Published by MBA Skool Team, Last Updated: February 24, 2019
Marketing Strategy of Victoria’s Secret analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Victoria’s Secret marketing mix, help the brand succeed in the market.
Victoria’s Secret marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Victoria’s Secret Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Victoria’s Secret marketing strategy can be explained as follows:
Victoria’s Secret, the largest American retailer of women inner-wear, is headquartered in Ohio, US. Their product lines include inner wear line, active wear, swimwear, women’s wear, accessories and beauty products. PINK is their collection that targets the younger lot i.e. female teen customers who are attracted to vibrant colours. Victoria’s Secret also include sportswear and sleepwear in their product line. The Victoria’s Secret Designer Collection is the company’s first high-end product line. They do not cater to all body sizes and their product line do not include products for plus -sized women. Their whole product line is all about ‘Love My Body’ where supermodels feature in their ad campaigns. They portray only a certain body type. They maintain their aim to consistently launch new products – each introduced at different times.
Victoria’s Secret Price/Pricing Strategy:
Below is the pricing strategy in Victoria’s Secret marketing strategy:
Victoria’s Secret is a high-end luxurious brand and their prices reflect the same.
Since innerwear is a product line that is not compromised upon, customers buy it even if they are segmented in the higher price range. Their premium pricing policy attract those who hail from society. It does not cater to the needs of the masses. Their quality is premium and supermodels as their brand faces make the price even steeper. The Pink collection is dedicated to teens, college students and younger women in general. Hence the prices are comparatively lower than other products of the brand. Their collection ranges from £ 20 to £500. Their exclusive merchandise costs somewhere around £150.
Victoria’s Secret Place & Distribution Strategy:
Following is the distribution strategy in the Victoria’s Secret marketing mix:
Victoria’s Secret operate via their stores as well as online. They have their exclusive stores as well and have expanded to many countries in Canada, Netherlands and UK. Their international franchisees are present in different parts of America. They operate through their website as well as e-commerce platforms. One can also spot their products at the international terminals of airport at various locations. They operate in more than 1000 locations in US and many more in Canada, London, Singapore etc. 370 Victoria’s Secret Beauty and Accessories Stores are located at malls and airports.
Their products are also sold at many partner locations in over 80 countries.
The promotional and advertising strategy in the Victoria’s Secret marketing strategy is as follows:
Victoria’s Secret are involved in various fashion shows and have their own fashion magazines that are a great source of their promotion. They are actively marketing their brand on various social media handles and the top super models are the brand ambassadors for this brand. Victoria’s Secret’s fashion show ‘Angel Wings’ is quite popular and includes many star performers. They promote themselves through social media where they announce the upcoming sales, discount offers, limited time offers and new launches. The celebrity endorsements, meet ups and interviews with known faces of the brand make it even more popular. They have multiple workout videos on YouTube and they target young girls who aspire to look like supermodels. They keep their email subscribers interested by sending them exclusive coupon codes that aren’t advertised anywhere else. This makes the customers feel valued. They also offer freebies to customers on shopping with them and hold a semi-annual sale, twice a year. Their sale is not held all the year round as they are a premium brand. They hold quizzes on their mobile apps before Valentine’s Day. They call their models as their angels who are strong influencers besides being the face of the brand. They represent the lifestyle that they communicate to the audience via social networking websites and YouTube where the followers are over 1.4 million. Their top and trending hashtags include the brand name viz. #vsfashionshow, #vsxbalmain. This completes the marketing mix of Victoria’s Secret.
About Victoria’s Secret:
America’s largest retailer for women’s inner-wear, Victoria’s Secret – founded by Roy Raymond, designs, manufactures and markets high end inner-wear for women.
It is one of those companies whose strategic and well-versed marketing has made it one of the most popular brands of the world. The Victoria’s Secret brand was a result of Raymond’s negative experience at the department stores.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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