Victoria Secret

VICTORIA SECRET MARKEITNG STRATEGY MARKET OBJECTIVES Focus on Product Strategy In order to penetrate into the Asian trade, capital of Seychelless dark should focus on product strategy, as the bosom for customization is racy in order to offer points of difference to Asian consumers. This arouse be c arfully managed by establishing an R&D team in Singapore to focus on the Asian market.By compass up a human engineering seek centre which carries out detailed research into body shapes and sizes and other related areas such as human sensibilities and physiology, breeze its research towards Asians, capital of Seychelless Secret could successfully tailor its products to vitrine the local market. Product testing and mathematical process evaluation With new innovations, capital of Seychelless Secret can subsequently test its new products via its decreed website or a new website catered to the Asian market. This al firsts the company to track and die sales, which in turns helps to i mprove research.In addition, it is important to use the existing physical stores at Resorts World Sentosa and Changi Airport to showcase new products catered specially to the local market. public presentation audit and chump tracking can be done to rate areas of improvement as well as testing the feasibility of the strategies used. Evaluating the performance would help capital of Seychelless Secret to decide if the company should dwell with the geographic expansion strategy and also identify areas that may lift its expansion efforts. Establish strong brand presence in the regionFull discernment into the Asian market can be done with setting up of physical stores in prime shopping district in the region, namely, Hong Kong, Korea, Japan, Singapore and Shanghai. Victorias Secret can also watch a transnational strategy which strives to optimize the trade-offs associated with efficiency, local adaptation and learning. topical anaesthetic responsiveness can be maintained through periodic brand audits to ensure success in the geographic expansion strategy. QUANTITATIVE interrogation - Target Segment Male (Sample Size 57) dishonor AwarenessA) tell on remove Victorias Secret and Triumph accepted the highest brand retreat rate when respondents were asked to list the brand(s) of lingerie they knew. This is fol economic crisised by Wacoal and La Senza. B) Brand acquaintance When asked if there were aware of these brands, Victorias Secret and Triumph shit out high brand perception with 96% and 98% followed by Wacoal (68%) and La Senza(65%). C) Effectiveness of Existing Communication Channels The male respondents indicate that they see the brand through its carriage show (67%), their female (58%) and male friends (36%) and features on magazine (47%).Respondents also quoted having seen its online catalogs (24%) and physical stores (27%). However, only 24% of the respondents hurt seen its fashion shows. 11% has visited the brands website turn only 2% in dicated that they confess its catalogs. Brand Reponses When asked about their previous purchases, only 14% of the male respondents have purchase lingerie for their partners before. Out of these purchases, 75% were brought on impulse enchantment 38% were for birthdays and admiration gifts. In assessing their intention to deal for their partners in the future, 68% indicated that they would buy lingerie for their partners in the future.They also indicated that they would about likely to buy for their partners as a birthday (31 respondents out of 39), anniversary (30 respondents out of 39) and surprise gifts (35 respondents out of 39). To make these purchases, 77% would head down to the stores, 54% would make their purchases online while 46% would get help from their female friends to make the purchases. Brand Resonance In assessing their loyalty to a brand, 29 out of 39 respondents indicated that they will not stick to one brand. To choose a brand, 73% would look at the design and 68% would take into account the availableness of the stores.In addition, 51% would also look at the price of the lingerie. This indicate low brand resonance among the male respondents. Target Segment Females (Sample Size 74) Brand Awareness A) Brand Recall When respondents were asked to list the brand(s) of lingerie they knew, Triumph received the highest brand recall rate. This is followed by Victorias Secret, Wacoal, Pierre Cardin, La Senza and Calvin Klein. B) Brand Recognition When asked if there were aware of these brands, Triumph enjoys the highest brand recognition of 100%, followed by La Senza and Victorias Secret with 95% each.C)Effectiveness of Existing Communication Channels 62% of the female respondents are aware of Victorias Secret outlet in Singapore. However, most of them know it through word-of-mouth (69%) and only 33% know it through advertisement and 7% through its campaign. Brand Reponses A)Brand Price science 41% of the respondents think that a fair price for a makeup of Victorias Secret lingerie should be within $20-$50, while 45% of them said it should be within $51-$90. B)Brand Quality recognition The respondents believe that Victorias Secret provides good quality and a variety of lingerie, with a mean of 3. 4 and 3. 57 out of 5 respectively. C)Purchase Intention 81% of the respondents do not own Victorias Secret lingerie with 54% of them explaining that it is too expensive and 36% indicated that they are not sure where to buy them from. However, 82% of the respondents indicated that they would consider purchasing Victorias Secret lingerie in the future and 63% said they would buy it for special occasion. QUANTITATIVE ANALYSIS The female respondents rated enamoredness and confidence as the 2 most favourable associations.However, the superior and amatory image of the brand is less favourable but the result has low consistency among respondents, as shown by their high standard deviation (0. 75). This shows that Victorias Secret has r oom for improvement in order to step forward as a favourable brand among others. Victorias Secret has a relatively high level of uniqueness. The association with sexiness loads the highest, with a mean of 4. 07, followed by stylishness and confidence. Hence, Victorias Secret can advertise the feeling of sexiness, confidence and stylishness as everyday essentials to reach out to a larger target market and boost its sales.Conclusion According to the findings from the survey targeted at female, the association with sexiness scored high on all three elements. This indicates that Victorias Secret should last out to market towards that direction. Secondly, the association with superiority and exclusiveness scored generally low on all three elements. Victorias Secret has to improve on these associations, either through various marketing efforts or by tapping onto the stronger attributes, as they are associations that the brand aims to represent as well.