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Red Bull has a distinctive approach to marketing. It uses a regressive marketing strategy. This type of strategy aims to constantly evolve and develop the brand. This approach allows Red Bull to engage with consumers using new and exciting channels of communication. In recent years social media has become a vital marketing tool for many organizations. Its Increasing popularity, predominantly with young audiences, has had a huge Impact on modern marketing techniques.
Dealt and social media campaigns are integral to Red Bull’s marketing strategy. The role of the marketing function To meet the needs of its customers, every organization seeks a distinctive marketing mix. This is often referred to as the ups. It involves focusing on: ; product – the specific features and benefits of the product ; place – where and how the product is sold ; price – setting the right price in each market ; promotion – using the most suitable form of promotion to reach customers.
For example, the marketing mix for Red Bull Energy Drink Is based around: ; a distinctive product – the taste of the product is unlike any other, It also has a functional effect In imprison to other soft drinks ; It Is easy to obtain as It Is sold In a variety of places – Including retail outlets and food and drink establishments ; Red Bull uses a premium pricing strategy. The product is priced above that of competitors’ products. Consumers will pay a premium for Red Bull due to the quality of the product and the product’s benefits.
This is reflected in the fact that it is the world’s best-selling energy drink. However, perhaps the most interesting element of Red Bull’s marketing mix is its approach to promotion. Red Bull embraces innovation within its promotional activities and as such Is able to create a lasting impression on consumers. The concept behind its promotional activity is to give people Willing’. This translates as pushing the boundaries of what is possible and nurturing people’s talent so they can achieve their goals and dreams. The alma of the promotion element of the marketing mix Is to grow the business and Increase market share.
Businesses develop a promotional strategy in order to their products. Many base their approach on AID principles. AID is an acronym that is shorthand for the stages in a sales process. Questions 1. What is the marketing mix? 2. Describe what is meant by a ‘premium pricing strategy. 3. Explain why Red Bull uses a premium pricing strategy for its Energy Drink. 4. Using the marketing mix in your answer, analyses how Red Bull Energy drink differentiates itself from other soft drinks. Task Draw up the ‘marketing mix’ for a well-known product of your choice.
To do this, divide a page into four and label each of the four sections with one of the ups. Now add what you know of each of the elements of the marketing mix e. G. Under the ‘Product’ heading add your product’s features, functions, benefits, packaging, brand name, image portrayed etc. When you have completed the marketing mix as fully as possible, write a short paragraph explaining why this marketing mix makes the product successful in relation to other competing products. What have you learned? Write a 140 character text or tweet explaining in brief what you have learned about marketing in the session.