The precise ways in which a brand adds value can be recognised through gaining knowledge about the sources of brand equity (Keller, n.d.). In relation to the provided case scenario related to Red Bull, it can be comprehended that the company focused on the aspect of creating brand awareness as well as establishing their brand image. These two facets are the key sources of their brand equity. Development of the source of brand awareness has facilitated Red Bull to develop its brand equity. Red Bull has especially focused on the element of brand recall. Brand recall refers to the customers’ capability to distinguish a particular brand within different circumstances (Keller, n.d.). . With this notion, Red Bull concentrated on designing its products attractively. Moreover, within its growth strategy the company entered new markets by taking a slow method to optimize the anticipation as well as buzz from the company (Das, 2012). This was a key strategy to build brand equity of the company. Moreover, it focused on inventing the aspect of functional energy within the beverage category segment which facilitated it to create a distinct brand image among the customers. It also focused on above-the-line strategy with regard to marketing aspect to draw the attention of its customers. It created an eye-catching logo of two red bulls and a yellow sun. The animated message reinforced the value of Red Bull as a drink that gives an individual ‘wings’ i.e. it energizes the person. This has been the main notion conveyed by the company to its consumers which is the key source of brand equity for the company (Kumar & Robert 1988). Incorporation of a distinct flavour and packaging along with positioning were the other major facets for the company that facilitated it to develop its brand equity. In terms of packaging, under the logo of the company, highlighting the aspect of energy drink was a major consideration by the company. Moreover, it positioned the brand as revitalizing substance for body and mind. The product started to create a buzz as a mixer element in varied markets, however, the company primarily attempted to go beyond this aspect and appeal to a broader section of consumers especially the young ones (Rehman, 2011). The company also concentred on participating in different events and sporting activities which substantially boosted up its name and logo, which are the imperative elements for success of a company in terms of augmenting its brand equity. Q:2. Analysis of Red Bull’s Marketing Programs in Terms of how it contributes to the Brand’s Equity Red Bull is using uncongenial adverting policies, as it has uniquely positioned itself in the beverage industry. Its distinctive positioning has allowed it to detain a significant amount of brand recognition in different nations. The company focused on creating a sense of mystique amid its customers through its marketing program. It initially focused on word-of-mouth traditional method of advertising technique, however, it wanted to spread the awareness of the brand even more (Collins & Rusktad, 2008). Red Bull’s promotion strategies had facilitated it to flourish in the facets of market share, income, and units sold (Sarah, 2009). Exceptional positioning strategies were focused on by the company by targeting high-school and colleges going
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Individual Case Analysis Q:1) Red Bull’s Sources of Brand Equity Brand equity can be stated as a collection of brand assets as well as liabilities related to a brand. It also encompasses the name of a brand along with its symbol which evidently adds to or takes away from the value offered by a service or product to an organisation along with its consumers (Aaker, 1991)…
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