Victoria’s Secret      A Brand Analysis    FTM 282 Summer Session 1            Gibson                               Courtn...
Table of ContentsCurrent Market Situation………………………………………………….....pg. 3Marketing Strategy…………………………………………………………..pg. 7Cotto...
Current Marketing Situation     Victoria’s Secret, the largest subsidiary of Limited Brands, Inc. and #1retailer of women’...
www.hoovers.com     In addition to Victoria’s Secret 1,000+ brick and mortar stores, LimitedBrands also runs Victoria’s Se...
Victoria’s Secret faces many direct competitors, including Fruit of theLoom, Hanes, Aerie by American Eagle, Frederick’s o...
As previously discussed, Victoria’s Secret, along with Limited Brands as awhole, has been affected by the recent recession...
Marketing Strategy     Victoria Secret is owned by Limited Brands Incorporated, whose portfolioof businesses includes Vict...
Secret Catalogue and online. Their mission as Limited Brands is to commit tobuild a family of the worlds best fashion bran...
With our economy the way it is and has been in the past few years,Victoria’s Secret’s biggest dilemma is pushing these asp...
Doing Now to Optimize CRM and the Business During this Recession portion ofher presentation, she discussed three brilliant...
sources. This could be partnerships with hotel chains, banks, entertainmentgroups, etc.     Victoria’s Secrets biggest com...
Londoner named Victoria, whose lacey undergarments were her little secret, itis safe to assume their target economic class...
the products range from $3.99 for Beauty Rush Lip Gloss to $3 million for adiamond encrusted bra. Also in that range you c...
their brand labeled gift bag and fill it with pink tissue paper. It is taking thework away from the gift giver because they...
Cotton is defined as “a soft, fluffy staple fiber that grows in a boll aroundthe seed of the cotton plant “. (Wikipedia, 2010...
confidence. We want our target consumer to feel the quality and comfort whenwearing it out or going to bed.      Our line e...
ReferencesAnonymous (06/16/2008). "Victorias Secret PINK Introduces the EXCLUSIVE CollegiateCollection". PR       newswire...
http://money.cnn.com/2007/11/15/news/companies/      kapner_victoriassecret.fortune/index.htmLimited brands > about. (2010...
styles. The undershirts will have two styles, the V and crew neck lines. For theboxers, briefs, and boxer-briefs, we have ...
a unique characteristics or brand identification; we find these two the mostfitting to our XY by VS extension line. Victoria’...
We offer a range of colors that are going to be a big hit for the Fall 2011with our boxers. We have three main colors for ...
7. Explain how you will position your new product within the existing brand byaddressing (a) product attributes- quality, ...
9. Describe how you developed your brand. Be specific as to (a) line extension,(b) brand extension, (c) multi-brand, (d) ne...
