chp 7 business Marketing

Business Marketing: The marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others.

Business marketing and Victoria's secret

Victoria's secret practices Business-to-Business Electronic Commerce. It gets most of it profit from online, since people would rather go online, since it is easier that way. you just got to go to their website and order, they even give free shipping sometimes. it is also better for other business to but a large amount of products to resell

souce:http://highered.mcgraw-hill.com/sites/0073381063/student_view0/glossary.html 

ch 8 Segmenting and Targeting Markets

Victoria's secret Limited Brands targets women that value beauty, boldness, self-care and image. These women are the concentrated target market of Limited brand. These products are meant to satisfy their desires and wants. Limited Brands main target are middle class women ages 18-40, however its Targeting Strategy is Multi-segment.

their strategy are Multi-segment because the target all type of women, and person has a different want. for example i might like the very sexy perfume from victoria's secret, while some one else might want victoria secrets make up products. different things Victoria's secret sales  appeal to different women, a teenager might not want the same thing as her mom.

This strategic multi-segment are women who can afford to buy a product that is higher than the average price in return for superb quality and up to date fashion. This make these women feel really good about them self

and their is nothing like having high self esteem

Ch. 11 - Developing and Managing Products

New Product:  are products that are
1 - new to a company or new to a market
2 - include existing products which have been improved or revised, brand extensions, additions to existing line, repositioned products targeted at to new markets, and new-to-the-world products

Victoria Secret: New Products

Angel Fantasy- Push up bra
this product is an improved product

Sleep wear-pjs
this is a also a new product to the brand extensions

peep toe pumps

Ch. 16 -Integrated Marketing Communications

Integrated Marketing Communications:is an approach to achieving the objectives of a marketing campaign, through a well coordinated use of different promotional methods that are intended to reinforce each other.


Victoria's secret Marketing Campaign: One of Victoria’s Secret’s strengths in its Marketing campaign is it very successful advertising strategy. In a business that sells an image and a lifestyle, advertising is crucial. Victoria’s Secret spends $66 million each year on advertising (as I stated before), essentially defining beauty and packaging it for consumers. Thousands of newspaper ads, catalogues, and televised fashion shows convince women that buying Victoria’s Secret products will boost their confidence and enhance their appeal.

Promotion: Victoria’s Secret sends special promotions to those that subscribe to their email or own the Angel credit card as an incentive to keep making purchases.  
Competitive Advantage:Victoria’s Secret as has its own catalog, which releases new issues every month.  This is an example of the company’s use of a pull-strategy.  Victoria’s Secret does not rely on other retailers for the sale of their products.  They do all the legwork themselves.  As such their primary focus is to convince the final consumer to purchase their products. Limited Brands dedicate a real estate division to placing all its stores in prime locations, but this experienced group also has an advantage in negotiating leases because it represents several major labels. The family of brands is particularly popular with young women, who make up a large segment of the shopper population. Often, four or five Limited Brand companies are found as tenants under the same roof. 
Through their use of integrated marketing communications Victoria’s Secret has successfully become and continues to be the number one provider of sexy women’s wear in the United States.

Ch. 10 - Product Concepts

Product concept: is the understanding of the dynamics of the product in order to showcase the best qualities of the product. Marketers spend a lot of time and research in order to target their attended audience.
    What is the first thing that pops in your mined when you hear the the name "Victoria's secret"? well for most people, they think of underwear, however now Victoria's secret sale all type of products for women, not just lingerie  They sale clothes shoes and beauty products. Victoria Secret products fall into the category of consumer products because they are brought to exclusively satisfy women's personal wants and needs. They spend a lot of time making sure that their consumers are satisfy with the products they have to offer.

Sales Promotion and Personal Selling

Sales promotion is any initiative undertaken by an organisation to promote an increase in sales. this can happen in two ways either by lowering the price or adding value. 

Victoria's Secret is one of the most famous retailer for women wear, including, bras, panties, thongs, babydolls, robes, perfumes, swimsuits, clothes, dresses, sweeters, fitness wear and much more.  They do a very good job pleasing there taget market (women).  This fall they realezed a new holloween costume line. This is great to know,  considering the fact that holloween is around the corner
One of the strategies used by Victoria’s Secret to boost their sales is to get more aggressive with offers, not necessarily bigger discounts, but a better-perceived value.  Victoria’s Secret has put this practice into place by adding more beauty samples to some of their customer gifts with purchase or making the gifts with purchase bags larger without costing more to do so.  They are not focusing on discounts but are bringing more attention to offers they already have such as buying four items to get one free.

