Introduction
Analysis of Victoria’s Secret’s features demonstrates that its strengths and weaknesses open up significant opportunities for its development. In addition, these features allow the company to reduce threats and form an impact on the activities of the organization. Thus, this paper presents an overview of the main strategies developed on the basis of an strategic alternative matrix and a rationale for the three main directions for the development of Victoria’s Secret.
Strength – Opportunity (SO) Strategic Actions
The strengths and capabilities of Victoria’s Secret are connected and form promising strategies for the company’s growth. First, the company’s strong marketing strategy, brand, and use of ecological materials allow it to significantly expand its product range, gain profits and strengthen its reputation (Ell, 2020). The company can invest in the search and development of new sustainable materials. For example, the latest Victoria’s Secret collection of silk made from bioengineered protein that is safe for the skin and pleasant to the touch will attract customers who care about their comfort and appearance (“The surprising,” n.d.). At the same time, the marketing emphasis on the use of eco-friendly technologies that reduce the use of water to obtain these fabrics will strengthen the company’s reputation as socially responsible and increase buyers’ interest.
The second strategy, which is closely related to the previous one, is to use a strong marketing company to attract buyers and increase social responsibility. Even without broadening the range of products, Victoria’s Secret can focus on using sustainable materials in their products and the specifics of the supply chain in marketing strategy (Caligiuri, 2017). In addition, the company can engage in more sustainable promotion initiatives, such as donating funds to recycling. This move promotes sales and the company’s reputation, although combining both strategies will produce a more significant result.
Weaknesses – Opportunity (WO) Strategic Actions
The combination of the opportunity to expand the range of products and the weaknesses of accusations of misogyny and lack of products for different customers also form two development strategies. First, Victoria’s Secret can focus on designing clothes that are comfortable for women rather than focusing on the men’s images of female beauty standards. For example, creating bikini or sportswear that covers the breasts, shoulders, and buttocks of women can be popular with many female customers looking to reduce the sexualization of their bodies. The recent performances of German gymnasts at the Tokyo Olympics in full-body costume confirm this statement (“German gymnasts’ outfits,” 2021). This feature should also be included in Victoria’s Secret shows, which are aimed at presenting collections. However, the main opportunity is to expand the range of products and attract new customers.
The second strategy is also aimed at expanding the range; however, the main focus should be considering the needs of people with different appearances. This category includes clothing for people with disabilities, pregnant and lactating women, and people of large and small sizes. In addition, models of all races, appearances, sizes, and disabilities must participate in displays to demonstrate to the audience that Victoria’s Secret is responsive to the needs of all of its customers.
Strength – Threat (ST) Strategic Actions
The first strategy that Victoria’s Secret can use is to collaborate with competitors. Since strong competition is a threat to the company, this means that other organizations also have popularity and a brand that can be used to attract customers. Collaborating with multiple brands to create projects with significant resources using a strong Victoria’s Secret marketing strategy will benefit all parties. For example, running a fashion show with several global brands can capture public attention that can be helpful to advertise new initiatives or products. While this move will not diminish competition, it will be used to the advantage of Victoria’s Secret.
The second strategy is associated with the production of goods from unique eco-friendly fabrics. This move will make it harder to imitate Victoria’s Secret products and also encourage customers to move away from lower prices in favor of quality. Thus, while replica Victoria’s Secret merchandise is likely to remain on the market, it will be easy to tell the difference, which forces part of the client to visit actual Victoria’s Secret stores.
Weakness – Threat (WT) Strategic Actions
The first strategy for Victoria’s Secret is to organize a show with a competitor who has a high reputation for respecting women’s rights. Such an initiative will demonstrate that the company makes a significant effort to clear accusations of misogyny and is committed to producing comfortable products for women. Thus, Victoria’s Secret will be able to present new collections or show old collections under the light of excluding misogyny and improve their reputation.
The second strategy is expressed in the creation of inclusive lingerie for women with different needs. Special comfort underwear will be difficult to imitate to create high quality. In addition, the promotion of new unique products will make new buyers remember the appearance of the goods and the brand name. Consequently, customers will buy things from official stores to get comfortable underwear that suits their needs, and they are less likely to confuse Victoria’s Secret with a company that has a similar name.
Comparison of Strategic Actions
A review of these strategies demonstrates that some are more effective and realistic than others. For example, partnering with other brands has its advantages, but these strategies will fail to overcome the threat and make one or more competitors stronger. Additionally, finding a company that is willing to cooperate and with the right work experience takes a significant amount of time. The creation of new types of products will also not eliminate the threat of product imitation by other companies; hence, the expansion of the range should not be the company’s primary goal.
For this reason, Victoria’s Secret’s three main strategies are to expand the range of products that reduce the sexualization of women’s bodies, take into account the inclusive needs of consumers, and are made from eco-friendly materials. This step should also be supported by an active marketing strategy that will show the company as socially responsible and attract new customers. These strategies have already been partially implemented by the company at the moment, which demonstrates their relevance and appropriateness (Pettinicchio & Foster, 2021). Thus, Victoria’s Secret can use its strengths, weaknesses, and opportunities to develop marketing strategies and strengthen its position in the market.
Conclusion and Final Three Recommendations
The combination of the strengths and weaknesses of Victoria’s Secret, as well as its threats and opportunities, helps shape several marketing strategies. Most of these strategies aim to expand the range of products and their further promotions, which will improve the company’s image and public perception. For this reason, the first recommendation for the company’s work is to focus on strategies of creating products considering women’s interests, inclusiveness, and eco-friendly initiatives to achieve a maximum positive effect. The second recommendation is that the company should first focus on creating products for inclusive needs and reducing the sexualization of women’s bodies. These strategies are related and will be most successful if they are implemented simultaneously. However, the company should to preserve brand identity by keeping classic and luxury lingerie when developing new Victoria’s Secret products. These steps contribute to the company’s development while maintaining its identity, which is essential for current clients.
References
Caligiuri, M. (2017). Victoria, don’t keep a sustainable supply chain story a secret. Harvard Business School. Web.
Ell, K. (2020). Who has the cleanest underwear? WWD. Web.
German gymnasts’ outfits take on sexualisation in sport. (2021). Web.
Rozario, K. (2021). Victoria’s Secret to be spun off by parent L Brands before August. Forbes. Web.
The surprising new materials for rebuilding our world. (n.d.). Web.