According to the book MKTG 8, a strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.It is important to write a marketing plan which is a study of marketing objectives, strategies and the changing of the marketing environment.Also, it allows the marketing manager to enter the marketplace with an awareness of possibilities and problems.
Writing a marketing plan includes many elements following : the Business Mission Statement, Situation or SWOT Analysis, Objectives, Marketing Strategy ( Target Market and Marketing Mix ) and the Implementation Evaluation Control.
Victoria's secret business unit contains three channels :
- Victoria's secret stores ( VSS )
- Victoria's secret Beauty ( VSB )
- Victoria's secret Direct ( VSD )
- Business Mission Statement
The business mission statement of Victoria's secret is committed to being the world's best fashion brand _in premium lingerie women, beauty accessories and products_ offering captivating customers experience that drive long-term loyalty and create sustainable value for its shareholders.
2. Situation or SWOT Analysis
A Situation Analysis means identifying internal strengths and weaknesses; and also examining external opportunities and threats.
- Victoria's secret STRENGTHS:
The main strength of Victoria's secret is its products quality that leads them to the top. The lingerie brand ranked number one in the annual YouGov BrandIndex perception study of apparel brands. VS has reported record sales for three years straight.
Additionally, VS is investing a lot in advertising (at least $474 million in its most recent fiscal year). One of the most popular annual show is the Victoria's Secret Fashion Show with more than 11,5 millions viewers. During the show, popular artists are invited to perform ( Justin Bieber, Rihanna, Taylor Swift, Arianna Grande ... ).
Victoria's Secret's models, known as "Angels",Victoria's Secret's models, some of the world's leading fashion models are a major part of the brand's image, appearing in the fashion show, catalogs, stores and advertisements ( Adriana Lima, Alessandra Ambrosio, Doutzen Kroes etc. ).
VS has its own official YouTube channel, Pinterest, Twitter and Facebook pages. VS won the Facebook popularity contest with more than 27 millions followers.
VS has its own TV commercial and its Spotify playlist "Train like an Angel". Also, there is a special section on the CBS website, featuring videos, photos, previews and clips.
The company is dominating the e-commerce with its subsidiary VSD, the online and catalog arm of the lingerie retailer.
Additionally, VS is investing a lot in advertising (at least $474 million in its most recent fiscal year). One of the most popular annual show is the Victoria's Secret Fashion Show with more than 11,5 millions viewers. During the show, popular artists are invited to perform ( Justin Bieber, Rihanna, Taylor Swift, Arianna Grande ... ).
Victoria's Secret's models, known as "Angels",Victoria's Secret's models, some of the world's leading fashion models are a major part of the brand's image, appearing in the fashion show, catalogs, stores and advertisements ( Adriana Lima, Alessandra Ambrosio, Doutzen Kroes etc. ).VS has its own official YouTube channel, Pinterest, Twitter and Facebook pages. VS won the Facebook popularity contest with more than 27 millions followers.
VS has its own TV commercial and its Spotify playlist "Train like an Angel". Also, there is a special section on the CBS website, featuring videos, photos, previews and clips.
The company is dominating the e-commerce with its subsidiary VSD, the online and catalog arm of the lingerie retailer.
Customers are always informed about the upcoming products via emails, VS official website or VS smartphone application.
VS stores operate about 1,060 locations in the U.S, about 55 in Canada, and five shops in London.
- Victoria's secret WEAKNESSES:
VS target market is very specific that is why the company is unable to expand the market.
VS number of stores is very limited because there are only located in US, Canada and UK.
The high prices and limited number of discounts and offers don't make the products affordable.
Many parents think VS is exposing the teenagers to "adult items" ( "Bright Young Thing" scandal ).
Scandal of Child Labor for Victoria's secret cotton in Burkina Faso (2001).
VS number of stores is very limited because there are only located in US, Canada and UK.
The high prices and limited number of discounts and offers don't make the products affordable.
Many parents think VS is exposing the teenagers to "adult items" ( "Bright Young Thing" scandal ).
Scandal of Child Labor for Victoria's secret cotton in Burkina Faso (2001).
- Victoria's secret OPPORTUNITIES:
According to their limited market, VS can expand their stores by lunching their products to the global market ( Asia, Africa ).
They can improve their profit and expand their name by creating a men's brand.
During particular occasions ( Valentine's day, customer's Birthday ), they can provide discounts and offers.
- Victoria's secret THREATS:
VS has several competitors, such as Aerie-American Eagle since 2006 and Abercrombie & Fitch competing with PINK VS branch, Bare Necessities second largest online specialty retailer for intimate apparel, Gap, JC Penney, Frederick's of Hollywood etc.
These competitors offer discounts on their products more than VS.
Regarding the limited number of stores, in case of an economic crisis, VS profit will certainly be affected.
The marketing negative image of women.
The bad interpretation of "sexy" in Eastern cultures.
3. Objectives
In order to keep its market leader rank, Victoria's secret future goals are :
-Optimize Customer Relationship Management
-Open 200 stores in Europe the next 10 years,
-Establish successful pricing,
-Increase revenue,
-Provide excellent customer care,
-Establish cost-effective logistics,
-Improve e-commerce.
4. Marketing Strategy ( Target Market and Marketing Mix )
Victoria's secret main targets are middle class women, ages 20-45 and men shopping for their girlfriend or wife.
Victoria's secret PINK collection targets teens and high school girls.
Victoria's secret is an example of product/service differentiation competitive advantage because they are captivating their customers with their ability to mix sexy, colorful and fantasy with lingerie and their popular and unique concepts ( Annual Fashion Show, Angels, Fantasy Bra ).
FOUR Ps:
Product strategies: Victoria's secret provides to the customer fancy, colorful, comfortable and very sexy feminine products. Customers can mix, match and shop hundreds of sexy lingerie and clothes in satin, cotton, silk, lace and sheer styles.
Place strategies: Victoria's secret owns more than 1060 stores in US, Canada and UK. Shops are easily accessible every day ( malls, airports, touristic sites ... ).
Promotion strategies: Victoria's secret angels promote VS products on catalogs, fashion magazines, TV channels, Fashion shows, catalogs, Social networks ( Twitter, Facebook, Pinterest, Instagram, YouTube ), Spotify etc. VS constantly give customers reason to visit by sending them special offers and coupons.
A good marketing plan will help you answer key questions about your business, and act as a reference document to help you to execute your marketing strategy. It will also help you to develop a structured approach to creating services and products that satisfy your customers’ needs.
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