Marketing and Events Essay

Introduction

Without marketing, most of the products available in the market would only be available in their home market. However, marketing has enabled firms to reach global clients, which is affirmed by Red bull's case, where marketing has enables the firm to access 171 markets across the globe from the initial Austria, where it was first launched. Notably, special events have evolved to become one of the common utilized tools to promote public relations. Such events satisfy desires held by various individuals to be involved in an occasion that enhances their knowledge of a particular brand and the crowd, movements, and sounds utilized. Red bull has utilized such events, and also adopted a unique progressive marketing strategy, which encompasses the gradual development of its products. The paper will establish the role of special events and their classification, marketing activities undertaken by Red Bull, marketing mix's role in achieving the best compatible marketing strategy and product differentiation, and planning and risk management consideration for a special event.

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Special Events and Classification

Special events are vital public relations activities that are conducted by an organization to reach a specified target audience, such as stakeholders or potential customers for a brand or a product are rare events. They occur infrequently but are considered of great importance. In international relations, as in other disciplines, rare events that is, binary dependent variables characterized by dozens to thousands of times fewer 1's have proven difficult to explain and predict. Though scholars have made substantial efforts to quantify rare events, they have devoted less attention to how these events are analyzed.We show that problems in explaining and predicting rare events stem primarily from two sources: popular statistical procedures that underestimate the probability of rare events and inefficient data-collection strategies. We analyze the issues involved, cite examples from the international relations literature, and offer some solutions. (King and Zeng, 2001). The organizers ought to create a special aspect that would attract its potential customers, for instance, in the Red bull's case, they would establish a mega can during the event to attract interested parties into the event. Notably, these events provide an opportunity for the major stakeholders or marketers of a specific brand to interact with their customers, allowing the have a one on one session with such experts and inquire on any concerns about the product. Special events are in many forms, which include:

Special days and weeks: An enterprise may select a specific day or a week in its calendar and dedicate it to the intended agenda. For instance, a corporation may set up a community cleaning day to assist the society in keeping the environment clean. This establishes a positive image for the firm in the society, hence acting as an indirect marketing strategy.

Displays and exhibits: This involves national businesses, trade, and professional shows, local, regional, and international trade fairs and exhibitions. These events allow an organization to display its products to its current and potential customers.

Open houses: This strategy involves an organization inviting the public into an event where they are treated with opportunities such as plant tour, films, exhibits, amongst others, enabling them to gain knowledge on the company's processes and background.

Key Marketing Activities by Red Bull

Red Bull has been identified to utilize a progressive form of marketing. One of the activities undertaken by the organization is the sponsorship or creation of events related to their target audience. The firm engages in crazy public stunts which draws the attention of their target clients. For instance, the firm is remembered by the Stratos Jump and the Red Bull Air Force, which generates the craziest aerial acrobatics. Additionally, the enterprise is a major sponsorship partner for major sporting activities across the globe. For instance, the Electric Daisy Carnival event hosted in Las Vegas present some of the main events sponsored by the firm. These help the organization to reach their customers since they are the ones attending such events.

Roles of Marketing Mix

The market mix ensures that an enterprise adopts the best and compatible product promotion mix. The major challenge organizations face the creation of a perfect fit in promotional tools. For instance, a firm ought to identify the right price, which is compatible with the product, while the product should be compatible with the promotions adopted. Hence, the marketing mix creates an intrinsic link between the marketing components, which promote the achievement of the targeted goals (Lehtinen, 2011). For instance, the firm has been able to identify its product as a carbonated energy drink, which is available at competitive price. The firm has been able to establish itself as a market leader, thus enabling it to charge a premium price for its products regardless the stiff competition. Moreover, the firm boasts of a well-developed supply chain, which ensures that its product is available in more than 171 nations across the globe. Red bull also boasts of well-managed promotional strategies such as event sponsorships such as mountain biking, motocross, and Formula 1. Additionally, the corporation has established a house of art where artists come up with arts for exhibitions.

The marketing mix is also essential in providing a guide on how to differentiate an organization's products from those of their competitors. One of the drivers of success in product marketing is the ability to differentiate one's products from the rest (Lehtinen, 2011). The marketing mix is vital and allows an organization to achieve this through use of slogans, right promotional strategies, and creation of a super brand. For instance, Red Bull has been able to popularize its energy drink most suitable for extreme sports such as hang gliders, car racers, bungee jumpers, and another form of extreme sports. Additionally, the firm has generated a unique taste that the competitors are yet to discover or copy. Moreover, through a perfect marketing mix, the organization has been able to operate in various countries and cultures, allowing the local headquarters to connect with their local consumers using different promotional strategies.

Planning a Special Event

The success of a special event is achieved through attaining the right customer segment, positioning and product positioning (Preston, 2012). Red Bulls main clients include individuals between the age 16-36, but they have also generated products such as low-calorie drinks for order population and Red Bull Soda for those aged less than 16 years.

Age: Energy drink being the enterprise's main product, the major demographic segment would be the consumers between the age of 16 and 36 years, which represents the middle-aged individuals, especially those living in urban areas.

Income: Additionally, Red Bull being a premium product, it goes for higher prices as compared to its competitors. Hence, this it can be classified as a luxurious product and thus ought to target the upper-income clients (Red Bull, 2018). Most of these individuals include students, sports enthusiasts, working professionals, and athletes.

Psychographic segmentation: the firm ought to target business class, working executives, and students who are ambitious and open to experience. Such clients are usually enthusiasts and loyal consumers of the drink, and those who seek to consume quality products.

The organization ought to target the target the age group, which would present a wider target audience during the event. The segment also represents the largest consumers of its products. Additionally, the most favorite positioning strategy is the sponsorship of a common event. The target population is composed of enthusiastic individuals who are outgoing and passionate about outdoor events. This tends to give than some time off from their busy daily work and assignments.

Risk Management Considerations

An outdoor event presents a pool of potential risks such as safety, lack of clear communication line, and instances of unattended responsibilities. Hence, to ensure that the event achieves a successful end, the firm has to check on:

Key staff responsibilities- Some of the special events fail due to the unattended task, which happens due to unorganized task allocation process (Bowdin et al., 2011). For instance, when setting carnival rides, or setting up a stage, the mechanical personnel need to be allocated accordingly and ensure that each of them is familiar and competent in their line of duty. This helps in eliminating possible mechanical and structural failure during the event.

Identification of potential hazards- the location where the events take place ought to be perfect and eliminate any chances of inconveniences. For instance, open dips and potholes could cause injuries and difficulties in movements. Hence, this proves to be a significant risk that needs to be taken care of before event is launched.

Communication- The major purpose of a special event...