competition and the competitive position of #VS

Hii guys, 

Nice to see you came back this week.

This week I had to answer  a couple of question about the mission statement of the company that I choose. #VS

For these questions I found that Victoria’s secret is owned by L brands, so their mission statement is also the mission statement of Victoria's secret.

The mission statement of L brands is to build a family of the world’s best fashion brands offering customer experience that drive long-term loyalty. This is obviously good for their shareholders. And they also want to do good. Good for communities, for the market and the environment.

Of cource every company has competition, but there are different kinds of competition. You 

generic competition, product form competition and brand competition.I made a little list of these competition forms and who are the compitition.

Generic competition: agent provocateur and their l’ agent, Primark, H&M, Hunkemoller

Product form competition: negative underwear, true&co anya lust,

Brand competition: aerie,  adore me, thirdlove, la perla

(Dishman, 2016)

So VS has a lot of competition but the competitive position of victoria's secret is pretty low because they own 40% of the huge apparel market. And apart from that they also have a product that no one else can offer because they have a world famous fashion show around it. No one has this in the same market as big as they have it. This makes their position very stable. Also are they very renewing, this means that they are constantly looking for new technology and marketing perspectives to enhance their products and their customer base.

Ansoff Matrix:

Most of all you see how Victoria’s secret is always busy with “product development”.  They also have a “market penetration” skill that everybody is familiar with.

Product development:

Every year they have the Victoria’s secret fashion show. Here they show the newest items of their collection, sometimes showing bra’s who are worth 2 MILLION dollars. They have the permanent theme: Angels. So al the models will be decorated with wings etc. These are things other brand don’t have. They are constantly developing their products, so they can keep impressing their customers. And basically every men and woman who watch their show from their sofa’s with a big bucket of ice/chips.
Bibliografie

Market penetration:

So when you sit on the sofa with you big bucket of ice/chips you see these pretty angels, but underneath everything they have lingerie. Pretty lingerie, shining lingerie, soft lingerie and colorful lingerie. But nothing the less still lingerie. Lingerie has always been part of our lives, so that isn’t something new or anything, but they do know how to sell it like it is something new, something we have never seen before. That is how they penetrate their own market.

References: 

Dishman, L. (2016, march 7). victorias secret competitors. Opgehaald van fortune: http://fortune.com/2016/03/07/victorias-secret-competitors/

marketing portaal. (2016, september 14). ansoff matrix. Opgehaald van modellen strategieen: https://www.marketingportaal.nl/modellen-strategieen/ansoff-matrix