Sales Promotion for victoria secret
To Earn Online/Catalogue: 

• To Earn Online/Catalogue: 
  • Place an order of in-stock merchandise totaling $10 or more and use offer codeLOVEANGELS at checkout.
  • Choose the Victoria’s Secret Angel Credit Card* as your method of payment. (You must complete your order with an Angel Credit Card to qualify.)
  • Your free Secret Reward Card will be added to your order after offer code is applied and will be included in your merchandise package. One free Secret Reward Card per order.
  To Earn in Stores: 
• Use your Victoria’s Secret Angel Credit Card* with any purchase of $10 or more to receive your free Secret Reward Card. One free Secret Reward Card per customer, per day.Valid only at US, non-outlet Victoria’s Secret stores. 
• 
  
• Other Sales

 

Ch. 17 - Advertising and Public Relations

It is no Secret that Advertisement Plays a mayor role in the success of a company. like many companies Victoria's secret owes most of its success to its advertising.
There biggest advertisement is there annual fashion show in witch they get models/angels to walk the runway with their lingerie

In the fashion show you see the models having fun. The annual fashion show grabs the attention of the public and many celebrities. They feature many celebrates, to make sure the get our attention.
this year they will be featuring Justin Beaber, Bruno Mars and Rihanna.

you can watch the annual fashion show Tuesday, December 4, 2012 at 10:00pm on CBS
 Here's a video of the 2011 Fashion show

The annual fashion show is definitely not the only advertisement Victoria secret does, They have many commercials and they make sure to organizes a photo and video shoot for their models when promoting new products such as the VSX Sexy Sport line. 

Victoria’s Secret spends around $66 million each year on advertisements that essentially define beauty for consumers. i think that the $66 million or more they spent on advertisement this year is defiantly worth it.

Chapter 15 (Retailing)

I went to victoria's secret, the one located in manhattan center mall on 901 6th Avenue, New York, NY 10001, I also checked out the victoria's secret store there going to open a block from there. from my expirience I can definetlly say that victoria's secret is a well managed store, and they definatlly do a good job in keeping there target market (women) pleased with there products.  the only bad thing for me was choosing between the very sexy perfume and lotion an the angel perfume an lotion!!

what I most loved about the victoria secret stores, is that no matter to which victoria secret you go to, is always very pink ang girly

Consumer decision Making

Consumer decision making is basically all the prosess one goes through before buying the good or product.

There are over 1000 vicoria secret stores scatered over the U.S and, and mails out approximately 375 million catalogues per year. Victoria’s Secret sells women’s lingerie, pajamas, make up, perfume, and other feminine-related items. Victoria’s Secret has been a big driver of financial success for Limited Brands (parent company) and VSX-Sport Line is expected to be a big part of Victoria’s Secret’s sustained growth.



As costumers we pay attention to what is hip and trendy in the marketplace. Advertising plays a mayor role in fashion decisions made by adults and pre-adults alike. For example, advertisers for Victoria’s secret have done a brilliant job of creating an association with the Victoria’s Secret brand and the visual image of sexiness that immediately comes to mind.  They do this by  having the victoria secret fasion show which uses famous super models to market their signature lines, they also use there models on comercials and other types of advertisment. They use there models, so that there consumers can  begin to believe that they can be just as seductive and sexy  as the Victoria’s Secret super models if they purchase the product (or atleast hope to be).

This is how the consumer decision process works
1. Need recognition

one's you watch a victoria sectret comercial comercial, like this one, you start to see a want or desire for a product. obcourse know you seeing how victorias sectret products can make you feel sexy.

2. Information research
This is the part were consumers will go look for information on the product one want. you can do this online at the victoria's secret website, or personally go to the store, and see how much it cost and how much other companys have that same products for. 

3. Evaluation of Alternatives
 After gathering information the costumer normally evaluates the alternatives before making a decision. The buyer may wait for a sale, may go to Victoria’s Secret store to try on the product, or may compare Victoria’s Secret prices and quality of product with others retailers.
 
