The chosen issue for this report is Red Bull as they are associated with several major happenings and will be a great exemplory case of exhibiting event strategies they have run into to get where they are now. Red Bull has several event activities however a swot analysis and events they have covered to attain their goals for corporate strategy will be explained.
In 1982, Dietrich Mateschitz learned about so-called "tonic drinks", which liked wide recognition in Asia. So he got the idea to promote these products in useful areas. This idea was not new but a variation towards Lucozade theme, another popular energy drink marketed by Smith Kline Beecham in the UK which was known as post-illness drink and the consumers drank this to recover from cool or flu's.
Red Bull had to develop a unique market segmentation strategy and had taken a different procedure towards promoting the drink than the usual ways of marketing, relying more on what is called 'excitement marketing' or word-of-mouth. A brand image was made and cultivated which associated the drink with young ones culture and extreme/ adventure-related athletics for example they had a meeting to get started with called Drivers Search programme that your competition was used to aid young American racing expertise. , They used support from specific things like motor sports, hill biking, snowboarding and party music and much more. The Red Bull consumers can be split into three sections: runners, clubbers and individuals. Each section will absorb Red Bull energy beverages to meet their personal needs for example to acquire physical ends, mental edges or maybe consumption for pleasure purposes.
Using pick-up trucks as mobile displays, colored blue and silver with a huge can of the drink attached on top of the vehicle is not merely promoting their energy drink but is also advertising a lifestyle, seemingly people are willing to be a part of this Red Bull extreme sports activities lifestyle.
They used eye-catching tools and devices which were targeted at promoting the red bull brand as younger and slightly 'off-the-wall'
Free cans of drink provided to the people on the streets who may maintain need of energy.
Red Bull provided team DJs, clear cans to allow them to be still left on dining tables in hot areas such as trendy bars, clubs and pubs
Red Bull used a 'viral online marketing strategy where as they were promoting the Red Bull brand directly to Generation Y, the so-called 'millennials' and prompted university student and brand professionals at school campuses to chuck gatherings and gained success from the 'young ones underground' where as the reputation and phrase was spreading based on the brand managers research data.
Red Bulls future Event Planning and Marketing Intern from June 14th to August 6th, 2010.
Red Bull has 52 Culture Groups worldwide activating projects in music/arts.
Their Objective is to invent and activate music, dance, film and other imaginative / cultural tasks from within the company. The Culture Teams function like event development companies within the Red Bull brand.
Example projects include:
The Red Bull Music Academy is a music workshop
The Red Bull Music Academy Radio is a web radio station
Red Bull Bedroom Jam induces young people to get musical instruments, perform and realize their musical potential.
Benefits for Intern: For anyone enthusiastic about event campaign, music, concerts, culture, etc. this is an incredibly exciting chance to get involved with a great company that takes its support of artwork and culture significantly.
Benefits Red Bull: Red Bull UK is excited to bring on a keen intern who'll work tirelessly to help promote and run their warmer summer months festivals.
http://www. intraxinternshipsabroad. com/category/company/red-bull-uk-culture-team
Red Bull aspires to increase their sales and extend in their product and pass on globally
Maintaining the lead
Trying to increase it by creating further consumer needs for Red Bull
Product: is at adequate level image can be strengthened
Price: Price is high but represents high quality product and place and advertising can add value to the image.
Place: Red Bull has already reached market dominance in the others of Europe with growing sales figures; the business will have a significant effect on the wholesaler's product displaying policy ( PDP). Red Bull can be a more proven and demanded brand.
Promotion: Red Bull has high marketing expenses and the sales of Red Bull before, the marketing budget should be significant. Red Bull has already increased the budget immensely; the goal is up to 50% of profits. Most the budget is allocated to sponsoring. In the future they'll promote and ad-activities to be able to maintain the first choice position; there will be more Red Bull stands at ski huts giving a way Red Bull combine drinks.
The Internal Environment
Strategic SWOT Analysis helps to identify the internal and exterior factors that are advantageous/unfavorable for Red Bull to achieve success:
Market command- In the energy drinks market Red Bull is the industry leader throughout the world
Strong brand equity
They create effective Marketing Initiatives- a whole lot of deals and well targeted promotions and sponsorship for example method 1 helps to broaden Red bull brand and increase consumer brand awareness
Lack of advancement- there are a lot of competitors on the market and they have their own USP.
Red bull product line is non-diversified
They are Reliant on small product base- The Company only markets one branded product, Red Bull Energy Drink (plus a sweets free variety).
They cost more than their rivals
Red Bull is only manufactured in a single manufacturing plant in Austria
Extension of product line- this will help to sustain market share
Health concerns- tougher guidelines from government on high caffeine containing drinks content.
Competitors with similar product at cheaper price
Consumer awareness of health insurance and well being- people may start to drink more normal water as it is associated with healthy life style.
