The aim of this paper is to give profound recommendations how the brand should react to a new market situation and the current trends which influence the industry and the consumer behavior. Victoria’s Secret needs a makeover. What will be discussed is the question what exactly needs a makeover and how this one should look like.
These two dimensions are linked with the topics brand image, corporate communication and rebranding, which should reveal some optimization potential. A problem analysis with subsequent consideration of the communication strategy should help to identify strengths and weaknesses of the brand and make it possible to give management suggestions for now and the future.
To answer my research question, I am applying a qualitative approach based on collecting relevant information and literature review of key sources. Other competitors use the lack of innovation of Victoria’s Secret as an advantage to gain market share by emphasizing racial, body and gender inclusivity in their brand messaging with a huge success and consistently positive consumer response. Victoria’s Secret has now reached a point where it has to take actions to remain competitive and to respond correctly to the market change.
Table of Contents
1 Introduction
1.1 Problem Definition
1.2 Objectives
1.3 Course of Investigation
2 Theoretical Foundation
2.1 Importance of Brand Image
2.2 Relevance of Corporate Communication and Rebranding
3 Actual state of the Problematic
4 Research method
4.1 Description of the Strategy
4.2 Adaption to the Case
4.3 Research Result
5 Summary
5.1 Management Recommendations
5.2 Outlook
Objectives and Core Topics
The primary objective of this term paper is to analyze the current market challenges faced by Victoria's Secret and to provide strategic recommendations on how the brand can improve its corporate communication and reposition itself to regain consumer relevance in a shifting cultural landscape.
- Analysis of the brand's declining market position and image crisis.
- Evaluation of the impact of corporate communication and rebranding strategies.
- Investigation of consumer behavior shifts regarding body positivity and inclusivity.
- Development of management recommendations for future brand development.
Excerpt from the Book
2.1 Importance of Brand Image
The lingerie market is a strong growing industry with a highly brand competition characteristic. Many companies want to convince potential customers to choose their brand and offer them a variety of products in different categories, sizes and qualities (Sanchez Torres & Arroyo-Cañada, 2017, p.1). But the final purchase decision depends on several factors, ultimately its base is always the brand image. Because buying sexy underwear depends a lot on your own self-confidence and your own image (Hume & Mills, 2013, p.32). If consumers decide to buy something it is important that they can identify themselves with the personality of the brand (Maehle & Supphellen, 2015, p.460), which can only happen if the company has a good brand image and uses an effective branding strategy.
There are two helpful strategies to get a message across to the consumers. The first is the brand user strategy which utilizes celebrities as an advertising medium to win their fans as new customers. The other one is the brand image strategy with advertisement that emphasizes the brand name, logo or slogan (Clow & Baack, 2005, p.20). The usage of these strategies will influence the positioning of the brand in the mind of the consumers and can lead to desirable outcomes, like a broader target group and growing sales. Therefore, a faulty image should be corrected as soon as possible, because it is directly related to the success of the business (Ell, 2019c, p.1).
Summary of Chapters
1 Introduction: This chapter outlines the problem of Victoria’s Secret’s declining market share and defines the paper's objective to provide recommendations for improvement.
2 Theoretical Foundation: This section establishes the academic framework regarding the importance of brand image and the necessity of corporate communication and strategic rebranding.
3 Actual state of the Problematic: This chapter details the specific internal and external crises facing Victoria's Secret, including falling sales and social controversy.
4 Research method: This chapter describes the case study approach used to examine the brand’s current strategy and synthesize research results.
5 Summary: The final chapter provides actionable management recommendations and offers an outlook on the necessity of radical change for the brand's survival.
Keywords
Victoria's Secret, Brand Image, Corporate Communication, Rebranding, Lingerie Market, Body Positivity, Strategic Management, Marketing Strategy, Consumer Behavior, Brand Positioning, Market Inclusivity, Retail Crisis, Brand Awareness, Business Innovation, Fashion Industry
Frequently Asked Questions
What is the core focus of this research paper?
The paper examines the decline of the brand Victoria's Secret in the context of changing social values and explores how ineffective brand positioning and lack of inclusivity led to a loss in market share.
What are the primary themes discussed?
Key themes include brand image development, the role of corporate communication, the impact of rebranding on consumer perception, and the necessity of adapting to modern societal trends like body positivity.
What is the ultimate goal of the work?
The goal is to provide profound recommendations for Victoria's Secret to respond effectively to market changes, improve its brand image, and ensure future competitiveness.
Which methodology is applied?
The author uses a qualitative case study methodology, utilizing existing literature and market reports to analyze the brand's problems and potential solutions.
What is covered in the main section of the paper?
The main section covers the theoretical importance of brand identity, an analysis of Victoria's Secret's specific current crises, and an investigation into how rebranding could stabilize the business.
Which keywords characterize the work?
The work is characterized by terms such as rebranding, brand image, corporate communication, market inclusivity, and strategic management.
How does the author view the 'Angels' concept in the current market?
The author suggests that the 'Angels' concept is increasingly outdated, as modern consumers distance themselves from sexualized imagery and demand more realistic, inclusive representations.
What specific management recommendations are provided?
The author suggests an internal-to-external shift, where the brand re-evaluates its values and aligns its marketing strategy to better match modern consumer expectations and diverse societal needs.
Why does the author conclude that a "massive change" is necessary?
The author argues that because the market and consumer priorities have permanently shifted, minor adjustments are insufficient; failure to undergo a fundamental rebranding could lead to the brand's complete ruin.
- Quote paper
- Katrin Finkler (Author), 2020, The Brand "Victoria’s Secret". Does the Brand Need a Makeover?, Munich, GRIN Verlag, https://www.hausarbeiten.de/document/903545
