Red Bull Marketing Strategy
Business Unit 3
Marketing Of ‘Red bull’
Introduction
As part of my marketing assignment, I will be looking at the marketing of a consumer product or service. Therefore, my chosen product is ‘Red bull’, which is an energy drink. I have assumed that my product is targeted at people that have similar situations to the ones used in advertisements for red bull. I will be looking to spot if the strategy used is based on the principles of marketing:
Ø Understanding consumer wants: to become successful, it is vital for a business to understand the wants and needs of its target audience. For example the needs and wants of a target audience for a high street retail store depend upon the age, style and income of its customers.
Ø Understanding and keeping ahead of competition: businesses must consider their competitive markets as well as the products and prices provided by their competition in order to gain customers and provide a better standard of services and goods than other companies. This can be done through devising strong, different marketing strategies and by selling a product that is unique and efficient.
Ø Communicate effectively with its customers to satisfy customer expectations: communication with customers is vital for a business to understand the wants and needs of their customers. A good relationship must be continuously created between a business and its customers to maximise its success.
Ø Co-ordinate its functions to achieve marketing aims: co-ordination of functions is key to efficiency and therefore success. To maximise the success of a business, all of its marketing aims should be met.
Ø Be aware of constraints on marketing activities.
I will be also looking at the external impact on the marketing decisions, how the appropriate strategy is decided upon and how they are developed in order to meet consumer needs and the reliability of the different marketing models.
Marketing Of ‘Red bull’
Introduction
As part of my marketing assignment, I will be looking at the marketing of a consumer product or service. Therefore, my chosen product is ‘Red bull’, which is an energy drink. I have assumed that my product is targeted at people that have similar situations to the ones used in advertisements for red bull. I will be looking to spot if the strategy used is based on the principles of marketing:
Ø Understanding consumer wants: to become successful, it is vital for a business to understand the wants and needs of its target audience. For example the needs and wants of a target audience for a high street retail store depend upon the age, style and income of its customers.
Ø Understanding and keeping ahead of competition: businesses must consider their competitive markets as well as the products and prices provided by their competition in order to gain customers and provide a better standard of services and goods than other companies. This can be done through devising strong, different marketing strategies and by selling a product that is unique and efficient.
Ø Communicate effectively with its customers to satisfy customer expectations: communication with customers is vital for a business to understand the wants and needs of their customers. A good relationship must be continuously created between a business and its customers to maximise its success.
Ø Co-ordinate its functions to achieve marketing aims: co-ordination of functions is key to efficiency and therefore success. To maximise the success of a business, all of its marketing aims should be met.
Ø Be aware of constraints on marketing activities.
I will be also looking at the external impact on the marketing decisions, how the appropriate strategy is decided upon and how they are developed in order to meet consumer needs and the reliability of the different marketing models.