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Transcript of "Victoria\'s Secret Brand Analysis"

  1. 1. Victoria’s Secret A Brand Analysis FTM 282 Summer Session 1 Gibson Courtney Baldwin Brianca German Jenny Le
  2. 2. Table of ContentsCurrent Market Situation………………………………………………….....pg. 3Marketing Strategy…………………………………………………………..pg. 7Cotton Infusion………………………………………………………………pg. 13References…………………………………………………………………...pg. 15Appendix…………………………………………………………………….pg. 16 Page 2
  3. 3. Current Marketing Situation Victoria’s Secret, the largest subsidiary of Limited Brands, Inc. and #1retailer of women’s intimate apparel, is based out of Columbus Ohio and hasmore than 1,000 stores throughout the United States and Canada. Victoria’sSecret, creator of the Miracle Bra (1994), is known for its quality bras,underwear, and lingerie. However, they have extended their brand into hosiery,fragrance, apparel, and beauty products, such as lotion, makeup, and hairproducts. Victoria’s Secret is known for their many bra and underwear fits andstyles. Their products are available in appealing colors and patterns. TheVictoria’s Secret Pink line also contains less expensive bras, underwear, andapparel aimed at a younger college-aged audience. Limited Brands, Inc. is currently ranked #269 on the Fortune 500. Theyemploy over 92,000 people and reported revenues of over $8.6 billion in 2010.While a large amount of revenue, it has been decreasing since 2008. In 2008,reported revenues reached $10.1 billion, in 2009 they reached $9.0 billion, andhave since decreased to $8.6 billion. For this reason, market share informationwas not available on many company reporting websites, such as Standard &Poor’s and Hoover’s. 56% of the 2010 revenues were the result of Victoria’sSecret store and Direct sales. Page 3
  4. 4. www.hoovers.com In addition to Victoria’s Secret 1,000+ brick and mortar stores, LimitedBrands also runs Victoria’s Secret Direct, which consists of their online storeand catalog that sell footwear, pajamas, lingerie, and apparel. The ability toorder from a catalog and online appeals to those who are not comfortablebuying lingerie in public and those of whom are looking for convenience.Victoria’s Secret Direct is responsible for about $1.3 billion of sales. They mailapproximately 400 million catalogs every year. To further penetrate the market,Victoria’s Secret Direct is looking to put out two more catalogs including thePink line and beauty products. Page 4
  5. 5. Victoria’s Secret faces many direct competitors, including Fruit of theLoom, Hanes, Aerie by American Eagle, Frederick’s of Hollywood Group, J.C.Penney, Jockey, Macy’s, Sephora (makeup and beauty products), Dillard’s,Maidenform, GapBody, Vanity Fair, and many more. Indirectly, Victoria’s Secretcompetes with almost every other clothing store. This is because of the price oftheir products. With the current economic situation, many women are forced todecide between a $50 bra with a $13 pair of panties and a new pair of jeans, ora new top, where before the recession they would have purchased it all. http://finance.yahoo.com/q/co?s=LTD+Competitors Page 5
  6. 6. As previously discussed, Victoria’s Secret, along with Limited Brands as awhole, has been affected by the recent recession. This has been the largestmacro environmental impact on the brand. Women are turning to cheaperalternatives, such as Fruit of the Loom and Maidenform. There is little certaintyof when the economy will turn around, which also creates challenges for thebrand. Within the microenvironment, Victoria’s Secret continues to gain morecompetitors. Many retail stores are beginning to add their own basic lingerielines. These are often less expensive than Victoria’s Secret and located in theplaces where people are already clothes shopping, which gives it theconvenience factor. In addition, Limited Brands is looking to expand Victoria’sSecret internationally. This could be potentially problematic in cultures that maynot be accepting of the “sexy” and sometimes racy image that Victoria’s Secrettends to portray. Within Victoria’s Secret, customers are the main power-holders. Whileundergarments are necessities, products, specifically from Victoria’s Secret, arenot and there are definitely other less expensive options. While the maturelingerie market has been falling recently (3% in 2009 - Warburton, 2010), arecovery is expected soon. According to Simon Warburton for Just-Style, salesare expected to begin to increase between 2010 and 2012. It is estimated thatthis recovery will lead to a lingerie sector worth about $30 billion (Warburton,2010). Page 6
