Red Bull is currently the leading energy drink company across the globe. The company holds 70% of the market of health drinks worldwide. Within the soft drink market, the company is leading the position as the highly successful health drink in the world and the quality deliver form Red Bull is really commendable. Red Bull entered Austria’s market in 1987 and then targeted some of other nation where they can establish their market (Redbull.com 2018). Red Bull has entered in Australia market and then moved in Germany, United Kingdom,andtheUSA in 1997. In modern times, the company has expanded their business in 171 countries. The drink provides high energy kick and available in two flavors. The company has taken progressive marketing strategy to evolve their product and to develop their plan.
Events are the best way to judge the companies limitation and strength to enrich the position of the company. People come and participated in those events and as the event is organized by the company, a general message has been evolved through the company. Some of the big event organized by the company is defining their grandeur in themarket. Red Bull Neptune Steps 2018, Crankworx FMBA Slopesstyle World Champs or the Red Bull Music Academy all these are important event those help in case of promoting their product at international level (Redbullstudios.com 2018). Thereare some special events also organized by Red Bull. Special events are aiming to generate more money for community groups and non-profit organization through the different complexity level. Red Bull initiates some of the complex and critical shows and events that need to have safety, security,and belief that participants can trust on. Generally, there are four types of event like asports event, cultural events, business events and corporate events. Sports events are creating a mass movement and people love to see different sports. So a promotional activity gets done through this event. Cultural events accumulate most of the same culture minded people and enhance their creative thinking to enrich the development of the program. This will also be considered as a promotional opportunity. Business events are dealing with money and position, and in any case of financial dealing or to make acquisition and merger situation this kind of event strategy has organized. Corporate events are in different form and it included trade shows, incentive program, team building events and all these are showing the positive outcome of events and that initiated an impacton the organization. MotoGP of Australia or Rally Australia all these events are specially designed for Australia and through these events, Red Bull strengthen their market position in Australia. In theUSA, most of the events are nurtured and proceeded with after complete planning. Red Bull Quick sticks, Red Bull Grand Prix of the Americas, Red Bull Conquest, Vans Pool Party, Red Bull 400Ironwood and festivals like Las Vegas – are some important and significant programs that enhance the market position of Red Bull (Redbull.com 2018). In case of promotionalproduct, companies are taking different strategies to convey the process. In this case, the way of festival operations stores can only contain Red Bull and that will encourage the company as well (Bartlett and Garde 2013). The company is doing their promotion all over the world and FIA. Most of the events including the World Championship are also organized by the company so their involvement also impacted the world.
Marketing is a general action or promoting of a business or products in a different way and analyzing the market and target market to sell those products by attaining customers’ attraction. In case of business concepts or focusing on particular target customers, marketing strategy has changed in those cases, however on a general aspect innovation and building the technological enhancement is making good marketing strategies for business. Marketing strategy is the most important progressive session that is focusing on significant tactics towards target audience so that massive audience attention can be gained. In media outlet, a marketing team is created by Red Bull and they take care of publishing content that analyses their brand position and reputation. Some of the colossal publicity stunts are important in case of massive production and these processes are also considered as marketing activities. Event creating process, which has been done by the company in a rapid form, is another form of associating with the audience (Rauschnabel, Praxmarer and Ivens2012). The visual branding of the company is another important thing that most of the health drinks companies have also done, however, the effective way of business involvement with customers and events are only consolidated by this company. Red Bull is building a strong content with care for people (Redbull.com 2018). As the company has their interest in sports, music and art sections, they have found some good audience for them. Media related aspect include public relation aspect, which is the creative nature of the company.
Role of the marketing mix
There are four aspects of marketing that need to be analyzed in this section to understand the market of Red Bull. Products, Price, Place,and Promotion – all these are marketing aspects and Red Bull has this capability to execute all the process in a designed manner.
Figure 1: Marketing Mix
(Source: Gerritse and van Olderen 2014)
Product
The varieties of products are the most important aspect of this product lining. Red Bull Sugarfree, Red Bull Zero Calorie, and Red Bull Editions (Silver, Red,and Blue featuring different flavor lime, cranberry, and blueberry) – these are the featuring products of the companies that provide original taste and quality to the customers (Redbull.com 2018). This product has been used for the iconic health drink product in the world and used as the most popular product in case of health drink.
Price
The pricing strategy that has been taken by the company at the initial level is penetration strategy where the price of their cans are very low in price.After the implementation of the strategy, when people were getting accustomed to that health drinks, an economic strategy has been maintained throughout the years (Gerritse and van Olderen 2014). Lots of other health drink manufacturing companies are skimming their prices at the low rate or premium rate but a consistency of economic rate maintained by the Red Bull.
