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Marketing

In: Business and Management

Submitted By raqiep
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Memo
To: Anthony Racka
From:
Date: [ 11/4/2012 ]
Re: Female Purchasing Power
Today, women are the ones who make the choices when coming to making purchasing decisions in a household. Also, women are gaining control of wealth and purchasing power (Time Magazine, n.d.). Their spending power can change and should change how businesses market their companies. Places that may provide cars, electronics and traveling are mostly targeted for men and women that may be neglected in the development of these products and the marketing. Some businesses are now marketing towards women as well such as sports businesses. This may be because NFL fans consist of 44% women (Time Magazine, n.d.), and 50% of products typically marketing to men are purchased by women (Billings, n.d.). I believe that companies that target towards mostly women may obtain a successful business.
Victoria’s Secret is an excellent example of a business that focuses on women. Victoria’s Secret is a store owned by a company named The Limited. Victoria’s Secret is the number one specialty retailer of women intimate apparel (Quantcast Corporation, 2012). There focus is on women and I believe this is one of the reasons why there are so successful. Victoria’s Secret targets women from the ages of 15-34 years old. I have the age so young because of their addition to the company called “PINK”. College students are initially the main target for the brand “PINK”, but it also attracted high school students. A lot of younger high school students buy these products because of their comfort. I include that the women this business targets have kids and is in college or obtains a college degree. The prices for this business can be quite high, so the income targeted is from 100,000 to 150,000.
The products that Victoria’s Secret provides are essential to women. They provide from lingerie to clothes. They have high quality in their products that are comfortable and are able to last long in everyday use. Some of the lingerie products are bras (push-ups, strapless, sports, etc.), and panties (thongs, bikini, hip huggers, etc.). They also sell cloths for business attire, lounge or casual. PINK offers clothes in yoga material, sweat outfits and accessories such as travel, blankets and bags. PINK also offers a line of clothing for sports attire. They provide shirts, pants, and underwear with cute saying for the NFL MLB and College Football. Victoria’s Secret also provides swimwear, beauty products (make up, body mist, lotion) and shoes. Lastly, they have a line of fragrance for women and men. The sales training that is provided to the employees is to meet the requirements of the consumers. They have experts in sizing for the bras, understanding the knowledge of what each bra does for one, and they always have recommendations for other items.
Victoria’s Secret is available to people through three different channels. They are available through the internet, in stores and the catalogue. With three different channels, shopping at VS is available for people 24 hours a day. Also, people spend three to five times more than customers who buy only through one channel (Limited Brands, 2012). The headquarters office is located in Columbus, Ohio.
Victoria’s Secret offer long term quality that is safe and effective for an affordable price. Some people may believe that there prices are too high for a bra, but Victoria’s Secret makes is more affordable with their sales promotion. Victoria’s Secret offers semiannual sales each year. They dramatically mark down their prices on certain bras, underwear and clothing. They also offer rewards, such as the Angel Reward Card. This card is given when a customer’s spends $10 or more and can be worth up to $500 on their next purchase. Every card is a winner in the increments of $10, $50, $100 or $500. They also provide credit card that is exclusively for their store, where you can earn points from shopping there. Rewards are given after a certain amount of points are received.
Victoria’s Secret is advertised on the internet, television, magazines, and the radio. The best time to promote Victoria’s Secret would be in the afternoon, when women are getting home from work or out of school. They promote with young sexy models wearing their lingerie which may attract women because they want to look sexy like the models. Victoria’s Secret has it owns Victoria Secret Pressroom (vspressroom.com). This website has information on the latest styles, seasonal looks news, events and press releases. There are also articles released on trends and styles in magazines by Victoria’s Secret. Lastly, VS has mobile messaging and advertising. They are on Facebook, Pinterest, having their own apps and they send updates to people who sign up for this.
Some of the strengths of Victoria’s Secret are that they are successful in advertising, they grab a women’s attention. It is one of the most preferred brands when dealing with lingerie. The business also provides a wide variety of products and sizes for women of all ages. Lastly, they have brand loyalty provided with comfort and style. Victoria’s Secret has weaknesses with their prices which may not be affordable to all women. They also do not provide enough advertising with their clothing department and they have a lack of stock in stores especially when it comes to bathing suits. However, Victoria’s Secret does gain opportunity because they and known and desired all around the world (Limited Brands, 2012). They also expanded their target market when opening the PINK merchandise to bring in more customers. Some of Victoria’s Secret threats are the competitors that produce lingerie that can be sexy and comfortable with an affordable price. They also do not provide lingerie for the elderly who may be interested.
I recommend Victoria’s Secret to expand their stores to be able to have enough product so where they are not out of stock so quickly. When bathing suit season arrives, they should consider expanding the section for the bathing suits. They usually have a small section of the bathing suits with about four or five different types provided. However, online they provide a whole more of colors, and styles. The problem with bathing suit shopping is women like to try it on to see how it fits and looks before purchasing. I believe if the store would provide a lot more of the bathing suits, there would be more satisfied consumers and less competition with other bathing suits places.
Lastly, I believe Victoria’s Secret should have a discount store for those who are unable to afford the original prices. It would be similar to a Nordstrom Rack, but the discount store would have the products that did not sell so well, sale items, or products that are out of season for a more affordable price.

About: Victoria. (2012). Limited Brands. Retrieved from http://limitedbrands.com/our_brands/victorias_secret/about.aspx
Billings, D. (2012). The purchasing power of women. Retrieved from http://www.she-conomy.com/3751/the-purchasing-power-of-women-infographic
Quantcast.(n.d.). Retrieved from http://www.quantcast.com/victoriassecret.com
Time magazine. (n.d.). Retrieved from http://www.time.com/time/interactive/0,31813,2031700,00.html
Victoria’s Secret. (2012). Retrieved from http://www.victoriassecret.com/

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