Marketing Of ‘Red bull’
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.
“Red bull comes in two types, original and sugar free. This can be purchased at £1.15 for 150ml”
Features of Business Marketing…
Ø Consumers are of vital importance. Red bull has a far greater chance of being a success if it satisfies consumers’ needs. Marketing must be aimed at finding out what these needs are and making sure that Red bull meets it requirements.
Ø Marketing is a business philosophy; it is not just a series of activities such as advertising or selling, but more a way of thinking about how to satisfy the consumers’ needs.
Ø Marketing affects all aspects of a business. A production department would not continue making a product that does not satisfy the needs of the consumer at whom it is aimed.
Ø Marketing is not just about selling. Selling is only one part of the marketing process. Before selling Red bull, they must carry out market research.
Ø Marketing and advertising are not the same; advertising is just one of a number of tactics used by marketing departments.
Ø Many businesses regard profit making as their main objective. Firms in competitive markets must make a profit in the long run to survive. Marketing must therefore satisfy their customers wants profitably.
Ø Marketing involves building relationships with the customers of Red bull; profitable businesses are often built upon good customer relations. This may be dealing with their complaints in a careful and considerate manner.
Ø Marketing is a process that is on going all the time, it does not have a start or an end as you can see below. Red bull must be prepared to respond to the changes that take place.
The marketing process…
Red Bull - Gathering Market Information…...