Marketing and Events: A case study on Red Bull
Marketing strategic planning and events provides an opportunity to the multinational corporate firms in promoting the organisational products and improving the brand image and visibility across the globe (Proctor, 2014). The main aim of the study is to identify the market tactics and events of Red bull as well as conduct STP analysis for identifying the customers in the market so that the organisation can expand their business internationally. Red bull is an energy drink which is an Austrian company and it has the highest market share across the globe in the energy drink industry. The company was successful in selling more than 6.6 billion cans in the year of 2016 and the company is therefore efficient in maximising the profitability and revenue of the organisation by retaining more clients for their quality energy drinks.
2. Special events
In the recent of globalisation, all the competitive firms are facing high competitive threats in order to a huge number of competitive companies operating in the market. The event marketing is one of the effective marketing tools through which the company can design activities, occasion or exhibition to display and promote the products and services of the organisation (Banerjee, 2017). It is the most creative tactics of the firms through which the companies can expand their business across the international places by successful promotion of the organisational products and services. For example, Facebook IQ Live is one of the best creations of event arranged by Facebook through which the managers try to create bridge between the marketing agencies and the companies where the organisations can retain more customers through Facebook IQ Live. It is a helpful campaign for the business where the organisations can attract more audiences and promote their products through the social media platform (Brenner, 2017).
It also helps to build trust and loyalty among the people as the companies can provide effective feedback and videos regarding the products and services that are used by the consumers. On the other hand, Zappos: Google cupcake ambush is another effective creation of event where it is an experimental campaigning through which it is possible to capitalise the company. Google was sharing cupcake when someone shares one picture through their photo application. Zappos brilliantly takes advantage of this planning and it created cardboard box next to Google’s cupcake tracks (Brenner, 2017). When someone offers a cupcake to the box of Zappos, the box will give free gifts like watch, shoes and gloves. These are some examples of innovative event marketing through which the companies aim at maximising the profitability of the firms by strengthening their customer’s base by ensuing improved brand image and promotion of the products and services. .
Marketing events of Red Bull
Red Bull arranged many marketing events for promoting their brand and improving brand image across the international markets. Red Bull Cliff Diving World Series, Red Bull rampage, Red Bull Jump and Freeze, King of the Rock Tournament, Trolley Grand Prix, Soapbox Race are some of the events through which Red Bull tries to improve their brand image across the international markets. Hereby, here is a significant role in the Red Bull through which it aims at maximising their profitability by engaging all the customers through arranging effective events (Berg, 2015). Athlete’s endorsement is one of the effective marketing tactics of Red Bull through which the company focuses at promoting the product. On the other hand, the company also focuses on maintaining the quality of the energy drink so that it is possible to establish the brand and increase the sales volume of the products. The company tries to retain more customers by delivering high quality energy drink which can meet the expectations of the consumers.
The organisation focuses at word of mouth for successful retention of the customers. In this regard, the organisation targets the shops, retail stores, and clubs and bars in order to place their products and improve the physical availability of the products. In this context, word of mouth plays a crucial role in promoting the product and gain popularity (Under30 CEO, 2018). The organisation is also concerned about the availability of the products in the sports, campaigns, after parties and other social events through which the company tries to retain more corporate clients. Social media advertising and event sponsoring are also other effective tactics for successful promotion of Red Bull where the company aims at maximising the profitability by retaining more corporate clients across the international countries. In this regard, the events plays a significant role in the market tactics of Red Bull through which the Re Bull can improve their market share by ensuring high brand image and popularity across the international places.
Marketing mix strategy of Red Bull
The marketing mix strategic planning includes price, product, promotion and place where the company aims at promoting the brand by developing effective tactics.
The company needs to concentrate on the quality of the products which can meet the needs and preferences of the customers. In this regard, Red Bull tries to develop effective energy drink with proper nutrient value and suitable taste. In addition to these, Red Bull focuses on packaging of the product by using small aluminium can which can be recycled after consumption (Red Bull, 2018).
Price is another factor to attract more audiences in the market and in this regard, Red Bull focuses on premium pricing strategy to retain the customers for their quality products. Through premium pricing tactics, the company set the price comparatively high in order to acknowledge the perception of the buyers and increase the sales volume of the products.
Placing the products is another effective marketing tool through which the company can enhance their sale volume. In this regard, Red Bull targets the shopping malls, retail stores, hypermarkets, supermarkets, clubs, pubs, bars, social events, sports, campus and festivals.
In order to promote the products across the international places, Red Bull utilises the strategy of advertisement and athlete endorser which are effective tactics for improving brand image and retaining long term customers. In addition to these, word of mouth, point of purchase and event sponsorship is other strategies of Red Bull through which the organisation tries to target more customers across the global markets (Red Bull, 2018).
STP analysis for Red Bull
The company needs to segment the customer’s group by their age and profession. The company Red Bull likes to sponsor in events for expanding their brand across the globe. In this regard, the main segmentation that will be helpful for the company to promote the brand is age and profession. The company needs to target the people aged between 18 years to 45 years where they are engaged with their profession. It is an energy drink and targeting the sport persons and athletes will be beneficial for the company to promote the products successfully. In this regard, the company needs to target both male and female in the society. Apart from that, targeting the people in sport events and college campus are effective and beneficial for Red Bull where the purchase intention of the athletes and students in the college campus is high. For successful positioning of the product, the company needs to focus on advertisement through animation cartoon as well as social media advertisement. Social media advertisement including promotional pictures, clipart and cartoon are helpful to attract the audiences. Apart from that, the company also can create small video clips and promote the product though YouTube.
Risk management practice for marketing events
Additionally, Red Bull needs to train the employees in social media as well as improve their knowledge and understanding regarding the latest updated technology so that they can manage the marketing planning successfully in long run. Patent protection and proper trademark as well as cooperation with the event managers are also helpful to arrange the event and implement effective marketing strategies so that there will be no such serious risk of promotion error, technology infringement and budget cuts.
It can be concluded that, Red Bull is successful in developing effective market strategic planning through which it can expand their business across the world. The main target customers of the company is the students and athletes and the company tries to increase physical availability of the product by distributing Red Bull in college campuses, social events, sport seminars and festivals. Social media advertisement, cartoon and animation, athlete sponsorship and arranging events are effective promotional tactics of Red Bull for strengthening their customer’s base and successful promotion of the Red Bull.
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- Red Bull, 2018. Events. [online] Available at: https://www.redbull.com/au-en/events [Accessed 11 April 2018]
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