Some questions you don’t have to answer because you not going to be able to fine the answer but each topic (product, distribution,price , promotion ) needs to be in depth
for advertising just needs a few sentences subtitle under promotion and don’t have answer every one just overview
Victoria’s Secrets Marketing Mix
The marketing mix for Victoria’s Secret evaluates the brand by covering the 4Ps of Price, Product, Place and Promotion. The marketing plan element explains the marketing strategy that Victoria’s Secret has developed in product innovation, customer service, and marketing process.
Product
Victoria’s Secrets deals in the retail of women lingerie and general wear. The product line ranges from active swimwear, accessories, and some beauty products. Victoria’s Secrets has penetrated the female innerwear and accessories market, mainly targeting young females. Most of these are teenager whose consumer behaviour appeals to colour (Mertes 2021). Also, Victoria’s Secrets can use its sportswear and sleepwear product line to target the luxurious market segment. Victoria’s Secrets has focused on a diversified product strategy. The company sells loungewear, lingerie, perfumes, sportswear, and cosmetics, among others. The branding strategy focuses on people with slender body size as part of its appeal to models. For this reason, there are no plus size women products in the company.
Price
Victoria’s Secrets uses a premium pricing strategy. Most of its brand is high end and luxurious, attracting high princes that reflect this value. Given that innerwear is sentimental products, the target market attaches so much value to it. Victoria’s Secrets sells a high-end quality product. The premium pricing strategy is a measure of the quality of their products (Mertes 2021). Since most people who purchase products from the company are rich in society, the company believes that only a premium pricing strategy is suitable for the target market. Notably, the average price for its different products ranges from 20 pounds to 500 pounds. The exclusive merchandise costs around 150 Euros.
Most models, college students and luxurious consumers prefer to get their inner wares and other private apparels from Victoria’s Secrets. The company also allows its products to represent the luxury brand image that fulfils the psychological needs. It is no secret that people across the world associate the products of the company with status symbols. The idea of marketing through premium pricing is for Victoria Secret to understand its target market’s psychological and demographic factors and offer pricing that appeals to them.
Victoria’s Secrets enjoys a significant market share and brand recognition worldwide. The strategy enables it to introduce new products at a reasonably high price quickly. The market skimming method that Victoria Secrets uses on products varies from one market segment to another (Paul 2018). Prices in individual market segments are affected by external forces such as demand and economic conditions. The company makes pricing decisions after taking into consideration customer value and the level of competition.
Place
Victoria’s Secrets operate through online stores and physical stores. There are exclusive stores across different countries in Europe, Canada and even Netherlands. Also, the company has international franchisees that operate in different parts of the country. Victoria Secrets distribute its products through e-commerce. Customers can order different product from their websites. Also, the company has a partnership with small scale vendors who sell Victoria’s Secret product at different internal terminals of the airport.
Victoria’s Secret has a vast operation network across the U.S. The company distributes its products in departmental stores, retail stores, and display points, among other places at the international, residential and commercial levels (Mertes 2021). A customer can walk into the store and purchase the products. The same customer can order the products using an online platform and wait for the company to deliver its address. As a result, the company deploys a highly qualified intelligence team to monitor the movement of customers’ packages. The strong logistical operations network enables Victoria’s Secrets to access a wide range of customers worldwide (Paul 2018). The company can effectively handle the logistic needs of its customers globally. Victoria’s Secrets has engaged in the expansion of its services through mergers and acquisitions. The company contracts services from other organizations to facilitate delivery in most parts of the world.
Promotion
The primary marketing strategy for Victoria’s Secrets is an advertising and promotional strategy. The company uses different market shows, designs its fashion magazine and engages in a wide range of direct marketing. All these elements point to a robust promotional strategy. Also, Victoria’s Secrets actively engages in social media marketing to promote its brands. It has different social media handles where it announces upcoming deals, promotions, discounts and even products.
Similarly, Victoria’s Secret uses models as its brand ambassadors. Through the fashion show that it dubbed “Angel Wings’, the company creates awareness of its products and brand (Mertes 2021). The fashion show is popular and brings together many celebrities to promote the products. Therefore, Victoria’s Secrets uses celebrity endorsements, interviews and meetups. The approach makes customers associate with celebrities and continue shopping for the company’s products. The models are effective influencers that hold shows and represent the lifestyle that communicates the luxurious life.
Moreover, Victoria Secrets uses various channels for marketing its products. The traditional modes of advertising constitute the company’s preferred advertising strategy. Therefore, the company uses television and print media as part of its advertisement channels. With the advent of technology, the company uses e-marketing through social media. It considers that many people are using the interest, and thus, e-marketing is a suitable medium for creating brand recognition.
References
Mertes, A (2021). 4 Things You Can Learn About Marketing From Victoria’s Secret. Retrieved from https://www.qualitylogoproducts.com/blog/4-victorias-secret-marketing-tricks/
Paul, J. (2018). Toward a’masstige’theory and strategy for marketing. European Journal of International Management, 12(5-6), 722-745.
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