Brand on the Front Page – Lessons from Red Bull

Question: Explain how special events are defined and classified Explain the scope and impact of marketing and events within an organisation Describe the marketing mix and explain its role in a marketing strategy Apply basic event and marketing concepts (e.g., planning, coordinating, staffing, marketing, segmentation, targeting and positioning (STP), risk management, evaluation, etc) Relevant marketing and special events materials, definitions, classifications, concepts and theories are included in the report. Organisational content is described, explained and summarised accurately Case study promotional activities are fully and accurately identified Only relevant material is included in the report Content is supported with evidence of some relevant research from a minimum of two key marketing and special events text or articles and a minimum of three websites Case study situation analysis demonstrates evidence of appropriate external and case study research Explain how knowledge of basic event and marketing concepts and theories can be linked and applied to the case study Case study strategies and activities are reviewed from different perspectives and evaluated with both internal and external concepts Ownership of the material presented. Correct style, grammar and syntax. Conclusions and recommendations are explicitly derived from the reports content and research and are appropriate to the case study Report is well organised and presented with appropriate use of headings, sub-headings and paragraphs: good visual presentation including line spacing, font size and margins: accurate spelling, grammar and punctuation; correct use of Harvard reference where relevant. Answer: Introduction This should show that you have understood the brief and that you will cover everything required. Marketing is one of the vital phenomena within the organization. It brings demand for particular goods and services with promotional activities. Marketing in the present days focuses on customer satisfaction acquired from their feedback. The report explains the scope and impact of marketing. The business tool includes marketing mix and its 4 Ps in accomplishing marketing strategy. Marketing concepts are defined and explained with relevant reference. Special event material is used in various marketing events to promote products and brand name. A case study on Red bull is defined and stated in this report. The great tasting energy drink company has wider popularity within the Australia and several parts of the world. The popularity of Red bulls boosted when it has made a record of selling 5,387 billion cans of energy drink in the year 2013. Dietrich Mateschitz, founder of Red bulls created a unique marketing concept for the energy drink. The energy drink has taken a totally new product category with its availability in more than 169 countries throughout the world. Scope and impact of marketing and events within an organization Scope and impact of marketing Marketing has a wider scope in every organization. The productivity and profit are achieved through proper marketing strategies. Whether it is goods or a service, marketing plays a vital role to channelize customers mind to buy products or avail services of a business organization. Marketers build a corporate image in the mind of people during the marketing activity (Chand, 2015). They also focus on organization goodwill so that a potential customer can get trusted and reliability. Red bull has commendable goodwill in the market gained with marketing techniques and customer satisfaction. Scope and impact of Events It has been observed that the marketers promote the events. Several types of events can be organized starting from the trade shows, entertainment award shows, health camps, company anniversaries etc. (Knoxville, 2016) Customers and the general public visit such events and get convinced with the products and services presented in the stalls or trade shows. Events were organized by the authority of Red bull providing stalls in various events with sample cans to taste. Several events were organized by red bulls. Some of the upcoming events are Red Bull Music Academy at big ears 2016, Grand Pix Argentina 2016 etc. The representatives of the events build a positive image of the organizations and brand name of the target customer. The department of PR in red bull also plays an important role in providing an impact on the mind of individuals visiting the events. Marketing mix concept The Marketing mix is a name of a business tool that helps boosting the activity of marketing. It also includes the set of tactics and actions used by a firm. It also promotes products and brand name in the market. Marketing mix includes 4Ps such as Product mix, Price mix, Place mix and Promotion mix. But, this concept has become broadened in present days marketing. Apart from these 4 Ps other Ps are also involved in the marketing-mix (Bennett, Coleman Co. Ltd., 2015). Those are people, packaging, positioning, and politics. Role of marketing mix with Redbulls theories Marketing mix plays an important role in any business. The elements of the marketing mix are seen to influence one another. The key role of the marketing mix within the organization is making a perfect business plan. But, the plan needs a proper execution to run a smooth operation. Otherwise, it can go in the negative direction. Red bull is such a company with a marketing mix strategy, which has proper plan and smooth operation of business. To get an effective marketing strategy, the 4 Ps of the marketing mix are combined. This in turn fulfills the marketing objective of a business organization (MaRS DISCOVERY Team, 2014). Red bull over here uses theories of promotion and pricing. The energy drink company has the slogan as Red bulls give