Victoria Secret Company     

Victoria Secret Company

Introduction

Victoria Secret Company is a world-class brand recognized worldwide for its unique and amazing products. It is best known for making retail apparels, lingerie and other women’s personal care products .This consumer private company was created by a man called Roy Raymond in 1977.The idea upon the start of this Victoria Secret company is that, Raymond wanted to buy his wife some lingerie but he was too embarrassed to get the lingerie from the departmental store. He got $40000 borrowed another $40000 and opened a retail business and called it Victoria business and at the end of that trading period he was able to realize $500000 from his business (Kunz et al, 2011). It is a company that operates under the limited brands. Victoria Secret Company is among the top ten best brands worldwide in terms of the products they offer and method of operation. This business was not flourishing the way it was required and therefore Limited Brands went ahead and revamped the company .This company is now able to stay competitive in the market while maintaining its expensive price tags. There are three sections as a result for revamp of this company. They include; changing the target market, expanding and modifying its products for market expansion and finally increasing accessibility.

The target market for Victoria Secret Company is a middle class men and women, between 21-49 years. The people in this range of age wants to look sexy or somehow attractive and therefore shopping in Victoria’s Secret Company will make them satisfied. The Victoria Secret’s PINK line attracts both inside and outside Victoria Secret Market (Cervellon, 2012). It is a college girl’s must-shop designation for the cutest, swim and loungewear aged 16-29.The line inspires young girls to come and shop in Victoria Secret Company. This line is positioned in a way that it is acceptable method of offering young adults an avenue to purchase items where not many other apparel will. Among the products that Victoria Secret Company offers include; Fragrance, body care, skin cap, mists, Victoria Secret’s Beauty Brush, Victoria Secret ‘s smoky eyes and Victoria Secret’s shinny kiss. All this unique products have made Victoria Secret Company qualify among the top most Consumer retail business in the whole industry. On top of this, Victoria has been able to offer some of the current the best products in this industry. The products include; Victoria Secret’s Utrarich Crème wash, Victoria Secret Body care Weightless Body oil, Victoria Secret’s body smooth scrub wash among others (Cervellon, 2012). The products have made Victoria Secret Company remain unmatchable entire market.

There are some of the best and common products Victoria Secret Company has specialized to offer, these are the principal products of the Company and they include; Victoria Secret and Sexy Body Cream, Victoria Secret and Utrarich cream wash, Smooth wash and Weightless body oil. They are the products that Victoria business offers in large quantities (Magid et al, 2006). The specifications of these products have facilitated to the long thrive of the company in the market. Most of them are the modified forms of the ancient products of Victoria Company. They have been testified as some of the best products that exist in the market. Their modifications have been done on the basis of quantity, quality addition and other forms. For instance, the company had announced to modify its coveted catalogs, swimwear, apparel, accessories and shoes both in –stores and online (Cervellon, 2012). In addition to that, it promised to rebrand its focus on its main merchandise categories which include bras, panties and beauty. That meant that the company would make some important changes like on swimwear and non -athletic parallel items. However, the company did not clarify that they will keep on selling the work out apparel which has fit in the current atheleisure trend. That being enough, Victoria saw that its swimmer product was not attracting their demographic of choice and therefore needed some modifications (Magid et al, 2006). To sort out the issue, the financial officer concluded that the swim business did not follow under the core categories of the company’s products and that it had become a flattish business for the last many years.

According to fashionista, these crucial modifications of the company’s products serve as part of the long-term strategy to help reduce the cost and build synergy in both their online and in -store offerings. The Pink users on any need of modification of their depended products because the teen line would operate as special business with their own executive leadership (Cervellon, 2016). Hopefully, these changes would create some pressure on the business and future of the brand. Most of the company’s failures have acted as motivating factors enabling the company to aspire for the best. Victoria Secret Company L Brands Inc. announced sales of $2.6 billion for the first quarter, these were exactly the predictions of Factset consensus. Its In-store sales increased by 3% while the same-store for Victoria’s Secret increased by 2%.Victoria Secret Company is able to fit in the stiff market competition in all sectors(Kunz et al,2011). As the company struggles to find its identity, its competitor Aerie is finding its place in the industry.

Victoria Secret Company has also engaged in marketing strategies. Marketing is strategy used by the companies to communicate to the customers about its new products in the market or any change of an item, that is, modification offered in the market. It acts as an alarm for customers to get to the market and acquire brands of products. Among the marketing strategies that Victoria Company deal uses includes; Cause marketing which links a company and its products and services to a social cause or issue. Secondly, there is relationship marketing which focuses on customer retention and satisfaction .Thirdly, Scarcity Marketing reminds customers to purchase the available products in the market as they may not be able to access it in the future because of shortages of supply (Cervellon, 2012) The forth example of marketing which helps Victoria Secret Company to market its customers in a hidden way is undercover marketing.

The company segments its audience in terms of demographic and delivers some information on strategy. They also segment women between the ages of 18-44.The segmentation helps the company maintain an income of $356.1million in 2010 fourth quarter (Kunz et al, 2011). Victoria Secret Company also segments its target market in terms of income and social class. The company has also added flexibility I designing current styles to hold in its customers. The idea of new designs, introducing new products in the market, good descriptions of the products definitely reflects the ability of the Victoria Company to hold its customers even in future.

References

Cervellon, M. C. (2012). VICTORIA’S DIRTY SECRETS: Effectiveness of Green Not-for-Profit           Messages Targeting Brands. Journal of Advertising, 41(4), 133-145.

Kunz, M. B., Hackworth, B., Osborne, P., & High, J. D. (2011). Fans, Friends, and Followers:     Social Media in the Retailers’ Marketing Mix. The Journal of Applied Business and        Economics, 12(3), 61.

Magid, J. M., Cox, A. D., & Cox, D. S. (2006). Quantifying brand image: Empirical evidence of trademark dilution. American business law journal, 43(1), 1.

Nussbaum, B. (2004). The power of design. Business week, 17(5), 2004.

Plant, R. T. (2000). ECommerce: formulation of strategy. Prentice Hall PTR.

Silverstein, M., Fiske, N., & Butman, J. (2003). Trading up: The new American luxury. Portfolio (Hardcover).