  7. 7. Marketing Strategy Victoria Secret is owned by Limited Brands Incorporated, whose portfolioof businesses includes Victorias Secret, Victorias Secret PINK, Bath and BodyWorks, C.O. Bigelow, White Barn Candle Co., La Senza and Henri Bendel. Thecompany continues to drive growth domestically through new sub-brands andproducts while expanding internationally. Today, the companys products areavailable in more than 3,000 specialty stores nationwide, through the Victorias Page 7
  8. 8. Secret Catalogue and online. Their mission as Limited Brands is to commit tobuild a family of the worlds best fashion brands offering captivating customerexperiences that drive long-term loyalty and deliver sustained growth for ourshareholders. (LimitedBrands.com) The mission of Victoria Secret is to deliver abest in class, captivating, branded customer experience that builds loyalty andenables consistent sales and profit growth. It is considered one of the mostpowerful, sexy and glamorous stores in the world, thus holding true to it being“best-in-class.” With the Supermodels it uses to advertise, it is more thancaptivating, it is almost surreal. Because there are very few places you couldvisit where no one would know the name “Victoria’s Secret”, it is by far,successfully branded. In an article Victoria’s Real Secret by Steve Johnson(2005), he discussed how his wife is an avid Victoria Secret shopper becauseshe is impressed by the customer service she receives when she orders byphone from some of the five catalogues she received in a three week period. Asof January 30, 2010 the Victoria’s Secret Store made net sales of$5,307,000,000 and Victoria’s Secret Direct (online and catalogue orders) made$1,388,000,000 in net sales, which was actually a 9% increase from 2009.Because they successfully follow their mission statement, our group perceivesthe points listed in the statement to be the marketing objectives: to be/appearto be best-in-class; to be captivating; to be a strong, lasting brand; to createcustomer loyalty though superior customer service; and to have consistentsales and profit growth. Page 8
  9. 9. With our economy the way it is and has been in the past few years,Victoria’s Secret’s biggest dilemma is pushing these aspirational products andbrand to a market that can do without splurging on lingerie and perfume.According to the Vice President of Customer Marketing, Amy Stevenson’spresentation at RAMA’s Retail Advertising Conference (RAC 2009), the solutionis Customer Relationship Management (CRM). She quoted Warren Buffet insaying to “be fearful when others are greedy and be greedy when others arefearful.” According to her, Victoria’s Secret’s marketing strategy is to increasetheir marketing budget. Through this, they are able to market more effectivelyby increasing advertisements so their brand can stand out. She acknowledgedother companies that had done the same and have thus been successful in thiseconomy. She also quoted, “when a brand’s share of voice is greater than itsshare of market it is likely to grow its market share in the coming year” byMillward Brown, which provides qualitative, quantitative, and consultingservices with respect to brands, marketing communications, media andmarketing effectiveness. Then elaborates by saying the fewer messages in acustomer’s inbox or mailbox, the more their (Victoria’s Secret) message willstand out. This makes sense for the fact that if a customer’s inbox or mailboxis filled with advertisements from the same company, they will stop readingthem, delete them and most likely unsubscribe. But if they see anadvertisement from one company every so often, they’ll read that because tothem, they will have something to say. Also in her 10 Things Victoria’s Secret is Page 9
