Abstract
Marketing plan is a way to secure the future of an investment and when there is a lack of strategic planning firms can jeopardize having a successful outcome. This paper reflects on the definition of marketing plan, scenarios of how a good and bad marketing strategy can impact an organization and a movie that failed in the box office due to bad marketing strategy.
BUILDING A BRAND AND CUSTOMER’S VIEW
In conducting an interview with a close friend about her favorite brand name product which is Victoria Secret, she is extremely devoted to having Victoria Secret product for her lingerie, underwear and fragrance. Even though, there has been an increasingly amount of competitive brand that has ventured into the market of intimate women apparel business. Companies such as American Eagle Outfitters introducing a fresh line of lingerie and other stores like JC Penny and Kohl’s have upgraded their lingerie department by adding colors and proposing services like bra fitting (Trefis.com) does not seem to enthuse her during the interview. She stated that Victoria Secret product is not comparable to other brand; this statement is referring to the brand equity based on the value she placed on Victoria Secret product and services.
Brand equity is a worth place on a product by consumer which is reflected in their thinking and feelings giving esteem to their favorite brand (Philip & Kotler, 2012).
Researchers and marketers have studies brand equity in many perspectives while approaching brand equity from a customer base perspective. A customer base perspective identify that brands build power in the market based on what customer have heard, learned, seen and felt toward the brand over a period of time. The effect of brand knowledge by customer can have a positive brand base equity when consumers act favorably to a brand and how it is presented or identified in the market. When customers have a negative brand base equity for a brand they act less favorably to the products (Philip & Kotler, 2012).
The Business plan on Swarovski Branding Strategies & Products
His guiding principle is still followed by the company today: “To constantly improve what is good. ” 1949 SWAROVSKI OPTIK is founded, and goes on to become a leading manufacturer of precision optical instruments for hunting and nature observation (binoculars, telescopes, rifle scopes, range finders, and night vision and optronic devices). 1956 The first Swarovski crystals for chandeliers and ...
During the interview when questioning the close friend about how Victoria Secret became her favorite product. She stated Victoria secret is the leading company in sales of lingerie wears because they provide the most appealing and comfortable product for women, by this she is referring to Victoria secret positioning in the market. Victoria Secret website invites customers to visit one of the utmost sexy, glamorous and powerful stores worldwide. Declaring that the Victoria Secret stores offers many dazzling collections of beauty products, hosiery, sleepwear, intimate apparel and many more. Glamorous and sexy are keywords used by the brand to dominant the market allowing Victoria Secret to establish a strong brand positioning (Gina, 2013).
Marketers are challenged with ensuring that customers have the appropriate experience with marketing programs, product and services creating the most desirable brand knowledge.
Marketers ought to view any money poured into marketing products and services every years as an investments to boost consumers brand knowledge, it is an important strategic that can help bridge a brand from its past into a bright future. Marketer’s vision of a brand is a promise made to consumers on how and where the brand will lead its program and marketing actions (Philip & Kotler, 2012).
A good brand positioning creates a solid foundation for the current and future market with an aspiration for the brand to have room to improve and grow. Build a positioning for a brand based on the current market environments alone has put the brand in jeopardy, out of reality and making an unobtainable agenda. It is best to build a brand positioning that has the right balance of what the brand is and what it could be in the future.
The Business plan on Victoria Secret Marketing
... developing a unique image for its product. Victoria’s Secret parent company is the Limited Brands Company. It is based out of Reynoldsburg, ... high school age girls to shop at PINK. Victoria’s Secret’s marketing strategy is to capitalize on using high profile models ... while shopping for lingerie for gifts. (Secret. Ezinemark. com) Today, Victoria’s Secret’s target market is the middle class woman, or a ...
Positioning also requires that a brand differentiate between itself and the competitors. Marketers have to determine borderline reference identifying its competitors and target market, identifying similarities and differences while building a reputation that promote the essence of the brand (Philip & Kotler, 2012).
Market segmentation places a brand into a well-defined sight with customers who share similar wants and needs. It is the marketer duty to recognize the right nature and number of market sectors and choose which one to target (Philip & Kotler, 2012).
Victoria Secret is a luxurious brand of lingerie targeting sophisticated woman. Then the company found a line called Pink which targets younger women from fifteen to twenty two years old.
Introducing Pink in the year 2004, the section generated over eleven billion annually among younger buyer. Victoria secret now has a market segmentation of sophistication shopped by a range of ages luring younger customers (Jamshid, 2013).