you wings. It also provides value to customers and ensures the position of the product within the targeted market. They have the target audience as extreme sports personnels. Red bulls also have the theory of keeping their price at the top of any other energy drink (Bell, 2014). This ensures the quality of the product. The company has created a totally new category of product. Basic event and marketing concepts The concept of marketing and events cannot run without proper planning. The Company must plan in advance about the strategy it will adopt for marketing its products and services. Red bull energy Drink Company has a unique strategy of marketing to market the product with its events. Coordination is another important part of the marketing event. While doing coordination, there can be many problems faced by the marketing team (BORDEN, 2013). If the coordination among the staff members and individuals involved in marketing event is not proper, there can be disruption of the total event. But, the Red bull has their advantages over here. Proper staffing in an organization is equally important to boost its productivity. The efficiency of the staff members plays an important role in the smooth operation of every organization. Marketing is again a vital part of every organization that is directly or indirectly related to sales. This ensures branding of products and services (Manning, 2010). People will be aware of the latest products and services available on the market. Segmentation is a strategy involves in marketing activity which divides markets into various subsets of the business, consumers, priorities and business. This plays an important role in achieving the objective of the marketing plan. Targeting and positioning (STP) come interrelated. Targeting is the second stage of marketing which is initiated after the market segmentation. Various marketing plans and schemes will be involved to target the product available in various segments. Positioning, on the other hand, is very vital to create a perception of product which will be set in the mind of the audience. Risk management is an important consideration for the entire marketing procedure. Many challenges are faced by such marketing organization when they initiate changes in their strategies, operations, sales, execution process etc. Risk management plays an important role in resolving such issues (Perner, 2010). Marketing and special event materials, concepts and theories For a special event or marketing, promotional materials are vital. The top quality material must be chosen to print contents. The color schemes must be bright, accurate and sharp. Vinyl banners are mostly used in hosting special events or marketing activities. This should be marked by the Energy drink company, Red bull for future development. Marketing is a well-framed process of promoting goods and services with the new concept of customer satisfaction (PsPrint Team, 2009). The process will be successful if 4 elements are coordinated in a proper way. Firstly identification of a product then comes determining its price. The third one is selecting distribution channel and the last one developing a promotional strategy. Theories in marketing Different types of marketing theories are present to explain its concept in different ways. Some of the theories are: - Ansoff Matrix- Under this marketing theory, managers are given 4 possible strategies or scenarios such as market penetration, product, development, market development and Diversification. Marketing Mix- This marketing theory is based on 4 Ps such as product, place, price and promotion. SWOT Analysis- SWOT stands for Strength, Weakness, Opportunity, and Threat. Many organizations use this theory in the business project or marketing (Professional Academy, 2015). Maslows Hierarchy of needs- This theory was developed to explain the link between the basic human needs and their desires. It includes Physiological need, safety need, social needs, esteem needs and self-actualization. Case study related to Red Bull Red bull is an energy drink manufacturing company with its foundation stone laid in 1987. The founder of this company was Dietrich Mateschitz. They became the manufacturer of a new category of product range with modification to taste to suit the consumers. The inspiration of the product came from a Thailand-based energy drink company. Red bull made a partnership with Chaleo Yoovidhya and formed Red Bull GmbH. The case study explains the way Red bulls uses its improved strategies in the way of marketing its product. They played a wonderful role in meeting consumer needs with progressive marketing strategy. It also involves a marketing mix with the promotion of product at the right place to the suitable audience. Different events are organized by the authority of red bulls such as Red Bull Crashed Ice, Red Bull Air race etc. The company also has sports team ownership, such as FC Red Bull Salzburg, RB Leipzig, Red Bull Brazil, etc. The Red Bulls have the turnover of 5.110 billion,with the current company goal to reach consumer satisfaction (Red Bull team, 2016). It has the key target towards the sports personnel with the terrific need of energy drink. It has taken up a progressive marketing strategy. SWOT Analysis of Red Bulls and research Red Bulls has many targets while competing with other food manufacturing companies. But, one of its effective objectives is getting the product available to the heavily sports personnel with the price placed high for quality maintenance. For this, the company had to go ahead with a detailed market research and SWOT analysis. The researchers also tested customer preferences and market demand. Strengths of Red Bull Brand name- The Company has established goodwill in the market with the brand name. This created a positive image of energy drink