The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand of products in the market. Price, Product, Promotion and Place, are known as the 4Ps that make up a typical marketing mix. As marketing evolves, there are additional Ps that can also be included in the marketing mix, however, focusing on the 4 core Ps of the marketing mix, price, place, promotion and Product, taking an in-depth look at the aspects of Victoria’s Secret in general and in terms of the selected product. All the elements of the marketing mix influence each other. They contribute to the business plan for a company and if managed correctly, can give it a great success. In order to successfully master marketing mix, it needs understanding, …show more content…
Victoria’s Secret is at the high end of the market, where its competitors are mid range and lower in price.
Place (channels of distribution), refers to the point of sale (POS). The method of which a product is assessable to the consumer is a crucial part in the distribution of goods. Retailers pay top dollar for prime real-estate, one of the most popular saying in business is “location, location, location”. Location is key in the retail market and Victoria’s Secret understands that very well, they offer a number of outlets for consumers to reach their products; they have a number of physical store locations both inside and outside of the mall and centrally located to consumers, including overseas and in a number of countries throughout the world, offer online shopping for the millennial and convenience shopping as well as via catalogue (mail order). There is great utilization in all outlets for distribution of the product line; Victoria’s Secret ensures high engagement of its consumers in all outlets by offering special sales and promotions significant to the specific outlet. By doing this they appeal to each market
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They effectively advertise their brand, quality, style and elite products, creating a useful image of confidence, sexiness and desire to its consumers, enticing both the female and male market segment. Knowing the exact approach it needs for the purpose of increasing sales and dominating its market. Victoria’s Secret is cleverly using its marketing tactics to keep its consumers engaged with the company and its products. Not all of the same products are offered in each outlet which will require its consumers to visit the store, review the catalog, interact on its social media and visit its website to stay on top of sales and
The comparison of Victoria’s Secret and Fredericks of Hollywood is a conversation that I have had many times. May it be with my husband or with my friends we always seem to pick Victoria’s Secret as the classier establishment than Fredericks of Hollywood. I don’t know why I have always thought this but many girls feel the same way. I have only shopped at Fredericks of Hollywood once with a friend of mine and she convinced me to get something special for Valentine's Day. My husband and I had just started dating then and she suggested that I try something different than the normal items I have and this was where we ended up. I did not feel comfortable in Fredericks of Hollywood and I can still remember feeling very out of place. This was about
Victoria’s Secret was founded by Roy Raymond because he felt deeply embarrassed going into a department store to shop for lingerie for his wife. He felt uncomfortable and felt as if the sales associates thought he looked suspicious purchasing lingerie. Because of this, Raymond opened the first Victoria’s Secret store in 1977 which would forever change the lingerie industry (Fabry). The name “Victoria’s Secret” was created because of the sensation and feel of the victorian era he wanted to afflict onto the store. The word “secret” was used for a sense and feel of privacy men would feel shopping for their spouses (Schlossberg). Raymond soon realized that a majority of the shoppers were, in fact, women and not men and noticed that making sexy mainstream was selling rapidly. Around this time Raymond sold his business for $1 Million to The Limited Brand in 1982 (Fabry). Victoria’s Secret is still part of The Limited Brands Company, which also owns Bath and Body Works, Pink, La Senza, and Henri Bendel. Victoria’s Secret takes up a majority of Limited Brands share compared to the other stores within the company. Limited Brands operates over 1,500 stores in the United States, Canada, and the UK as well as 400 stores in more than 70
Sephora department store are well – known for is distinctive store layout and delivers high – end beauty care to customer. Sephora’s open – sell retail philosophy offer customer the freedom to mix and match from a vast range of product offer in store. Customers also “look forward to an exciting experience with entertaining animation events and trendsetting service.” (The LVHM Annual Report, 2013, pg. 101)
Brand identity is about story telling. Using the latest content that has been published, compromising the five best images that reflect the profile of the brand, a consumer-photo-storyboard can be developed to: Describe the profile of the brand; Identify the main communication and publicity themes; and Critically assess the integrated modes of communication with consumers, including limitations and negative content.
Emotional because a lot of times women shop because of the mood they are in. Let’s say a women has a bad day at work and is stressed about it she may wonder into a Victoria’s Secret mall after work and purchase herself something to lift her spirits and make her feel a little better about herself. Rational because Victoria’s Secret products are purchased with the belief the belief that the under garments or lingerie will make you look and feel sexy. With that in mind, it helps play a role in what women purchase. All Victoria’s Secret customers are loyal to the brand.