Victoria Secret developed its brand equity through many years of impeccable and expensive marketing. It is difficult to get high publicity on a brand without spending money on promotions and advertising. Victoria Secret build up marketing effort through its yearly fashion show, Since 1995 till today the company spent from one hundred and twenty thousand to thirteen million on fashion shows which has now turn out to be an American tradition involving about tem million viewer in the year 2012.
Appealing to younger customer, Victoria secret has been careful in sharing its appeal over to a wide range of women and marketing smartly has made the lingerie company the leading American brand. Victoria Secret strategy might seem simple, but the company has poured out tons of marketing in store deals, printing and online, introducing new product consistently making their stores appearing fresh each time a customer visits (Ashley, 2013)
A Victoria Secret marketer stated the strategy for success is that the company learns as they go by taking what works and turning it into something bigger. When the company picks up an opportunity to expand they try to increase the product earlier before the upcoming season (Natalie, 2008).
The Business plan on Del Vecchio Brand Product Company
Branding Strategies: From Creation to ExtinctionOutlineI. Introduction II. Choosing the Brand NameA. Take a Stand. Narrow the FocusC. Beware of Brand Inflation. Expand the Business III. Advertising the Brand NameA. Logo Sizes. Attention Getting 1. Research 2. Mention the Product 3. Show the Product 4. Show the Name and Logo 5. Call Attention to the Logo 6. Headline Company Names 7. Use Theme Line ...
Also, Presenting a chain of cosmetics line in a well-develop lingerie chain might seem as pushing the boundaries but this strategy worked well for Victoria Secret. Despite the failing cosmetic industry with an overcrowded market of beauty product marketplace, Victoria Secret pushed the right button in enlightening its expanding beauty business.
Since the introduction of Victoria secret’s beauty product in 1999, the chain has grown from it starting point to selling fragrances, drawer packets filled with cosmetics, body lotion and accessories. The products are retailed online, in their catalogs, in standalone outlets and at Victoria’s Secret apparel stores, agents working in the beauty stores are educated on the product similarly to those sales people at the department stores. Victoria Secret representatives are chosen by their ability to connect with customer, emphasizing the significance touching clients to draw a connection building a rapport from making eye contacts to rendering a hand gesture offering a test of body and hand lotion to customers who are receptive (Christine, 2003).
Victoria’s Secret has not only positioned itself as Secret Embrace creating lines of fragrances, new beauty products and swimwear. The brand has also stretched outside lingerie into additional product categories such as shoes, accessories, fragrances, handbags sleepwear and luggage and has planned to bring out new creativities in the future (Trefis.com).
Victoria Secret has positioned itself as an advanced technology, their advertisement mentioned bras as reinvented and revolutionary by saying their product feels and looks like nothing ever seen. The major technological improvement is the invention of the seamless bra. This means that women can wear the bra under any garment with it being visible convincing women that the seamless bra is all they need. Victoria Secret has used technology to make women feel comfortable and beautiful in the feminist revolution.
The Essay on Victoria’s Secret Pink: Keeping The Brand Hot
1. Analyze the buyer decision process of a typical Pink customer. Tween and Teen girls are the major target customers for Pink. Victoria’s Secret needed to expand sales. Introducing the Pink brand was a great way to target new customers for growth. Younger girls aspire to be like older girls and are becoming more mature at a younger age. They want to wear clothes that fashionable, trendy, and hip ...
References
Ashley, L. (2013).
How Victoria’s Secret became the most popular apparel brand in the world. Business Insider. Retrieved from http://www.businessinsider.com/victorias-secret-is-the-top-brand-2013-1#ixzz2eLpzOgVv Christine, B. (2003).
Spreading Secret. Brand week P14. Retrieved from Academic Search Premier. Gina, R. (2013).
Brand, Product and Company Positioning. Victoria Secret. Retrieved from http://ginaremini/2013/05/brand-product-and-company-positioning.html Jamshid, G. A. (2013).
Victoria’s Secret marketing sexualizes tween girls. Deseret News. Retrieved from http://www.deseretnews.com/article/865576115/Victoria7s-Secret-marketing-sexualizes-tween-girls-writers-say.html?pg=all Natalie, Z. (2008).
Pink Label: Victoria’s sales secret. Advertising Age P4-29 Retrieved from Academic Search Premier Philip, K. & Kevin, L. K. (2012) Marketing Management, Fourteenth Edition P 276. Retrieved from eTextbook Trefis.com (2012).
The Outlook For Limited Brands’ Victoria’s Secret U.S. Stores. Trefis Team. Retrieved from