  10. 10. Doing Now to Optimize CRM and the Business During this Recession portion ofher presentation, she discussed three brilliant brand strategies. The first is toget more aggressive with offers, not necessarily bigger discounts, but a betterperceived value. Two examples she gave was to add more beauty samples tosome of their gifts with purchases or make the gift with purchases bags largerwithout costing more to do so. Another strategy she gave was to featurecreative value messaging. Again, not focusing on the discounts but to bringmore attention to offers they already have, such as buying four items to get one Width Length Bras Push-up Full Coverage Demi Cup Multi-way Strapless Racerback Wireless T-shirt Front Closure Nursing Panties Bikinis Boyshorts Briefs Cheekies Garters Hiphuggers Thongs V-strings No Lines & Seamless Cotton Sleep & Pajamas Sleepshirts & Nighties Tops Loungewear Bottoms Shoes Robes & Slippers Sandals Pumps Babydolls & Slips & Heels Teddies & Bustiers Boots Sneakers Garters Clothes Tops Sweater Shorts Skirts Pants Denim Jacket and coats Suit separates Yoga & Loungewear Swimwear Bikinis Tankinis One-pieces & Monokinis Cover-ups & Beach Dresses Top bottom Beauty Brand Fragrance Body Care Make up Skin Care Hair care Self tanners and bronzerfree and putting more emphasis on the pricing of the beauty sets. The thirdstrategy she mentioned was to look for funding and partnerships in unusual Page 10
  11. 11. sources. This could be partnerships with hotel chains, banks, entertainmentgroups, etc. Victoria’s Secrets biggest competitive advantage, which is also how theyhave positioned themselves, is their sub-brands with the most popular beingPink®, whose purpose is to target college aged woman from 18 to 22. (Bittarand O’Loughlin 2004) Because the target market is in college they havepartnered with The Collegiate Licensing Company (CLC) and launched exclusiveassortments of collegiate co-branded merchandise featuring the logos,mascots, colors, and names of select universities around the United States. (PRNewswire 2008) Ever since Pink® was launched there has been a change in thestyle of the other sub-brands of Victoria’s Secret that has helped withpositioning such as: Very Sexy®, Body by Victoria®, Angels by VictoriasSecret®, BioFit®, Sexy Little Things®, Pout®, Second Skin Satin®, VictoriasSecret Pink®, VSX Sport®, Ipex®. According to Sharon Turney, CEO ofVictoria’s Secret, Victoria’s Secret has lost its way in part by chasing after the Pink® customer with all its other merchandise…[the] sub-brands ‘tried to be young’ to imitate Pink®’s success when they should have focused more on the quality and sophistication that appeals to women in their mid-20s and older. (Rose 2008)Victoria’s Secret is ultimately trying to get back to their original demographicwhich are these women in their mid-20 and older. They did so by holdingextensive focus groups with 26 year olds and walking through malls with them.And because the original premise of the secret of Victoria is of this manor-born Page 11
  12. 12. Londoner named Victoria, whose lacey undergarments were her little secret, itis safe to assume their target economic class is aspirational. (Mui 2008) Another way they have positioned themselves is the fact they selleverything. Their product width includes bras, panties, sleep and loungewear,shoes, clothes, swimwear, and beauty products. They carry brands such asUGG® Australia, Colin Stuart®, Skechers®, Jessica Simpson®, Steve Madden,FitFlop™, Two Lips®, Carlos™ by Carlos Santana, Rampage®, DKNY, GUESS,Vix®, Becca®, etc. Below are charts demonstrating the extent of the width,length, and depth of their product lines. DepthVictoria’s Secret Brands Naturally Victorias Secret ParfumsIntimesRapture® Secret Garden Collection BeachSexyBeauty Rush® Body by Victoria® Dream Angels™Secret Moments™ Sexy Little Things® So Sexy™Supermodel by Victorias Secret™ Tease for Two™ VerySexy®VS Makeup Victorias Secret Pink® Non VSBrandsThe consistency of the line varies under different attributes. The products theyColors SizesStylescarry serve numerous functions, use different production requirements, butcome through the same distribution channel, thus further adding to theexclusivity of the brand and keeping them successful. Unbelievably, the price of Page 12
  13. 13. the products range from $3.99 for Beauty Rush Lip Gloss to $3 million for adiamond encrusted bra. Also in that range you can find Pour la Victoire heelsfor $290. All of these types of items can be found either in the catalogue oronline and shipped form Victoria’s Secret Direct or in the stores, often locatedin malls and higher end shopping areas. Although they have such a widevariety of products the brand drivers of Victoria’s Secret are the bras, panties,beauty, and PINK brand. It is evident that, of the 10Ps of marketing, positioning is at the top of thelist, but three other important ones for this brand are: placement (as discussedearlier with their three distribution channels), promotion, and packaging.Promotion