Tuesday, January 27, 2015

Victoria's Secret

Victoria’s Secret




This brand of lingerie is one of the most famous and prestigious in the world.

It was created by a young American businessman who managed to take advantage of his shyness. He decided to make a man feel comfortable, while accompanying his girlfriend to lingerie shopping. He invented and introduced the policies which helped to facilitate the purchase of that type of product without intimidation. Then in 1977 he opened his first store in San Francisco.

The key idea was to sell the lingerie through the catalogs. Some years later the company started to grow after having been acquired by “The Limited” company. Its experts had a clear idea of how to expand the business throughout the United States. So they opened some stores and added some new lines of business such as shoes, accessories and cosmetics.

In the 1990s it was considered to be one of the most important companies in America which produces lingerie. From that time, the management team decided to hire professional models for advertising (the models are known as the angels of Victoria’s Secret). This idea was well received and some years later the first runway show took place. The success of the show was so outstanding that between 1999 and 2000 it became available via their website. After repeated success, the company negotiated with the ABC TV in order to show it worldwide and to reach a wide audience.

They offer the aspirational products to achieve the company’s development and expansion so the top models play a very important role in the every year shows. This allows them to raise the prices of their goods and differentiate themselves from competitors. Actually, if Victoria’s Secret lowers the prices it would sell even less. How do they do that? It turns out that making the price irrelevant gives more value to sensations. Few brands like Victoria’s Secret and Starbucks are able to increase the prices on their goods and make people feel happy paying for them.

Another important point of success are the complementary products, you can find in the stores (shoes, pajamas, cosmetics and perfume).

Surely they have been able to manage a good strategic plan and now they do not collaborate only with the American market but they are also pushing their way into the European market as well. If they keep carrying on their business policy and marketing strategies they undoubtedly will achieve even more success.



No comments:

Post a Comment