Mkx9550 Marketing and the International Consumer-Victoria's Secret
-------------------------------------------------
Marketing Plan
Executive Summary
Australia has become an attractive market for clothing retailing instead of a gradual decrease in consumer spending due to global financial crisis, which driven the total revenue from this industry down by 0.7% per annum. Nonetheless, it is expected that in the next five years, the industry revenue will grow by 1.2% per annum.
Current economic situation in Australia has encouraged major overseas retailers to enter into the Australian market for the first time and these opportunities can bring some advantages to Victoria’s Secret to opens its stores in Australia. With a superb record in the US and strong brand name throughout the world, Victoria’s Secret has more than 1,000 stores worldwide and can open its retail stores, under the license agreement with Specialty Fashion Group Limited, in Australia.
Middle-class women aged between 18 and 35 years are the major target segment for Victoria’s Secret. The Victoria’s Secret brand image, which is a lingerie brand that is sexy, sophisticated and unique, has positioned itself as an exclusive brand and this can strengthen Victoria’s Secret’s position as leading lingerie brand that is different from its competitors. Victoria’s Secret is also targeting a market share of 1.3% in the next 3 years.
To enhance its dominant position and attain the market share in Australia, four marketing objectives have been developed to help Victoria’s Secret achieving its short-term and long-term goals. In the first 2 years, Victoria’s Secret will open 8 stores in major capital cities and shopping centres, achieve its market share and estimate a sales record of $60 million. In the long run, Victoria’s Secret will maintain its stable growth and expand its operation by opening more stores and become the major player in the lingerie market. These marketing objectives can be achieved through marketing strategies, such as creating sustainable product strategy
Marketing Plan
Executive Summary
Australia has become an attractive market for clothing retailing instead of a gradual decrease in consumer spending due to global financial crisis, which driven the total revenue from this industry down by 0.7% per annum. Nonetheless, it is expected that in the next five years, the industry revenue will grow by 1.2% per annum.
Current economic situation in Australia has encouraged major overseas retailers to enter into the Australian market for the first time and these opportunities can bring some advantages to Victoria’s Secret to opens its stores in Australia. With a superb record in the US and strong brand name throughout the world, Victoria’s Secret has more than 1,000 stores worldwide and can open its retail stores, under the license agreement with Specialty Fashion Group Limited, in Australia.
Middle-class women aged between 18 and 35 years are the major target segment for Victoria’s Secret. The Victoria’s Secret brand image, which is a lingerie brand that is sexy, sophisticated and unique, has positioned itself as an exclusive brand and this can strengthen Victoria’s Secret’s position as leading lingerie brand that is different from its competitors. Victoria’s Secret is also targeting a market share of 1.3% in the next 3 years.
To enhance its dominant position and attain the market share in Australia, four marketing objectives have been developed to help Victoria’s Secret achieving its short-term and long-term goals. In the first 2 years, Victoria’s Secret will open 8 stores in major capital cities and shopping centres, achieve its market share and estimate a sales record of $60 million. In the long run, Victoria’s Secret will maintain its stable growth and expand its operation by opening more stores and become the major player in the lingerie market. These marketing objectives can be achieved through marketing strategies, such as creating sustainable product strategy
Bibliography: Exhibit 2 Clothing Retailing Industry Segmentation in Australia (2011-12)