Definition of marketing strategy
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There are a lot of authors speak about the marketing strategy, the marketing strategy is very important in business, it can lead the firm towards attractively economic opportunities which are adapted to their imagination and know how to provide a potential to help the company grow and earn more profits (Lambin,1997). If we want to have good marketing strategy in the firm, we need to understand the strategic situation confronting in an organization, it is an essential starting point (Crvens, 1986). Strategic marketing can be seen like a process consisting of: analyzing environmental, other competitors, and business factors affecting to the firm and its business units, placing market opportunities, and focus on the future trend in business.
Selecting market target strategies for the product-markets in each business unit, and try to managing the marketing program in order to meet market target needs (Drucker, 1973) Research has shown that marketing strategy is pointed out the marketing goals, consumers and competitive position and so on. Marketing strategy should be deals with three forces known as the strategic 3 C’s: the consumer, the competition and the last one is corporation. A good marketing strategy should be set apart by a clear market definition, the needs of the market, relative to the competition and the key to success factors of the business. Based on the strategic three C’s, marketing strategy should follow three decisions: 1. Where to compete?
2. How to compete?
3. When to compete?
The role of marketing strategy is different from marketing management which deals with developing, applying and the right programs to achieve the goals. (Jain,1993) Other speakers have shown that marketing strategy means you looking at the whole of a company’s portfolio of products and markets, and try to manage the portfolio to achieve the firm’s overall goals. (Jain,2000) If your company has a successful marketing strategy, it can lead to more customers find your company and that in turn leads to revenue growth for the company. But marketing is very expensive, a successful marketing plan should result in the cost of producing the marketing are covered, and generate a profit beyond that. (Johnson, Scholes, & Whittington 2008). 2. Factors in marketing strategy
Whatever the strategy yours company choose, you have to follow several factors like: The position of your company in the market
We need to know the factors like market share or sale volume in you company, it can bring to find out the level of the strength of the company for the consumers and other competitors. It can be take into account the following factors: Mission, policies, goals and resources
These things are very important in the initiation of the company, tell the reason why it focus on the bound aspects to the products and the services in order to marks and marketing strategies. (Abell,1979) The marketing strategies of the competitors you have to face with If you want to success in your business, you should not only “know your company” but also the strategies of the competitors such as: advertising, distribution channels, new products and so on. “Victorious warriors win the battle first and then they go fight…” (Jason, McDonald, Kent, & Neupert, 2005) To understand more about the purchasing behaviors of the customers, motivations and perceptions of those who are have a direct responsible of the products, it will be the key when you make decision in marketing. They exists many failures in marketing and in the formulation an effectuation of the strategy because of lack of information about customers. (Faith, 1992) 3. Elements of marketing strategy
A marketing strategy is built from several interrelated elements. Market selection is one of the first and most important. (Brown & Sommers,1982) which is linked to choosing the market to be served. A plan to make a new product includes the products of the company sells, how to improve the product line, and design of individual offerings in the line. One of the other elements is the distribution system: the wholesale and the retail channels through which the products move to the customers, and how they buy and use it. About the communications strategy, personal sale use advertising to approach the target customers by using internet, email, television, newspaper, and so on. They also use the public print and personal selling to deploy a sales force to convincing the target customer, urge them to buy the products of your company. Finally, price is another important factor of any marketing program, and is one of the most directed marketing elements in creation of value for shareholders (Doyle,2000). The company have to set up the price of the products in many different price and in different classes of the customer will pay and find out the profits or commissions to the wholesalers, retailers for moving the products to the users. 4. Result
According to the previous study, there are many companies use their own marketing strategies to make them become successful, especially Victoria’s Secret, they use the marketing strategies very effective. Victoria’s Secret is facing to a lot of competitors, by using their own marketing strategies in business, they can earn a lot of success in their business. Victoria’s Secret become one of the top 10 most recognized brands in the world. In 2008, reported revenue reached $ 10.1 billion. According to Simon Warburton, sales are expected to increase between 2010 and 2012. It is estimated that recovery will lead to a lingerie sector worth about $30 billion (Warburton,2010) Today the products of Vitoria’s Secret are available in more than 3000 stores on the world, they holding true to become “best-in-class”. Victoria’s Secret is very smart in marketing, they using online data to make smart merchandising decisions in stores. The company has been streamlining its store and online assortments to give customers what they want (McCoy, 2010). In 30 January,2010 Victoria’s Secret earn more than $5 billion in online and catalogue orders, which was actually increase 9% from 2009.
Because following their mission statement: appear to be best in class, build loyalty of the customers, to be strong, lasting brand, have consistent sales and profits growth. Victoria’s Secret have used the dense marketing strategies, while other companies try to develop their social media-skills, the Victoria’s Secret is producing excitement with a network TV holiday fashion show featuring young women wearing Swarovski crystal-decorated lingerie strutting down a runway in 6-inch high heels (Sapna Maheshwari, 2012). There are so many places to buy intimate apparel, but there are no other place has a strong brand connotation like Vitoria’s Secret and I think the fashion show is definitely a part of that (Erika Maschmeyer,2009) said in a telephone interview.
Victoria’s Secret spend a lot of money in fashion show, every year they made new products and have a fashion show and invited famous person come to their show. The secret to make Victoria’s Secret become so successful is very simple: ton of marketing (online, print, through email, details from the stores and so on) and new products introduction, this will make the stores become fresh and make the customers fell new when they walk into the stores. (Brian Sozzi, 2013). They send a card to the customers which called “free undies”, with this card when you go to their stores, you can get 10% off.