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Marketing Plan for Red Bull Energy Drink:
Optimal combination of marketing tools based on market conditions and selected target market:
Market conditions for energy drinks are currently favorable with the market having grown by 15.4% from 2010 to 2011, especially among young people (Mintel Group Limited, 2011). the selected target market for the Red Bull energy drink are young active people who lead an active night life and enjoy extreme sport aged between 18 and 35 years of age (TRCB, 2011). Taking into account this market conditions and the selected target market, then the optimal marketing tools will be public relations activities such as launching events in local communities to attract youth participation, having sports events with a renowned sports personality present, and sponsorships of young athletes. This is done in combination with advertisements such as buzz marketing.
The brand image of Red Bull energy drink is associated with youthful active and sporty young people. Red bull brand is viewed and associated with sports and extreme bursts of energy.
The objectives of branding Red bull is so as to maintain its leading position as the number one leader in energy drinks industry in the world, and to have the word energy drink being synonymous with Red Bull.
The goals of branding of Red bull are to be able to capture a large market segment of energy drinkers and attract and acquire new young customers who identify with the brand, promote the brand directly to the millennial generation, establish loyal customers who adhere to the brand, and establish a strong presence among customers in the energy drink market as the drink of choice.
The Red Bull will be positioned in the market as the energy drinks that instantly energies people into an active lifestyle. It promises unique bursts of energy that rejuvenates a person to do any straining work. The brand name will have the slogan "Red Bull Gives You Wings" which show that a person can do all when energized with Red Bull. The brand category will mainly focus on extreme sports with massive youth following.
An estimated $10,000,000 ...
The solution discusses a marketing plan for Red Bull energy drink.