Red Bull Rushing was not the start of Red Bull's engagement in motorsport. Setting up a Solution One team of its meant that Red Bull experienced to get rid of its long-term partnership with the Sauber Formula One team.
Red Bull is in the commercial sector and the purpose is profit powered their motor sports activities events attract crucial business clients and manufacturers and thousands members of public who purchase tickets.
They Market occurrences to focus upon marketing activities and could be considered a sponsor of an event through loose/contractual/formal relationships
Red Bull happenings and strategic Targets are Commercial/For Profit
Red Bull produced several situations for earnings - under agreement or on the own
Red Bull created happenings for marketing and sales purposes
'Our mission is usually to be the premier marketer and dealer of. Red Bull in Asia, Europe and other parts of the globe. We will accomplish that mission because they build long term marriage with people who can make this become reality'
Red Bull Big Influx Africa
Red Bull Drifting World Championship
Red Bull Flugtag
Red Bull New Year No Limits
Red Bull Paperwings
Red Bull Rampage
Red Bull Trolley Grand Prix
Red Bull X-Alps
Red Bull X-Fighters
Red Bull Event Success
Red Bull has been successful and gained high amount of deal since they signed up with formula 1
Red Bull has took this event to their advantage and has chosen into increasing their sales development with a limited-edition pack revamp having its sponsored Solution One title challenger Sebastian Vettel.
Their will be a graphic Vettel's Red Bull Racing car with an F1 racetrack, his picture and personal on four-packs, eight-packs and cash & carry price-marked 24-packs for Red Bull. Red Bull plans to create new consumers to the category as the method 1 event already have heavy advertising of Red Bull yet they plan to increase sales and bring a host of sales opportunities for sellers across all channels
http://www. thegrocer. co. uk/articles. aspx?page=articles&ID=208568
B) Evaluate different strategies - should be in-line with chosen organisations' aims/culture/corporate strategy
Red Bull will need to check out various strategies to be able to keep up being the market head a SWOT Analysis will identify various facts and can know what the next event should consist of and how they will get their marketplace locked in. Porter's Five Forces will generate a Competitive Analysis as there is always future similar products that happen to be a hazard to Red Bull and they need to know the grounds they can be standing on in the market.
Recommendations - What forms of events should they be holding?
Red Bull might want to re-consider sponsoring extreme sports activities, it can be better to instead sponsor marathons, triathlons and other more traditional sporting activities such as basketball games. This strategies would open entrances and extend the product to the new category audience. A sports stadium fills up with a sizable amount of men and women if Red Bull was distributed in such areas in periodic popular fits that occur in the entire world cup/league it can create regular massive amount income for Red bull.
Keller says a category expansion for a popular brand allows a fresh product to benefit from existing understanding and image.
1. Reduced risk
2. Lowered cost for getting trial
3. Packaging and labelling efficiency
4. Increased effectiveness of promotional efforts.
It other suppliers with electrolyte substitution drink are joining the efficient food category while Red Bull will end up counterattacking their space that will reduce their market share.
Why the incidents are essential?
Corporate event strategy sector is a fast growing industry red bull can maintain customer commitment to raise their business information and increase determination degree of their workforce if they decide to maintain an event that was football related it'll be a large size event that may create and open new opportunities nonetheless they will have competitors.
The event will increase sales if indeed they supported created soccer competitions with famous groups to play one another football is well known worldwide and red bull can advertise globally through the means of footballs.
The events help to maintain Red Bull as market leader their goal is to market by all commercial means necessary the reputation needs to stay string plus they cant allow a competition get close to them so different incidents will appeal to different types of consumers
Marketing is about satisfying the consumer needs although consumers may have similar needs and buildings them, might not exactly want to buy all at the same time. Occurrences don't always appeal to all or any consumers therefore to understand the behavior of the visitors must be included by determining market segments.
Red Bull focuses on people born after the year 1981 and looks at the characteristics of the average person age occupation and so on which will fit into something called the demographic segmentations This segmentation can have a socio-economic scale platform on income as men and women have different needs it depends on what level the individuals are in their life circuit so the event will have to appeal to their marketplace they wish to appeal to for example sports athletes, clubbers and employees.
The psychographic segment can also determine what type of event will appeal to their target market as it looks at individual's personality and determining the characteristics of the target marketplaces lifestyle.
The company already sponsors unique situations with the idea that it will cause local tv coverage thereby amplifying the result. For athletic spokespersons, Red Bull selects certain individuals who signify its brand personality: non-conformist, unpredictable, and humorous therefore leverage secondary organizations, the final element in successful marketing programs (Keller, 2008, p 40).
The multimedia Mix will be a great way to measure the events success and undoubtedly sales of tickets as the media are a solid influence into the consumer's behaviour and every promotional activity is usually done through marketing/events.
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