4. Purchase
After gathering the information, all that is left is to make the purchase. Looking at the success Victoria’s Secret has had so far my judgment is that many people are more inclined after research to purchase their product

5. Post purchase behavior
this is when youve aready have the product. we look at weather or not the product meet your ecpectations

 

Reward of global market

 

Victoria’s Secret is the as the brand for Hot, alluring and must-have lingerie. In these past years, the Victoria Secret company has seen a noticeable growth in its catalogs and website sales in foreign countries and have expanded to, Australia, Canada, Singapore, UK, and Soviet countries such Russia and Ukraine. Victoria Secret has stores on the airports in Buenos Aries, Argentina, San Paulo, Brazil, Dubai, United Arab Emirates, Barbados and Mexico City International Airport. victoria's secret is deciding on its current plans to establish one hundred more in the global market. This year, two Victoria’s Secret stores will launch in Britain, one in Kuwait and two in United Arab Emirates

Les Wexner originated The Limited into a fixture in shopping malls across the United States. He built on that success by transforming Victoria's Secret from a tiny mail order firm into a global brand. More recently it has extended its international presence with the purchase of Canadian company La Senza, and developed personal care and beauty chain Bath & Body Works as its #2 brand.

 

The External Marketing Enviornment

   MARKETING ENVIRONMENT


Victoria's Secret markets is directed specifically to women. Its diversity of products is designed to satisfy the desires of women of all ages from a middle school-er to a sixty-years-old women. Victoria's Secret products aren't pricey, so every woman wants to get there hands on them.  they also almost always have sales. men can also shop at Victoria's secret to get their wives, girl friends or even female friends n attractive gift, that doesn't take a lot out of the pocket. The environmental management is very active and important in this particular company. This is what this company it's all about having and creating new idea's with their designs and products for the consumers to buy. Every season Victoria's Secret brings a new design as underwear, make up and perfumes. They are also very diverse with the products, there always expanding, like when they made the new fitness line. they always find a way to make and give their consumer goods and services that interest them

Ethic & Social Responsabilities

ethics is the idea of rigth and wrong conduct, while social responcibility is the business responsibility for society. im going to look into victoria secret ethics and social resposibilities

victoria secret not only creates clothes for women to feel sexy, but they are a social responcible company.

 

 victoria secret was known for printing millions of catalogues on paper made by clearcutting Canada's boreal forests. they are deciding to change that and go green. Victoria’s Secret mails over one million catalogs per day, catalogs that are printed entirely on Forest Stewardship council certified paper. By using this paper they show ethical and thoughtful environmental behavior. At the same time they set an example for other companies to follow their lead. They have the  FSC logo, which allows consumers to recognize companies that support the growth of responsible forest management worldwide. 

 

althought they are going green, it was found out that victoria secret had  their “fair trade” organic cotton was harvested by child slaves in its lingerie line. There have been reports that children have been beaten, forced to work long hours, and have not been given any food. little girls and boys around 13 are forced to work under such conditions. well i personally was shoked about this, i mean this is soppose to be a female empowerment company, yet this is what we hear. well guess they dont seem that ethical know...

strategic planning

strategic planning is when business makes a stategy and how it is followed and carried out. The stragetic plan can make or brake a business. know we look at victoria's sectret strategic planning.

 

-Victoria secrets stategic planning is to focus on women of ALL ages.

-Victoria's Secret is betting its future on expanding its line, into fitness wear for women.

Fitness clothes has been in high demand in recent years and victoria secret is taking advantage of this and expanding its territory into fitness wear for women. they have recentlly revieled there new  “VSX Sexy Sport” collection.

what victoria secret does for competition

 

victoria's secret gives the “Free Panty” coupon. Victoria’s Secret sends these out every month to all of their customers. so you get something free just buy walking in. its no "but buy one get one free" or you have to spent a certain amount, like other companies

 

they also have the clearens sale, These sales occur in the winter time (usually every January) and also every summer. These sales are huge and amazing. they have really good prizes. they have discounts ranging around 30 to 70%. I remember going to one, i found really amizing stuff at a really low price. I also remember spending 20 minutes in a line.

Chapter1-Brief history and mission statement.

BRIEF HISTORY

victoria secret was founded by a guy named roy ramond in 1977, who felt embarrased after entering a department store to buy lingerie for his wife. His idea was to create a place were both man and women could feel comterble bying lingerei. Roy ramond then sold off "victoria secrete" to Leslie wexner in 1982. Leslie then started the annual victoria secret fashion show. This is what got the attention of many celebraties, and many peoples, including myself. victoria secret started of as a lingerei store, but know they sell lingerei, sleepwear, clothing shoes, beauty products and performs. The product I will be concentrating on is the new perfume "angel"

MISSION STATEMENT: Our mission is to deliver a best in class, captivating, branded customer experience that builds loyalty and enables consistent sales and profit growth.