No matter how well costs are driven or held down, no product can be profitable unless it sells. Therefore all products must satisfy customer needs and wants. As all customers are different and seek different benefits from products, businesses would ideally tailor their products to satisfy each customer’s wants and needs. However, for many businesses this is not achievable, so they need a way of classifying products in a structure aligned to customer segments, as defined by their needs and wants. The more flexibility a business has to configure products to different customer segments at minimal cost, the more segments they can target with the core product.
Victoria Beckham Best Selling Products
VB’s best selling product consist of sharp tailored suits, trouser, dresses and coats. ( img sourced- https://www.victoriabeckham.com/collections/view-all-victoria-beckham )
A scalable product hierarchy will strengthen the business and will introduce clarity in what the brand has to offer to the customer. Another way to look at it is in terms of products’ importance for the customer. Which are the items that make the brand stand out and it is known for, In this direction the tailoring will be at the top means the core product that has the main focus in ads, campaigns, and becomes the heart of the business.
Future Range plans
Victoria beckham label is a luxury brand as we all know but talking about numbers regarding her sale and profit percent, she has been in loss since 2008 when the brand was launched. Critics praising her but not able to boost the business, Collections presented by her are amazing. Well, But when it comes to increase the profit margin they need to be more thorough.
According to me, VB label must deduct the prices of the products being sold because the consumers being attracted are high end peopley . Whereas your motive for your brand is to ‘Empower women and make them feel the best version of themselves’. All the women’s out there wanna wear VB and feel the same way and feel confident and be the best version of themselves not only the ones who can afford.
In 2019, started with a beauty line and first collaboration with (Reebok) later launching a sub-brand (Victoria by Victoria Beckham) where they have cut-down prices all in a sense to increase their profit percent yet struggling to achieve profit.
Victoria Beckham website is an attempt at organising the products by categories, but still it is confusing. It has too many categories and you can’t tell what are the core products, what is the difference between VB mainline and Victoria by VB, since the features of the products are not well differentiated. This means that the probability that the customer will experience difficulties in finding a certain product, and it will be confused about what VB is about is increasing.