeal to a more broad out look helped shape the Brand
  2. Adding products
     1. Clothing, sleep wear, sports wear, shoes, swimwear, and accessories.
     2. Beauty products (makeup, perfume, lotions, soaps)

• Pink (A clothing line that is directed towards teens)

1. Victoria’s Secret is continuously coming out with new products

1. How this helped expand the market and make the company what it is today

1. Supporting Point 3 (Expanding accessibility)
   1. User friendly advertisement
      1. Mobile Marketing
         1. Apps for Android, IPhone, IPad, and IPod (shop and get coupons)
      2. Email Marketing
         1. Email blasts for new products or sales

• Social Media
  1. Facebook page is the 2nd most popular retail store on Facebook with 18.5 million fans.
  2. It’s the 18th most popular brand on Facebook.
  3. They are also popular on Twitter, Pinterest, and YouTube.

1. Victoria Secret Fashion Show
   1. There are 9 million viewers (over 200 countries view)
2. Internet sales
   1. Online Deals
   2. Free shipping
3. How expanding accessibility made a difference for the company and its success.
   1. Their marketing strategy engages all of their social media platforms and they stay very active on Facebook, YouTube, LinkedIn Twitter, Pinterest, and Instagram. This allows them to stay in the spotlight.
   2. The number of stores and ability to shop online or through mobile devices has allowed them to reach a larger consumer base.
4. Conclusion
   1. Fine-tuning, small tweaks, and modifying strategies will continue to help this brand expand.
   2. The brand is leading in lingerie sales and is practically a monopoly.
      1. Women pay $50 for a bra because the luxury experience makes it feel like an investment.
      2. Attention to customer service and the experience is what helps them surpass competitors
   3. The success of good marketing strategies and proper changes is what made the brand what it is today.
      1. Victoria Secrets success is due to their superior knowledge of its target market and impeccable marketing/branding.

References

BERGER, T. (2014, January 15). Skin Story: The Brand Development of Victoria’s Secret | Element Three. Retrieved from http://elementthree.com/blog/brand-development-victorias-secret/

Schlossberg, M. (2016, May 20). This teen brand is the future of Victoria’s Secret | Business Insider. Retrieved from http://www.businessinsider.com.au/pink-is-the-future-of-victorias-secret-2016-5

Schlossberg, M. (2015, December 11). Lingerie expert Cora Harrington on Victoria’s Secret’s future – Business Insider. Retrieved from http://www.businessinsider.com/lingerie-expert-cora-harrington-on-victorias-secrets-future-2015-12

Schlossberg, M. (2013, August 3). Victoria’s Secret’s crazy history – Business Insider. Retrieved from http://www.businessinsider.com/victorias-secrets-crazy-history-2015-7

Lutz, A. (2013, September 2). Victoria’s Secret Will Beat Competition – Business Insider. Retrieved from http://www.businessinsider.com/victorias-secret-will-beat-competition-2013-9

4 Victoria’s Secret Marketing Tricks That Get People Through the Doors. (n.d.). Retrieved from https://www.qualitylogoproducts.com/blog/4-victorias-secret-marketing-tricks/

Gilly Hicks, the lingerie from “Down Under” | Examiner.com. (2010, September 7). Retrieved from http://www.examiner.com/article/gilly-hicks-the-lingerie-from-down-under

Remini, G. (2013, May 28). Victoria’s Secret: Target Market/Market and Customer Segmentation. Retrieved from http://ginaremini.blogspot.com/2013/05/target-market.html