was discussed earlier when reviewing Amy Stevenson’s presentationbut this is something else they are known for. The Semi-Annual Sale issomething that women all over look forward to. The prices are amazing andmost know it. They also send a “Free Undies” card to those who receivecatalogues and cardholders. With this card, one can just walk into the storeand pick out a pair of free underwear, of course with limitations, such as priceand brand constraints. This card is also a coupon to get $10 off certain bras orPink® items. Another promotion avenue they have is though the benefits ofangel cardholders. Stevenson actually mentioned in her presentation that therewill be more benefits for cardholders to improve their CRM. Every time one purchases from Victoria’s Secret, you have received a gift,or at least that is how they want you to feel when they put your purchase in Page 13
  14. 14. their brand labeled gift bag and fill it with pink tissue paper. It is taking thework away from the gift giver because they do this with everyone. In 2007, Victoria’s Secret took the first steps toward launching its e-commerce business on a cross-channel on-demand platform from their partnern2N Commerce, a company formed by a former Limited Brands employee,Ruben Pinchanski. This system made them more agile, and able to provide aholistic view of its brand to the consumer while offering her a greater degree ofpersonalization in its direct business. This processing tool replaced a 15-year-old IBM mainframe and a string of proprietary solutions and allows VictoriasSecret to interact in real-time with its customer. It enables a much higher levelof personalized selling, while creating greater consistency across the companysthree channels and providing a more efficient stream of information. (Speer2007)Cotton Infusion Page 14
  15. 15. Cotton is defined as “a soft, fluffy staple fiber that grows in a boll aroundthe seed of the cotton plant “. (Wikipedia, 2010). Cotton is one of the mostused fabric as well as the best selling source in the American clothing industry.It is in high demand everywhere and can be adapted, manufactured, andproduced to fit the needs in the fashion/clothing industry, automotive industry,home furnishings industry, and many more. The cotton fiber has many characteristics that are beneficial to theindustry, not only it is an environmental substance, it also has an environmentaland sustainability advantages over other fibers. Because cotton cooperates withthe environment and uses sunlight in the making process, it is a natural andrenewable fiber. (Cotton Inc. 2010). Cotton is used by all consumers’ ranges in ages and crosses manygenerations. Currently there are multiple ways to use cotton fiber. We are alsoexpanding the growth and are developing new technologies and methods tocotton factories and farms. There are ranges of cotton products. We now haveoptions of picking from 100% cotton fibers, a cotton blend, recycled and therising in popularity, organic cotton. For our extension line, XY by VS, we have decided on only producing ourproducts that are made from 100% cotton fibers. Because 100% cotton bringsthe most comfort and it’s the most natural, it is known for being light, cool,comfortable and absorbent. XY by VS is a line that focuses on comfort and Page 15
  16. 16. confidence. We want our target consumer to feel the quality and comfort whenwearing it out or going to bed. Our line extension includes four types of products, the boxers, briefs,boxers-briefs, and undershirts. These products have three groupings, basics,fashion basics, and holiday. Our products are undergarments and thereforegoing for 100% cotton is the best choice. For more detailed information, pleaserefer to the appendix. Page 16
  17. 17. ReferencesAnonymous (06/16/2008). "Victorias Secret PINK Introduces the EXCLUSIVE CollegiateCollection". PR newswireBittar, C., & OLoughlin, S. (2004). Victorias Secret Thinks Pink. Brandweek, 45(6), 6.Retrieved from Academic Search Premier database.Burnett, S. (2009). Victoria’s Secret: CRM as the Primary Marketing Tactic in DownEconomy. Retrieved June 24, 2010, from Customer Insight Group, Inc. Web site: http:// www.customerinsightgroup.com/loyaltyblog/?p=96.Cotton. (June 23, 2010). Wikipedia Foundation.Retrieved June 21, 2010, fromhttp:// en.wikipedia.org/wiki/CottonCotton Today. (2010). Cotton Inc. Retrieved June 23rd, 2010, from, http:// cottontoday.cottoninc.com/sustainability-about/cotton-vs- other-fibers/DISPATCH,Marla