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Red Bull: Market Analysis - Essay Example

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Summary
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)…
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Red Bull: Market Analysis
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Red Bull: Market Analysis

Download file to see previous pages... Furthermore, with increasing expenses, severe competition, low profitability margins and increased labour cost, companies around the world are passing through a turbulent state (Casali, 2008; Tolentino, 2000; Accuval, 2010; Anderson, 2011). As a result of that organizations are trying to increase the loyalty of the consumers and are attempting to satisfy them by offering products or services that exactly matches with their requirements (Kamin, 2006). The pressure from internal and external environment has also been increasing at a rapid pace and that further raises challenges for the company. In such scenarios, companies have no option but to carry out an in-depth assessment of the environment in which it operates. Apart from identifying the scenarios of the business environment, the companies also need to accurately forecast the needs of the consumers. This will not only mitigate the risk of the company but will also allow them to generate higher profits. Summary of the Task This report aims to shed light on the internal and external environment of Red Bull, the Austrian energy drinks giant. In this report, an in-depth analysis of the marketing strategies of the company will be also carried out. The report will then carry out a marketing audit of the chosen company and will ultimately present a strategic marketing plan. The plan will embrace the recommended strategies, implication, control and evaluation. However, before getting further deep into the study, a brief overview of the company is presented below. A brief introduction of the company will help in better understanding of the study. Red Bull: A Brief Overview Red Bull is a popular energy drink being sold by Red Bull GmbH, an Austrian based multinational company. The company was founded in the year 1987 by Austrian entrepreneurs named Dietrich Mateschitz and Chaleo Yoovidhya. However, the business idea was not fully original and was basically taken from an energy drink named as Krating Daeng, which was first produced and marketed in Thailand. Some of the product variants of the company are Original, Sugarfree, Red Edition and F1 Edition among others (Buchholz, 2008; Riedel, 2007; Onkvisit and Shaw, 2008). The company is also involved in several other social and sporting events. Red Bull Racing, FC Red Bull Salzburg and Red Bull Brasil are some of the sports teams or franchises of the company. In the similar way, the company is also involved in different altruistic or philanthropic activities. For example, the official charity of the company “Wings for Life” aims to raise money for research works related to spinal injuries (Jamesallenonf1, 2012). The company usually markets its products through retailing and direct selling. Around 40% of the revenue comes from retailing whereas 60% comes through direct selling in petrol station, clubs and bar. In the year 2011, the company sold a whopping 4.6 billion cans of energy drink which itself was a milestone (Bodner, 2011). Strategic marketing Plan Marketing Audit Marketing audit is a process of examination by which reviews as well as an analysis of the company’s marketing activities are undertaken (Ashurst, 2008; Chandrasekaran, 2012; Hill and Jones, 2009). In the context of Red Bull, the company is involved in the production and marketing of energy drinks that are solely targeted for the young people. However, apart from targeting the young people, the company also targets ...Download file to see next pagesRead More
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