Red Bull Marketing Mix | Red Bull Case Study | Red Bull Assignment Help
Among the marketing practices of the business organizations, different marketing strategies are used by the business organizations. In this series, marketing mix is the most important strategy that is used by the business organizations in order to have high degree of success (Pride and Ferrell 2007). In the following paper, Red Bull is selected as an organization that does uses an effective marketing mix to do the promotion of its products and increasing the sales of its products. The marketing mix of Red Bull is discussed in detail in the following paper. On the basis of the marketing mix the main objectives of the organization are also quoted at the end of the paper.
Red Bull has greater degree of emphasis on improving its marketing efforts. The marketing practices and strategies of the company are improved time to time according to the changing requirements of the markets as well as the customers. In its marketing practices, the main focus by the company is given on the different elements of the marketing mix. The detail analysis of the all the elements of the marketing mix is done in the following heading:
Product mix is the most important element of the marketing mix. In the development of the product mix, the main focus by the business organizations is given on the development of the product features in such as way that product can be positioned as a different and unique product among all the existing products. The development of the high energy products is done by Red Bull with the inclusion of the specific product formula. The main concentration of the product development process of the company is given on the development of high energy products. The company uses active ingredients in its products including caffeine, taurine, vitamins and amino acids. Some of the ingredients used in the product development process are very much beneficial for the cardiovascular system of the human body. In addition to this, in the product mix the company also put focus on the taste and quality of the products. The health aspects of the customers are kept on the high priority by the company. The packing of the products is also done in an effective way so that customers can be attracted to a good level. The company produced different energy products according to the customers of the different age groups (Yaqoob 2010).
Price mix is the second important element of the marketing mix strategy of the business organizations. In the price mix, the main focus of the companies relies on keeping the price of the products affordable for the customers as compared to competitors. In the same series, Red Bull does pursue premium pricing strategy. With the help of this strategy the company keeps its products affordable for the global customers. Red Bull drives its global product positioning over the other brand of competing firms by selling its products on premium price. Among the target customers, the reinforcement of the products is done by the company only through its premium pricing strategy. With the help of this strategy the company provides several functional benefits to the customers. In all the international markets, the company sets its prices on equal level in order to attain high degree of competitive position in the global beverage industry (Kevin 2008).
Distribution of the products is the main concern of the business organization in their overall marketing functions. In this series, Red Bull has greater degree of emphasis on the place mix element of its marketing mix strategy. Under the place mix, Red Bull does the distribution of its products on international level. Red Bull has established a well organized and developed network of local subsidiaries to make the distribution of its products in the overseas countries and all the regions in its approach. The company does deliver the adequate volume of the energy products to the global customers with the help of its efficient distribution system.
Promotion of the business is the most important requirement among all the marketing activities for all the business organization. In this series, Red Bull high degree of emphasis on the promotion of the products. For promotional purpose, Red Bull organizes several kinds of activities in its marketing process to promote its products on the global level. Red Bull organizes different marketing campaigns for the purpose of product promotion. The company also does event marketing and sport marketing to do the promotion of the sales of its products among the young age customers (Futterman 2010). For the promotion of its logo and its brand name the company does organize different kinds of sports events and other kinds of extensive networks so that product sales can be maximized to high degree of efficiency (Dolan 2005). For the promotional purpose, Red Bull uses television media to does exposure of its products to the target audiences.
The detail of the marketing mix elements shows that Red Bull maintains its marketing elements in an efficient way in order to increase its market share and keeping its business process on the right track.
Organizational objectives of the company are always intended to improve the business position of the company on a successful level and improving the sales and profitability of the company on the right track. The major organizational objectives of the company on the basis of the marketing mix are stated as under:
- To improve the product positioning of the company on a unique level in a differentiated manner than other competing products.
- Offering the customers affordable energy drink products in order to increase its market share on international level.
- Promotion of the products better than competitors in order to increase revenue of the company as well as its market share to improve its overall profitability ratio in the future run.
- Having high degree of growth and sustainability in the global beverage industry to attracting and retaining customers in the long run.