Victoria’s Secret Market Segmentation
Victoria’s Secret Market Segmentation
Apparently, You Can Be Too Sexy
By AMY MERRICK
February 29, 2008; Page B1
In the year 2007, Victorias Secret an intimate apparel company reported an 8% drop in sales which has led the company to re-examine its strategies and focus of their market segment while considering diversifying their market segment through overhauling their brand image.
The present image of Victoria secret has been described in many ways including; too sexy; for skinny people; teen oriented; flashy and uninspiring. Older shoppers have been reported to have noticed the brands orientation towards a younger and flashier look. This company is now vulnerable to competition from stores with intimate apparel offerings that target a more diverse market mix of clients.
As different customers seek the same value or benefits from the primary function of intimate apparels, other features and psychological attributes of the can have significant differences. Consider the different market mixes perceived needs of intimate apparels. The flashy teenager; younger sexy college girl; older clients with more sophisticated taste; women in need of bra sizes 38 or larger, an so on. In all of these markets, excellent products are expected, but the satisfaction derived from these products differs among groups of female. Many products produce expectations beyond the benefit sought by all. However, my experience with fashion companies is that, there marketers see themselves as dictating style and image. They see themselves as offering the consumer a fantasy rather than reality. However, when declining sales set in, consumer opinion is suddenly viewed important.
Using the market segmentation process model, according to Merricks