Matzer Rose, THE COLUMBUS. (2008, February 29). Victorias secret forsaking sexy ; CEO wants classic quality to bring back older buyers. The Columbus Dispatch (Ohio), pp. 10C.Hoover’s Company Records. Limited Brands, Inc. (2010) Retrieved from http:// www.lexisnexis.com.www.lib.ncsu.edu:2048/us/lnacademic/results/ docview.docview.dodocLinkInd=true&risb=21_T9595687515&format= GNBF&sort=RELEVANCE&startDocNo=1&resultsUrlKey=29_T9595687520&cisb=22_T9595687519&treeMax=true&treeWidth=0&csi=220620&docNo=3Johnson, S. (2005). Victorias real secret. American Printer, 122(6), 92. Retrieved fromComputers & Applied Sciences Complete database.Kapner, S. (2007, November 15). Victorias secret could use a little lift. CNNMoney.com,Retrieved from Page 17
  18. 18. http://money.cnn.com/2007/11/15/news/companies/ kapner_victoriassecret.fortune/index.htmLimited brands > about. (2010). Retrieved from http:/www.limitedbrands.com/ our_brands/victorias_secret/about.aspxLtd - limited brands inc buy/hold/sell analysis - forbes.com. (n.d.). Retrieved fromhttp:// finapps.forbes.com/finapps/BuyHoldSellAnalysis.do?tkr=LTDLtd: profile for limited brands, inc. - yahoo finance. (n.d.). Retrieved fromhttp:// finance.yahoo.com/q/pr?s=LTDMui, Y. Q., & Writer, W. P. S. (2008, February 29). Victorias revelation ; brand is too sexy , chief says. The Washington Post, pp. D01.Warburton, S. (2010, January 12). Global lingerie market sees uplifting forecast. Retrieved from http://www.just-style.com/analysis/global-lingerie-market- sees-uplifting-forecast_id106393.aspxAppendixChapter 9 QuestionsCotton Infusion: Victoria’s Secret Extension Line: XY by VS1. Describe your product line as to (a) line length (i.e. number of groupings,product classification in groupings, themes, color ways, and fabrications forgroupings). Our extension line length has total number of four types of products such asboxers, briefs, boxer-briefs, and undershirts. Under these four types, each hasthree different groupings. We offer the basics, fashion basics, and holiday.2. Describe your product mix as to (a) line width, (b) line depth, and (c) lineconsistency. The line extension will offer a line dept that goes along with each of ourproducts. Each grouping will have numerous color palettes, prints/patterns, and Page 18
  19. 19. styles. The undershirts will have two styles, the V and crew neck lines. For theboxers, briefs, and boxer-briefs, we have chosen four colors and three prints,such as grids, plaids, and stripes; we believe all of these will attract our targetmarket, the gentlemen. Our products relate to each other in fact that they are all made to wornunderneath numerous attires. We believe that we have to keep the lineconsistency the same to start because is it to an entirely new market. Also, ourconsistent with the line is that it is an everyday product that we guaranteed thatthe consumers will and are going to need.3. Describe your specific product classification or one SKU as to (a) core benefit,(b) actual product, (c) augmented product. Core benefit:"Reveal the seXY in you"; our core benefit offers theconsumer the feeling of sexy and confident and upmost comfort in our line. Actual product: Bringing the comfort and confidence of undergarments tothe male consumers, fitting to their needs and wants. Augmented product: We pair our core product with other styles such asbriefs, boxer-briefs, and holiday.4. Explain if your product is (a) convenience, (b) shopping, (c) specialty product,or (d) unsought product.  Our product is a shopping and specialty product. Because a shoppingproduct is a product that are less-frequently-purchased and customerscarefully compare on the quality, price and style; and a specialty product offers Page 19
  20. 20. a unique characteristics or brand identification; we find these two the mostfitting to our XY by VS extension line. Victoria’s Secret offers the quality, style,value, and specialty products to a mass market; the shoppers of Victoria’sSecret already know what to expect when they shop at the store. They knowthat the products aren’t a convenience product such as soap, nor it is low-priced. The shoppers go to Victoria’s Secret can expect to get a good, qualityproduct and fit to their needs or even boost their esteem. One can buy a brathat is $25 or even up to three million dollars.5. List and describe the product attributes of (a) quality direct impact onproduct or service performance, (b) features- addition to product, make it morecompetitive, (c) style and design for your one SKU. We understand that if we deliver a product that brings style and comfortfor the male gender, we can attract them and hopefully keep their loyalty.Therefore, our products will be made from 100% cotton fibers. We want topromote with that our products are the latest in style and have the sex appealfeature so that men can feel sexy wearing it underneath their suits and ties orgoing to bed.  