Place
171 countries have been processed by Red Bull and that is the reason, the globalized perspective of marketing and mass distribution strategy has been followed by the company (Redbull.com 2018). In all channels of theretail market, bars, night clubs, campus corners Red Bull is available. Online store of Red Bull called “Red Bull Shop” is the concerned place where Red Bull is easily available for customers.
Promotion
The best promotional activities approaches that have been initiated by Red Bull are the event organizational strategy. There are some movements as well to consider the best health drink product in themarket. They have chosen their target market and a content marketing of qualities in products are the highlighted aspect that evolvesthrough the in magazines and events and that is the reason people love to opt their products (Wilson and Grant 2013). Through the promotional strategy, they have placed their market in a good position so that competitive advantage can be gained.
(a) Segmentation and Target market positioning
Red Bull is a single demographic vision to produce a customer-centric process so that young generation is highly attached to the company. They are focusing on the age group between 16 to 38 or 40 and this age range is important for the energy drinks like Red Bull. The major changes in segmentations are established in geographic section. International market along with the culture and food habit of the market is the concerned issue for that segmentation. The region is the main concern on this occasion and density of the region is also important in that case (Redbull.com 2018). Urban and Rural people have adifferent mindset and they are approaching in a different way. So the segmentations are divided in demographic, geographic, behavioral and psychographic as well. In case of behavioral case, theloyalty of bands and personality of people and user difference in most of the cases are the main concern of that (Barnes 2016). In case of social class and determining the lifestyle of the people are considered as apsychographic approach.
The target market is not based on the price as the price of the health drink is economically cheaper than other healthy products and that encourage their product level and quality in case of health drinks market. Full, Throttle, Rockstar, Monster, Amp, NOS – all these energy drinks are also available in themarket, but the 43% market share is acquired by Red bull (Redbull.com 2018). People personality, mentality and their life stage also are depending on this situation. In between the age section 26-40 when people are getting married, people like these kind of drinks and Red Bull is one of the most sellable products in all over the nation (Grasser, Dulloo and Montani 2015).
(b) Risk management of an event
Some risks will be there with the promotional event where initial networking of business was formulated in a proper way, in that case guiding towards the safe situation is the concern behind that. Some of theevents are so grand initiated by Red Bull, where best security trends and capabilities program need to be installed (Armstrong et al. 2015). After so many years, some good relation with the government has built up and in that case, political risks are mitigated by this way. In case of society management and market segmentation process,people authentication and use of the business in this position is accepted in the community (Redbull.com 2018). Event place security and technical insights are concern reason behind that where the events are continued in such way where risk can be mitigated by the effective use of thinking and implementingabusiness process.
Conclusion
Therefore it can be concluded that marketing strategy of Red Bull and the demand for the product in this contemporary market is huge and effective in case of business and promotion. The marketing competition along with other health drinks are not persisted in this case as the promotion strategy needed from Red Bull is most effective and impacted on the target market. Customer loyalty, events analysis, demographic and geographic aspect and product mix of Red Bull all are creating a marketing evaluation of the company and highlighting in understand business and events promotions.
References
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Barnes, S., 2016. Understanding virtual reality in marketing: Nature, implications and potential.
Bartlett, O. and Garde, A., 2013. Time to seize the (red) bull by the horns: the EU’s failure to protect children from alcohol and unhealthy food marketing. European law review., 38(4), pp.498-520.
Gerritsen, D. and van Olderen, R., 2014. Events as a strategic marketing tool. CABI.
Grasser, E.K., Dulloo, A.G. and Montani, J.P., 2015. Cardiovascular and cerebrovascular effects in response to red bull consumption combined with mental stress. American journal of cardiology, 115(2), pp.183-189.
O’Brien, J., 2012. How Red Bull takes content marketing to the extreme. Mashable, December, 19.
Rauschnabel, P.A., Praxmarer, S. and Ivens, B.S., 2012. Social media marketing: How design features influence interactions with brand postings on Facebook. In Advances in Advertising Research (Vol. III) (pp. 153-161). GablerVerlag, Wiesbaden.
Redbull.com 2018 Red Bull retrieved from: https://www.redbull.com/gb-en/ [Accessed on 15th March 2018]
Redbullstudios.com 2018 Red Bull Studio London retrieved from: https://www.redbullstudios.com/london/studio [Accessed on 14th March 2018]
Wilson, J.A. and Grant, J., 2013. Islamic marketing–a challenger to the classical marketing canon?. Journal of Islamic Marketing, 4(1), pp.7-21.
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