Report on Redbull
Report on Red Bull
Word Count: 2053
Executive Summary
Red Bull has dominated the largest market share of energy drinks around the world. The content of this report is to evaluate Red Bull Company with regard to success factors of its energy drinks by analyzing its target market, positioning and marketing mix strategy. Furthermore, a 3-year strategy is made based on earlier analysis, in which Red Bull should extend its brand and develop new products.
Table of Contents
1. Background of Red Bull……………………….……..……………………………………..4
2. Critical Success of Red Bull ………………………….………………...……………….…4 2.1 STP Strategy……………….……………………………..………………..……………4 2.1.1 Target Market …………………………………………………………………..4 2.1.2 Positioning…………………..……………………………………………...……4 2. Marketing Mix Strategy…………………………………………………………………5 2.2.1 Product……………………..................................................................................5 2.2.2 Packaging……………………………………………….………………………..5 2.2.3 Promotion………………………………………………...……………………...5
3. 3-years Marketing Strategy………………………………………………………………...6 3.1 Background of UK Market………………………..…………….………………………6 3.2 Competitors…………………………………………………………..…………………..6 3.2.1 Analysis of Key Competitors………………………………………….……......6 3.3 Weakness of Red Bull’s Current Strategy ……………………………………………..6 3.4 Marketing Objectives in 3 Years………………………………………………………..6 3.5 Action……………………………………………………...…………………………..….7 3.6 Marketing Mix Strategy …………………………………...…………………………....7 3.6.1 Product ……………………………………..…………………………………....7 3.6.2 Promotion ……………………………………………………….……………....7 3.7 Brand Building ………………………………………………………………………..…8 8. Brand Extension ……………………………………………………..………………......9
4. Conclusion……………………………………………..…………….…….…………….. ...10
5.
Word Count: 2053
Executive Summary
Red Bull has dominated the largest market share of energy drinks around the world. The content of this report is to evaluate Red Bull Company with regard to success factors of its energy drinks by analyzing its target market, positioning and marketing mix strategy. Furthermore, a 3-year strategy is made based on earlier analysis, in which Red Bull should extend its brand and develop new products.
Table of Contents
1. Background of Red Bull……………………….……..……………………………………..4
2. Critical Success of Red Bull ………………………….………………...……………….…4 2.1 STP Strategy……………….……………………………..………………..……………4 2.1.1 Target Market …………………………………………………………………..4 2.1.2 Positioning…………………..……………………………………………...……4 2. Marketing Mix Strategy…………………………………………………………………5 2.2.1 Product……………………..................................................................................5 2.2.2 Packaging……………………………………………….………………………..5 2.2.3 Promotion………………………………………………...……………………...5
3. 3-years Marketing Strategy………………………………………………………………...6 3.1 Background of UK Market………………………..…………….………………………6 3.2 Competitors…………………………………………………………..…………………..6 3.2.1 Analysis of Key Competitors………………………………………….……......6 3.3 Weakness of Red Bull’s Current Strategy ……………………………………………..6 3.4 Marketing Objectives in 3 Years………………………………………………………..6 3.5 Action……………………………………………………...…………………………..….7 3.6 Marketing Mix Strategy …………………………………...…………………………....7 3.6.1 Product ……………………………………..…………………………………....7 3.6.2 Promotion ……………………………………………………….……………....7 3.7 Brand Building ………………………………………………………………………..…8 8. Brand Extension ……………………………………………………..………………......9
4. Conclusion……………………………………………..…………….…….…………….. ...10
5.
References: 2.1.1 Target Market According to Jobber (2010), to choose which market to enter is very critical in marketing strategy 2.1.2 Positioning The aim of positioning is to create and keep a distinctive place for a company and its products (Jobber, 2010) 3.6.2 Promotion The purpose of promotion strategy is to convey the message about the knowledge and positioning of the products to customers and the promotion is used to remind people that their products are better than the competitors (Riley, 2012) Advertisement Jobber (2010) states advertisement will reinforce people’s perception and alter their attitudes towards the product Price Promotion Armstrong (2009) declares that the aim of low primary price setting is to penetrate the market promptly and enlarge the market share 3.7 Brand Building According to Jobber (2010), brand can be defined as an added value by which company could distinguish their position form other competitor in the same target market - Personality: to refer itself with sincerity, excitement, competence and ruggedness (Asker, 1997). 3.8 Brand Extension According to Jobber (2010), brand extension could be defined as the process to reuse the established brand name of new products within the similar product category or market