Have a look at the trailer below: Developing Winning Brand Strategies. During the past 15 years, the drink has been copied by more than competitors, but such companies as Coca-Cola have been unable to take market share away from Red Bull.
After the energy drink was introduced, Red Bull would place empty cans of the drink in night clubs to provide the illusion of the popularity which advanced its popularity. In building the brand, the Red Bull team was careful to price the energy drink well above the going rate for normal soft drinks.
Over time, these have all accumulated and led to a very strong association in our minds between the drink Red Bull, and energy. The main recommendation would be to avoid marketing strategies like advertising using billboards since they did work for the energy drink product.
This can be viewed as a step in the right direction in terms of achieving consumer based brand equity. Managing Brands in a Changing World.
The selling of an association and idea to audiences and potential customers, can be far stronger than the product ever would. The power associated with the brand translates into higher sales volume and higher profit margins against competing brands.
European Journal of Marketing However, we must also appreciate that the company could be met with a few challenges in their move to diversify their product. This was brought about by the seeding program Red Bull used when entering new markets where the energy drink was exclusively sold to high-end shops, clubs and endorsed by famous personalities.
Journal of Strategic Marketing Building, Measuring and Managing Brand Equity. Red Bull in Herbal Teas, Fast-food and Magazines Red Bull diversification into the herbal tea, fast-food and magazine sector can be viewed as a bold move by the company.
The company positioned the energy drink as one that rejuvenates the body and mind which was well understood by consumers across all the segments. Without them having to ever say it directly. Adverting was one of the promotion strategy used, where by a company aims at increasing consumption of the product through creating an image with certain desirable qualities of the product in the mind of the consumer Rogers, Its contents are not patented, and all the ingredients are listed on the outside of the slim silver can.
Readings in Modern Marketing. This marketing strategy involves giving free samples of the product to the consumers Greenley, An Understanding of Marketing Strategy. Therefore, it would be a great and viable move to use the brand benefit acquired by the energy drink to introduce new products into the market Temporal, Recommendations Having examined Red Bull the brand and how it has evolved over the years, it is safe to conclude that the marketing strategies that the company has been using to create a unique and consumer friendly brand have been working effectively.
The energy drink also had charisma which positively promoted the product.
Sampling of the drink was another marketing strategy that was employed by the energy drink giant. In fact every video or sponsored piece of branding contains the same 4 elements: The same strategies should be adapted to boost the new products the company plans on introducing and we can almost be certain that the products will be a success.
An investigation into the causes of effectiveness. Marketing Strategies, Tactics, and Techniques: Red Bull ensured this by making certain that the consumer knew what consumption of the drink would result to.
A Handbook for Practitioners.
If the company rides on these benefits, they will have a fighting chance in the new sector they intend to venture into. Instead, the company could use that advertising strategy to introduce its new products, i. The New Strategic Brand Management:Red Bull: Building Brand Equity in Non-Traditional Ways Question 1 According to Phillip Kotler, brand equity can be defined as “the added value endowed on products and services”.
Dietrich Mateschitz, an Austrian responsible for creating Red Bull, truly believed in the importance of creating a positive brand equity.
One of the sources of brand equity of Red Bull was creating awareness of.
Yet Red Bull has a 70 to 90 percent market share in over countries worldwide. During the past 15 years, the drink has been copied by more than competitors, but such companies as Coca-Cola have been unable to take market share away from Red Bull. RED BULL: BUILDING BRAND EQUITY IN NEW WAYS.
Assignment 2 ATEEQ UR REHMAN () Through happenings such as these the roles of engagement and brand experience play a critical role.
More specifically, I have been asked to identify new ways that Red Bull could maintain its leadership position in a maturing category. Thirdly, the question of whether Red Bull should use more traditional ways of marketing was raised in the case study (Kumar at al., ), but this could be linked to the final issue - an increase of consumption by retaining ageing consumers as well attracting new ones from a younger population.!Download