The 4 Ps of the marketing mix are: Product, Promotion, Price, and Place. The marketing mix puts the right products, at the right price point, in the right place, at the right time. The following examines how Claire’s Chocolates optimizes its marketing mix (Yoo, Donthu, & Lee, 2000, 195-196).
A weakness for Vuitton as a brand is their limited target market and customer segment. Although their products are very accessible and attainable, they only cater to the elite individuals. The longevity of debt within the company was very interesting because these obligations can cause of inability of growth within the company (Louis Vuitton-History, 2015).
Ralph Lauren is an American fashion designer philanthropist, and business executive, best known for the Ralph Lauren Corporation clothing company, Ralph was born as Ralph Lifshitz in year 1939 in New York City. Ralph Lauren started in 1967 under the name of Polo Ralph Lauren, until he expended his designs. Polo Ralph Lauren based on American style leader in luxurious, sophisticated fashion and Striking a balance between “timeless” and “modern” style and to make his full line more impeccably crafted the new sportswear is born. And finally in 1970 Polo Ralph Lauren released a line of women 's suits tailored in a classic men 's style.
A market research is described as the process of collecting valuable information to help find out if there is a market for a particular proposed product or service. Safe Paint Manufacturing conducted a survey and interview to determine if the idea of scented paints were feasible. The records revealed that 78% of the respondents stated that they are interested in the products. Marketing mix variables is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix used is mainly executed through the 4 P 's of marketing: Price, Product, Promotion, and Place. The product refers to the service or tangible good that satisfies the target customer’s wants–it is obviously first essential that a real target market is identified, quantified and justified. The place refers to placement usually managed by sales or OEM, such as having the product available where and when targeted customers want to buy it. Promotion includes Advertising, PR, Event Marketing, Online Marketing, Direct Marketing, Personal Selling, Channel Marketing, and Alliances. Price consists of the policies regarding competitive upgrades, reseller pricing, discounts, list price, distributor and street price the actual selling
To be a successful business, the owner of the business should use the marketing mix and the results of market research; having identified its key audience a company has to ensure a marketing mix is created that is targeted specifically to those people. The marketing mix is a term used to describe the four main marketing tools, Price, Product, Promotion and Place (EStartup business blog, 2010). An example of each 4P’s are: which products are well received, what prices consumers are willing to pay, what TV programs, newspapers and advertising consu...
Out of the thousands of products that a retail store like Woolworths offers there are bound to be an absence of information that the customer has of each product. Woolworths tries to solve this information gap of certain products by advertising and performing certain marketing strategies to inform the people about products. They do this by T.V, newspapers, magazines, Internet and environmental advertising (billboards and truck advertising). Employees who work in Woolworths stores also act as a form of information on products for customer...
The factors that have a great influence on marketing management, marketers’ business decision-making, and their relationship with customers include macro- and micro-environment, and the latter in turn includes the concept of so-called “4 P’s” (i.e., product, place, promotion, and price). Micro-environment is also referred to as “immediate environment” and stands for the factors that are literally “close” to a certain company: its suppliers, customers, intermediaries (e.g., advertising agencies), and competitors (“Marketing environment,” n.d.) Four P’s are also called “the marketing mix,” and their most widely used interpretation belongs to McCarthy (Blythe, 2008). The marketing mix indicates the four aspects of how to make your business profitable and yourself proficient as a marketing specialist. As Cannon (1992) pointed out, “The marketing mix is the set of controllable variables that the firm can use to influence the buyer’s response.” First, the business person needs to understand what the product of consumer’s desire is. It is obvious that “an undesired product” will not be sold. Producers, however, may invent something that consumers even did not expect to have but really wanted, at least, unconscious...
The marketing mix helps a company define the marketing elements for successfully positioning a market offer. The four P’s model, one of the best-known models, helps a company define its product marketing options in terms, place, price and promotion (MindTools.com, 2010). To enhance their impact with their target market, companies often use this model when you are planning a new venture, or evaluating an existing offer. As companies start out in an industry, many marketers learn about putting the right product in the right place, at the right price, at the right t...
To create a successful marketing mix you must have all of the following aspects: the right product for your target market, sold to your target market at the appropriate price,in the right place and time, while using the most fitting promotion. ( Marketing Theory 1995.) The product, price, place, and promotion all are of uttermost importance in a business, since all businesses must complete all of these activities, including advertising agencies and research firms, everybody in the business world should understand the marketing mix.
Women’s apparel consists of many of opportunities for women retails. Social media, ethical opportunities for retailers and how the high end designers that are collaborating with different companies to make it affordable for consumer.