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Segmentation of market therefore, becomes one of the most important criteria of developing appropriate strategy for introducing and marketing products. Segmentation basically refers…
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Download file to see previous pages... The fast changing socio-economic paradigms and advancing technology has tremendously changed the dynamics of market strategies. In the contemporary times, the customer has become much more informed and technology has provided him with more options within the similar product lines, but produced by different companies. UK market is one such market where the companies face cut throat competition. In such a highly competitive environment, Red Bull needs to base the market segmentation according to psycho-demographic pattern so as to maximise the initial impact and create a creditable position within the UK market.
Psycho-demographic is chosen as the focus area primarily because of the fact that the competition within the industry demands a creation of a niche market for Red Bull cola to become a success. Red Bull cola faces stiff competition from the already established brands like Pepsi and Cola Cola. Psychographic or lifestyle pattern categorises the market according to which people exhibit a well defined way of living, maintaining a set of standard and displaying a typical purchasing behaviour. Since Red Bull has already a dominant market position in the energy drinks, launching of its Cola version would become easier within this particular market segment as it has many differentiating elements in its cola product which can be easily promoted within this group.
Provide better tool to develop strategies and make significant inroad into the UK market for non alcoholic Red Bull Cola. Of the various demographic characteristics, the most useful would be the income and age-wise identification of the group that could be targeted through intense media blitz and other market techniques to attract them and make them a committed user and purchaser. The mixed segmentation is hugely popular in the contemporary times and gives a big ...Download file to see next pagesRead More
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