Summary of the task The study aims towards designing a marketing plan for Red Bull. Background Red Bulls is a twenty five years old company that has been selling energy drink. In the year 1980, Dietrich Mateschitz founded Red Bull, inspired by a functional drink originated from Far East. He created the energy drink and promoted it through a unique marketing concept. In its early days it was sold in the home market of Austria but today Red Bull is sold in more than 165 countries. Red Bull is not only a new product but has given birth to a totally new category of product. Today Red Bull has sold more than 35 billion cans (Red Bull GmbH, n.d.). Outline The marketing plan of Red Bull covers the following Product: Non-caffeine drinks for the kids and other people who do not drink for energy purpose. Place: Designing an expansion plan through which the company can operate in other geographical areas. Price: Red Bull will be implementing some cost reduction techniques so that the price of the products can be reduced. Promotion: Red Bull will be promoting their new product through social networking site, public relationship activities etc. At the same time they will also promote their current product as “safe to drink”. Strategic Marketing Plan Marketing Audit Marketing audit is defined as the process of “comprehensive, systematic, independent and periodic examination of a company’s or business unit’s marketing environment, objectives, strategies and activities with a view of determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance” (Avasarikar and Chordiya, 2007, p. 4.15). Marketing audit helps in increasing the profitability of the company (Kotler, 1999). Red Bull deals in energy drinks with various tastes targeted towards young people who are involved into strenuous work starting from athletes and weight lifter to common man working in office. The marketing audit is done through SWOT analysis that highlights on the internal, external and competitor analysis. Based on results the issues are identified. Internal analysis Strength Market leadership: In the year 2012 the company has sold total of 5.226 billion cans all over the world. This figure represented a 12.8% increase in the sales as compared to the figures of 2011. The company is the global leader in energy drinks. The company has a market share of 70% in the world. Even the other drinks offered by other companies are also facing competition in front of Red Bull. Figure 1: Red Bull’s Net Sales and Cans sold in 2010-12. (Source: Euromonitor International, 2013) Millward Brown (2010, cited by Bodner, 2011) stated that Red Bull is positioned at 79th position amongst all the global brands worth 8,154 billion dollar. It is positioned at fourth rank amongst all the popular brands in soft drinks like before Sprite and Fanta but behind Coke (Zero, Lights and Diets), Coca Cola and Pepsi. Coke and Coca Cola are the third largest brands all over the
Strategic Marketing Plan for Red Bull Table of Contents Introduction 3 Summary of the task 3 Background 3 Outline 3 Strategic Marketing Plan 4 Marketing Audit 4 Internal analysis 5 Strength 5 Weakness 6 External Analysis 6 Opportunities 6 Threat 7 Competitor analysis 7 SMART Marketing Objectives 8 Strategy 8 Expansion and diversification 9 Marketing initiative 10 Cost Reduction 11 Segmentation, Targeting and Positioning 11 Evaluation of Success 12 Ethical Issues 13 Reference List 14 Appendix 16 Introduction For a successful business a marketing plan plays a major role…
His inspiration came from Krating Daeng, an energy drink sold in Thailand. The first sale of this energy drink was in its home market of Austria in the beginning of April 1987. This step was crucial because he was launching a very new product. Later on, Red Bull spread all around the world and is available in over 165 countries.
The idea of ‘tonic drinks’ struck him during his stay in Asia where he was exposed to similar beverages and realized that there is tremendous opportunity for such drinks outside Asia. One similar tonic based drink came from Thailand that caught the attention of Mateschitz.
Red Bull: Market Analysis. The world has now entered into an era of conclusive change, unprecedented breadth, scope and pace. Whether in the context of business, economic, political or social environment, every navigational landmark which used to act as a pathway or guide have been obliterated (oasisadvantage, 2013).
................... 2. The marketing environment in the UAE................................................................. 3. Market and competitive audit................................................................................... 4. Marketing plan for Red Bull.
He adapted it to a palatable drink and launched Red Bull in his home country in 1987.Founded in 1987 by Dietrich Mateschitz, the company Red Bull now employs 200 people in Austria and 1850 people allover the world. Dietrich Mateschitz, aged 60, ranks 406th in Forbes.com's list of the world's richest people, worth $1.4bn.
The core competence of the company appears to be grass-roots marketing, judging by the case. Coming from this initial perspective of core competency, one can also assess the strategy of possessing first mover advantage. First mover
Thailand workers used the drink for staying awake during their shifts. The drink was known as Krating Daeng translated to ‘Red Bull.’ He contacted the manufacturers of the drink and bought the foreign licensing
The brand that is the subject of this research is Red Bull. The conclusion from this study states that Red Bull believes that with this marketing communication plan and the above media plan and the above budget allocation plan, the company will be able to attain its marketing objectives for the new product.
8 pages (1500 words)Essay
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