Friday, October 18, 2019
Marketing Plan of Red Bull Research Paper Example | Topics and Well Written Essays - 1500 words
Marketing Plan of Red Bull - Research Paper Example Naturally, with respect to the different product offerings and individualized geographic sales strategies and formulations that the energy drink giant puts forward, there are only a few comparisons between the parent company and many of the product offerings that exist within smaller and more diversified markets. However, regardless of the differentials that exist, the main product offering that has proven to be the defining success of the brand is nonetheless equally represented in every single market that the firm operates within. Mission Statement Ã¢â¬Å"We are dedicated to upholding Red Bull standards, while maintaining the leadership position in the energy drinks category when delivering superior customer service in a highly efficient and profitable manner. We create a culture where employees share best practices dedicated to coaching and developing our organisation as an employer of choiceÃ¢â¬ Products and Services Although it is ultimately the intention of Red Bull to engag e in a broad marketing plan that will see each and every one of its sectors grow in overall sales, the purpose of this specific strategy is with regards to seeking to leverage a degree of the health supplement market that is currently experienced such a high level of growth. In such a way, introduction of a new product line and effective marketing of this will depend mainly upon focusing and refocusing the attention of any and all marketing activities into a process of rebranding and integration within such a market. Financial Feasibility With regards to the financial outlook and the means by which the firm can seek to recover in the eventuality that such a marketing plan is a failure, the approach... Prior to any degree of success due to the introduction of a new product, the firm in question must research the market as well as the potential consumers of whatever good or service they are attempting to integrate with the consumer base. As a function of this level of research presented in the essay, it is possible for the firm to gain key insights into the best ways in which a given product is able to be integrated and prove to provide an overall increase in profitability. The researcher also analyzed it as a function of understanding for the need of marketing research and understanding with regards to the markets and the consumer tastes. This essay provides brief summary that will detail the market as it exists for Red Bull energy drinks. By providing an overview of the geographical markets, overall sales and market share, expectation for future sales growth, profitability potential, and seeking to analyze and understand the firmÃ¢â¬â¢s geographic growth strategy, the reader and the researcher are able to determine a great deal with regards to what may take place within the future without ever having to suffer the risk and danger of blindly testing a highly costly product line in a market or with a given demographic of the consumer base that would ultimately reject it. In conclusion, the researcher presented marketing program of the Red Bull company, it's most common strategies, such as product strategy, price and promotion strategies, which has vaulted Red Bull to such a worldwide level of the claim success.