manufacturing companies globally. The Strategy of marketing- The Red Bull has chosen the progressive marketing strategy with promotions through various events around the globe. It has provided sports sponsorship, which in turn created a strong identity. Weakness of Red Bull Limited products- Red Bull do not have a variety of product range in the market. But its competitions have the advantage of unlimited flavor and variants. Copyright- The company does not have a perfect patent right and faces the complications of copyright in its recipe. Opportunities of Red Bull The Scope of expansion- Red bull has great opportunities in the future in the emerging market. The marketing strategies associated with sponsorship will take it a long way. Product variants expansion- Red Bull can increase its product variants with regard to flavors and types to beat its competitors. Threat for Red Bull Competitors- The main threat for the Red Bull is competitors in the market. Some of the competitors add natural ingredients to make an energy drink. But, Red Bull does not. Price high- The price of the product manufactured by Red Bull is quite high as compared to other energy drink companies (Wordpress, 2013). Use of different element of marketing mix to promote Red bulls Red Bull energy drink brand manufacturing company has used all the elements of the Marketing Mix, i.e. Product, Price, Promotion and Place while promoting its energy drink. This is made for extreme sports personnel who need the energy. It signifies the companys strategy is targeting the right audience to sell the product. This development has strengthened the name of this company as a global brand. For promotion, they went for several events such as Red Bull Air Race, Red Bull Crashed Ice, etc. It has also taken up the sports team ownership, i.e. - Scuderia Toro Rosso, FC Red Bull Salzburg, New York Red Bulls, etc. External factors such as market, distribution and supply were equally important in boosting its brand name. Red Bull has kept the price at the top in order to ensure its quality to the mass. Red bull also made the placement of products in the places where people can purchase conveniently. Apart from grocery stores and departmental, the product is also available in casinos and clubs. Events organized by Red bulls with diagrams As per the case study, Red Bull energy drink is the product which meets changing wants of the targeted customer. The company promotes products with the variety of events. The company creates promotion through celebrity endorsement, music and events. Upcoming events- Bahrain Grand Prix- This is a sport event held at $150m Bahrain International Circuit. The event in the racing track has a Red Bull energy drink as a treat. (Formula One official website, 2016) UTI MTB World Cup- 2016 France- Even in this event Red Bulls have created an active participation by sponsoring the bike and energy drink. The Popularity of this event will draw more consumers to the energy drink. Red Bull Air race 2016, Austria- The events signifies organization has made the product available in several places so that the target audience can easily have an access to that location to buy the product with the promotion through events. Red bull Music Academy festival 2016- This is a music event, concert with live music, dance, Lectures and entertainment. The maximum crowd can be accessed through this event. The Red Bulls have chosen this as a promotional medium Conclusions and impact of Red bulls marketing The report is based on understanding marketing and events of Red Bull. It speaks about the scope of marketing and event within the organization, along with its impact. Explanation on the marketing mix was made with the basic events and marketing concept. The steps in planning, coordinating, staffing, marketing till evaluation are explained in this report. Several theories of marketing are stated and explained. The Red bull marketing strategy has a positive impact on the profit margin of the company based on customer satisfaction. The success of Red Bull has paved the way of its competitors. The retention of good quality and its application as energy drink has created a boost in sales (Aaker Smith, 2016). Targeting on sports category and investing in sports event made the company more successful. A case study on Red Bull is described as its background. Application of marketing mix is also explained within the case study of Red bull along with evidence and references. The research is conducted from the variety of journals and articles with the proof of evidence. The 4Ps of marketing is fulfilled within the Red bull case study which has been specifically channelized through this report. The report also speaks about the innovative strategies associated with Red bull to balance marketing mix. Understanding of the case studies is directly related to various marketing theories incorporated internally and externally. Bibliography Aaker, J. Smith, A., 2016. Putting Your Brand on the Front Page Lessons from Red Bull. Lessons from Red Bull. Bell, T., 2014. RED BULL Marketing mix. RED BULL MARKETING MIX, 27 February. Bennett, Coleman Co. Ltd., 2015. Definition of 'Marketing Mix'. Marketing Mix. BORDEN, N. H. .., 2013. The Concept of the Marketing Mix'. Journal of Advertising Research, October.pp. 1-7. Chand, S., 2015. 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[Online] Available at: https://www.professionalacademy.com/cim-marketing-courses/marketing-theories PsPrint Team, 2009. Events Promotions. [Online] Available at: https://www.psprint.com/events-and-promotions Red Bull team, 2016. THE COMPANY BEHIND THE CAN. [Online] Available at: https://energydrink.redbull.com/company Ward Howell International, 2015. Using new product development to grow a brand Wordpress, 2013. Red Bulls SWOT analysis. SWOT analysis, 02 November.