Saturday, January 4, 2020

Introduction to Marketing Red Bull - 1928 Words

Topic 1: Introduction to Marketing Red Bull 1. The Product/ Competitors/Industry 1.1 Product Red Bull is a sweet, caffeinated drink aimed to give consumers the high energy kick. Available only in rather expensive 250ml cans, 350ml bottles, with 4 packs and only two ‘flavours’ (original or sugar-free). It contains caffeine, taurine, glucuronolactone, and B vitamins. Founded in 1984 by Austrian businessman Dietrich Mateschitz, Red Bull has become the worlds leading energy drink, a staple in many young, and active people’s lives. 1.2 Competitors Big global companies such as Coca Cola and Pepsi have introduced their own energy drink versions to their product base. Mother (by Coca Cola), Amp (Pepsi), V, Battery, 180, RedEye and Bennu†¦show more content†¦Consumers are willing to pay the higher price for Red Bull because it satisfies their needs and wants, it also delivers on its promise to ‘Vitalize Body and Mind. So regardless of size of the can or price, consumers are willing to pay for Red Bull’s product. 3. The Marketing Management Philosophy In our opinion, Red Bull fits into three of the marketing management philosophies. When it first entered the market it could be viewed in the selling concept phase. Founder Dietrich Mateschitz even stated. â€Å"If we don’t create the market, it doesn’t exist.† (Gschwandtner 2004). Mateschitz used buzz marketing to promote the product by giving consumers free samples. Once Red Bull established itself it then moved into the product concept philosophy. It seems that many consumers buy the Red Bull product wholly based on what benefits it can give them, i.e. increased wellbeing and energy. Red Bull cans are branded with the tagline ‘Vitalises body and mind’ and it is well known by consumers that drinking Red Bull can alleviate tiredness. The final philosophy the product fits into is the marketing concept. ‘This is where an organisation delivers target market satisfactions more effectively and efficiently than competitors.’ (Kotler et al. 2006). This can be done by researching its target audience and the company has shown this by the fact that ‘Red Bull hasShow MoreRelatedRed Bull Stratos Analysis1382 Words   |  6 Pages 1. INTRODUCTION 2. THE PROBLEM i. Objectives ii. Barriers 3. THE ALTERNATIVES 4. THE ISSUES 5. THE CONCLUSION 1. INTRODUCTION Red Bull Stratos occurred on 14 October 2012 in New Mexico, USA, and it is commonly considered to be a milestone in the evolution of marketing. Red Bull athlete Felix BaumgartnerRead MoreMarketing Strategy Of Red Bull952 Words   |  4 PagesIntroduction In 1984, after discovering the tonic drinks in Thailand. Red Bull developed the Energy Drink, and launching Red Bull energy drink on the Austrian market in 1987. 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