Marketing Plan: Red Bull Company Name: Date: Market Plan: Red Bull Executive Summary Dietrich Mateschitz found Red Bull in the mid 1980’s. Mateschitz developed the marketing idea for Red Bull, and he created the formula for Red Bull…
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Cumulatively, the company sold over 35 billion cans worldwide to date. Red Bull is the brand name used by the Red Bull Company from Austriai. This energy drink contains several ingredients, which make it a super energy drink. These include glucose, glucoronolactone, caffeine, sucrose, taurine, and B-group vitamins (Red Bull GmbH, n.d.). This drink trades in two major brands i.e. R-B Energy Drink and R-B Sugar Free. The later is similar to the former, only that it lacks sugars. Aspartame and acesulfame K sweeteners replace this glucose and sucrose. Red Bull enjoys worldwide market coverage as well as global competition from established soft drinks players. Emerging markets for soft drinks and health concerns of consumers are some of the issues affecting the market growth and expansion of the drink. Obesity is also becoming a major threat in the soft drinks market due to the sugars they contain. This is even more challenging to this industry owing to the fact that most of its target market ranges among children and the youth who are most vulnerable to obesity. However, Red Bull managed to maneuver though all these challenges to sit comfortably at the top of preferred energy drinks around the globeii. Current Marketing Situation For any firm that seeks to succeed, it is important to define a company product's position, target and segmentation. In terms of its position, Red Bull is an energy drink that increases concentration, reaction speed, and performance as well as improves people's emotional state. Consumers can find all these benefits when drinking Red Bull. During tiring days, long school days, and stressful work, people want to get a product that helps them to relax their bodies and minds. Moreover, Red Bull provides not only its regular style of beverage but also a sugar-free version for people who are concerned about their health. Red Bull's target market is active males and females between ages of 17 to 35. For this reason, Red Bull targets people in college, recent college graduates, and workers who also study. These types of people have active and busy lifestyles that make it hard for them to endure long days and nights. Especially for the workers who study, it is challenging to balance sports, education, clubs and jobs. Red Bull is the solution for people at the turning point in their lives because energy is important component that keeps individuals active to achieve their goals Objectives and Issues Marketing Strategy It is important for the company to have segmentation in order to market its product and have costumers. Red Bull segments its product by demographic, geographic and psychographic components. The main demographic of Red Bull is young males and females between 17 and 35 years old. The geographic component focuses on people who study at places where life is busy and rushed. Bars and clubs near or on these places are also a geographic segment, in which Red Bull concentrates. The psychographic segment includes young students and professionals who have long days filled with study and work, so they get tired and stressed. They want to relax and have fun at night, enjoy the rest of the day and remain active by having energy drinkiii Distribution of Red Bull energy drink is through most gas stations, convenience stores and grocery stores in the U.S. Some of the stores include Safeway, Quick Trip, Conoco, SuperSaver, and 7-Eleven. The product is also available in supercenter stores such as
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Red Bull was founded in 1984 by Dietrich Mateschitz. He fine-tuned the formula of a tonic drink and developed a unique marketing concept for the drink. In 1987 Red Bull energy drink hit the market for the first time and started selling on the Austrian market.
The idea of ‘tonic drinks’ struck him during his stay in Asia where he was exposed to similar beverages and realized that there is tremendous opportunity for such drinks outside Asia. One similar tonic based drink came from Thailand that caught the attention of Mateschitz.
&production Strategy (ERCC Model) 14 Rationale for Proposed Solution &Strategies 14 Recommendation & Implementation 15 References 16 Introduction: Red Bull The energy drink “Red Bull” is manufactured by an Austrian company named Red Bull Gmbh which was established in the year 1987.
By providing an overview of the geographical markets, overall market share, expectation for future sales growth, profitability potential, and seeking to analyze and understand the firm’s geographic growth strategy, the researcher is able to determine a great deal with regards to what may take place within the future without ever having to suffer the risks.
It is a part of the bigger business plan. The marketing plan helps the business to focus on the goals and objectives. It varies depending on the type of business and the objective on which it focuses. Before designing the marketing plan the marketing manager needs to accumulate enough information about the competitors and the customers so that they can target the right market segment with appropriate strategy (McKinlay, O'Connor and Ross, 2007; Nijssen and Frambach, 2001).
Red Bull: Market Analysis. The world has now entered into an era of conclusive change, unprecedented breadth, scope and pace. Whether in the context of business, economic, political or social environment, every navigational landmark which used to act as a pathway or guide have been obliterated (oasisadvantage, 2013).
................... 2. The marketing environment in the UAE................................................................. 3. Market and competitive audit................................................................................... 4. Marketing plan for Red Bull.
The core competence of the company appears to be grass-roots marketing, judging by the case. Coming from this initial perspective of core competency, one can also assess the strategy of possessing first mover advantage. First mover