The story began in the late 1970’s when Mr Roy Raymond. was shopping for his wife for lingerie and felt that he’s in the wrong place and uncomfortable. He said that the costumer service at the department store he had ventured too made him feel like he’s being judged and unwanted which caused him to feel like an out cast. Not only that, but he found that none of the lingerie sold at these department stores fit his criteria for what he wanted to buy, and he said that they were covered with dated florals and comprised of mainly cotton robes.
The design of the lingerie was drawn from the era of romance, also known as the Victorian Era. Which is where the name originates and originally came from. While most people are under the impression that the name stemmed from his wife’s name. However, that’s not the case as his wife was called Gaye, found that by designing the shop with the elegance and fancy attire associated with the Victoria era, the audience would be broader and the store’s products more desirable.
However in 1982, only several years from when he started his flourishing business, Mr Raymond sold the franchise to Leslie Wexner, for only $1 million dollars. Which is only a small fraction of the billions upon billions of dollars of revenue that the store brings in Annually. Mr Leslie transformed the store into a more women friendly store, not just geared to the men wanting to buy their wives lingerie as Ray’s original business plan was too provocative for women, being that the catalog was too suggestive to draw in women.
Even the original layout of the store was too extravagant for ladies who just needed the everyday wear. Leslie completely redesigned the company making the products not Just for the special occasions but for the everyday wear that women needed.
Has a huge and strong national and international brand recognition.
Models being famous which helps in marketing.
Heavily emphasized on marketing and social media efforts.
One of world’s largest lingerie retailer brands.
Tailors products to what customer’s interest by reviewing online feed back.
The brand’s image focused on a specific body type which does not relate to all women in all sizes.
Heavily depend on Photo shop and editing the models pictures.
Has a hard time adapting to how the market shifts.
Products quality is much lower if compared to the competitors.
The product’s pricing range.
Extremely high priced in comparison with competitors.
Markets are becoming more connected due to globalization.
The use of social media to increase the brand’s presence world wide.
The brand’s could open in more international markets.
Strong competition by competitors in the lingerie market.
Far superior quality of the competitors products.
Opinionated modern day women who think that beauty goes several layers in deeper than the skin.
The availability of high quality counterfeits.
3.0 The STP strategies used by Victoria’s SecretIn this segment of my report I will be focusing on the latest Victoria’s secret line of products called”Pink”.
Victoria secret’s has spent a huge amount of resources and tools to uncover the a specific segment that is most appropriate to aid in generating more profits as women with the desire to feel and look more impressive about the way they are.
With in the segment market, the new Pink line of products by the company is an clear method of targeting those with quickly growing trends specifically younger women in the ages that are from 16 to 32. The company managed to recognize that there is a trend of women are growing up rapidly and thus they require the attention and position that comes with it. The Pink line of products puts itself in the place of an acceptable way of giving these female children the chance to purchase items where as not many other competitor clothes brands will do so, a look that could make a high school sweat heart seem all mature and grown up, and this is what makes the product from the many other store’s that offer similar products in that the reputation of Victoria’s Secret as “sophisticated and classy” has a crossed over on to these items, which I would assume to be typically perceived in a negative way .
This new line of products up holds the amazing beauty apparel of the widely recognized brand, while getting to a basically new and growing demographical trend according to statistical research on the current population. The new and exclusive clothing line meets this desire with its youthful appearance and vibrant items as well as the line’s appeal to a younger aged lower income consumer by offering sales such as buy three and get two for free, at the end of the day Victoria’s Secret has with all success broken down a relatively mature market in order to increase the profit potential that’s available and has used the STP model to do this smoothly and effectively.
Also social media usage has become a popular tool of use by major corporations ,and Victoria secret is no deferent in this case as in some platforms its easy to put up ads directly while in other forms of social media the organizations relay on social media influencers as it is the case in instagram and initially what these social media influencers do is that they already have a substantial number of followers and they take some pictures and post it on to their account and the idea is that when they see that the product is being used by the influencer and they like the product ,which may lead to sales and profits.
4.0 Organizational vision and missionThe Mission of Victoria’s secretThe mission statement for the world wide retail chain is that it is committed to building a community of the world’s top and finest fashion and wear brands offering amazing experiences for the customers so as to insure they become long term and loyal customers while making sure that the share holder’s investment is at a sustained and constant growth.
The company’s vision is to captivate the customer’s experiences in stores and online so that they are motivated or driven in to a long term loyalty and deliver constant growth on our shareholder’s returns.
The concept behind the company’s mission it that they want to make sure that they have a large community of buyers and have their loyalty as they focus a lot on the customer’s experience while shopping in one of their shops or if it be online and this by hand increases their annual profit margin and over all brand power and dominion and thus, having a sustainable growth in the people who invested in the company returns.
As well as that Victoria’s secret is looking to expand its market even further as the company focuses on trying to provide the best available fabrics and over all product finish and this by hand increases the reputation of Victoria’s secret and influence in the international inner wear and lingerie market and this is achieved by means of having the bargaining power ,as they control the demand and provide the supply making them a sought after buyer by fabric producers and textile manufacturers.
5.0 Recommendation After taking much consideration in to how the newly started line of production at the mass consumer market performs, it would be my recommendation to consider the possibility of opening more strategically placed store and grant online sellers a licence to resell the product where the company can’t do business directly. Moreover after conducting some research and analysis on the matter, I came to the understanding that there are numerous amount of risks associated as well as the huge amount of compromise with this kind of an investment at this given the situation, fact being that its still a growing market but however, I do undoubtedly believe that it would be in the best interest of the company to invest in the teens to campus students style market in the form of the Pink line of products as there is a relatively huge demand Victoria’s secret in the market .
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