Strategic marketing events: A case study on Red Bull
In such a global competitive market condition, the organisations aim at developing effective marketing strategic planning for promoting the brand as well as improving the visibility of the company in the market so that it is possible to gain high competitive advantage and secure sustainable development in near future (Proctor, 2014). The study aims at discussing the marketing events mainly in Red Bull through which the organisation tries to expand their business and deliver quality energy drink to the customers. Through this study, it is also possible to conduct target and positioning strategy for Red Bull as well as risk management practice so that the Red Bull can maintaining high market share and strengthen their customer’s base for running the business successfully.
Red Bull is an energy drink manufacturing company providing quality drink to the customers through which the customers can boost their energy. Quality products and affordable price of the products are the main strategic planning of Red Bull in targeting the customers and strengthening their market share as the company is now successful in providing their products across 171 countries. In the year of 2016, the company was successful in selling more than 6.6 billion cans to the customers across the nations which further helps the company to generate high profitability and gain competitive advantage (Red Bull, 2018).
Concept of special events
The special events are mainly when the company deigns activities, social campaign, sponsorship and exhibition to promote the organisational products in the market (Ziakas and Boukas, 2014). For example, Facebook IQ Live is an application which becomes popular now through which the marketing agencies can promote the organisational products in the social media and it has opportunity to target the customers and improve the visibility of the company. Through special events, it is hereby possible to improve branding and retain more loyal customers for long run. The events sponsorship is also effective to connect the social communities and engage with the customers successfully (Brenner, 2017).
Marketing tactics of Red Bull and role of special events
Red Bull focuses on marketing tactics through arranging special events so that it is easy to target the customers and improve branding in the market. The events managed by the company are such as Soapbox Race, Red Bull Cliff Diving World Series, Trolley Grand Prix, Red Bull, Jump and Freeze, King of the Rock Tournament and Red Bull rampage (Under30 CEO, 2018). Through these special events, Red Bull tries to improve athlete’s endorsement as well as brand sponsorship promoting the brand and increasing popularity in the market (Cordle, 2014).
The Company focuses on point of purchase as well as advertisement for promoting the energy drink in effective market. Moreover, word of mouth and event sponsorship also provide an opportunity to the company to improve the visibility of the company successfully. Soil campaigning and athlete endorsement are also beneficial for Red Bull to achieve the aim of successful expansion of the company across the globe and retaining more loyal customers for long run.
Marketing mix strategies in Red Bull
The 4P marketing mix strategy is one of best strategic planning for the companies in order to develop effective marketing tactics to promote the brand across the globe (Kotler, 2015). In this regard, the organisation Red Bull also utilises the marketing mix tactics for successful promotion of the company across the international nations for running their business activities strategically.
Considering the product strategy, the company Red Bull focuses on the quality of the energy drink with maintaining the nutrient value which is an effective tactics for the brand to expand the business across the globe. In addition to these, the conglomerate aims at managing the packaging style so that it s safe to consume and this practice further improve the brand image and customer’s loyalty in the market (Berg, 2015).
Price is another factor in the marketing mix tactics where the company can retain more customers by setting effective price of the organisational products. In this regard, the company set affordable price so that it s possible to target the potential buyers in the market and it further helps to maximise the value o the customers by providing quality products at affordable price.
Considering the place, the organisation Red Bull mainly targets the super markets, hypermarkets as well as shopping malls, pubs, clubs and restaurants so that it can place the products at crowded markets. Through managing effective distribution channel as well as supply chain network, the company tries to reach the customers in different countries and retain more clients for their quality products.
The company targets at successful promotion of the company across the international places and in order to promote the brand, it focuses on social media advertisement and sponsorship strategy. These tactics are useful for the company to expand he services and the products across the globe. Through social media advertising as well as athlete sponsorship and point of sale, event sponsorship and word of mouth, Red Bull becomes successful in branding and improving reputation of the products across the international places.
Marketing segmentation and positioning of Red Bull
Though market segmentation and targeting, the company focuses at retaining the potential buyers in the market (Homburg, Jozić and Kuehnl, 2017). In this regard the segmentation, targeting and positioning strategy of the company is crucial as the company aims at expanding the brand across the world.
Under market segmentation, the organisation identifies the characteristics of each market and in this regard Red Bull mainly considers the demographic, geographic, psychographic and behavioural segment of the customers in order to target the right consumers in the market.
The company targets male and female as well as the people aged between 15 years and 45 years. It targets the metropolitan cities for increasing the number of potential customers worldwide. As per the behavioural ad psychographic perspectives of the people, the company targets the customers who are engaged in athletic or any games where the purchase intention of the customers is high. The customers in this segment are willing to buy the energy drink for boosting their energy and do their daily life activities successfully. For successful positioning of the company, the organisation Red Bull tries to promote the brand through strengthening their supply chain network so that the customers can access the products in different markets. The availability of the products in super markets, hypermarkets, shopping malls, pubs, restaurants and night clubs will be increasing through successful supply chain management and production and operational management so that the company can meet the customer’s demand. Moreover, the company needs to promote the brand through social media advertisement, small video clips through YouTube and increasing the number of sponsorship so that successful branding can be possible.
Risk management practice in Red Bull
The company needs to focus on improving technological innovation for maintaining the company’s website as well as social media activities so that the risk of hacking and website crashing can be mitigated (Getz and Page, 2016).
Managing copyright and trademark as well as maintaining industrial standard for quality management are necessary for the company. Promoting insurance and managing health and safety for the employees are also essential for Red Bull in implementing the marketing tactics successfully.
Red Bull becomes famous through successful branding and improving customer’s loyalty where the company focuses on sponsorship and other promotional tactics so that the customers can access their products in the market. The company needs to target the people Aged between 15 years and 45 years including both male and female in the society. Moreover, the promotional tactics through athlete sponsorship and increasing social media advertising are helpful for the company to target the potential buyers in the market and strengthen their customer’s base which is necessary to expand the business worldwide.
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