Our line extension with Victorias Secret will let people know that we willspecialize to their needs. Victorias Secret has always been a special, popular,and competitive brand. When we speak of Victorias Secret, consumers canautomatic think of our prink stripes logo and our popular Pink line.  Page 20
  21. 21. We offer a range of colors that are going to be a big hit for the Fall 2011with our boxers. We have three main colors for our Basics, four for FashionBasics, and three for our Holiday line. The colors palette includes the shades ofblues, greens, grays, and dark reds. We also offer the number of patterns andprints such include plaids, grids, and lines. We believe that if you designsomething that is already popular with the men, it wont be as hard to get themto like our products. We promise that our boxers will fit and conform to anybody types.6. Describe the (a) brand symbolism of the product, and develop (b) thepackaging and (c) labeling for your product. Our brand symbolism consists of just two letters, X and Y. We want topackage our products in a black bag labeling XY by VS outside. Like Victoria’sSecret using pink tissue paper, we decide that blue would be a better choice forpackaging the mens products. For our bag color, we pick the color black. Sinceblack means bold and sexy, and also it is very opposite from the pink bags forthe womens products, we feel that many men prefer simplicity and straight tothe point; there won’t be a need to put strips on the bags. The label for ourproduct will be a small tag that will be in the color red and the letters will beprinted in black ink.  Page 21
  22. 22. 7. Explain how you will position your new product within the existing brand byaddressing (a) product attributes- quality, features, and style and design, (b)benefits of product, and (c) beliefs & values. We want to position our new products in that it is made in the best way.We want to offer a well quality product with latest features, style, and design.Our products offer the consistency in fit, comfort, style.  The benefits you receive when purchasing our products will be quality,comfort, and durability.  We belief that men do too, want to feel sexy and important. We want ourproducts to deliver confidence and that you can trust in XY by VS to providethat feeling every time when wearing our products.8. Describe how you named your innovative product.  The name of our product derived from the Brand SEXY and the symbolsthat represent the male gender, XY. We wanted the name to be something thatisnt too feminine or drive the males away. As we all know, Victorias Secretsmain and primary consumers are the female consumers; therefore, our brandneeded to be on a completely different dynamic that would attract the maleshoppers. Through asking our guy friends and research, we find that males liketo feel sexy too. They like the products that would boost their self-esteem andmake them feel powerful, pride, and boost their ego. Our extension line XY byVS will deliver those feeling. Page 22
  23. 23. 9. Describe how you developed your brand. Be specific as to (a) line extension,(b) brand extension, (c) multi-brand, (d) new brand, or (e) co-branding.  We developed our brand by looking at the success of the other companiesand brands. We find in our research what products that men are attractive toand the products that they have been comfortable in using for number of years.Because Victorias Secret has already a brand extension, its Pink line, clothing,swimwear and cosmetics, and many more, it doesn’t need another product thatattract the females. Victoria’s Secret has grown and attracted such a bigmarket, from ages 18 and up and still working to attract the youngergeneration such as the tweens, it is still missing the other half, the men. That isthe one thing we found missing at Victoria’s Secret; and because of it, we thendeveloped our extension XY by VS especially for the men in this world. Page 23

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